Foster, Inc., purchased a truck by paying $5,000 and borrowing the remaining $30,000 required to complete the transaction. Identifythe correct statement(s) based on the transaction. (You may select more than one answer. Single click the box with the questionmark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wronganswer. Any boxes left with a question mark will be automatically graded as incorrect.)The Company's liabilities will increase by $25,000.2 The Company's liabilities will decrease by $30,000.? Foster Inc's assets will decrease by a net amount of $30.000.2 The Company's liabilities will increase by $30,000.2 Foster Inc's assets will increase by a net amount of $30.00.? Foster Inc.'s assets will decrease by a net amount of $25.000.< Prev4 of 10Next >ENG1127 PM9/20/202117°CUKM White Company's assets total $780,000 and its owners' equity consists of capital stock of $500,000 and retained earnings of$150,000. Determine the Company's total amount of outstanding liabilities.Total amount of liabilitiesncesaw< Prev5 of 10Next >ENG11:27 PM17°CUK9/20/2021H.Σ

Journal entry for purchase of Truck: DATA ACCOUNTS DEBIT CREDIT Truck $35000…

Answered: Foster, Inc., purchased a truck by…

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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Consider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) Cullumber Restaurant accepted a Visa card in payment of a $400 lunch bill. The bank charges a 2% fee. What entry should Cullumber make? Marin Company sold its accounts receivable of $64,300. What entry should Marin make, given a service charge of 2% on the amount of receivables sold? No. Account Titles and Explanation (a) (b) Debit Credit
Consider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) (a) (b) Sandhill Restaurant accepted a Visa card in payment of a $150 lunch bill. The bank charges a 4% fee. What entry should Sandhill make? (b) Teal Mountain Company sold its accounts receivable of $68,000. What entry should Teal Mountain make, given a service charge of 4% on the amount of receivables sold? No. Account Titles and Explanation (a) Debit 0000 Credit SURRO
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Use the following information to complete the general journal below. (17-26) Be careful to notice if Import Automotive is receiving the cash or paying out cash in each action. Import Automotive made several financial transactions during the week of October 8-12. They fixed Ralph Waldo's car for which he paid $387.16 in case to import Automotive on October 8. The next day Import Automotive paid cash for $239.58 worth of tools. On October 10 they paid in cash their monthly mortgage payment of $716 (listed under accounts payable). The DeVols picked up their repaired car on October 11 and paid $157.30 for it in cash to Import Automotive. Friday the 12th, employee paychecks were distributed totaling $435.26. The wages were paid in cash by Import Automotive. (For account numbers use 101 for cash, 120 for equipment, 201 for accounts payable, 401 for sale income, and 501 for salary and wage expenses.)
At the end of the month of January, you reconciled your credit card account. All of the transactions reconciled, and you were able to get your reconciliation to balance to $0. You want to go ahead and pay the bill to the credit card company, but the bill does not appear in the list of possible bills you can pay when you select "Pay Bills" from the Create icon. The credit card bill was $850.00. Below is the liability section of your balance sheet. Since you have already reconciled the account, how can you pay the bill?
Haresh
On February 13, Scanlon Co. paid $1,530 to repair the transmission on one of its delivery vans. In addition, Scanlon paid $45 to install a GPS system in its van. Question Content Area Journalize the entries for the transmission. If an amount box does not require an entry, leave it blank. DateAccount Debit Credit February 13 Question Content Area Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank. DateAccount Debit Credit February 13
10. ABC purchased $8,000 worth of equipment from EMT Inc.. They paid $5000 with check #105 and put the rest on account. (Hint: more than 2 accounts will be affected). Which accounts are affected? Is it an increase or decrease to the account? Where will the debit and credit be reported?
Pina Colada Corp. had the following transactions. 1. Borrowed $5,065 from the bank by signing a note. 2. Paid $2,533 cash for a computer. 3. Purchased $456 of supplies on account. Journalize each transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 2. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 3. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount

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