answer the ff. journal entry with account title and explanation in a 2 columnar Ex.DATEACCOUNT TITLE AND EXPLANATIONDEBITCREDITJAN 1Cash Accounts Payable To record the payment....11 Abanico.1. Dr. Abanico opened a dental clinic by investing P 300,000 cash; land P 200,000;small building for clinic and office P 1,800,000.Purchased dental supplies for cash, P 55,000.3. Purchased dental equipment from BB Trading on credit, P 106,000.Paid for promotion of the clinic, P 10,000.5. Completed dental work for J. Carlos and collected P 12,000 therefore.Paid P 60,000 to BB Trading as partial settlement of the account.7. Paid the dental assistant's salary, P 6,500.Completed additional work for J. Carlos and collected P 6,000 and a promissorynote for the balance of P 12,000 at the end of the month.9. Paid the balance of the account due to BB Trading.Withdrew P 15,000 for personal use.2.10.

Personal A/c RuleDr. The receiverCr. The giver. Real A/c Rule Dr. What comes in.Cr. What goes out.…

Answered: Aban 1. 2. D ST P

Business

Accounting

Aban 1. 2. D ST P

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Date 3/May Cash Supplies Share Capital (a) 4/May Cash General Journal Account/Explanation Supplies…

A: The T-accounts are prepared by posting the transactions from Journal to specific accounts of the…

Q: he following information applies to the questions displayed b acey's Piano Rebuilding Company has…

A: A balance sheet refers to the financial document which reflects the position of a company in terms…

Q: a. Accounts Payable. 1,830 Cash... 1,830 b. Accounts Receivable. 3,080 Cash.... 3,080 C. Accounts…

A: Accounts receivable Account DR CR Particulars Amount Particulars Amount Cash…

Q: Journalize the purchase of the putters on account on the 8th. Date Accounts and Explanation Nov. 8…

A: A journal is a detailed account that records all the financial transactions of a business, to be…

Q: The journal entry to record a payment on account willa. debit Accounts Payable and credit Retained…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: You just posted a credit to Accounts Receivable. Which special journal did it come from? cash…

A: Sales are made on cash and credit basis. The amount to be collected from sales made on credit basis…

Q: Prepare journal entries to record the following merchandising transacti the gross method. (Hint: It…

A: A Journal Entry is used to record the transactions happening in a business when they happen. It…

Q: Use the following T-account for Careful Corporation to answer questions 11 and 12:…

A: The left side of account receivables T account is debit side and the right side is credit side. If…

Q: How much did Joe pay for his last рayment? 3. Why was Joe charged $35 by the credit card company? 4.…

A: Given is the credit card statement of Joe Doe.

Q: 9 of 40 A journal entry to recognize revenue must include a 0000 debit to Accounts Payable credit to…

A: Journal entries form part of the accounting system. It includes identifying, analyzing, evaluating,…

Q: Wildhorse Equipment Company, organized in 2025, has these transactions related to intangible assets…

A: A physical asset devoid of physical form is called an intangible. Financial and material assets are…

Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…

A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…

Q: Prepare journal entries to record the the gross method. (Hint: It will help to identify each…

A: Journal Entries - Journal Entries are used to record transactions entered into by the company. It is…

Q: Multiple choice

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Prepare a trial balance for the selected general ledger accounts and prove the accuracy of…

A: Trial Balance -:A trial balance is a simple schedule of all the common ledger accounts (both income…

Q: Identify the correct journal entry when cash is received from customers - periodic inventory system…

Q: From the data below for Wong Company, prepare the closing entries for the year ended December 31.…

A: Date Account title and explanation Debit $ credit $ Dec-31 Sales $ 982,600 Interest revenue…

Q: Required information APA-2 (Algo) Recording Passive Investments LO A-1 [The following information…

A: Financial instruments known as bonds reflect loans made by investors to borrowers, who are typically…

Q: Instructions The following data were gathered to use in reconciling the bank account of Reddan…

A: Bank reconciliation is prepared to reconcile the bank statement balance and bank balance as per…

Q: DMMC INSTITUTE OF HEALTH SCIENCES FUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2 FINAL…

Q: ACCOUNTS SALES TAX SALE POST. RECEIVABLE SALES PAYABLE DATE ACCOUNT DEBITED NO. REF. DEBIT CREDIT…

A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…

Q: Posting the following journal entries to the T- accounts and balance each of the accounts. T-…

A: Ledger account: It is used to record the business transactions that were made during a financial…

Q: Rent A/c Debit; Cash A/c Credit. For this Journal, which item will appear on the Credit side of Cash…

A: Ledgers are used for classifying the recorded general journal entries into separate account like…

Q: Post the transactions to T-accounts.

A: Cash A/c Date Particular Debit amount Date Particular Credit amount 12 May To Accounts…

Q: Create a Ledger for the Journal Entry General Journal Page 1 Date Description Post Ref. Dr Cr…

A: Lets understand the basics.There are various steps through which statement of financial statement is…

Q: 1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Enter the month-end totals from the Cash Receipts journal. Enter the month-end totals from the Cash…

A: There are four types of general other than general journals i.e., cash receipt journal, cash…

Q: General ledger Debit Credit Balance 01.11.20…

A: General Ledger in the basic language is the grouping of transactions of similar nature. An…

Q: A dog training business began on December 1. The following transactions occurred during its first…

A: Journal Entries are the records of the transactions entered into by the organization during the…

Q: From the following information which is "NOT TRUE" about the Cash Payment Journal under perpetual…

A: Cash payment journal record various cash disbursement like loan payment, cash payment, accounts…

Q: While examining cash receipts information, the accounting department determined the following…

A: Journal entries are used to record transaction in chronological order under double entry accounting…

Q: Madrid Company plans to issue 11% bonds with a par value of $5,700,000. The company sells $5,130,000…

A: BOND Bond is Generally issued by the Company or Government to generate fund for their Business. In…

Q: - Interest earned on the bank balance: $30 Required: (a) Prepare a bank reconciliation for the month…

A: Bank reconciliation Statement compares Cash book balance of the company with its Bank Statement.

Q: Problem 5-10A Journal entries for merchandising transactions-periodic LO7 Prepare General Journal…

A: SOLUTION A JOURNAL IS A COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTIONS ARE RECORDED ON…

Q: GENERAL DOC. POST. GENERAL NO. REF. DEBIT CREDIT ACCOUNT TITLE M15 120 1,250.00 2 Accounts…

A: Ledger accounts are one step of accounting whereby the entries recorded in the journal are to be…

Q: What is the journal entry for recording credit sales? a. Cash Dr. and Sales Cr b. Sales Dr. and…

A: Journal entry for Recording credit sales: Accounts Receivable [Debit] Sales [ Credit]

Q: Consider the following account starting balances and journal transactions involving these accounts.…

A: Journal entries are the basic method for recording financial transactions in the books of accounts.…

Q: Remy opened her ToursAFun business. During the first month, January, she completed the following…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Question 11 A statement listing customers, account balances, and total amount due from all customers…

A: Accounts payable ledger - It is an account which contain the details of all invoices received from…

Q: Broadmor Industries collected $7,500 from a customer on account. What journal entry will be prepared…

A: Given that, Cash collected from customer on account = $7,500 Customer on account are those…

Q: Instructions The following equity investment transactions were completed by Romero Company during a…

A: A journal entry is used to disclose a business deal in a company's accounting records. A journal…

Q: What type of balance is D. Martin's a/c carrying?

A: Purchase shows the goods that are purchased by the buyer for which the buyer would issue the return…

Question

answer the ff. journal entry with account title and explanation in a 2 columnar

Ex.

DATE

ACCOUNT TITLE AND EXPLANATION

DEBIT

CREDIT

JAN 1

Cash

Accounts Payable

To record the payment....

Abanico.
1. Dr. Abanico opened a dental clinic by investing P 300,000 cash; land P 200,000;
small building for clinic and office P 1,800,000.
Purchased dental supplies for cash, P 55,000.
3. Purchased dental equipment from BB Trading on credit, P 106,000.
Paid for promotion of the clinic, P 10,000.
5. Completed dental work for J. Carlos and collected P 12,000 therefore.
Paid P 60,000 to BB Trading as partial settlement of the account.
7. Paid the dental assistant's salary, P 6,500.
Completed additional work for J. Carlos and collected P 6,000 and a promissory
note for the balance of P 12,000 at the end of the month.
9. Paid the balance of the account due to BB Trading.
Withdrew P 15,000 for personal use.
2.
10.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Answer

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What’s the weather form open the following accounts using the picture below.
Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00
PA4. Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.
Accounting Q
7
Using general GL codes (expense, receivable, revenue, etc.), write out the JE necessary to post each of these bank transactions: Account Activity Transaction Date 07/01/2022 07/01/2022 07/01/2022 07/01/2022 07/01/2022 Description Beginning Balance FX 157510619000001 EUR 17145 R ATE: 1.03944INV3318 INV3307 BRAINTREE FUNDING 6XDJXT LONGTAILVIDEO WIRE IN 220701B1Q8021C018706 202218219086;ORG AMAGI MEDIA L ABS PRIVATE LIMITED;OBI S1023 ADP 401K ADP 401k 94YL7 063026V01 LONGTAIL AD SOLUTIONS Debits -$17,821.20 $0.00 $0.00 -$54,337,80 Credits $0.00 $55,477.13 $8,175.00 $0.00 B
Do not give answer in image
Instructions Journalize the entries to record the following selected bond investment transactions for Hall Trust (refer to the Chart of Accounts for exact wording of account titles) Apr. June July 1 Purchased for cash $372,000 of Medina City 3% bonds at 100 plus accrued interest of $2,790, paying interest semiannually. Received first semiannual interest payment. 31 Sold $139,200 of the bonds at 98 plus accrued interest of $348. 30
! Required information of 2 [The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales $ 37,800 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,500 105,000 10,300 32,500 5,000 ped 115,300 7,e00 160, 200 4,700 Sales discounts pok int A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900. rint rences Prepare journal entries to close the balances in temporary revenue and expense accoints. Remember to consider the entry for shrinkage from QS 4-9. (The solution from QS 4-9 is required to complete this question.) In Fn Lock F10 F11 F12 F4 EZ F7 F8 F9 28 F5 F6
Please use the templates Thank you very much!
Please do not give image format
answer the balance column of the general ledger (periodic method)