Homework Answers
1. Dr. Cash $3000
Cr. Accounts Receivable $3000
This journal entry signifies that the full payment of $3000 is received from an Account Receivable.
Account Receivables are assets that are created as a result of credit sales to customers for which customer owes an amount to the business which is being received here in cash form.
2. Dr. Loan Payable $ 16000
Cr. Cash $16000
This journal entry signies that the payment has been made against the liability of Loan standing in the books for an amount of $16000.
Loan Payable is a liability of the company which arises when the company borrows from outside in the form of Loans. Here $16000 payment has been made against loan in cash.
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obro bordo mosteanu 1209 (4 pts) In one sentence, describe what happened economically to cause the...
sasanibne wone brunobs or of Smolen 1209 4. (4 pts) In one sentence, describe what happened...
sasanibne wone brunobs or of Smolen 1209 4. (4 pts) In one sentence, describe what happened economically to cause the following JE: Dr. Cash $3,000 Cr. Accounts Receivable $3,000
In one sentence, describe what happened economically to cause the following JE: Dr. Loan Payable $16,000...
In one sentence, describe what happened economically to cause the following JE: Dr. Loan Payable $16,000 Cr. Cash $16,000
In one sentence, describe what happened economically to cause the following JE: Dr. Cash $3,000 Cr....
In one sentence, describe what happened economically to cause the following JE: Dr. Cash $3,000 Cr. Accounts Receivable $3,000
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue (4) cr. dr. Cash (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchased on dr. Accounts Receivable dr. Choose......
You are required to post the following journal entries to the respective ledger account and to...
You are required to post the following journal entries to the respective ledger account and to prepare trial balance from the ledger accounts. PROBLEMI Date 1 May Debit (RO) 50.000 Credit (RO) Particulars Dr. Cash Cr. Capital Dr. Prepaid rent Cr. Cash 50,000 2 May 24,000 24,000 3 May 30,000 10.000 20,000 Dr. Furniture Cr. Cash Cr. Accounts payable Dr. Prepaid insurance Cr. Cash 4 May 1.800 1.800 5 May 500 Dr. Office supplies Cr. Cash 500 6 May 1,500...
DQuestion 13 1 pts Michelin Jewelers completed the following transactions. Michelin Jewelers uses the perpetual inventory...
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15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue...
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue E. Equity--Expense Questions 16-20: Show how each of the following five business transactions is recorded as a journal entry. The correct answer is a journal entry which both balances (Dr. debits = Cr. credits) and contains the correct account names and amounts. 16. The company consulted for a new brand and billed the client for services rendered $2,000 A. Dr. Service Revenue 2000; Cr....
Which of the following is not a possible journal entry? Debit Expenses: Credit Assets...
Which of the following is not a possible journal entry? Debit Expenses; Credit Assets Debit Expenses; Credit Liabilities Debit Assets; Credit Revenues Credit Assets; Credit Revenues Heimer, Inc. provides services to customers totaling $14,000, for which it billed the customers. How would the transaction be recorded? DR: Accounts Receivable 14,000 CR: Service Revenue 14,000 DR: Cash 14,000 CR: Service Revenue 14,000 DR: Accounts Payable 14,000 CR: Service Revenue 14,000 DR: Accounts Receivable 14,000 CR: Cash 14,000 When a company receives a prepayment from a customer and provides services to the customer...
Use the Journal Entries (Links to an external site.) for Tiger Inc to answer the following:...
Use the Journal Entries (Links to an external site.) for Tiger
Inc to answer the following:
What is the ending balance of Accounts Receivable?
Group of answer choices
a. 80,000
b. 120,000
c. 50,000
d. 40,000
B D E 1 Tiger Inc. Journal Entries N 3 02/01/2020 DR: Cash A 550,000 4. CR: Stock S 550,000 5 6 02/02/2020 DR: Inventory $ 30,000 7 CR: Cash $ 30,000 8 9 $ 80,000 02/03/2020 DR: Accounts Receivable CR: Revenyue 10 $...
sasanibne wone brunobs or of Smolen 1209 4. (4 pts) In one sentence, describe what happened economically to cause the following JE: Dr. Cash $3,000 Cr. Accounts Receivable $3,000
In one sentence, describe what happened economically to cause the following JE: Dr. Loan Payable $16,000 Cr. Cash $16,000
In one sentence, describe what happened economically to cause the following JE: Dr. Cash $3,000 Cr. Accounts Receivable $3,000
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue (4) cr. dr. Cash (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchased on dr. Accounts Receivable dr. Choose......
You are required to post the following journal entries to the respective ledger account and to prepare trial balance from the ledger accounts. PROBLEMI Date 1 May Debit (RO) 50.000 Credit (RO) Particulars Dr. Cash Cr. Capital Dr. Prepaid rent Cr. Cash 50,000 2 May 24,000 24,000 3 May 30,000 10.000 20,000 Dr. Furniture Cr. Cash Cr. Accounts payable Dr. Prepaid insurance Cr. Cash 4 May 1.800 1.800 5 May 500 Dr. Office supplies Cr. Cash 500 6 May 1,500...
DQuestion 13 1 pts Michelin Jewelers completed the following transactions. Michelin Jewelers uses the perpetual inventory system. On April 2, Michelin sold $9,000 of merchandise to a customer on account with terms of 3/15, n/30. Michelin's cost of the merchandise sold was $5,500. Which of the following journal entries correctly records the Sales revenue? O Dr. Sales Revenue 8,730: Cr. Acounts Receivable 8.730 O Dr. Cash 8,730, Cr. Sales Revenue 8,730 O Dr. Accounts Receivable 8730: Cr. Sales Revenue 8730...
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue E. Equity--Expense Questions 16-20: Show how each of the following five business transactions is recorded as a journal entry. The correct answer is a journal entry which both balances (Dr. debits = Cr. credits) and contains the correct account names and amounts. 16. The company consulted for a new brand and billed the client for services rendered $2,000 A. Dr. Service Revenue 2000; Cr....
Use the Journal Entries (Links to an external site.) for Tiger
Inc to answer the following:
What is the ending balance of Accounts Receivable?
Group of answer choices
a. 80,000
b. 120,000
c. 50,000
d. 40,000
B D E 1 Tiger Inc. Journal Entries N 3 02/01/2020 DR: Cash A 550,000 4. CR: Stock S 550,000 5 6 02/02/2020 DR: Inventory $ 30,000 7 CR: Cash $ 30,000 8 9 $ 80,000 02/03/2020 DR: Accounts Receivable CR: Revenyue 10 $...
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