Homework Answers
If you like my explanation, please give a "thumbs up"
Option D Debit inventory and credit accounts payable for $1,000 is the correct answer.
Add Answer to:
On 1/1, UCF's Bicycle Vending Machine Company purchased on account items costings $1,000 that will be...
On 1/1, UCF's Bicycle Vending Machine Company purchased on account items costings $1,000 that will be...
On 1/1, UCF's Bicycle Vending Machine Company purchased on account items costings $1,000 that will be stocked in their vending machines to sell to customers. What journal entry required on 1/1? Group of answer choices Debit supplies and credit cash for $1,000 Debit supplies and credit accounts payable for $1,000 Debit inventory and credit accounts receivable for $1,000 Debit supplies and credit accounts receivable for $1,000 Debit inventory and credit cash for $1,000 Debit inventory and credit accounts payable for...
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,...
1. On October 1, 2020 a company purchased supplies from a vendor on credit for $2,500....
1. On October 1, 2020 a company purchased supplies from a vendor on credit for $2,500. The journal entry includes a debit to ____ and a credit to _____. a. supplies b. cash c. account payable d. accounts receivable 2. On November 1, 2020 a company paid cash to a vendor for the purchase on October 1 (in question 28) for $2,500. The journal entry includes a debit to____ and a credit to _____. a. supplies b. cash c. account...
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms...
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
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
Page But 5 20. $20.000 machine 18 purchased by paying $5,000 cash and sory note to...
Page But 5 20. $20.000 machine 18 purchased by paying $5,000 cash and sory note to the remainder. The Journal entry would $5,000 cash and lunga promissory note for the incluce a: a. credit to Notes Receivable. b. credit to Machinery. c. credit to Notes Fayable. d. cebit to Cash. 21. Which of the following is not a valid adjusting entry? a. Debit interest expense, credit interest payable. b. Debit supplies expense, credit supplies c. Debit unearned revenue, credit service...
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...
On June 10, Marin Company purchased $6,200 of merchandise from Cullumber Company, on account, terms 4/10,...
On June 10, Marin Company purchased $6,200 of merchandise from Cullumber Company, on account, terms 4/10, 1/30. Marin pays the freight costs of $100 on June 11. Goods totale $300 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Culumber Company in full less the purchase discount. Both companies use a perpetual Inventory system Your answer is partially correct. Prepare separate entries for each transaction on the books of Marin Company. (If no entry...
20. 20,000 machine is purchased by Daving 35.000 cash and issuing a promissory note fo- the...
20. 20,000 machine is purchased by Daving 35.000 cash and issuing a promissory note fo- the emainder. The Tournal entry would include a a. credit to Notes Receivable. b. credit to Machinery c. credit to Notes Payable. cebit to Cash. 4. Which of the following is not a valid adjusting entry? a. Debit interest expense credit interest payable. b. Cebit supplies expense, credit supplies c. Debit unearnest revenue, credit service revenue Cebit insurance expense, credit cash Which of the following...
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 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,...
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
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
Page But 5 20. $20.000 machine 18 purchased by paying $5,000 cash and sory note to the remainder. The Journal entry would $5,000 cash and lunga promissory note for the incluce a: a. credit to Notes Receivable. b. credit to Machinery. c. credit to Notes Fayable. d. cebit to Cash. 21. Which of the following is not a valid adjusting entry? a. Debit interest expense, credit interest payable. b. Debit supplies expense, credit supplies c. Debit unearned revenue, credit service...
On June 10, Marin Company purchased $6,200 of merchandise from Cullumber Company, on account, terms 4/10, 1/30. Marin pays the freight costs of $100 on June 11. Goods totale $300 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Culumber Company in full less the purchase discount. Both companies use a perpetual Inventory system Your answer is partially correct. Prepare separate entries for each transaction on the books of Marin Company. (If no entry...
20. 20,000 machine is purchased by Daving 35.000 cash and issuing a promissory note fo- the emainder. The Tournal entry would include a a. credit to Notes Receivable. b. credit to Machinery c. credit to Notes Payable. cebit to Cash. 4. Which of the following is not a valid adjusting entry? a. Debit interest expense credit interest payable. b. Cebit supplies expense, credit supplies c. Debit unearnest revenue, credit service revenue Cebit insurance expense, credit cash Which of the following...
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
Most questions answered within 3 hours.
-
A simple random sample of size n=64 is obtained from a
population with a mean of...
asked 34 minutes ago -
(2 dimensions, 1 object, 2 accelerations)
1) A projectile is thrown with a wind. The wind...
asked 1 hour ago -
Brian makes $34,100 per year. How much can Brian expect to
contribute to FICA taxes in...
asked 2 hours ago -
To buy a new house you must borrow $155,000. To do this you take
out a...
asked 2 hours ago -
Spacely Sprockets is evaluating the construction of a new plant
on land the company purchased for...
asked 3 hours ago -
1. Consider a linear regression model of y on K regressors and
an intercept.
(i) Describe...
asked 3 hours ago -
Enter a balanced equation for the reaction between hydrochloric
acid and sodium sulfite.
Express your answer...
asked 3 hours ago -
Give a regular expression describing the language
{x | x ∈ Σ* and x does not...
asked 3 hours ago -
Masses of 1.0 kg, 2.0 kg, and 3.0 kg are each separately subject
to a net...
asked 3 hours ago -
The mode of philosophical argumentation and thought. How do
philosophers think and write? What is important...
asked 3 hours ago -
At the beginning of the unit, you were asked whether you thought
it was appropriate or...
asked 3 hours ago -
Calculate the grams of carbon in 9.32 x 10+23 molecules of
benzene (C6H6).
asked 3 hours ago