Answered: Bright Wave Consulting provided… | bartleby

Century 21 Accounting General Journal

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section: Chapter Questions

Problem 3AP

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Question

General Accounting

Bright Wave Consulting provided services worth $15,000
today and received only $5,000 in cash today. What will
be the correct journal entry?
a. Debit to accounts receivable of $5,000.
b. Credit to cash $5,000.
c. Credit to service revenue $10,000.
d. Debit to accounts receivable $10,000.

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The collection of $400 from a client on account was debited to Cash $4,000 and credited to Service Revenue $4,000. The correcting entry to correct this error will be: Dr. Service Revenue 4,000 Cr. Cash Cr. Accounts Receivable 3,600 400 4,000 Cr. Accounts Receivable Dr. Service Revenue 4,000 Dr. Service Revenue 400 3,600 Cr. Accounts Receivable Dr. Cash 4,000 Dr. Cash 400 Cr. Accounts Receivable 400 Dr. Accounts Receivable Dr. Cash 400 3,600 Cr. Service Revenue 4,000
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Which one of the following is a use of cash?Group of answer choices (A).payment to a supplier (B).payment received from a customer on his or her account (C).decrease in accounts receivables (D).sale of common stock (E).sale of inventory to a cash customer. Need typed answer only.Please give answer within 45 minutes
16 A company recently collected $10,000 from a customer, but recorded il as a collection of $7,500 Which adjusting entry should be made to correct this error? O Debit Cash for $10,000; Credit Accounts Receivable for $7,500; Credit Sales Revenue for $2,500 Debit Cash for $2,500; Credit Accounts Receivable for $2,500 O Debit Cash for $2,500; Debit Accounts Receivable for $7,500; Credit Sales Revenue for $10,000 O Debit Cash for $7,500; Credit Accounts Receivable for $7,500
Analyzing transactions. Selected accounts from the general ledger of the Ray Shipping Service follow. Analyze the following transactions and indicate by number what accounts should be debited and credited for each transaction. 101 Cash 111 Accounts Receivable 121 Supplies 131 Equipment 202 Accounts Payable 301 Richelle Ray, Capital 401 Fees Income 511 Rent Expense 514 Salaries Expense 517 Utilities Expense TRANSACTIONS 1. Gave a cash refund of $750 to a customer because of a lost package. (The customer had previ- ously paid in cash.) 2. Sent a check for $1,050 to the utility company to pay the monthly bill. 3. Provided services for $7,800 on credit. 4. Purchased new equipment for $4,600 and paid for it immediately by check 5. Issued a check for $3,500 to pay a creditor on account. 6. Performed services for $15,250 in cash. 7. Collected $6,250 from credit customers. 8. The owner made an additional investment of $25.000 in cash. 9. Purchased supplies for $3,250 on credit. 10. Issued a…
Calculate the unknown amount required in each of the following five independent situations. The answer to situation (a) is given as an example: Account Beginning Balance Ending Balance Other Information a. Cash $7,000 $5,250 Total cash disbursed, $5,400. b. Accounts Receivable 11,000 9,300 Services on account, $16,500. c. Notes Payable 17,500 23,000 Borrowed funds by issuing a note, $30,000. d. Accounts Payable 2,500 1,720 Payments on account, $3,900. e. Stockholders’ Equity 29,000 46,000 Capital Contribution, $7,000. Unknown Amounts Required a. Total cash received $3,650 b. Total cash collected from credit customers Answer c. Notes payable repaid during the period Answer d. Good and services received from suppliers on account Answer e. Net income, assuming that no dividends were paid Answer
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