QUESTION 1 Show the required entry if we are only able to pay $1,000 on our...
QUESTION 1
-
Show the required entry if we are only able to pay $1,000 on our $4,000 account and the supplier agrees to replace the balance with a 2% 90 day note.
Homework Answers
journal entry:
| account title | debit | credit |
|---|---|---|
|
accounts payable cash notes payable |
$4000 . . |
. $1000 $3000 |
Add Answer to:
QUESTION 1
Show the required entry if we are only able to pay $1,000 on our...
Question 26 1 pts Our company signed a 60-day 6% note for $20,000. Using a 360-day...
Question 26 1 pts Our company signed a 60-day 6% note for $20,000. Using a 360-day year, what is the total interest due on the maturity date? $100 $200 $400 $1,200 Flag this Question Question 27 1 pts Our company has an account receivable for $12,500 that we have now deemed uncollectible. We use the direct write-off method. Which of the following accounts would we credit to record the write-off? accounts receivable allowance for doubtful accounts bad debt expense cash...
Question 16 On August 1, our company purchases $1,000 worth of merchandise inventory on credit with...
Question 16 On August 1, our company purchases $1,000 worth of merchandise inventory on credit with the terms 3/10, n/30. What is the amount we would credit to cash if we pay this invoice on August 9? Group of answer choices $1,000 $997 $990 $970 Question 17 Our company purchases $4,000 worth of merchandise inventory on credit with the terms 2/10, n/30. Transportation costs were an additional $200. Our company returned $300 worth of merchandise. What is the total cost...
QUESTION 3 Sometimes we seek out only evidence which agrees with our pre-existing beliefs. This is...
QUESTION 3 Sometimes we seek out only evidence which agrees with our pre-existing beliefs. This is called belief perseverance the availability heuristic a confirmation bias the a priori heuristic
Use the provided partial chart of accounts when preparing general journal entries in the space provided...
Use the provided partial chart of accounts when preparing general journal entries in the space provided below. Chart of Accounts • Cash Accounts Receivable • Allowance for Doubtful Accounts • Notes Receivable • Interest Receivable • Office Equipment • Machinery • Accumulated Depreciation • Accounts Payable • Interest Payable • Common Stock • Retained Earnings • Sales • Interest Revenue • Bad Debt Expense • Depreciation Expense • Insurance Expense • Interest Expense • Gain on Sale of Asset •...
2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event,...
2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Placed an order for office supplies costing $2,000. Supplier intends to deliver later in the month. Note: Enter debits before credits. Event General Journal Debit Credit a. Record entry Clear entry View general journal Rawico Communications operates fifteen radio stations throughout...
21 Our company had the following balances and transactions during the current year related to merchandise...
21 Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit Sale on August 21 150 units What would be the company’s cost of goods sold in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method? Group of answer choices $4,900 $5,950 $10,950 $12,000 Question 221...
Question 23 1 pts A tax deduction of $1,000: lowers your taxable income by $1,000 raises...
Question 23 1 pts A tax deduction of $1,000: lowers your taxable income by $1,000 raises your tax bill by $1,000 lowers your taxes by $1,000 Question 24 1 pts Suppose Sally dies. Sally is the insured on a life insurance policy designating Linda as the beneficiary. However, Sally has a will leaving all her assets to Gloria. Who receives the life insurance payoff? Gloria 50% goes to Linda and 50% to Gloria Linda Question 20 1 pts Why might...
Journal entry for the transactions this was my effort but i know its not right Required...
Journal entry for the transactions
this was my effort but i know its not right
Required information Problem 2-8A Complete the steps in the measurement of external transactions (LO2-4,2-5, 2-6) [The following information applies to the questions displayed below.) Pirates Incorporated had the following balances at the beginning of September PIRATES INCORPORATED Trial Balance September 1 Accounts Debits Credits Cash $ 4,700 Accounts Receivable 700 Supplies 5,800 Land 9,400 Accounts Payable $ 5,700 Notes Payable 1,200 Common Stock 7,200 Retained...
Question 1 (20 marks) Determine if a debit, credit, or nil entry would be made to...
Question 1 (20 marks) Determine if a debit, credit, or nil entry would be made to the balance sheet: Increase Accounts Receivable Increase Accounts Payable Decrease Mortgage Payable Increase Office Supplies Decrease Owner’s Capital Increase Cash Decrease Office Furniture Increase Owner’s Withdrawals Decrease Unearned Revenue Increase Revenue Determine if the normal balance is a debit or a credit: Service Revenue Unearned Revenue Cash Accounts Receivable Bank Loan Advertising Expense Note Payable Rent Expense Owner’s Capital Undeveloped Land Question 2 (10...
Journalize the following transactions for Blossom Company. (If no entry is required, select "No Entry" for...
Journalize the following transactions for Blossom Company. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Sept. 1 5 7 Purchased supplies for $1,000 cash. Paid $390 cash dividend to stockholders. Received $5,300 down payment from customer for services to be provided in the future. Received $750 cash...
QUESTION 3 Sometimes we seek out only evidence which agrees with our pre-existing beliefs. This is called belief perseverance the availability heuristic a confirmation bias the a priori heuristic
Use the provided partial chart of accounts when preparing general journal entries in the space provided below. Chart of Accounts • Cash Accounts Receivable • Allowance for Doubtful Accounts • Notes Receivable • Interest Receivable • Office Equipment • Machinery • Accumulated Depreciation • Accounts Payable • Interest Payable • Common Stock • Retained Earnings • Sales • Interest Revenue • Bad Debt Expense • Depreciation Expense • Insurance Expense • Interest Expense • Gain on Sale of Asset •...
2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Placed an order for office supplies costing $2,000. Supplier intends to deliver later in the month. Note: Enter debits before credits. Event General Journal Debit Credit a. Record entry Clear entry View general journal Rawico Communications operates fifteen radio stations throughout...
Question 23 1 pts A tax deduction of $1,000: lowers your taxable income by $1,000 raises your tax bill by $1,000 lowers your taxes by $1,000 Question 24 1 pts Suppose Sally dies. Sally is the insured on a life insurance policy designating Linda as the beneficiary. However, Sally has a will leaving all her assets to Gloria. Who receives the life insurance payoff? Gloria 50% goes to Linda and 50% to Gloria Linda Question 20 1 pts Why might...
Journal entry for the transactions
this was my effort but i know its not right
Required information Problem 2-8A Complete the steps in the measurement of external transactions (LO2-4,2-5, 2-6) [The following information applies to the questions displayed below.) Pirates Incorporated had the following balances at the beginning of September PIRATES INCORPORATED Trial Balance September 1 Accounts Debits Credits Cash $ 4,700 Accounts Receivable 700 Supplies 5,800 Land 9,400 Accounts Payable $ 5,700 Notes Payable 1,200 Common Stock 7,200 Retained...
Journalize the following transactions for Blossom Company. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Sept. 1 5 7 Purchased supplies for $1,000 cash. Paid $390 cash dividend to stockholders. Received $5,300 down payment from customer for services to be provided in the future. Received $750 cash...
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