1. Paid Php20,000 for business automobile.
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Q: 7 Bought motor vehicle by cheque for RM4,300 11 Sold goods to Karas Sdn Bhd on credit for RM380
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Q: Journal entry 7 Bought motor vehicle by cheque for RM4,300
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11. Paid Php20,000 for business automobile.
a. Debit Cash, Credit Accounts Payable
b. Debit Transportation Expense, Credit Cash
c. Debit Automobile, Credit Cash
d. none of the above
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- 7. Received Php20,000 for the sale of a lota. Debit cash, Credit Commission Incomeb. Debit Cash, Credit Accounts Receivablec. Debit Cash, Credit landd. none of the aboveYou have been engaged to review the financial statements of Swifty Corporation. In the course of your examination, you conclude that the bookkeeper hired during the current year is not doing a good job. You notice a number of irregularities as follows. 1. 2. 3. 4. Year-end wages payable of $3,590 were not recorded because the bookkeeper thought that "they were immaterial." Accrued vacation pay for the year of $29,600 was not recorded because the bookkeeper "never heard that you had to do it." Insurance for a 12-month period purchased on November 1 of this year was charged to insurance expense in the amount of $2.664 because the amount of the check is about the same every year" Reported sales revenue for the year is $2,178,300. This includes all sales taxes collected for the year. The sales tax rate is 6%. Because the sales tax is forwarded to the state's Department of Revenue, the Sales Tax Expense account is debited. The bookkeeper thought that "the sales tax is a selling expense. At…Lyons made a P 500 cash withdrawal for his own use. Which of the following reflects the proper journal entry for this transaction? A. Debit Cash P 550; credit Loan Payable P 500 B. Debit Drawing Expense P 500; credit Cash P 500 C. Debit B. Lyons Drawing P 500; credit Cash P 500 D. Debit Cash P 500; credit Withdrawals P 500
- Multiple choice:Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,318 debit balance, but its July bank statement shows a $27,304 cash balance. b. Check Number 3031 for $1,360, Check Number 3065 for $456, and Check Number 3069 for $2,128 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,260. d. The July bank statement shows the bank collected $7,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $11 bank service…16-A Merchandise business paid cash for Travelling expenses of OMR 30. But it was recorded as Debit Cash OMR 30 and Credit Travelling expenses OMR 30. Which of the following rectification entry will be correct? a. Debit Travelling expenses OMR 60 Credit Cash OMR 60 b. Debit Cash OMR 60 Credit Travelling expenses OMR 60 c. Debit Travelling expense OMR 15 Credit Cash OMR 15 d. Debit Travelling expense OMR 30 Credit Cash OMR 30
- Record the Note: Any expenses less than $500 should be classified as Miscellaneous. 2/1 Paid rent, $2,000. 2/2 Made loan payments of $300 and $1,000. 2/3 Cash received from debtors (accounts receivable), $12,800. 2/4 Bought inventory worth $3,500 and paid cash. 2/5 Paid for payroll amounted to $1,500. 2/6 Purchased additional equipment for $10,000; paid $2,000 cash and the rest on 2/6 Cash sales recorded at $16,800 and $12,300 on credit sales. 2/8 Bought office supplies, $400. 2/9 Paid creditors, $3,000. 2/10 Mr. Adams decided to invest in the business and he contributed $35,000. 2/11 Joe Withdrew $2,000 from the business. 2/13 Cash sales for the week, $15,900. 2/13 Credit sales for the week, $11,700. 2/15 Purchased additional furniture on account, $3,000. 2/17 Payroll amounted to $1,500 was paid. 2/18 Purchased inventory worth $6,800 on account. 2/18 Paid creditors, $6,000. 2/19 Paid advertising expense, $1,200. 2/20 Sales recorded at $24,000; of which $15,000 were cash and the rest…Triple Company's accountant made an entry that included the following items: debit postage expense $12.52, debit office supplies expense $27.43, debit cash over/short $2.29. If the original amount in petty cash is $322, how much was the credit to cash for the reimbursement? Multiple Choice $203. $322. $42.24. $39.95. $29.72.1a. Journalize the entries to record the 201 transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. 1b. Journalize the entries to record the 20Y2 transactions. Refer to the Chart of Accounts for exact wording of account titles. Round all amounts to the nearest dollar.
- TB 02-76 Pet Planet Ltd., uses $10,000 in cash to pay... Pet Planet Ltd., uses $10,000 in cash to pay $10,000 on Accounts Payable. This would result in a: Multiple Choice $10,000 debit to Cash and a $10,000 debit to Accounts Payable. $10,000 credit to Cash and a $10,000 debit to Accounts Payable. $10,000 credit to Cash and a $10,000 credit to Accounts Payable. $10,000 debit to Cash and a $10,000 credit to Accounts Payable.FDN Company sold goods amounting to P5,000 on account. Freight is on terms FOB shipping point, Prepaid for P600. How much should be credited to Cash?A £500 cash sale was entered as a debit in the sales account and a credit in the bank account. What type of error is this? Select one: A. Compensating B. Ommission C. Reversal of entries O D. Original entry E. Commission O F. Principle