Homework Answers
The correct option here is (a).
Supplies purchased on account were incorrectly recorded as Office Equipment. The correcting entry would be
a. Supplies, debit; Office Equipment, credit.
All other options are incorrect.
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Question 17 1.5 pts Supplies purchased on account were incorrectly recorded as Office Equipment. The correcting...
The following error was discovered: Office supplies purchased for $200 was recorded by a debit to...
The following error was discovered: Office supplies purchased for $200 was recorded by a debit to Utilities Expense for $200 and a credit to Cash for $200. Which one of the following entries would correct this error? Multiple Choice O Debt Office Supplies for $400 and credit Cash for $400. O Debit Office Supplies for 200 and credit Utilities Expense for $400 No correcting entry is needed Debt Office Supplies for $200 and credit U s Expense for $200 <...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for at an earlier time is now being returned for credit to be applied towards future purchases from this vendor. The credit terms were 2/10, n/30 and the original total invoice of $200, was paid within the discount period. Which of the following is the correct journal entry for the buyer, our customer, to record the return, assuming a perpetual inventory system is used? Receivable,...
office supplies not used to resell bought on account were returned for credit and recorded with...
office supplies not used to resell bought on account were returned for credit and recorded with a debit to accounts payable and a credit to purchase returns and allowances this error will cause
un purchases office supplies at Office Depot, on account, fors NATE ACCOUNT 1717/2018 Depot, on account...
un purchases office supplies at Office Depot, on account, fors NATE ACCOUNT 1717/2018 Depot, on account for $700 on 1/17/2018. DEBIT CREDIT lases (and pays) for a magazine advertisement in Sports Illustrated Magazine on 1/20/2018, tom $2,000. The advertisement will run in the May issue. DATE ACCOUNT DEBIT CREDIT 1/2008 5. On 1/31/2018, John declares a dividend of $1,000. This dividend will be paid to the stockholders 2/13/2018. Provide the journal entry for 1/31/2018. DATE ACCOUNT / DEBIT CREDIT 11/31/2018...
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...
On January 14, Bramble Industries purchased supplies of $680 on account. The entry to record the...
On January 14, Bramble Industries purchased supplies of $680 on account. The entry to record the purchase will include a debit to Supplies and a credit to Cash. a debit to Supplies and a credit to Accounts Payable. a debit to Accounts Receivable and a credit to Supplies. a debit to Supplies Expense and a credit to Accounts Receivable. Save for Later
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...
This Question: 1 pt 3 of 20 (0 complete) This Test:20p Sedlor Properties purchased office supplies...
This Question: 1 pt 3 of 20 (0 complete) This Test:20p Sedlor Properties purchased office supplies on account for $800 Which journal entry records the payment on account of those office supplies? (Assuifle the occurred in a prior period.) Date Accounts and Explanation Debit Credit 800 OA. Office Supplies Cash OB. Accounts Payable Cash 800 OC Accounts Payable Accounts Receivable 800 OD. Cash 800 Accounts Payable answer De here to search
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...
A company purchases office supplies for $3,500, paying $1,000 cash and the remainder on account. The...
A company purchases office supplies for $3,500, paying $1,000 cash and the remainder on account. The entry to record this transaction is: Select one: O A. Debit: Supplies for $3,500; Credit Accounts payable for $3,500 . B. Debit: Supplies for $3,500; Credit: Cash for $1,000; Credit Accounts payable for $2,500 OC. Debit: Supplies for $3,500; Credit Supplies expense for $3,500 O D. Debit: Supplies for $1000; Credit Accounts payable for $1,000
The following error was discovered: Office supplies purchased for $200 was recorded by a debit to Utilities Expense for $200 and a credit to Cash for $200. Which one of the following entries would correct this error? Multiple Choice O Debt Office Supplies for $400 and credit Cash for $400. O Debit Office Supplies for 200 and credit Utilities Expense for $400 No correcting entry is needed Debt Office Supplies for $200 and credit U s Expense for $200 <...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for at an earlier time is now being returned for credit to be applied towards future purchases from this vendor. The credit terms were 2/10, n/30 and the original total invoice of $200, was paid within the discount period. Which of the following is the correct journal entry for the buyer, our customer, to record the return, assuming a perpetual inventory system is used? Receivable,...
un purchases office supplies at Office Depot, on account, fors NATE ACCOUNT 1717/2018 Depot, on account for $700 on 1/17/2018. DEBIT CREDIT lases (and pays) for a magazine advertisement in Sports Illustrated Magazine on 1/20/2018, tom $2,000. The advertisement will run in the May issue. DATE ACCOUNT DEBIT CREDIT 1/2008 5. On 1/31/2018, John declares a dividend of $1,000. This dividend will be paid to the stockholders 2/13/2018. Provide the journal entry for 1/31/2018. DATE ACCOUNT / DEBIT CREDIT 11/31/2018...
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...
On January 14, Bramble Industries purchased supplies of $680 on account. The entry to record the purchase will include a debit to Supplies and a credit to Cash. a debit to Supplies and a credit to Accounts Payable. a debit to Accounts Receivable and a credit to Supplies. a debit to Supplies Expense and a credit to Accounts Receivable. Save for Later
This Question: 1 pt 3 of 20 (0 complete) This Test:20p Sedlor Properties purchased office supplies on account for $800 Which journal entry records the payment on account of those office supplies? (Assuifle the occurred in a prior period.) Date Accounts and Explanation Debit Credit 800 OA. Office Supplies Cash OB. Accounts Payable Cash 800 OC Accounts Payable Accounts Receivable 800 OD. Cash 800 Accounts Payable answer De here to search
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...
A company purchases office supplies for $3,500, paying $1,000 cash and the remainder on account. The entry to record this transaction is: Select one: O A. Debit: Supplies for $3,500; Credit Accounts payable for $3,500 . B. Debit: Supplies for $3,500; Credit: Cash for $1,000; Credit Accounts payable for $2,500 OC. Debit: Supplies for $3,500; Credit Supplies expense for $3,500 O D. Debit: Supplies for $1000; Credit Accounts payable for $1,000
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