Homework Answers
New balance of account payment account = Beginning balance - Payment mad
= $3300-1150
= $2150 credit balance
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The Accounts Payable account has a $3.300 credit balance. An entry for the payment of $1,150...
The journal entry that records the collection of cash from a customer for payment on account...
The journal entry that records the collection of cash from a customer for payment on account for a sale that was recorded previously includes a debit to: Multiple Choice Accounts Receivable and credit to Cash. Cash and credit to Accounts Payable. Cash and credit to Accounts Receivable Accounts Payable and credit to Cash.
Accounts Payable had a balance of $18,360 at the beginning of the month. During the month,...
Accounts Payable had a balance of $18,360 at the beginning of the month. During the month, three debits in the amounts of $4,540, $11140, and $14,640 were posted to Accounts Payable, and three credits in the amounts of $3,760, $9,660, and $12,860 were posted to Accounts Payable. What is the ending balance of the Accounts Payable account? Multiple Choice o o o o
Bertrand Inc performed services for clients in the amount of $1950 on credit. If this transaction...
Bertrand Inc performed services for clients in the amount of $1950 on credit. If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account what correcting entry would be necessary? Multiple Choice O Debit Cach 1950. cred Accounts Receivable $1950 0 Debito Income 1960, cred Cash 1950 0 De Arco Receivable $1950. creditos Income $1.55 0 Debit Accounts Receivable $1,950, ered Play
Prepare the necessary correcting entry for each of the following. (Credit account titles are automatically indented...
Prepare the necessary
correcting entry for each of the following. (Credit account titles
are automatically indented when the amount is entered. Do not
indent manually.) a. A payment on account of $840 was debited to
Accounts Payable $480 and credited to Cash $480. b. The collection
of Accounts Receivable of $680 was recorded as a debit to Cash $680
and a credit to Service Revenue $680.
Question 6 Prepare the necessary correcting entry for each of the following. (Credit account...
Which of the following statements are true? Multiple Choice If the trial balance is in balance,...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
accounts receivable has a debit balance of $150,000 allowance for doubtful accounts has a credit balance...
accounts receivable has a debit balance of $150,000 allowance for doubtful accounts has a credit balance of $5000 Sales on account as a credit balance of $400,000 sales returns/allowance has a debit balance of $50,000 The company estimates 5% of account receivable will be uncollectible with a balance sheet allowance method calculate the ending balance of the allowance for doubtful accounts in the amount recorded for bad debt expense what is an NRV of A/R after bad debt expense adjustment...
The following transaction has been recorded in the general Journal entry:? 1,200 Accounts payable Cash 1,200...
The following transaction has been recorded in the general Journal entry:? 1,200 Accounts payable Cash 1,200 Which of the following could be an explanation for this transaction? Multiple Choice Provided services on account Pald cash to settle accounts payable Collected cash from customers Which of the following could be an explanation for this transaction? Multiple Choice Ο Provided services on account Ο Paid cash to settle accounts payable Ο Collected cash from customers Ο Borrowed money to support operating activities
The journal entry to record the purchase of equipment for a $110 cash down payment and...
The journal entry to record the purchase of equipment for a $110 cash down payment and a balance of $420 due in 30 days would include Multiple Choice a debit to Equipment for $530, a credit to Cash for $110, and a credit to Accounts Payable for $420 a debit to Equipment for $110 and a credit to Cash for $110. O a debit to Equipment for $110 and a credit to Accounts Payable for $420. debit to Equipment for...
Clement Company paid an account payable related to a previous utility bill of $1,030. This transaction...
Clement Company paid an account payable related to a previous utility bill of $1,030. This transaction should be recorded as follows on the payment date: Multiple Choice Debit cash $1030, credit utilities expense $1030. O Debit utilities expense $1,030, credit cash $1,030. o Debit accounts payable $1,030, credit cash $1,030. o o Debit cash $1,030, credit accounts payable $1,030.
Grandview, Inc. uses the allowance method. At December 31, 2018, the company's balance sheet reports Accounts...
Grandview, Inc. uses the allowance method. At December 31, 2018, the company's balance sheet reports Accounts Receivable, Net in the amount of $19,000. On January 2, 2019, Grandview writes off a $1,900 customer account balance when it becomes clear that the customer will never pay. What is the amount of Accounts Receivable, Net after the write-off? 1 Multiple Choice $20.900. 0 O $17,100. 0 0 $19,000 0 $1,900 $1,900 0 Kelton Inc. reported net credit sales of $320,000 for the...
The journal entry that records the collection of cash from a customer for payment on account for a sale that was recorded previously includes a debit to: Multiple Choice Accounts Receivable and credit to Cash. Cash and credit to Accounts Payable. Cash and credit to Accounts Receivable Accounts Payable and credit to Cash.
Accounts Payable had a balance of $18,360 at the beginning of the month. During the month, three debits in the amounts of $4,540, $11140, and $14,640 were posted to Accounts Payable, and three credits in the amounts of $3,760, $9,660, and $12,860 were posted to Accounts Payable. What is the ending balance of the Accounts Payable account? Multiple Choice o o o o
Bertrand Inc performed services for clients in the amount of $1950 on credit. If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account what correcting entry would be necessary? Multiple Choice O Debit Cach 1950. cred Accounts Receivable $1950 0 Debito Income 1960, cred Cash 1950 0 De Arco Receivable $1950. creditos Income $1.55 0 Debit Accounts Receivable $1,950, ered Play
Prepare the necessary
correcting entry for each of the following. (Credit account titles
are automatically indented when the amount is entered. Do not
indent manually.) a. A payment on account of $840 was debited to
Accounts Payable $480 and credited to Cash $480. b. The collection
of Accounts Receivable of $680 was recorded as a debit to Cash $680
and a credit to Service Revenue $680.
Question 6 Prepare the necessary correcting entry for each of the following. (Credit account...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
The following transaction has been recorded in the general Journal entry:? 1,200 Accounts payable Cash 1,200 Which of the following could be an explanation for this transaction? Multiple Choice Provided services on account Pald cash to settle accounts payable Collected cash from customers Which of the following could be an explanation for this transaction? Multiple Choice Ο Provided services on account Ο Paid cash to settle accounts payable Ο Collected cash from customers Ο Borrowed money to support operating activities
The journal entry to record the purchase of equipment for a $110 cash down payment and a balance of $420 due in 30 days would include Multiple Choice a debit to Equipment for $530, a credit to Cash for $110, and a credit to Accounts Payable for $420 a debit to Equipment for $110 and a credit to Cash for $110. O a debit to Equipment for $110 and a credit to Accounts Payable for $420. debit to Equipment for...
Clement Company paid an account payable related to a previous utility bill of $1,030. This transaction should be recorded as follows on the payment date: Multiple Choice Debit cash $1030, credit utilities expense $1030. O Debit utilities expense $1,030, credit cash $1,030. o Debit accounts payable $1,030, credit cash $1,030. o o Debit cash $1,030, credit accounts payable $1,030.
Grandview, Inc. uses the allowance method. At December 31, 2018, the company's balance sheet reports Accounts Receivable, Net in the amount of $19,000. On January 2, 2019, Grandview writes off a $1,900 customer account balance when it becomes clear that the customer will never pay. What is the amount of Accounts Receivable, Net after the write-off? 1 Multiple Choice $20.900. 0 O $17,100. 0 0 $19,000 0 $1,900 $1,900 0 Kelton Inc. reported net credit sales of $320,000 for the...
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