1 Suppose we selected Accounts Receivable, it comes under the assets heading.
2 When goods are sold on credit then accounts receivable account comes in existence, that is debited for credit sales instead of cash like in ash sales.
3 accounts receivable balance is usually debit.
4 Suppose goods are sold on credit to Evan and company worth $500
In that case Journal Entry for the transaction will be:
Particulars |
Debit |
Credit |
Accounts Receivable-Evan and Co. |
$500 |
|
Sales |
$500 |
In this chapter we were provided a chart of accounts with sixteen accounts in exhibit 2...
See the Chart of Accounts in exhibit 2 in the book. It lists 16 accounts. From that chart of accounts, select an account, other than cash (try to pick one that has not been discussed yet). In the subject box of the discussion, put the account title you selected. Answer the following questions: 1. Assets, Liabilities, Owner's Equity, Revenues, and Expenses are the five categories (account types) that an account can be classified as. Which category is the account you...
JUUSTIVE See the Chart of Accounts in exhibit 2 in the book. It lists 16 accounts. From that chart of accounts, select an account, other than cash (try to pick one that has not been discussed yet). In the subject box of the discussion, put the account title you selected. Answer the following questions: 1. Assets, Liabilities, Owner's Equity, Revenues, and Expenses are the five categories (account types) that an account can be classified as. Which category is the account...
Hello I need help with this please I need to follow instructions
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and please post in a picture. It needs to be detailed
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bellow are some examples of the answers I need, I need to post
an answer for both examples as well five sentences at least
EXAMPLE 1 NEED AN ANSWER
EXAMPLE 2 NEED AN ANSWER
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In this chapter we were provided a...
Hello I need help with this discussion and need to follow the
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this is Principals of accountings
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In this chapter we were provided a chart of accounts with sixteen accounts in exhibit 2 in the text. From that chart of accounts select an account (try...
Ма E2.2 (LO 1, 2, 3, 4) K Here are some of the concepts discussed in the chapter: 5. Debit 9. Posting 1. Account 6. Journal 10. Trial balance 2. Analyzing transactions 3. Chart of accounts 7. Journalizing 4. Credit 8. Ledger Instructions Match each concept with the best description below. Each concept may be used more than once, or may not be used at all. The normal balance for liabilities The first step in the recording process The procedure...
you
can pick any account that would be found an in average companys
chart of accounts.
Locked after Sunday, February 23, 2020 11:55 PM MST. ACCOUNT INFORMATION: Information can be found in Chs 1 - 4 Discussion Board This assignment is worth up to 20 points. Pick any account that would be found in an average company's chart of accounts. DO NOT USE CASH OR AN ACCOUNT SOMEONE ALREADY POSTED! Answer the following questions about this account: 1. What category...
Exercises CHAPTER 2 A list of accounts and their balances at a specific time Used to decrease the balance in an asset account A list of all of a company's accounts An accounting record where transactions are recorded in chronological (date) order (g) (h) () E2-3 Kobayashi Company has the following accounts: Identify type of account, financial statement, and normal balance. Explain normal balances. (LO 1) (1) Account (2) Financial Statement Type of Account (3) Normal Balance Cash Asset M....
Exercise 2-12 a-b The T-accounts below summarize the ledger of Negrete Landscaping Company at the end of the first month of operations. 4/1 4/12 4/29 4/30 4/7 4/4 Cash No. 101 14,000 4/15 1,300 900 4/25 1,500 400 1,000 Accounts Receivable No. 112 3,000 4/29 400 Supplies No. 126 1,800 Accounts Payable No. 201 1,500 4/4 1,800 Unearned Service Revenue No. 209 4/30 1,000 Owner's Capital No. 301 4/1 14,000 Service Revenue No. 400 4/7 3,000 4/12 900 Salaries and...
Review the T accounts presented in Chapter 3. 1. What do you think of when you hear the word debit? What do you think of when you hear the word credit? 2. What does our textbook say about debits and credits? 3. How would you describe the left and right side of each type of Balance Sheet Account and Income Statement Account? 4. Our eBook describes how to calculate an account balance. Can you describe this process for the Cash account in your own...
Quality Service Inc. has the following account balances in their Chart of accounts as at June 1, 2018: o Cash - $138,000 • Accounts receivable - $0 o Land - $30,000 o Building - $0 o Supplies - $0 • Salary expense - $0 Notes payable - $0 Accounts payable - $0 Quality, capital - $70,000 Service revenue - $98,000 Utilities - $0 The company also presented the following transactions for the month: June 1. Purchased supplies for $1000 on...