Complete the following journal entry to record the receipt of $8,400 from a client in satisfaction of their outstanding account.Be sure to state the account name in the blank next to the appropriate DR or CR.DR or CR Account NameDRCR8,4008,400

In this transaction, there are two accounts involved. The first one is the Cash account because the…

Answered: Complete the following journal entry to…

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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If a client is on a cash basis, how should you enter beginning Accounts Receivable? Assume that you are using the "Forms" method to enter the opening balances. ACash basis clients cannot use QuickBooks BRecord all open invoices on the original date using the original items CRecord all invoices as Sales Receipts using an item linked to Opening Balance Equity DRecord one lump sum invoice on the Start Date using an item linked to Opening Balance Equity
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Complete the following to record telephone service that Mookie The Beagle™ Concierge incurred and paid by credit card. Create an Expense paid with Credit Card. Select Create (+) icon > Expense Select Payee: Luminesse Link Select Payment Date: 01/14/2022 Select Payment Account: VISA Credit Card Select Payment Method: Credit Card Enter Category: Utilities Enter Description: Telephone Service Enter Amount: 144.00 What is the Total Amount paid to Luminesse Link? (Answer this question in the table shown below. Round your answer 2 decimal places.) Select Save. Leave the Expense window displayed. View the Transaction Journal for the Expense. From the displayed Expense, select More > Transaction Journal What are the Account and Amount Debited? (Answer this question in the table shown below. Round your answer 2 decimal places.) What are the Account and Amount Credited? (Answer this question in the table shown below. Round your answer 2 decimal places.)
Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable.
MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 85% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) Year Ended June 30, Shares purchased 2019 11.9 13.9 Average price per share $ 144.20 $ 106.83 $78.38 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP. 2020 9.9 2018 Required: Prepare the journal entry that summarizes MacroApps's employee share purchases for the year ending June 30, 2020. Note: If no entry is required for a transaction/event,…
Billed customers in which Account (A/c) debited ?
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When passing a journal entry for this transaction what would be debited? Received cash delivery rendered to customer
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5. Who controls user access and monitors user activity? A. Individual users B. Master Supervisor C. Comptroller D. Master Administrator 6. What account type is considered a liability? A. Fixed Assets B. Accounts Receivable C. Bank D. Accounts Payable 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
Your options are: A B C D E F
If the branch receives credit memo from the home office, the branch shall record it in its separate statement of financial position by Disclosure Debiting the home office account Crediting the home office account Increasing the home office account

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Complete the following journal entry to record the receipt of $8,400 from a client in satisfaction of their outstanding account. Be sure to state the account name in the blank next to the appropriate DR or CR. DR or CR Account Name DR CR 8,400 8,400