Homework Answers
1. Merchandise inventory needs to be Credited
2. Accounts receivable needs to be Credited
3. Prepaid expenses needs to be Debited
4. Notes payable needs to be Credited
5. Cash needs to be Credited
6. Merchandise inventory needs to be Credited
7. Accounts payable needs to be Debited
8. Accounts payable needs to be Credited
Add Answer to:
15-4 Debits and Credits Study Appendix 15B. Determine for the following transactions whether the account named...
15-4 Debits and Credits Study Appendix 15B. Determine for the following transactions whether the account named...
15-4 Debits and Credits Study Appendix 15B. Determine for the following transactions whether the account named in parentheses is to be debited or credited: 1. Sold merchandise (Merchandise Inventory), $1,000 2. Received cash from customers on accounts due (Accounts Receivable), $2,450 3. Paid rent in advance (Prepaid Expenses), $1,250 4. Borrowed money from First National Bank (Notes Payable), $12,000 5. Paid dividends (Cash), $800 6. Delivered merchandise to customers (Merchandise Inventory), $3,500
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
Answer all questions above 15-1 Balance Sheet Equation Sacks Fifth operates 197 fashion specialty retail stores...
Answer all questions above
15-1 Balance Sheet Equation Sacks Fifth operates 197 fashion specialty retail stores in 28 states. The company's actual data (slightly simplified) follow for its fiscal year ended June 15, 2009 (in millions of dollars): Assets, beginning of period Assets, end of period $5,850 Liabilities, beginning of period B Liabilities, end of period 6,041 Paid-in capital, beginning of period Paid-in capital, end of period Retained carnings, beginning of period 979 495 Retained carnings, end of period Revenues...
8. Bought merchandise on open account (Accounts Payable), $5,400 15-5 Use of T-Accounts Study Appendix 15B....
8. Bought merchandise on open account (Accounts Payable), $5,400 15-5 Use of T-Accounts Study Appendix 15B. The Tennis Club had the following transactions during June: a. Sold an old computer for $175 cash and a promise to pay $250 in one month. The balance sheet value of the com $425 b. Collected $550 of dues in cash that had been billed in May. c. Bought a postage meter on credit for $190. d. Received the $225 promised in transaction a....
15-1 Balance Sheet Equation Sacks Fifth operates 197 fashion specialty retail stores in 28 states. The...
15-1 Balance Sheet Equation Sacks Fifth operates 197 fashion specialty retail stores in 28 states. The company's actual data (slightly simplified) follow for its fiscal year ended June 15, 2009 in millions of dollars) Asset beginning of period 55,850 Assets, end of period Liabilities, beginning of period Liabilities, and of period 6,041 Paid-in capital, beginning of period 979 Paid-in capital, end of period Retained comings, beginning of period 495 Retained comings, end of period Revenues RESSO Costs and expenses Net...
SECTION 4: DEBITS/CREDITS (30 points) Chart of accounts Assets 101: cash Liabilities 200: AP Owners' equity...
SECTION 4: DEBITS/CREDITS (30 points) Chart of accounts Assets 101: cash Liabilities 200: AP Owners' equity Revenue 300: capital 400: sales income 301: drawing 102:AR 201: notes payable 103: equipment expenses 500: rent expense 501: telephone expense 502: electricity expense 503: advertising expense 104: Land Instructions: For each transaction, identify which account(s) is/are debited and which is/are credited and enter them below. Do not put the account numbers Transaction #: 1 Mike put $35,000 into his business Purchased equipment for...
3-20 Debits and Credits For the following transactions, indicate whether the accountant for Jacksonville Company should...
3-20 Debits and Credits For the following transactions, indicate whether the accountant for Jacksonville Company should debit or credit the account in parentheses (use dr. or cr.): 1. Jacksonville sold merchandise on credit (Accounts Receivable). 2. Jacksonville received interest on an investment (Interest Revenue). 3. Jacksonville declared dividends and paid them in cash (Retained Earnings). 4. Jacksonville paid wages to employees (Wages Expense). 5. Jacksonville sold merchandise for cash (Sales Revenue). 6. Jacksonville acquired a 4-year fire insurance policy (Prepaid...
Consider the following account starting balances and journal transactions involving these accounts. Use T-accounts to record...
Consider the following account starting balances and journal transactions involving these accounts. Use T-accounts to record the starting balances and organize the offsetting entries for the transactions. The starting balance of Accounts Payable is $2,400 The starting balance of Cash is $12,500 The starting balance of Debt is $3,700 The starting balance of Inventory is $5,200 Date Accounts and Explanation Debit Credit Feb 10 Accounts Payable 4 Cash 4 Paid money owed to supplier Feb 11 Inventory 15 Accounts Payable...
eBook Show Me How Calculator Purchase-Related Transactions Journalize entries for the following related transactions of Lilly...
eBook Show Me How Calculator Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company: a. Purchased $27,000 of merchandise from Schell Co. on account, terms 1/10, n/30. b. Paid the amount owed on the invoice within the discount period. c. Discovered that $5,400 before purchases discount of the merchandise was defective and returned items, receiving credit. d. Purchased $4,100 of merchandise from Schell Co. on account, terms n/30. e. Received a check for the...
15-4 Debits and Credits Study Appendix 15B. Determine for the following transactions whether the account named in parentheses is to be debited or credited: 1. Sold merchandise (Merchandise Inventory), $1,000 2. Received cash from customers on accounts due (Accounts Receivable), $2,450 3. Paid rent in advance (Prepaid Expenses), $1,250 4. Borrowed money from First National Bank (Notes Payable), $12,000 5. Paid dividends (Cash), $800 6. Delivered merchandise to customers (Merchandise Inventory), $3,500
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
Answer all questions above
15-1 Balance Sheet Equation Sacks Fifth operates 197 fashion specialty retail stores in 28 states. The company's actual data (slightly simplified) follow for its fiscal year ended June 15, 2009 (in millions of dollars): Assets, beginning of period Assets, end of period $5,850 Liabilities, beginning of period B Liabilities, end of period 6,041 Paid-in capital, beginning of period Paid-in capital, end of period Retained carnings, beginning of period 979 495 Retained carnings, end of period Revenues...
8. Bought merchandise on open account (Accounts Payable), $5,400 15-5 Use of T-Accounts Study Appendix 15B. The Tennis Club had the following transactions during June: a. Sold an old computer for $175 cash and a promise to pay $250 in one month. The balance sheet value of the com $425 b. Collected $550 of dues in cash that had been billed in May. c. Bought a postage meter on credit for $190. d. Received the $225 promised in transaction a....
15-1 Balance Sheet Equation Sacks Fifth operates 197 fashion specialty retail stores in 28 states. The company's actual data (slightly simplified) follow for its fiscal year ended June 15, 2009 in millions of dollars) Asset beginning of period 55,850 Assets, end of period Liabilities, beginning of period Liabilities, and of period 6,041 Paid-in capital, beginning of period 979 Paid-in capital, end of period Retained comings, beginning of period 495 Retained comings, end of period Revenues RESSO Costs and expenses Net...
SECTION 4: DEBITS/CREDITS (30 points) Chart of accounts Assets 101: cash Liabilities 200: AP Owners' equity Revenue 300: capital 400: sales income 301: drawing 102:AR 201: notes payable 103: equipment expenses 500: rent expense 501: telephone expense 502: electricity expense 503: advertising expense 104: Land Instructions: For each transaction, identify which account(s) is/are debited and which is/are credited and enter them below. Do not put the account numbers Transaction #: 1 Mike put $35,000 into his business Purchased equipment for...
3-20 Debits and Credits For the following transactions, indicate whether the accountant for Jacksonville Company should debit or credit the account in parentheses (use dr. or cr.): 1. Jacksonville sold merchandise on credit (Accounts Receivable). 2. Jacksonville received interest on an investment (Interest Revenue). 3. Jacksonville declared dividends and paid them in cash (Retained Earnings). 4. Jacksonville paid wages to employees (Wages Expense). 5. Jacksonville sold merchandise for cash (Sales Revenue). 6. Jacksonville acquired a 4-year fire insurance policy (Prepaid...
eBook Show Me How Calculator Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company: a. Purchased $27,000 of merchandise from Schell Co. on account, terms 1/10, n/30. b. Paid the amount owed on the invoice within the discount period. c. Discovered that $5,400 before purchases discount of the merchandise was defective and returned items, receiving credit. d. Purchased $4,100 of merchandise from Schell Co. on account, terms n/30. e. Received a check for the...
Most questions answered within 3 hours.
-
What is the net ionic equation for the reaction that would occur
when an aqueous solution...
asked 1 hour ago -
A
student bought $1000 worth of furniture. What is the equivalent
annual cost if it is...
asked 1 hour ago -
What taboo subject did Ida B. Wells suggest was consensual
between black men and white women?...
asked 2 hours ago -
You have just been hired by the EPA to help with the new gas
mileage standards...
asked 3 hours ago -
4) A firm is hit by increases in its wage rate, w.
a) How does this...
asked 3 hours ago -
A square current loop 5.4 cm on each side carries a 510 mA
current. The loop...
asked 5 hours ago -
What are five tips in conducting knowledge assessment/literature
review research? Each of these tips needs to...
asked 6 hours ago -
Antigen presenting cells link innate and adaptive immune
responses. In the theoretical scenario where phagosomes cannot...
asked 6 hours ago -
Dealing with conflict, in my opinion, is a skill and an art. I
believe that those...
asked 7 hours ago -
6. A long straight wire with circular cross section and radius
1.5 cm carries a 1.2...
asked 7 hours ago -
Deacon Corporation has provided the following financial data
from its balance sheet and income statement:
Year...
asked 8 hours ago -
List and discuss at least three variables from everyday life for
which you expect the variable ...
asked 8 hours ago