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A company purchases office supplies for $3,500, paying $1,000 cash and the remainder on account. The...
ABC Company purchases 1,000 units of goods from XYZ Company on account for $3,500, on terms...
ABC Company purchases 1,000 units of goods from XYZ Company on account for $3,500, on terms 2/10, 1/30. The entry to record the payment by ABC within 10 days is: Select one: A. Debit Accounts Payable $3,500, Credit Cash $3,500. B. Debit Accounts Payable $3,500, Credit Fees $3,500. C. Credit Accounts Payable $3,500, Debit Cash $3.500. • D. None of the above.
6. At the beginning of the period, a company reports a balance in office supplies of $500. During the period, the compan...
6. At the beginning of the period, a company reports a balance in office supplies of $500. During the period, the company purchases an additional $3,500 of office supplies for cash. By the end of the period, only $700 of office supplies remains. RECORD THE PERIOD END ADJUSTING ENTRY 7.A company purchases one year of flood insurance in advance on May 1, paying $24,000 ($2,000/month). Record the adjusting entry on December 31. Record the adjusting entry on December 31. Note:...
17. Deerhoof Company purchases equipment for $2,700 and supplies for $400 from Milkman Co. for $3,100...
17. Deerhoof Company purchases equipment for $2,700 and supplies for $400 from Milkman Co. for $3,100 cash. The entry for this transaction will include a A) credit to Accounts Payable for Deerhoof. B) debit to Equipment $2,700 and a debit to Supplies Expense $400 for Milkman C) debit to Equipment $2,700 and a debit to Supplies $400 for Deerhoof. D) credit to Cash for Milkman. 45. On July 7, 2015, Hidden Camera Enterprises performed cash services of $1,700. The entry...
Knowledge Check 01 On April 7, Carlton Company purchases supplies for $600 cash. Provide the journal...
Knowledge Check 01 On April 7, Carlton Company purchases supplies for $600 cash. Provide the journal entry for this transaction. View transaction list Journal entry worksheet On April 7, Carlton Company purchases supplies for $600 cash. Note: Enter debits before credits. Date Account Title Debit Credit April 07 Cash Accounts Payable Cash Inventory Record View general Journal Supplies
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
At the beginning of the period, a company reports a balance in office supplies of $550....
At the beginning of the period, a company reports a balance in office supplies of $550. During the period, the company purchases an additional $3,700 of office supplies for cash. By the end of the period, only $850 of office supplies remains Record the period-end adjusting entry (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 Record the period end adjusting entry. Note: Enter debts...
At the beginning of the period, a company reports a balance in office supplies of $450....
At the beginning of the period, a company reports a balance in office supplies of $450. During the period, the company purchases an additional $3,900 of office supplies for cash. By the end of the period, only $950 of office supplies remains Record the period-end adjusting entry. (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 Record the period-end adjusting entry. Note: Enter debits before...
Question 6 Not yet answered On February 9, 2020, Grove Industries purchased office supplies on account...
Question 6 Not yet answered On February 9, 2020, Grove Industries purchased office supplies on account from Markus Brothers Stationery Store. How is this entry recorded in the journal? Marked out of 1.00 Flag Cuestion Select one: O a. debit to Office Supplies and credit to Accounts Payable O b. debit to Office Supplies and credit to Cash O c. debit to Supplies Expense and credit to Accounts Receivable O d. debit to Accounts Receivable and credit to Office Supplies...
QUESTION 14 A company purchases supplies on account, what is the effect on the accounting equation?...
QUESTION 14 A company purchases supplies on account, what is the effect on the accounting equation? Assets decrease; equity increases Assets decrease; equity decreases Liabilities decrease; equity decreases Liabilities increase; equity increases Liabilities increase; assets increase 4 points QUESTION 15 Unearned revenues are: Revenues that have been earned and received in cash Revenues that have been earned but not yet collected in cash Liabilities created when a customer pays in advance for products or services before the revenue...
QUESTION 2 The supplies account has a $3,000 beginning balance. After counting the supplies in the...
QUESTION 2 The supplies account has a $3,000 beginning balance. After counting the supplies in the stock room it was determined that $1,000 in supplies are left. What is the adjusting entry? O Debit: supplies expense $2000, Credit: Supplies $2000 O Debit: supplies $1000, Credit: supplies expense $1000 O Debit: supplies expense $1000, Credit: Supplies $1000 O Debit: supplies $2000, Credit: supplies expense $2000 QUESTION 8 Employees earn $1,000 for a five day work week that begins on Monday and...
ABC Company purchases 1,000 units of goods from XYZ Company on account for $3,500, on terms 2/10, 1/30. The entry to record the payment by ABC within 10 days is: Select one: A. Debit Accounts Payable $3,500, Credit Cash $3,500. B. Debit Accounts Payable $3,500, Credit Fees $3,500. C. Credit Accounts Payable $3,500, Debit Cash $3.500. • D. None of the above.
17. Deerhoof Company purchases equipment for $2,700 and supplies for $400 from Milkman Co. for $3,100 cash. The entry for this transaction will include a A) credit to Accounts Payable for Deerhoof. B) debit to Equipment $2,700 and a debit to Supplies Expense $400 for Milkman C) debit to Equipment $2,700 and a debit to Supplies $400 for Deerhoof. D) credit to Cash for Milkman. 45. On July 7, 2015, Hidden Camera Enterprises performed cash services of $1,700. The entry...
Knowledge Check 01 On April 7, Carlton Company purchases supplies for $600 cash. Provide the journal entry for this transaction. View transaction list Journal entry worksheet On April 7, Carlton Company purchases supplies for $600 cash. Note: Enter debits before credits. Date Account Title Debit Credit April 07 Cash Accounts Payable Cash Inventory Record View general Journal Supplies
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
At the beginning of the period, a company reports a balance in office supplies of $550. During the period, the company purchases an additional $3,700 of office supplies for cash. By the end of the period, only $850 of office supplies remains Record the period-end adjusting entry (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 Record the period end adjusting entry. Note: Enter debts...
At the beginning of the period, a company reports a balance in office supplies of $450. During the period, the company purchases an additional $3,900 of office supplies for cash. By the end of the period, only $950 of office supplies remains Record the period-end adjusting entry. (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 Record the period-end adjusting entry. Note: Enter debits before...
Question 6 Not yet answered On February 9, 2020, Grove Industries purchased office supplies on account from Markus Brothers Stationery Store. How is this entry recorded in the journal? Marked out of 1.00 Flag Cuestion Select one: O a. debit to Office Supplies and credit to Accounts Payable O b. debit to Office Supplies and credit to Cash O c. debit to Supplies Expense and credit to Accounts Receivable O d. debit to Accounts Receivable and credit to Office Supplies...
QUESTION 2 The supplies account has a $3,000 beginning balance. After counting the supplies in the stock room it was determined that $1,000 in supplies are left. What is the adjusting entry? O Debit: supplies expense $2000, Credit: Supplies $2000 O Debit: supplies $1000, Credit: supplies expense $1000 O Debit: supplies expense $1000, Credit: Supplies $1000 O Debit: supplies $2000, Credit: supplies expense $2000 QUESTION 8 Employees earn $1,000 for a five day work week that begins on Monday and...
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