Homework Answers
Answer is Option C)
Debit Drawings R800
Credit Capital R800
Since capital is wrongly debited it should be credited again . Since withdrawal is drawings it will be debited to Drawings Account
Hence above rectification entry should be passed.
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QUESTION 5 2 points Save Answer The owner withdrew R800 from petty cash. The inexperienced bookkeeper...
QUESTION 1 10 points Save Answer Match transactions with suitable and applicable primary source documents. -...
QUESTION 1 10 points Save Answer Match transactions with suitable and applicable primary source documents. - The owner contributes a computer to the entity, R8 000. A. Petty cash voucher 1 - Sold merchandise to various customers and received R10 000 cash. B. Invoice (- Bought inventory on credit from a supplier, R3 000. C. Cash register roll A customer returned defective goods to us, which he has bought D. Original credit note originally for R800. E. Journal voucher Paid...
Question 5 (5 points) If net income for a proprietorship was $50.000. the owner withdrew $20.000...
Question 5 (5 points) If net income for a proprietorship was $50.000. the owner withdrew $20.000 in cash and the owner invested 510.000 in cash, the capital of the owner increased by $40,000. True False
The owner, Marcus James, withdrew $6,400 from the business for personal use. Which of the following...
The owner, Marcus James, withdrew $6,400 from the business for personal use. Which of the following journal entries should be made? 6.400 O a Marcus James Capital Cash 6.400 O b. Marcus James, Drawing 6.400 6.400 6.400 6.400 OC. Marcus James, Drawing Fees Earned Od No entry is required
QUESTION 3 2 points Save Answer Buy trading stock and paid R13 500 after receiving 10%...
QUESTION 3 2 points Save Answer Buy trading stock and paid R13 500 after receiving 10% discount. Choose the correct entry to account for the inventory: Debit Inventory R15 000 Credit Bank R15 000 Debit Inventory R13 500 and Debit Trade Discount R1 500 Credit Bank R15 000 O Debit Inventory R13 500 Credit Bank R13 500 O Debit Inventory R15 000 Credit Bank R13 500 and credit Trade discount received R1 500
QUESTION ANSWER 0 On March 17, John Write, owner of Complete Computer Service, made $1,000 cash...
QUESTION ANSWER 0 On March 17, John Write, owner of Complete Computer Service, made $1,000 cash withdrawal from the business. Date Accounts Mar. 17 Write, Capital Cash Debit Credit 1,000 1,000 The journal entry to record this transaction would be: 0 Credit Date Accounts Mar. 17 Write, Withdrawals Write, Capital Debit 1,000 1,000 0 Credit Date Mar. 17 Accounts Cash Write, Withdrawals Debit 1,000 1,000 0 Date Accounts Debit Credit Mar. 17 Write, Withdrawals 1,000 Cash 1,000 I DON'T KNOW...
15&16) Question 15 2 pts A $150 petty cash fund has cash of $54 and receipts...
15&16)
Question 15 2 pts A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the account would include credit to Petty Cash for $29 debit to Cash for $83 debit to Cash Short and Over for $13 credit to Cash for $54 Question 16 2 pts If collection of an other receivable is expected beyond one year, it is classified as a noncurrent asset and reported under Other Receivables O current...
Hope to have a detailed explanation, thank you QUESTION 1 2 points Save Answer On June...
Hope to have a detailed explanation, thank you
QUESTION 1 2 points Save Answer On June 1, 2020. Palomo Corp paid $7,200 for a two-year insurance policy and correctly recorded the amount as Insurance Expense. The adjusting entry on December 31, 2020 is: debit Insurance Expense and credit Prepaid Insurance. $2.100. debit Prepaid Insurance and credit Insurance Expense. $2.100 debit Insurance Expense and credit Prepaid Insurance. $5.100. debit Prepaid Insurance and credit Insurance Expense. $5.100. QUESTION 2 2 points Save...
QUESTION 9 Allowance for Doubtful Accounts: a contra asset account True False 5 points QUESTION 10...
QUESTION 9 Allowance for Doubtful Accounts: a contra asset account True False 5 points QUESTION 10 Bonded employee: An employee who handles cash transactions, and is insured by the employer against any losses that may be done by that employee (such as theft). True False QUESTION 11 Petty cash journal entry used to start the fund: Debit: Cash Credit: Petty Cash True False 5 points Sverwer QUESTION 12 In a bank reconciliation: the adjusted bank balance and the adjusted book...
Same thing for 1-8 During a maternity leave of the full-time bookkeeper at a privately owned...
Same thing for 1-8
During a maternity leave of the full-time bookkeeper at a privately owned furniture repair business, a temporary employee was involved in the following transactions. 1. Work was completed on the order for one of the customers who had paid the full price in advance of $550 several months ago. At that time it was recorded as unearned revenue. The journal entry to record completing the work was a debit to Cash and a credit to Service...
y will QUESTION 14 AS400 petty cash Band 100 in cash remaining and receipts of 180....
y will QUESTION 14 AS400 petty cash Band 100 in cash remaining and receipts of 180. When lopees the O A $20 debit to cash short and over Oba 5120 credit to cash short and over O credit to petty cash of $100 Od a credit to cash of $300 QUESTION 15 Which is NOT a natural resource? O Patent 0 он O Gas Timber QUESTION 16 Allowance for Doubtful Account has a credit balance of $500 at the end...
QUESTION 1 10 points Save Answer Match transactions with suitable and applicable primary source documents. - The owner contributes a computer to the entity, R8 000. A. Petty cash voucher 1 - Sold merchandise to various customers and received R10 000 cash. B. Invoice (- Bought inventory on credit from a supplier, R3 000. C. Cash register roll A customer returned defective goods to us, which he has bought D. Original credit note originally for R800. E. Journal voucher Paid...
Question 5 (5 points) If net income for a proprietorship was $50.000. the owner withdrew $20.000 in cash and the owner invested 510.000 in cash, the capital of the owner increased by $40,000. True False
The owner, Marcus James, withdrew $6,400 from the business for personal use. Which of the following journal entries should be made? 6.400 O a Marcus James Capital Cash 6.400 O b. Marcus James, Drawing 6.400 6.400 6.400 6.400 OC. Marcus James, Drawing Fees Earned Od No entry is required
QUESTION 3 2 points Save Answer Buy trading stock and paid R13 500 after receiving 10% discount. Choose the correct entry to account for the inventory: Debit Inventory R15 000 Credit Bank R15 000 Debit Inventory R13 500 and Debit Trade Discount R1 500 Credit Bank R15 000 O Debit Inventory R13 500 Credit Bank R13 500 O Debit Inventory R15 000 Credit Bank R13 500 and credit Trade discount received R1 500
QUESTION ANSWER 0 On March 17, John Write, owner of Complete Computer Service, made $1,000 cash withdrawal from the business. Date Accounts Mar. 17 Write, Capital Cash Debit Credit 1,000 1,000 The journal entry to record this transaction would be: 0 Credit Date Accounts Mar. 17 Write, Withdrawals Write, Capital Debit 1,000 1,000 0 Credit Date Mar. 17 Accounts Cash Write, Withdrawals Debit 1,000 1,000 0 Date Accounts Debit Credit Mar. 17 Write, Withdrawals 1,000 Cash 1,000 I DON'T KNOW...
15&16)
Question 15 2 pts A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the account would include credit to Petty Cash for $29 debit to Cash for $83 debit to Cash Short and Over for $13 credit to Cash for $54 Question 16 2 pts If collection of an other receivable is expected beyond one year, it is classified as a noncurrent asset and reported under Other Receivables O current...
Hope to have a detailed explanation, thank you
QUESTION 1 2 points Save Answer On June 1, 2020. Palomo Corp paid $7,200 for a two-year insurance policy and correctly recorded the amount as Insurance Expense. The adjusting entry on December 31, 2020 is: debit Insurance Expense and credit Prepaid Insurance. $2.100. debit Prepaid Insurance and credit Insurance Expense. $2.100 debit Insurance Expense and credit Prepaid Insurance. $5.100. debit Prepaid Insurance and credit Insurance Expense. $5.100. QUESTION 2 2 points Save...
QUESTION 9 Allowance for Doubtful Accounts: a contra asset account True False 5 points QUESTION 10 Bonded employee: An employee who handles cash transactions, and is insured by the employer against any losses that may be done by that employee (such as theft). True False QUESTION 11 Petty cash journal entry used to start the fund: Debit: Cash Credit: Petty Cash True False 5 points Sverwer QUESTION 12 In a bank reconciliation: the adjusted bank balance and the adjusted book...
Same thing for 1-8
During a maternity leave of the full-time bookkeeper at a privately owned furniture repair business, a temporary employee was involved in the following transactions. 1. Work was completed on the order for one of the customers who had paid the full price in advance of $550 several months ago. At that time it was recorded as unearned revenue. The journal entry to record completing the work was a debit to Cash and a credit to Service...
y will QUESTION 14 AS400 petty cash Band 100 in cash remaining and receipts of 180. When lopees the O A $20 debit to cash short and over Oba 5120 credit to cash short and over O credit to petty cash of $100 Od a credit to cash of $300 QUESTION 15 Which is NOT a natural resource? O Patent 0 он O Gas Timber QUESTION 16 Allowance for Doubtful Account has a credit balance of $500 at the end...
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