office supplies not used to resell bought on account were returned for credit and recorded with...
office supplies not used to resell bought on account were returned for credit and recorded with a debit to accounts payable and a credit to purchase returns and allowances this error will cause
Homework Answers
RIGHT ENTRY SHALL BE AS FOLLOWS:
ACCOUNTS PAYABLE FOR OFFICE SUPPLIES A/C DR.
TO OFFICE SUPPLIES
ENTRY DONE BY MISTAKE AS FOLLOWS:
ACCOUNTS PAYABLE A/C DR.
TO PURCHASE RETURN
HERE NET IMPACT IS....
- ACCOUNTS PAYABLE FOR PURCHASE DEBITED INSTEAD OF ACCOUNTS PAYABLE FOR OFFICE SUPPLIES.
THEREFORE NO IMPACT ON LIABILITY ACCOUNTS.
- PURCHASE RETURN CREDITED INSTEAD OF OFFICE SUPPLIES EXPENSE.
PURCHASE RETURN CREDITED WILL INCREASE THE GROSS PROFIT BUT ON THER SIDE OFFICE SUPPLIES EXPENSE NOT CREDITED WILL SET OFF THAT DIFFERENCE.
SO NO NET IMPACT ON NET PROFIT.
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office supplies not used to resell bought on account
were returned for credit and recorded with...
Question 17 1.5 pts Supplies purchased on account were incorrectly recorded as Office Equipment. The correcting...
Question 17 1.5 pts Supplies purchased on account were incorrectly recorded as Office Equipment. The correcting entry would be Supplies, debit: Office Equipment, credit. Office Equipment, debit; Supplies Expense, credit. O Supplies, debit: Accounts Payable, credit. Accounts receivable, debit; Supplies, credit.
A company received a credit memorandum for $100 from a supplier for defective product returned
A company received a credit memorandum for $100 from a supplier for defective product returned. Using a periodic inventory system, this transaction would be recorded with a which of the following entries: Check all that apply. credit to accounts payable credit to purchases returns & allowances debit to accounts payable debit to purchases returns & allowances
Purchased office supplies on account Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease...
Purchased office supplies on account Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Bright, the owner, contributed furniture in exchange for capital. Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Purchased office furniture on account Account Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Collected cash for services Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Accrued liability for utilities. Account #1 Account Type Increase/Decrease Debit/Credit...
A purchase of supplies for $213 on account was recorded and posted as a debit to Supplies for $446
Journalize the entries to correct the following errors: a. A purchase of supplies for $213 on account was recorded and posted as a debit to Supplies for $446 and as a credit to Accounts Receivable for $446. (Record the entry to reverse the error first.) b. A receipt of $4,410 from Fees Earned was recorded and posted as a debit to Fees Earned for $4,410 and a credit to Cash for $4,410.
un purchases office supplies at Office Depot, on account, fors NATE ACCOUNT 1717/2018 Depot, on account...
un purchases office supplies at Office Depot, on account, fors NATE ACCOUNT 1717/2018 Depot, on account for $700 on 1/17/2018. DEBIT CREDIT lases (and pays) for a magazine advertisement in Sports Illustrated Magazine on 1/20/2018, tom $2,000. The advertisement will run in the May issue. DATE ACCOUNT DEBIT CREDIT 1/2008 5. On 1/31/2018, John declares a dividend of $1,000. This dividend will be paid to the stockholders 2/13/2018. Provide the journal entry for 1/31/2018. DATE ACCOUNT / DEBIT CREDIT 11/31/2018...
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,...
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
At the beginning of the year, office supplies of $900 were on hand. During the year,...
At the beginning of the year, office supplies of $900 were on hand. During the year, Rocket Air Conditioning Service paid $2,000 for more office supplies. At the end of the year, Rocket has $800 of office supplies on hand. Read the requirements. Requirement 1. Record the adjusting entry assuming that Rocket records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include...
The following error was discovered: Office supplies purchased for $200 was recorded by a debit to...
The following error was discovered: Office supplies purchased for $200 was recorded by a debit to Utilities Expense for $200 and a credit to Cash for $200. Which one of the following entries would correct this error? Multiple Choice O Debt Office Supplies for $400 and credit Cash for $400. O Debit Office Supplies for 200 and credit Utilities Expense for $400 No correcting entry is needed Debt Office Supplies for $200 and credit U s Expense for $200 <...
At the beginning of the year, office supplies of $1,200 were on hand. During the year,...
At the beginning of the year, office supplies of $1,200 were on hand. During the year, Amble Air Conditioning Service paid $3,500 for more office supplies. At the end of the year, Amble has $900 of office supplies on hand. Read the requirements Requirement 1. Record the adjusting entry assuming that Amble records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include...
Question 17 1.5 pts Supplies purchased on account were incorrectly recorded as Office Equipment. The correcting entry would be Supplies, debit: Office Equipment, credit. Office Equipment, debit; Supplies Expense, credit. O Supplies, debit: Accounts Payable, credit. Accounts receivable, debit; Supplies, credit.
Purchased office supplies on account Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Bright, the owner, contributed furniture in exchange for capital. Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Purchased office furniture on account Account Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Collected cash for services Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Accrued liability for utilities. Account #1 Account Type Increase/Decrease Debit/Credit...
un purchases office supplies at Office Depot, on account, fors NATE ACCOUNT 1717/2018 Depot, on account for $700 on 1/17/2018. DEBIT CREDIT lases (and pays) for a magazine advertisement in Sports Illustrated Magazine on 1/20/2018, tom $2,000. The advertisement will run in the May issue. DATE ACCOUNT DEBIT CREDIT 1/2008 5. On 1/31/2018, John declares a dividend of $1,000. This dividend will be paid to the stockholders 2/13/2018. Provide the journal entry for 1/31/2018. DATE ACCOUNT / DEBIT CREDIT 11/31/2018...
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 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
At the beginning of the year, office supplies of $900 were on hand. During the year, Rocket Air Conditioning Service paid $2,000 for more office supplies. At the end of the year, Rocket has $800 of office supplies on hand. Read the requirements. Requirement 1. Record the adjusting entry assuming that Rocket records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include...
The following error was discovered: Office supplies purchased for $200 was recorded by a debit to Utilities Expense for $200 and a credit to Cash for $200. Which one of the following entries would correct this error? Multiple Choice O Debt Office Supplies for $400 and credit Cash for $400. O Debit Office Supplies for 200 and credit Utilities Expense for $400 No correcting entry is needed Debt Office Supplies for $200 and credit U s Expense for $200 <...
At the beginning of the year, office supplies of $1,200 were on hand. During the year, Amble Air Conditioning Service paid $3,500 for more office supplies. At the end of the year, Amble has $900 of office supplies on hand. Read the requirements Requirement 1. Record the adjusting entry assuming that Amble records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include...
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