Journal entry is
Advertisement expense. Dr
To Account payable
Advertisement expense is to be debited because it is an expense account when in increases the account should be debited
Account payable is credited as it is a liability account it is credited when liability increased
Accounts affected | advertising expense | Account payable |
Kind of account | expense account | liability account |
Do the balance increases or decrease | imcrease | increase |
Credit or debit account | Debit | credit |
ACCOUNTING CYCLE Basic journal entry with the step-through method For the following transaction, answer the questions...
ACCOUNTING CYCLE Basic journal entry with the step-through method or the following transaction, answer the questions that follow in accordance with the rules of journalizing and ransaction: Owner withdrew $2,900 cash for personal use. which two accounts are affected? Choose one V Choose one What kind of accounts are they? Choose one Choose one Decrease Increase Decrease Do the account balances increase or decrease? Increase Credit Debit Credit Debit Do we debit or credit the accounts? Х $ ?
ACCOUNTING CYCLE Basic journal entry with the step-through method For the following transaction, answer the questions that follow in accordance with the rules of journalizi Transaction: Flores Company purchased equipment for $3,800 cash. Which two accounts are affected? Choose one Choose one What kind of accounts are they? Choose one Choose one Do the account balances increase or decrease? Increase O Decrease Increase Decrease Do we debit or credit the accounts? O Debit Credit Debit Credit х $
Joum entry with the step-through method For the following transaction, answer the questions that follow in accordance with the rules of journalizing and the Transaction: Taylor Company paid balance due of $4,500 on equipment that had been previously purchased on account < which two accounts are affected? Choose one Choose one Choose one < What kind of accounts are they? Choose one Increase Decrease Do the account balances increase or decrease? Increase Decrease Debit Credit Credit Do we debit or...
For the following transaction, answer the questions that follow in accordance with the rules of journalizi Transaction: Roberts Company billed clients on account for services already performed, $6,500. Which two accounts are affected? Choose one Choose one What kind of accounts are they? Choose one Choose one Do the account balances increase or decrease? Increase Decrease Increase O Decrease Do we debit or edit the accounts? O Debit Credit Debit Credit N. X Explanation Check
susan’s company placed an ad in the loca paper for the current month to he paid next month, $2500. step-through method which 2 accoumts are affected, what kind of accounts are they, does the account balance increase or decrease for each one and do i debit or credit the account
For your main Discussion post, list at least one of each transaction related to all of the following business events: Purchase of goods or services for cash Providing services for cash Providing services on account Purchase of goods or services on account Payment of a previously recorded expense Receipt of a previously recorded revenue earned Be sure to explain your logic in the analysis of your business transactions and do not repeat examples from the textbook. Also, list the type...
Journal Entry please Circle the best answer to each of the following questions. 1. When a company has performed services for a client but has not yet received payment, it: a. makes no entry until the cash is received. b. debits Accounts Receivable and credits Revenue. c. debits Accounts Payable and credits Revenue. d. debits Cash and credits Accounts Receivable. 2. Brewer Company's controller accidentally erased the 8/1/20 balance for the Cash account. However, she can see that the 8/31/20...
Practice Multiple-Choice Questions 1. (LO 1) The effects on the basic accounting equation of perform ing services for cash are to: a. increase assets and decrease stockholders' equity. b. increase assets and increase stockholders' equity. c. increase assets and increase liabilities. d. increase liabilities and increase stockholders' equity. 2. (LO 1) Genesis Company buys a $900 machine on credit. This transaction will affect the: a. income statement only b. balance sheet only. c. income statement and retained earnings statement only....
a. 5. The journal entry to record the September 14 transaction will have the following effect on Marina's financial statements: Total Expenses will increase by $500,000. b. Total Liabilities will increase by $500,000. Total Assets will decrease by $500,000. d. Total Stockholders' Equity will decrease by $500,000. None of the above. c. e. 1 6. Which of the following accounts is decreased with a CREDIT? a. Unearned Revenue b. Sales Revenue Accounts Receivable d. Accounts Payable c. Problem (38 points)...
True or False questions for Accounting ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording Transactions Module #2 - Chapter #2 Assignment 2C-2020 True / False The steps covered in the Accounting Cycle in this module were adjustments, prepare adjusted trial balance and prepare financial statements The account is a detailed record of the increases and decreases in a specific asset, liability or equity item. A ledger is a group of all the accounts used by a business and...