Homework Answers
answer is option "c " - cash and credit to a/c recievable
because since cash is recieved it is in debit and the a/c receivable it is credit
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The journal entry that records the collection of cash from a customer for payment on account...
Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry...
Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record this sale transaction would be: Multiple Choice Debit Cash of $625 and credit Sales $625. O Debit Cash of $625 and credit Accounts Receivable $625. Debit Accounts Receivable $625 and credit Sales $625. Debit Accounts Receivable $625 and credit Cash $625. C) Debit Soles $625 and credit Accounts Receivable $625.
Problem 4-BA The following accounting items were found in the journal of Wildhorse Company: 1. 2....
Problem 4-BA The following accounting items were found in the journal of Wildhorse Company: 1. 2. 3. 4. S. 6. 7. 8. The payment of the current month's rent for $590 was recorded as a debit to Interest Payable and a credit to Cash, both for $590. (Note: This had not been previously accrued.) The collection of an account receivable for $480 was debited to Cash and credited to Service Revenue, both for $480. A payment for Utilities Expense of...
The journal entry to record the purchase of equipment for a $110 cash down payment and...
The journal entry to record the purchase of equipment for a $110 cash down payment and a balance of $420 due in 30 days would include Multiple Choice a debit to Equipment for $530, a credit to Cash for $110, and a credit to Accounts Payable for $420 a debit to Equipment for $110 and a credit to Cash for $110. O a debit to Equipment for $110 and a credit to Accounts Payable for $420. debit to Equipment for...
Prepare the necessary correcting entry for each of the following A payment on account of $840...
Prepare the necessary correcting entry for each of the following A payment on account of $840 was debited to Accounts Payable $480 and credited to Cash b. The collection of Accounts Receivable of $680 was recorded as a debit to Cash $680 and a credit to Service Revenue $680. $480.
11) Which of the following entries records the cash payment of an Account Payable? a. debit...
11) Which of the following entries records the cash payment of an Account Payable? a. debit Cash; credit Accounts Payable b. debit Accounts Receivable; credit Cash c. debit Cash; credit Expense d. debit Accounts Payable; credit Cash 12) Haselhof Company purchases equipment for $2,400 and supplies for $700 from Behrman Co. for $3,100 cash. The entry for this transaction will include a a. debit to Equipment $2,400 and a debit to Supplies Expense $700 for Behrman. b. credit to Cash...
ntity G rendered $1,400 of services to a customer on account. The journal entry to record...
ntity G rendered $1,400 of services to a customer on account. The journal entry to record this transaction will include a debit to Cash of $1,400. a debit to Service Revenue of $1,400. a debit to Accounts Receivable of $1,400. a credit to Accounts Payable of $1,400.
1) Entity G rendered $1,400 of services to a customer on account. The journal entry to...
1) Entity G rendered $1,400 of services to a customer on account. The journal entry to record this transaction will include a credit to Accounts Payable of $1,400. a debit to Service Revenue of $1,400. a debit to Cash of $1,400. a debit to Accounts Receivable of $1,400. 2)
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
1. Prepare entries that the buyer records for (a) the purchase. (b) cash payment within the...
1. Prepare entries that the buyer records for (a) the purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for (a) the sale. (b) cash collection within the discount period, and (c) cash collection after the discount period. 5 SX Answer is not complete. / ES Complete this question by entering your answers in the tabs below. 5 Required 1 Required 2 Prepare entries that the...
The journal entry to record the collection of the amount due on an interest-bearing promissory note...
The journal entry to record the collection of the amount due
on an interest-bearing promissory note form a customer would debit
Cash, credit Notes Recievable, and
MC Qu. 9-33 The journal entry to record the... The journal entry to record the collection of the amount due on an interest beaning promissory note from a customer would debit Cash, credit Notes Receivable, and Choice O debito pense O crede Irenest Experne Credit Instincome o income < P 6 H d >...
Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record this sale transaction would be: Multiple Choice Debit Cash of $625 and credit Sales $625. O Debit Cash of $625 and credit Accounts Receivable $625. Debit Accounts Receivable $625 and credit Sales $625. Debit Accounts Receivable $625 and credit Cash $625. C) Debit Soles $625 and credit Accounts Receivable $625.
Problem 4-BA The following accounting items were found in the journal of Wildhorse Company: 1. 2. 3. 4. S. 6. 7. 8. The payment of the current month's rent for $590 was recorded as a debit to Interest Payable and a credit to Cash, both for $590. (Note: This had not been previously accrued.) The collection of an account receivable for $480 was debited to Cash and credited to Service Revenue, both for $480. A payment for Utilities Expense of...
The journal entry to record the purchase of equipment for a $110 cash down payment and a balance of $420 due in 30 days would include Multiple Choice a debit to Equipment for $530, a credit to Cash for $110, and a credit to Accounts Payable for $420 a debit to Equipment for $110 and a credit to Cash for $110. O a debit to Equipment for $110 and a credit to Accounts Payable for $420. debit to Equipment for...
Prepare the necessary correcting entry for each of the following A payment on account of $840 was debited to Accounts Payable $480 and credited to Cash b. The collection of Accounts Receivable of $680 was recorded as a debit to Cash $680 and a credit to Service Revenue $680. $480.
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
1. Prepare entries that the buyer records for (a) the purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for (a) the sale. (b) cash collection within the discount period, and (c) cash collection after the discount period. 5 SX Answer is not complete. / ES Complete this question by entering your answers in the tabs below. 5 Required 1 Required 2 Prepare entries that the...
The journal entry to record the collection of the amount due
on an interest-bearing promissory note form a customer would debit
Cash, credit Notes Recievable, and
MC Qu. 9-33 The journal entry to record the... The journal entry to record the collection of the amount due on an interest beaning promissory note from a customer would debit Cash, credit Notes Receivable, and Choice O debito pense O crede Irenest Experne Credit Instincome o income < P 6 H d >...
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