Homework Answers
Answers :
a Debit to Supplies and a Credit to Accounts Payables
Record the Purchase of Supplies on Accounts
| Debit | Credit | |
| Supplies | $ 680 | |
| Accounts Payables | $ 680 |
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On January 14, Bramble Industries purchased supplies of $680 on account. The entry to record the...
1. Grayton Industries purchased supplies for $1,300. They paid $500 in cash and agreed to pay...
1. Grayton Industries purchased supplies for $1,300. They paid $500 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,300, a credit to cash account for $500. Which of the following would be the correct way to complete the recording of the transaction? a. Credit the Grayton, Capital account for $500. b. Debit the Grayton, Capital account for $500. c. Credit an...
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
On January 7, a corporation purchased supplies of $1,200. At the end of the month it...
On January 7, a corporation purchased supplies of $1,200. At the end of the month it was determined that the supplies at the end of the period was only $200. What is the ADJUSTING entry that should be recorded as a result of this information? Debit supplies; credit supplies expense Debit supplies expense; credit Supplies Debit accounts receivable; credit Supplies expense Debit supplies ; credit cash Adjusting journal entries are divided into two main categories. What are these called? Depreciation...
A customer purchased an item on credit. Which journal entry should be made to record this purchase?
A customer purchased an item on credit. Which journal entry should be made to record this purchase? Journal EntriesADebitCreditAccounts Receivable$ 250Sales Revenue$ 250BDebitCreditAccounts Receivable$ 250Customer Payment Received $ 250CDebitCreditAccounts Payable$ 237Supplies Expense $ 237DDebitCreditAccumulated Depreciation$ 725Depreciation Expense$ 725EDebitCreditPrepaid Rent$ 1,250Rent Expense$ 1,250
On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit...
On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 25,200 6,600 4,500 64, eee ok $ 4,600 79,000 16,700 $100,300 $100,300 nces During January 2021, the following transactions occur January 2 Purchase rental space for one year in advance, $10,200 (5850/month). January 9 Purchase additional supplies on account, $4,900. January 13 Provide services to customers on account, $26,900....
Question 2 Sain Advertising Ltd.s opening trial balance on January 1 shows Supplies $1,770, On January...
Question 2 Sain Advertising Ltd.s opening trial balance on January 1 shows Supplies $1,770, On January 11, the company purchased additonal supplies for $1,900 on account. On January 31, there are $1,220 of supplies on hand. ▼ (a) Prepare the jounal entry to record the purchase of supplies on January 11. (Credit account titles are automatically intended when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter...
Journal entry worksheet < .... @ 6 6 0 Record the reselling of 700 shares of...
Journal entry worksheet < .... @ 6 6 0 Record the reselling of 700 shares of treasury stock for $22 per share. Note: Enter debits before credits. Credit Debit 15.400 Date Account Title Jan 30 (Cash Treasury Stock Additional Paid-in Capital Record entry View general journal Clear entry Exercise 10-17A Complete the accounting cycle using stockholders' equity transactions (LO10-2, 10-4, 10-5, 10-8) (GL) On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts...
Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1...
Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 4 11 Inventory Sale Purchase Sale Purchase Sale 114 units at $5 each 89 units at $8 each 156 units at $7 each 126 units at $9 each 158 units at $7 each 103 units at $11 each 13 20 27 Bramble uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is correct. Assume Bramble uses a...
11A. Print It Printing Services purchased $4,000 of printing supplies for cash, recording the transaction using...
11A. Print It Printing Services purchased $4,000 of printing supplies for cash, recording the transaction using the alternative treatment for deferred expenses. At the end of the year, Print It had $400 of printing supplies remaining. Record the journal entry for the purchase of printing supplies and the adjusting entry for printing supplies not used. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First record the journal entry for the purchase...
The entry to record a return of merchandise purchased on credit includes
The entry to record a return of merchandise purchased on credit includes a debit to Purchase Returns & Allowances and a credit to Accounts Receivable a debit to Purchase Returns & Allowances and a credit to Purchases a debit to Accounts Payable and a credit to Purchase Returns & Allowances a debit to Purchases and a credit to Purchase Returns & Allowances
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
On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 25,200 6,600 4,500 64, eee ok $ 4,600 79,000 16,700 $100,300 $100,300 nces During January 2021, the following transactions occur January 2 Purchase rental space for one year in advance, $10,200 (5850/month). January 9 Purchase additional supplies on account, $4,900. January 13 Provide services to customers on account, $26,900....
Question 2 Sain Advertising Ltd.s opening trial balance on January 1 shows Supplies $1,770, On January 11, the company purchased additonal supplies for $1,900 on account. On January 31, there are $1,220 of supplies on hand. ▼ (a) Prepare the jounal entry to record the purchase of supplies on January 11. (Credit account titles are automatically intended when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter...
Journal entry worksheet < .... @ 6 6 0 Record the reselling of 700 shares of treasury stock for $22 per share. Note: Enter debits before credits. Credit Debit 15.400 Date Account Title Jan 30 (Cash Treasury Stock Additional Paid-in Capital Record entry View general journal Clear entry Exercise 10-17A Complete the accounting cycle using stockholders' equity transactions (LO10-2, 10-4, 10-5, 10-8) (GL) On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts...
Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 4 11 Inventory Sale Purchase Sale Purchase Sale 114 units at $5 each 89 units at $8 each 156 units at $7 each 126 units at $9 each 158 units at $7 each 103 units at $11 each 13 20 27 Bramble uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is correct. Assume Bramble uses a...
11A. Print It Printing Services purchased $4,000 of printing supplies for cash, recording the transaction using the alternative treatment for deferred expenses. At the end of the year, Print It had $400 of printing supplies remaining. Record the journal entry for the purchase of printing supplies and the adjusting entry for printing supplies not used. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First record the journal entry for the purchase...
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