What is account titles and explanation?
What is account titles and explanation?
Homework Answers
Journal Entry is primary record of all transactions.It includes
- Date
- Account title & Explanation
- Amount of Debit and Credit
- Account debited and credited
Account title & Explanation shows account credited or debited with explanation of transaction.
Understand this by example
Goods sold to A on account $20000 on March 3,2018
Date Account title& Explanation Debit Credit
March 3,2018 Accounts receivable $20000 Sale revenue $20000 (To record sale on account)
Account Titles and Explanation Debit Credit - TD Bank loaned money to a client that will...
Account Titles and Explanation Debit Credit - TD Bank loaned money to a client that will pay $1,200 interest at the end of 1 year. What is the adjusting entry TD Bank makes each MONTH to account for the interest tha carnad het net vannivad
Account Titles and Explanation Debit Credit - TD Bank loaned money to a client that will pay $1,200 interest at the end...
Account Titles and Explanation Debit Credit - TD Bank loaned money to a client that will pay $1,200 interest at the end of 1 year. What is the adjusting entry TD Bank makes each MONTH to account for the interest tha carnad het net vannivad 9. TD Bank loaned money to a client that will pay $1,200 interest at the end of 1 year. What is the adjusting entry TD Bank makes each MONTH to account for the interest that...
(b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit...
(b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit 1. When the accounts of Crane Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period. 1. The prepaid insurance account shows a debit of $5,088, representing the cost of a 2-year fire insurance policy dated August 1 of the current year. 2. On November 1, Rent Revenue was credited for $1,905, representing revenue...
No. Date Account Titles and Explanation Debit Credit (1) Dec 500000 3 Accounts Receivable 500000 Sales...
No. Date Account Titles and Explanation Debit Credit (1) Dec 500000 3 Accounts Receivable 500000 Sales Revenue (To record credt sale) Cost of Goods Sold 320000 Inventory 320000 (To record cost of good sold) Dec. (2) E Sales Returns and Allowances 20000 Accounts Receivable 20000 Dec. (3) 043 Cash 475200 Sales Discounts 4800 Accounts Receivable 480000 ▼ (b) Assume that Kale Company received the balance due from Thomson Co. on January 2 of the following year instead of December 13....
Account Titles and Explanation Debit Credit (b) Determine net income to be reported for 2015, 2016, and 2017, we g...
Account Titles and Explanation Debit Credit (b) Determine net income to be reported for 2015, 2016, and 2017, we giving effect to the 2016 2017 (c) Assume Kingbird corny used the LIFO method instead of the average cost mehed during during the Credit acc e sareulomaticWyndende en amos entered Donati 2015-2017 1 King Account Titles and Explanation Question Attempt of 2 used VER S URRITASUTA olicy Inc 2000 2019 Jan Sons, Inc. All Rights Reserved A Division of John Wiley...
(b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit...
(b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit X 1. No Entry 2. Unearned Rent Revenue 600 Rent Revenue 600 3. Advertising Expense 290 290 Supplies 4. Interest Payable 770 770 Interest Expense Open Show Work Click if you would like to Show Work for this question: ESOURCES Exercise 3-20 Your answer is partially correct. Try again. 8 4 (Part 4 When the accounts of Waterway Inc. are examined, the adjusting data...
Selected transactions from the journal of Concord Corporation, are presented below. Date Account Titles and Explanation...
Selected transactions from the journal of Concord Corporation,
are presented below.
Date
Account Titles and Explanation
Debit
Credit
Aug. 1
Cash
59,400
Common Stock
59,400
(Investment of
cash for stock)
10
Cash
26,730
Service Revenue
26,730
(Received cash
for services performed)
12
Equipment
49,500
Cash
7,920
Notes Payable
41,580
(Purchased
office equipment for cash and notes payable)
25
Account Receivable
15,840
Service Revenue
15,840
(Billed clients
for services performed)
31
Cash
8,712
Accounts Receivable
8,712
(Receipt of cash
on account)...
Selected transactions from the journal of Concord Corporation, are presented below. Date Account Titles and Explanation...
Selected transactions from the journal of Concord Corporation,
are presented below.
Date
Account Titles and Explanation
Debit
Credit
Aug. 1
Cash
59,400
Common Stock
59,400
(Investment of
cash for stock)
10
Cash
26,730
Service Revenue
26,730
(Received cash
for services performed)
12
Equipment
49,500
Cash
7,920
Notes Payable
41,580
(Purchased
office equipment for cash and notes payable)
25
Account Receivable
15,840
Service Revenue
15,840
(Billed clients
for services performed)
31
Cash
8,712
Accounts Receivable
8,712
(Receipt of cash
on account)...
(Note: I need help with the Account Titles and a few of the amounts that are...
(Note: I need help with the Account Titles and a few of the
amounts that are marked with questions marks. Please post your
answer exactly the way the question is presented. There are 2
Account Titles in part A and 4 Account Titles in part B. Thanks for
the help!)
Stellar Corporation owns machinery that cost $26,800 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,216 per year, resulting in a balance in accumulated...
Nov. 30 (To record the sale of machine) (3) Units-of-Production Debit Credit Date Account Titles and Explanation 2018 M...
Nov. 30 (To record the sale of machine) (3) Units-of-Production Debit Credit Date Account Titles and Explanation 2018 Mar. 1 Dec. 31 2019 Nov. 30 (To record depreciation expense) Nov. 30 (To record the sale of machine) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Complete the following schedule for each method of depreciation and compare the total expense over the two-year period. (Round answers to 0 decimal places, e.g. 5,275.) Straight- Line Double-Diminishing- Balance Units-of- Production Depreciation...
Account Titles and Explanation Debit Credit - TD Bank loaned money to a client that will pay $1,200 interest at the end of 1 year. What is the adjusting entry TD Bank makes each MONTH to account for the interest tha carnad het net vannivad
Account Titles and Explanation Debit Credit - TD Bank loaned money to a client that will pay $1,200 interest at the end of 1 year. What is the adjusting entry TD Bank makes each MONTH to account for the interest tha carnad het net vannivad 9. TD Bank loaned money to a client that will pay $1,200 interest at the end of 1 year. What is the adjusting entry TD Bank makes each MONTH to account for the interest that...
(b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit 1. When the accounts of Crane Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period. 1. The prepaid insurance account shows a debit of $5,088, representing the cost of a 2-year fire insurance policy dated August 1 of the current year. 2. On November 1, Rent Revenue was credited for $1,905, representing revenue...
No. Date Account Titles and Explanation Debit Credit (1) Dec 500000 3 Accounts Receivable 500000 Sales Revenue (To record credt sale) Cost of Goods Sold 320000 Inventory 320000 (To record cost of good sold) Dec. (2) E Sales Returns and Allowances 20000 Accounts Receivable 20000 Dec. (3) 043 Cash 475200 Sales Discounts 4800 Accounts Receivable 480000 ▼ (b) Assume that Kale Company received the balance due from Thomson Co. on January 2 of the following year instead of December 13....
Account Titles and Explanation Debit Credit (b) Determine net income to be reported for 2015, 2016, and 2017, we giving effect to the 2016 2017 (c) Assume Kingbird corny used the LIFO method instead of the average cost mehed during during the Credit acc e sareulomaticWyndende en amos entered Donati 2015-2017 1 King Account Titles and Explanation Question Attempt of 2 used VER S URRITASUTA olicy Inc 2000 2019 Jan Sons, Inc. All Rights Reserved A Division of John Wiley...
(b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit X 1. No Entry 2. Unearned Rent Revenue 600 Rent Revenue 600 3. Advertising Expense 290 290 Supplies 4. Interest Payable 770 770 Interest Expense Open Show Work Click if you would like to Show Work for this question: ESOURCES Exercise 3-20 Your answer is partially correct. Try again. 8 4 (Part 4 When the accounts of Waterway Inc. are examined, the adjusting data...
Selected transactions from the journal of Concord Corporation,
are presented below.
Date
Account Titles and Explanation
Debit
Credit
Aug. 1
Cash
59,400
Common Stock
59,400
(Investment of
cash for stock)
10
Cash
26,730
Service Revenue
26,730
(Received cash
for services performed)
12
Equipment
49,500
Cash
7,920
Notes Payable
41,580
(Purchased
office equipment for cash and notes payable)
25
Account Receivable
15,840
Service Revenue
15,840
(Billed clients
for services performed)
31
Cash
8,712
Accounts Receivable
8,712
(Receipt of cash
on account)...
Selected transactions from the journal of Concord Corporation,
are presented below.
Date
Account Titles and Explanation
Debit
Credit
Aug. 1
Cash
59,400
Common Stock
59,400
(Investment of
cash for stock)
10
Cash
26,730
Service Revenue
26,730
(Received cash
for services performed)
12
Equipment
49,500
Cash
7,920
Notes Payable
41,580
(Purchased
office equipment for cash and notes payable)
25
Account Receivable
15,840
Service Revenue
15,840
(Billed clients
for services performed)
31
Cash
8,712
Accounts Receivable
8,712
(Receipt of cash
on account)...
(Note: I need help with the Account Titles and a few of the
amounts that are marked with questions marks. Please post your
answer exactly the way the question is presented. There are 2
Account Titles in part A and 4 Account Titles in part B. Thanks for
the help!)
Stellar Corporation owns machinery that cost $26,800 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,216 per year, resulting in a balance in accumulated...
Nov. 30 (To record the sale of machine) (3) Units-of-Production Debit Credit Date Account Titles and Explanation 2018 Mar. 1 Dec. 31 2019 Nov. 30 (To record depreciation expense) Nov. 30 (To record the sale of machine) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Complete the following schedule for each method of depreciation and compare the total expense over the two-year period. (Round answers to 0 decimal places, e.g. 5,275.) Straight- Line Double-Diminishing- Balance Units-of- Production Depreciation...
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