Dec. 6Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable.8Received $1,900 cash from customers in payment of account (no discount allowed).10Sold merchandise for cash $6500. The cost of the merchandise sold was $3,900.Jougal enk xies

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Description: Dec. 6Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable.8Received $1,900 cash from customers in payment of account (no discount allowed).10Sold merchandise for cash

A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Business

Accounting

Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold vwas $3,900.

Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold vwas $3,900.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 4CE: On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton...

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Dec. 6
Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable.
8
Received $1,900 cash from customers in payment of account (no discount allowed).
10
Sold merchandise for cash $6500. The cost of the merchandise sold was $3,900.
Jougal enk xies

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On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.
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subject; account
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