Can you advise which in the dropdown is the debit and which is the credit?
Nature Gnome Company is a service based company that rents for use on local lakes and rivers. At the beginning of the new year, NGC decided to carry and sell T-shirts with its logo printed on them. NGC uses the perpetual inventory system to account for the inventory. During January 2019, NGC completed the following merchandise transactions:
To confirm, I only need the answer to which of the dropdowns is the debit for $120 and which of the dropdowns is the credit for $120 based on the January 18th transaction.
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Can you advise which in the dropdown is the debit and
which is the credit?
Nature...
At the beginning of the new year, Nature Gnome Company decided to carry and sell T-shirts with ...
At the beginning of the new year, Nature Gnome Company decided
to carry and sell T-shirts with its logo printed on them. Nature
Gnome Company uses the perpetual inventory system to account for
the inventory. During January 2019, Nature Gnome Company completed
the following merchandising transactions:
Enter the transactions in a sales journal (page 2), a cash
receipts journal (page 5, omit Sales Discounts Forfeited column),
a purchases journal (page 7), a cash payments journal (page 6),
and a general...
Wonder Wilderness Company is a service based company that rents canoes for use on local lakes and...
Wonder Wilderness Company is a service based company that rents
canoes for use on local lakes and rivers. At the beginning of the
new year, Wonder Wilderness Company decided to carry and sell
T-shirts with its logo printed on them. The company uses the
perpetual inventory system to account for the inventory. During
January 2019, Wonder Wilderness Company completed the following
merchandising transactions:
Enter the transactions in a sales journal (page 2), a cash
receipts journal (page 5, omit Sales...
Analyze these transaction ( Say which account to debit and which account to credit for how...
Analyze these transaction ( Say which account to debit and which account to credit for how much) Session Date – Jan 7, 20xx ⃝ Purchase Invoice #KC-2252 Dated January 2/xx From Kopy Center, $452 for photocopying registration and donation forms. Terms net 25 days. ⃝ Purchase Invoice #LI-10116 Dated January 2/xx From LIME, $678 for cellular handset. Deposit required and balance due at end of month. Create a new Group account 2140 A/P – LIME. ⃝ Cheque Copy #167 ...
Analyze these transactions ( say which account to debit and which account to credit with the...
Analyze these transactions ( say which account to debit and which account to credit with the amount) ⃝ Cheque Copy #170 Dated January 18/xx To Design n’ Wear, $1,600 in payment of account. Reference invoice #DW-6299. ⃝ Funds Received Form #FR-11-8 Dated January 20/xx Record $60,400 in pledges to sponsor participants from sponsor forms submitted. Create a new group account 1180 Donations Receivable. (HINT: Cr. Revenue: Sponsors). ⃝ Cash Purchase Invoice #DP-34982 Dated January 20/xx From...
On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit Cash $7,000...
On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit Cash $7,000 Accumulated Depreciation—Equipment $2,310 Accounts Receivable 4,800 Accounts Payable 4,900 Inventory 11,600 Salaries and Wages Payable 1,100 Supplies 1,500 Common Stock 30,000 Equipment 23,100 Retained Earnings 9,690 $48,000 $48,000 During December, the company completed the following summary transactions. Dec. 6 Paid $1,750 for salaries and wages due employees, of which $650 is for December and $1,100 is for November salaries and wages payable. 8 Received...
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1. Summit Company sold merchandise on account to Beartooth Co., $45,300, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $26,780. 2. Summit Company paid freight of $1,130 for delivery of merchandise sold to Beartooth Co. on August 1. 5. Summit Company sold merchandise on account to Beartooth Co., $68,140,...
during August of the cur. P4-1 Purchase-related transactions The following selected transactions were completed by Epic...
during August of the cur. P4-1 Purchase-related transactions The following selected transactions were completed by Epic Co. during Augm unt) for merchandise shipping point, t/com. rent year: handise on account for $33,400, terms FOB destination 9. Issued debit memorandum for $2,500 ($2,450 net of 2% discount) for from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping ne Paid $600 cash to the freight company for delivery of the merchandise 13....
*Problem 5-11A Journalizing purchase and s transactions Singh Distributing Company, which uses the periodic inventory system,...
*Problem 5-11A Journalizing purchase and s transactions Singh Distributing Company, which uses the periodic inventory system, engaged in the following transactions during May of the current year: inventory system may 3 -Purchased office supplies for cash, $22,000 may 7-Purchased inventory on credit terms of 3/10, net eom, $160,000. may 8-Returned 10 percent of the inventory purchased on May 7. It was not the inventory ordered may 10-Sold goods for cash, $36,400. may 13-Sold inventory on credit terms of 2/15, n/45...
PLEASE ANSWER ALL PARTS! THANK YOU :) Credit Debit $ 70,000 40,000 $ 5,000 30,000 70,000...
PLEASE ANSWER ALL PARTS! THANK YOU :)
Credit Debit $ 70,000 40,000 $ 5,000 30,000 70,000 Accounts Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accumulated depreciation Land Accounts payable Notes payable (8%, due in 3 years) Common stock Retained earnings Totals 10,000 200,000 20,000 36,000 100,000 239,000 $410,000 $410,000 The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $20,000 to an employee...
5 4 Problem 5-2A (Part Level Submission) Vaughn Distributing Company plc completed the following merchandising transactions...
5 4 Problem 5-2A (Part Level Submission) Vaughn Distributing Company plc completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Vaughn showed Cash of €9,490 and Share Capital-Ordinary of €9,490. Apr. Purchased merchandise on account from Walker Supply Co. €6,500, terms 2/10, 1/30. 2 Sold merchandise on account €5,600, FOB destination, terms 1/10, 1/30. The cost of the merchandise sold was €3,720. 5 Paid €270 freight on April 4 sale. 6...
At the beginning of the new year, Nature Gnome Company decided
to carry and sell T-shirts with its logo printed on them. Nature
Gnome Company uses the perpetual inventory system to account for
the inventory. During January 2019, Nature Gnome Company completed
the following merchandising transactions:
Enter the transactions in a sales journal (page 2), a cash
receipts journal (page 5, omit Sales Discounts Forfeited column),
a purchases journal (page 7), a cash payments journal (page 6),
and a general...
Wonder Wilderness Company is a service based company that rents
canoes for use on local lakes and rivers. At the beginning of the
new year, Wonder Wilderness Company decided to carry and sell
T-shirts with its logo printed on them. The company uses the
perpetual inventory system to account for the inventory. During
January 2019, Wonder Wilderness Company completed the following
merchandising transactions:
Enter the transactions in a sales journal (page 2), a cash
receipts journal (page 5, omit Sales...
during August of the cur. P4-1 Purchase-related transactions The following selected transactions were completed by Epic Co. during Augm unt) for merchandise shipping point, t/com. rent year: handise on account for $33,400, terms FOB destination 9. Issued debit memorandum for $2,500 ($2,450 net of 2% discount) for from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping ne Paid $600 cash to the freight company for delivery of the merchandise 13....
PLEASE ANSWER ALL PARTS! THANK YOU :)
Credit Debit $ 70,000 40,000 $ 5,000 30,000 70,000 Accounts Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accumulated depreciation Land Accounts payable Notes payable (8%, due in 3 years) Common stock Retained earnings Totals 10,000 200,000 20,000 36,000 100,000 239,000 $410,000 $410,000 The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $20,000 to an employee...
5 4 Problem 5-2A (Part Level Submission) Vaughn Distributing Company plc completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Vaughn showed Cash of €9,490 and Share Capital-Ordinary of €9,490. Apr. Purchased merchandise on account from Walker Supply Co. €6,500, terms 2/10, 1/30. 2 Sold merchandise on account €5,600, FOB destination, terms 1/10, 1/30. The cost of the merchandise sold was €3,720. 5 Paid €270 freight on April 4 sale. 6...
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