1.Consider the following transactions from Tabor Company's point of view and from AcmeCompany's point of view. Hint: from the group assignment.Tabor provides website design services to Acme for $40,000 in cash. noibbs2II. Tabor provides website design services to Acme Company for $20,000 on account,which Tabor expects Acme to pay in the future. M9288 0SSWhich of the following is true about what the companies record?asluft max3 6x3etchABCDD.JOYIn the journal entries for I and II, Tabor Company debits cash ()uoy SIn the journal entries for I and II, Acme Company credits cash ( ).EWhen Tabor Company credits cash ( ), Acme Company debits cash ( ).When Tabor Company debits accounts receivable ( ), Acme Company creditsaccounts payable ( ).8E.When Tabor Company credits revenue ( ), Acme Company creditsexpense ( ).

The journal entries for both companies:Transaction I: Tabor provides website design services to Acme…

Answered: 1. Consider the following transactions…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter1: Starting A Proprietorship: Changes That Affect The Accounting Equation

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Angela Corporation has the following selected assets and liabilities: Given the said data, determine the company’s net working capital. (check the photo) Choose the letter of correct answer a. P35,000.00b. P39,000.00c. P33,000.00d. P72,000.00e. P52,000.00
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Required information [The following information applies to the questions displayed below.] Suppose your company sells goods for $380, of which $240 is received in cash and $140 is on account. The goods cost your company $141 and were paid for in a previous period. Your company also recorded salaries and wages of $110, of which only $38 has been paid in cash. Required: 1. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet > A B Record the sales revenue of $240 for cash and $140 on account and record the cost of goods sold of $141 using one journal entry. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit S

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