Entity H opened in December 2024. On December 20, 2024, Entity H Entity H purchased a new computer (Office Equipment) from Best Buy for $1,400, paying 20% dow the rest on account. On December 27, Entity H paid the Best Buy the amount owing. Which of the following is the correct entry on December 27? 1,120 Dr. Cash Cr. Office Equipment Dr. Accounts Payable Cr. Cash 1,120 Dr. Office Equipment nch Dr. Office Equipment 1,400 Cr. Accounts Payable Cr. Cash 1,120 1,120 1,120 1,120 280 1120

Entity H opened in December 2024. On December 20, 2024, Entity H Entity H purchased a new computer (Office Equipment) from Best Buy for $1,400, paying 20% dow the rest on account. On December 27, Entity H paid the Best Buy the amount owing. Which of the following is the correct entry on December 27? 1,120 Dr. Cash Cr. Office Equipment Dr. Accounts Payable Cr. Cash 1,120 Dr. Office Equipment nch Dr. Office Equipment 1,400 Cr. Accounts Payable Cr. Cash 1,120 1,120 1,120 1,120 280 1120

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Description: Please don't give image format Entity H opened in December 2024. On December 20, 2024, Entity H Entity H purchased a new computer (Office Equipment) from Best Buy for $1,400, paying 20% down,the rest on account. On December 27, Entity H paid the Best

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 69E: Unearned Revenue Jennifers Landscaping Services signed a $400-per-month contract on November 1,...

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Journalizing and postingOn February 11, 20Y9, Quick Fix Company purchased $2,250 of supplieson account. In Quick Fix's chart of accounts, the supplies account is No.15, and the accounts payable account is No. 21. a. Journalize the February 11, 2019, transaction on page 73 of Quick FixCompany's two-column journal. Include an explanation of the entry.b. Prepare a four-column account for Supplies. Enter a debit Ira lance of$400 as of February 1, 20Y9. Place a check mark (v) in the PostingReference column. c. Prepare a four-column account for Accounts Payable. Enter a creditbalance of $18,300 as of February 1, 20Y9. Place a check mark (V) in thePosting Reference column. d. Post the February 11, 2019, transaction to the accounts.C. Do the rules of debit and credit apply to all companies?
Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.
Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.
Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.
Collection of Amounts Previously Written Off Customer Rob Hufnagel owes Kellman Corp. $1,250. Kellman determines that the total amount is uncollectible and writes off all of Hufnagels debt. Hufnagel later pays $350 to Kellman. Required: Make the appropriate journal entries (if any) to record the receipt of $350 by Kellman.
Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.
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