2. View the Transaction Journal for the Deposit.a. From the Navigation Bar, select Accountingb. From the Chart of Accounts, select 2300 Loan Payable> View Registerc. From the Register, select the transaction just recorded > Editd. From the bottom of the Loan Payable transaction, select More > Transaction Journale. What are the Account and Amount Debited?Note: Answer this question in the table shown below. Round your answer 2 decimal places.f. What are the Account and Amount Credited?Note: Answer this question in the table shown below. Round your answer 2 decimal places.e. Debitf. CreditAccountCheckingLoan PayableAmount Cy loans Mookie The Beagle Concierge $1,000 at 6% annual interest. Record the transaction as a loan payable as follows.Required:1. Complete a Deposit.a. Select (+) New icon > Bank Depositb. Select Account: 1001 Checkingc. Select Date: 01/12/2023d. In Add Funds to This Deposit section, select Account: + Add New > Account Type: Other Current Liabilities > Detail Type: LoanPayable > Name: Loan Payable> Number: 2300 > Save and Closee. Select Payment Method: Checkf. Enter Reference Number: 5002g. Enter Amount: 1000.00h. Select Save and closei. What is the Amount of the Loan Payable?Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount.i. Amount of the loan payable

A promissory note serves as legal proof of the loan. The residual balance on the loan is referred to…

2. View the Transaction Journal for the Deposit. a. From the Navigation Bar, select Accounting b. From the Chart of Accounts, select 2300 Loan Payable> View Register c. From the Register, select the transaction just recorded > Edit d. From the bottom of the Loan Payable transaction, select More > Transaction Journal e. What are the Account and Amount Debited? Note: Answer this question in the table shown below. Round your answer 2 decimal places. f. What are the Account and Amount Credited? Note: Answer this question in the table shown below. Round your answer 2 decimal places. e. Debit f. Credit Account Checking Loan Payable Amount

2. View the Transaction Journal for the Deposit. a. From the Navigation Bar, select Accounting b. From the Chart of Accounts, select 2300 Loan Payable> View Register c. From the Register, select the transaction just recorded > Edit d. From the bottom of the Loan Payable transaction, select More > Transaction Journal e. What are the Account and Amount Debited? Note: Answer this question in the table shown below. Round your answer 2 decimal places. f. What are the Account and Amount Credited? Note: Answer this question in the table shown below. Round your answer 2 decimal places. e. Debit f. Credit Account Checking Loan Payable Amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following is true about T accounts? a.Transactions are first recorded in T accounts and then posted to the journal. b.The right side of a T account is called the debit side. c.The left side of a T account is called the credit side. d.The left side of a T account is called the debit side.
When you collected Accounts Receivables, your entry would include? * O Debit Accounts Receivable O Credit Cash O Debit Cash O Credit Accounts Payable
D Return to question Mookie The Beagle Concierge hired Carole Design Media to promote Mookie The Beagle Concierge's launch using social media marketing. Mookie The Beagle Concierge paid the bill in full when received. The bill was for 10 hours of service at $100 per hour. Required: Enter the Expense Transaction as follows. 1. Create an Expense. a. Select (+) New icon > Expense b. Add Payee: +Add New > Carole Design Media > Vendor Type > Save c. Select Payment Account: 1001 Checking d. Select Payment Date: 01/05/2023 e. Select Payment Method: Check f. Enter Category: 5001 Advertising and Marketing g. Enter Amount for 10 hours @ $100.00 per hour h. What is the Total Amount paid to Carole Design Media? Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount. i. Select Save. Leave the Expense window open. h. Total amount paid S
2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer: Type answer here. 3. Prepare a T account for each transaction. Label the account title for each account affected. Use the chart for accounts you created in question 1. Write the debit and credit amounts for each T account to show how the accounts are affected. The first one is done. c. Received cash from owner, Roger Fisher, as an investment, $10,000.00 d. Paid cash for insurance, $ 2, 400.00 e. Bought supplies on a account to Salmon Slayers, $600.00 Paid cash for fuel, $500.00 Paid cash to owner, Roger Fisher, for personal use, $1,250.00
Debit and Credit Procedures A list of accounts for Montgomery Inc. appears below. Required: Complete the table below for these accounts. The information for the first account has been entered as an example. Account Type of Account Normal Balance Increase Decrease Accounts Payable Liability Credit Credit Debit Accounts Receivable SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 1 SelectCreditDebitItem 2 SelectCreditDebitItem 3 SelectCreditDebitItem 4 Accumulated Depreciation SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 5 SelectCreditDebitItem 6 SelectCreditDebitItem 7 SelectCreditDebitItem 8 Cash SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 9 SelectCreditDebitItem 10 SelectCreditDebitItem 11 SelectCreditDebitItem 12 Common Stock SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 13 SelectCreditDebitItem 14 SelectCreditDebitItem 15 SelectCreditDebitItem 16 Depreciation Expense SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 17…
What should i do? Accounts payable were paid in the amount of $1,077,500. Note: Enter debits before credits. Transaction General Journal Debit Credit 08
7. Opening balances are entered: A. via the Gear menu B. on the day the expenses were incurred C. on the Chart of Accounts D. as a Journal Entry or directly into the account register 8. Which accounts in the Chart of Accounts CANNOT be deleted? A. Accounts added by other users B. Preset accounts or those linked to other features C. Asset accounts D. All of them 9. What type of account is a credit card account? A. Asset B. Liability C. Equity D. Revenue
Complete the following: (Do not round intermediate calculations. Round your final answers to the nearest cent.) Amount of invoice Terms Invoice date Actual partial payment made Date of partial payment Amount of payment to be credited Balance outstanding $600 4/10, n/60 7/5 $400 7/14 $ $
Match each of the numbered descriptions with the term, title, or phrase that it best reflects. Indicate your answer by entering the letter A through J in the blank provided. A. General journal B. Special journal C. Subsidiary ledger D. Accounts receivable ledger E. Accounts payable ledger F. Controlling account G. Sales journal H. Cash receipts journal I. Purchases journal J. Cash payments journal 1. Used to record all cash payments. 2. Used to record all credit purchases. 3. Used to record all receipts of cash. 4. Used to record sales of inventory on credit. 5. Stores transaction data of individual customers. 6. Stores transaction data of individual suppliers. 7. Account that is said to control a specific subsidiary ledger. 8. Contains detailed information on a specific account from the general ledger. 9. Used to record and post transactions of similar type. 10. All-purpose journal in which any transaction can be recorded.
Prepare the second closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
. Prepare the journal entries SSG would record. (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 2 Transaction a(1) 3 Note: Enter debits before credits. Record the sales on account of $150,000 to SRU. Record entry 4 5 General Journal Clear entry Debit Credit View general journal
The debits and credits from two transactions are presented in the following creditor's (supplier's) account: NAME Colonial Inc. ADDRESS 5000 Grand Ave. Post. Ref. Date Item Debit Credit Balance Jan. 1 Balance 92 Invoice No. 122 CP71 11 64 28 Invoice No. 139 P55 26 72 100 Describe each transaction and the source of each posting.