Homework Answers
Accounts receivable has a normal debit balance. When accounts receivable pay, cash account is debited and account receivable is credit.
Debit cash, credit accounts receivable.
Option C.
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A company received $8,500 from customers on account. The journal to record this transaction is: Select...
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal...
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry View transaction list Journal entry worksheet 2 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Record entry Clear entry View general journal 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry requir View transaction list Journal entry worksheet Record the entry...
Billed customers for fees earned, $112,700. Purchased supplies on account, $4,500. Received cash from customers on...
Billed customers for fees earned, $112,700. Purchased supplies on account, $4,500. Received cash from customers on account, $88,220. Paid creditors on account, $3,100. a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank. (1) (2) (3) (4) b. Post the entries prepared in (a) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees...
Requirement 1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable;...
Requirement 1. Record each transaction in the journal, using
the following account titles: Cash; Accounts Receivable; Office
Supplies; Prepaid Insurance; Land; Building; Furniture; Accounts
Payable; Utilities Payable; Notes Payable; Common Stock;
Dividends; Service Revenue; Salaries Expense; Rent Expense; and
Utilities Expense. Explanations are not required. (Record debits
first, then credits. Exclude explanations from journal
entries.)
Requirement 2. The following four-column accounts have been
opened: Cash, 101; Accounts Receivable, 111; Office Supplies,
121; Prepaid Insurance, 131; Land, 141; Building, 151;
Furniture,...
A company provides services to customers for $2,500 cash. Record the transaction. (If no entry is...
A company provides services to customers for $2,500 cash. Record the 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 A company provides services to customers for $2,500 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
5. Record adjusting entries. (f no entry is required for a particular transaction/event, select "No journal...
5. Record adjusting entries. (f no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment for salaries. Note: Enter debits before credits. General Journal DebitCr Credit Record entry Clear entry View general journal 5. Record adjusting entries. (If no entry is required for a particular select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the...
QUESTION 34 During July the Methuen Corporation received $10,600 from customers serviced in June. Prepare the gener...
QUESTION 34 During July the Methuen Corporation received $10,600 from customers serviced in June. Prepare the general journal entry required to record this transaction a. Debit accounts receivable for $10,600 and credit cash for $10,600. b. Debit cash for $10,600 and credit fees revenue for $10,600. c. Debit cash for $10,600 and credit accounts payable for $10,600 d. Debit cash for $10,600 and credit accounts receivable for $10,600. QUESTION 35 On October 31, the Lowell Corporation's total resources were $900,000....
The entry to record the purchase of supplies on account is: Select one: O A. Debit...
The entry to record the purchase of supplies on account is: Select one: O A. Debit Cash, Credit Supplies O B. Debit Accounts Payable, Credit Supplies O C. Debit Supplies, Credit Cash O D. Debit Supplies, Credit Accounts Payable
a. 5. The journal entry to record the September 14 transaction will have the following effect...
a. 5. The journal entry to record the September 14 transaction will have the following effect on Marina's financial statements: Total Expenses will increase by $500,000. b. Total Liabilities will increase by $500,000. Total Assets will decrease by $500,000. d. Total Stockholders' Equity will decrease by $500,000. None of the above. c. e. 1 6. Which of the following accounts is decreased with a CREDIT? a. Unearned Revenue b. Sales Revenue Accounts Receivable d. Accounts Payable c. Problem (38 points)...
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry...
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5,900 cash. (e) Purchased $1,700 of supplies on account....
Record the following transactions, (If no entry is required for a transaction/event, select "No Journal Entry...
Record the following transactions, (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26.000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5.900 cash. (e) Purchased $1700 of supplies on account....
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry View transaction list Journal entry worksheet 2 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Record entry Clear entry View general journal 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry requir View transaction list Journal entry worksheet Record the entry...
Requirement 1. Record each transaction in the journal, using
the following account titles: Cash; Accounts Receivable; Office
Supplies; Prepaid Insurance; Land; Building; Furniture; Accounts
Payable; Utilities Payable; Notes Payable; Common Stock;
Dividends; Service Revenue; Salaries Expense; Rent Expense; and
Utilities Expense. Explanations are not required. (Record debits
first, then credits. Exclude explanations from journal
entries.)
Requirement 2. The following four-column accounts have been
opened: Cash, 101; Accounts Receivable, 111; Office Supplies,
121; Prepaid Insurance, 131; Land, 141; Building, 151;
Furniture,...
A company provides services to customers for $2,500 cash. Record the 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 A company provides services to customers for $2,500 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
5. Record adjusting entries. (f no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment for salaries. Note: Enter debits before credits. General Journal DebitCr Credit Record entry Clear entry View general journal 5. Record adjusting entries. (If no entry is required for a particular select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the...
QUESTION 34 During July the Methuen Corporation received $10,600 from customers serviced in June. Prepare the general journal entry required to record this transaction a. Debit accounts receivable for $10,600 and credit cash for $10,600. b. Debit cash for $10,600 and credit fees revenue for $10,600. c. Debit cash for $10,600 and credit accounts payable for $10,600 d. Debit cash for $10,600 and credit accounts receivable for $10,600. QUESTION 35 On October 31, the Lowell Corporation's total resources were $900,000....
The entry to record the purchase of supplies on account is: Select one: O A. Debit Cash, Credit Supplies O B. Debit Accounts Payable, Credit Supplies O C. Debit Supplies, Credit Cash O D. Debit Supplies, Credit Accounts Payable
a. 5. The journal entry to record the September 14 transaction will have the following effect on Marina's financial statements: Total Expenses will increase by $500,000. b. Total Liabilities will increase by $500,000. Total Assets will decrease by $500,000. d. Total Stockholders' Equity will decrease by $500,000. None of the above. c. e. 1 6. Which of the following accounts is decreased with a CREDIT? a. Unearned Revenue b. Sales Revenue Accounts Receivable d. Accounts Payable c. Problem (38 points)...
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5,900 cash. (e) Purchased $1,700 of supplies on account....
Record the following transactions, (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26.000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5.900 cash. (e) Purchased $1700 of supplies on account....
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