Homework Answers
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9. Option B The entry would be Dr... Accounts Payable Cr.... Merchandise inventory |
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10. Option D All the options are current liabilities |
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11. Option D Cash receipts journal is a journal used to record cash when it is received from sales |
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The entry to record the return of goods to a creditor would include a: debit to...
Question 5 The entry to record the cost of merchandise inventory sold involves a debit to...
Question 5 The entry to record the cost of merchandise inventory sold involves a debit to Merchandise Inventory and a credit to Accounts Receivable. debit to Cost of Goods Sold and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Cost of Goods Sold. debit to Cost of Goods Sold and a credit to Merchandise Inventory. 1 points Question 6 Accumulated depreciation is classified as a(n)...
2 Record the cost of goods sold of $24,797. 3 Record the return by a customer...
2 Record the cost of goods sold of $24,797.
3 Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $500 was given to
the customer.
4 Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $300.
5 Record the sales on account of $9,000 on terms n/60.
6 Record the cost of goods sold of $4,275.
7 Record the collection of half of...
1. Cash is a. a current asset b. an asset c.not part of property, plant, and...
1. Cash is a. a current asset b. an asset c.not part of property, plant, and equipment d. all of the above 2. E Co, borrowed $20,000 from the lccal bank. What account should be credited on E Co.'s books? a. notes receivable b. notes payable accounts receivable d. cash 3. Which of the following accourts would not be on the books of a merchandising company? a. accounts receivable b. service revenue c. sales d. cost of goods sold Matching...
please help me with number 9,10,11 and 12 9. The payment of a creditor will ......
please help me with number 9,10,11 and 12
9. The payment of a creditor will ... (1) increase the current liability of the entity (2) increase the non-current liability of the entity. (3) decrease the current liability of the entity, (4) decrease the non-current liability of the entity (5) have no effect on the liabilities of the entity. A... is used to prepare a cash receipts journal of an entity (1) cheque counterfoil (2) cash register roll (3) credit note...
A... Is used to record the cash payments of small expenses within and entity? nued) The...
A... Is used to record the cash payments of small
expenses within and entity?
nued) The payment of a creditor will increase the current liability of the entity increase the non-current liability of the entity 2 decrease the current liability of the entity w decrease the non-current liability of the entity 15) have no effect on the liabilities of the entit A... is used to prepare a cash receipts journal of an entity (1) cheque counterfoil (2) cash register roll...
Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to...
Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to Cash, credit to Rent Expense. B. debit to Cash, credit to Prepaid Rent. ° C. debit to Prepaid Rent, credit to Cash. D. debit to Rent Expense, credit to Cash. The columns on a trial balance represent: OA. subtotals and totals. O B. revenues and expenses. O C. debits and credits O D. common stock and dividends The columns on a trial balance represent:...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: A) Debit Notes Receivable for $89,000; credit Cash $89,000. B) Debit Notes Payable $89,000: credit Accounts Payable $89,000. C) Debit Accounts Receivable $89,000; credit Notes Receivable $89,000. D) Debit Notes Receivable $89.000; credit Sales $89,000. E) Debit Cash $89,000; credit Notes Receivable for $89,000. 18) Jasper makes a $50,000, 90-day, 9,0% cash loan to Clayborn Co. Jasper's entry to record...
Complete the Following Tasks 1. Record the following transactions in the appropriate journal . All checks...
Complete the Following Tasks 1. Record the following transactions in the appropriate journal . All checks received should be recorded in the cash receipts prelist prior to entry in the cash receipts journal Make sure to update the accounts receivables subledger if applicable November 10-BrawnyFinch Corp. purchased $46,213.00 worth of merchandise on account (invoice #527). Terms of the sale were 2/10 net 30 November 11- Thistlecadenza returned $12,014.00 worth of merchandise purchased on account. The credit memo number is 31...
Journal Entry 2 and 3: Record the sales revenue. Record the cost of goods sold. On...
Journal Entry 2 and 3:
Record the sales revenue.
Record the cost of goods sold.
On July 8, Compusoft recelves $200,000 from a customer toward a cash sale of $0.90 million for customized computer equipment to be completed on August 1. The remaining $700,000 payment is recelved upon delivery of the product on August 1. The equipment had a total production cost of $690,000. What Journal entries should Compusoft record on July 8 and August 1? Assume Compusoft uses the...
answer following questions. want to ensure my answers are correct. record these sales? A) A debit...
answer following questions.
want to ensure my answers are correct.
record these sales? A) A debit to Sales revenue for $215,000 B) A credit to Accounts receivable for $215,000 e) A dcbit to Sales tax payable for $15.050 A debit to Accounts receivable for $230.050 20) A $20,000, 3-month, 8% note payable was issued on November 1, 2015. What inforest on December 31, 2015? A) $200 P$267 C) $133 D) $800 Issued on November 1, 2015. What is the amount...
2 Record the cost of goods sold of $24,797.
3 Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $500 was given to
the customer.
4 Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $300.
5 Record the sales on account of $9,000 on terms n/60.
6 Record the cost of goods sold of $4,275.
7 Record the collection of half of...
1. Cash is a. a current asset b. an asset c.not part of property, plant, and equipment d. all of the above 2. E Co, borrowed $20,000 from the lccal bank. What account should be credited on E Co.'s books? a. notes receivable b. notes payable accounts receivable d. cash 3. Which of the following accourts would not be on the books of a merchandising company? a. accounts receivable b. service revenue c. sales d. cost of goods sold Matching...
please help me with number 9,10,11 and 12
9. The payment of a creditor will ... (1) increase the current liability of the entity (2) increase the non-current liability of the entity. (3) decrease the current liability of the entity, (4) decrease the non-current liability of the entity (5) have no effect on the liabilities of the entity. A... is used to prepare a cash receipts journal of an entity (1) cheque counterfoil (2) cash register roll (3) credit note...
A... Is used to record the cash payments of small
expenses within and entity?
nued) The payment of a creditor will increase the current liability of the entity increase the non-current liability of the entity 2 decrease the current liability of the entity w decrease the non-current liability of the entity 15) have no effect on the liabilities of the entit A... is used to prepare a cash receipts journal of an entity (1) cheque counterfoil (2) cash register roll...
Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to Cash, credit to Rent Expense. B. debit to Cash, credit to Prepaid Rent. ° C. debit to Prepaid Rent, credit to Cash. D. debit to Rent Expense, credit to Cash. The columns on a trial balance represent: OA. subtotals and totals. O B. revenues and expenses. O C. debits and credits O D. common stock and dividends The columns on a trial balance represent:...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: A) Debit Notes Receivable for $89,000; credit Cash $89,000. B) Debit Notes Payable $89,000: credit Accounts Payable $89,000. C) Debit Accounts Receivable $89,000; credit Notes Receivable $89,000. D) Debit Notes Receivable $89.000; credit Sales $89,000. E) Debit Cash $89,000; credit Notes Receivable for $89,000. 18) Jasper makes a $50,000, 90-day, 9,0% cash loan to Clayborn Co. Jasper's entry to record...
Complete the Following Tasks 1. Record the following transactions in the appropriate journal . All checks received should be recorded in the cash receipts prelist prior to entry in the cash receipts journal Make sure to update the accounts receivables subledger if applicable November 10-BrawnyFinch Corp. purchased $46,213.00 worth of merchandise on account (invoice #527). Terms of the sale were 2/10 net 30 November 11- Thistlecadenza returned $12,014.00 worth of merchandise purchased on account. The credit memo number is 31...
Journal Entry 2 and 3:
Record the sales revenue.
Record the cost of goods sold.
On July 8, Compusoft recelves $200,000 from a customer toward a cash sale of $0.90 million for customized computer equipment to be completed on August 1. The remaining $700,000 payment is recelved upon delivery of the product on August 1. The equipment had a total production cost of $690,000. What Journal entries should Compusoft record on July 8 and August 1? Assume Compusoft uses the...
answer following questions.
want to ensure my answers are correct.
record these sales? A) A debit to Sales revenue for $215,000 B) A credit to Accounts receivable for $215,000 e) A dcbit to Sales tax payable for $15.050 A debit to Accounts receivable for $230.050 20) A $20,000, 3-month, 8% note payable was issued on November 1, 2015. What inforest on December 31, 2015? A) $200 P$267 C) $133 D) $800 Issued on November 1, 2015. What is the amount...
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