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 $1,000
Homework Answers
answer Debit inventory and credit accounts payable for $1000
the item purchased by the company costing $100 will be stocked in therir vending machines .the intention of company is to sell the products to customer in the near future. so it should be considered as inventory according to IAS 2, inventory is an asset account which should be debited when it increases and the scenario doesn' told about the payment.so it is a credit purchase in which the laibility is increased as the accounts payable increased , therefore the accounts payabple should be credited
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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? Debit inventory and credit accounts receivable for $1,000 Debit supplies and credit accounts payable for $1,000 Debit supplies and credit accounts receivable for $1,000 Debit inventory and credit accounts payable for $1,000 Debit inventory and credit cash for $1,000 O Debit supplies and credit cash for $1,000
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...
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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
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Page But 5 20. $20.000 machine 18 purchased by paying $5,000 cash and sory note to...
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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
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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? Debit inventory and credit accounts receivable for $1,000 Debit supplies and credit accounts payable for $1,000 Debit supplies and credit accounts receivable for $1,000 Debit inventory and credit accounts payable for $1,000 Debit inventory and credit cash for $1,000 O Debit supplies and credit cash for $1,000
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...
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