A business paid $3,200 on account. The journal entry would: O A. debit Accounts Payable for $3,200 and credit Cash for $3,200. O B. debit Cash for $3,200 and credit Accounts Payable for $3,200 O C. debit Accounts Receivable for $3,200 and credit Revenue for $3,200 O D. debit Cash for $3,200 and credit Retained Earnings for $3,200.
In a merchandising business, when merchandise sold on account, the only journal entry required is a Debit to Accounts Receivable and a Credit to Sales. Select one: True False
The journal entry to write off an uncollectible account receivable by a city water department would include Multiple Choice A debit to Bad Debt Expense O A credit to Allowance for Uncollectible Accounts O Both of the choices would be included in the journal entry. O Neither of the choices would be included in the journal entry O
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
In a merchandising business, when merchandise sold on account, a journal entry is booked to Debit to Accounts Receivable and Credit to Sales. In addition: Select one: O A. Cost of goods sold is debited and Merchandise inventory is credited. • B. Cost of goods sold is credited and Merchandise inventory is debited. C. Accounts Receivable is credited and Sales is debited. O D. None of the above.
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5,900 cash. (e) Purchased $1,700 of supplies on account....
Record the following transactions, (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26.000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5.900 cash. (e) Purchased $1700 of supplies on account....
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26.000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5.900 cash. (e) Purchased $1,700 of supplies on account....
Write down the journal entry for the given business transaction and identify how it would impact the business: 6. A plant asset is acquired by a business on January 1, 2016, for $100,000. The asset's estimated residual value is $10,000 and its estimated life is 5 years. Management chooses to use straight-line depreciation. On January 1, 2018, management revises the total useful life to 8 years and the residual value to $5,000. Required: a) Compute the balance in Accumulated Depreciation...
Dungeon Company paid the monthly rent, $6,000. The accountant would record the following journal entry: Select one: a. b. c. d.