Identify the entry below that records the purchase of office supplies on account. debit Office Supplies; credit Accounts Payable debit Accounts Payable; credit Office Supplies debit Office Supplies; credit Cash debit Office Supplies Expense; credit Accounts Payable

Identify the entry below that records the purchase of office supplies on account. debit Office Supplies; credit Accounts Payable debit Accounts Payable; credit Office Supplies debit Office Supplies; credit Cash debit Office Supplies Expense; credit Accounts Payable

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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A cash discount on purchases should be debited to ______________ Select one: A. a revenue account B. a creditor account C. a debtor account D. an expense account
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Cash payments journal Sale on account General journal Collection on account Purchases journal Equipment purchased on account Revenue journal Adjusting entry Cash receipts journal Payment for supplies bought on account
Match each of the numbered descriptions with the term, title, or phrase that it best reflects. Indicate your answer by entering the letter A through J in the blank provided. A. General journal B. Special journal C. Subsidiary ledger D. Accounts receivable ledger E. Accounts payable ledger F. Controlling account G. Sales journal H. Cash receipts journal I. Purchases journal J. Cash payments journal 1. Used to record all cash payments. 2. Used to record all credit purchases. 3. Used to record all receipts of cash. 4. Used to record sales of inventory on credit. 5. Stores transaction data of individual customers. 6. Stores transaction data of individual suppliers. 7. Account that is said to control a specific subsidiary ledger. 8. Contains detailed information on a specific account from the general ledger. 9. Used to record and post transactions of similar type. 10. All-purpose journal in which any transaction can be recorded.
Post the transactions from each journal provided, cash payments and general, into the appropriate accounts in the general ledger.
Prepare a pro forma journal entry based on the flowchart. Use xxx for amount.
Using accrual accounting, what journal entry will Almost the Best Buy record when a customer purchases a gift card? Group of answer choices A. Debit Cash; Credit Unearned Revenue B. Debit Unearned Revenue; Credit Cash C. Debit Cash; Credit Sales Revenue D. Debit Accounts Receivable; Credit Cash
Date Account Titles eTextbook and Media Debit Credit
The journal entry to record the sale of services on credit should include: a debit to Cash and a credit to Accounts Receivable. a debit to Accounts Receivable and a credit to Capital. a debit to Fees Income and a credit to Accounts Receivable. a debit to Accounts Receivable and a credit to Fees Income.
Which of the following transaction will be correct in regards to Source document of a Business? a. cash received from customer will be recorded in cash disbursement journal b. Credit Purchase will be recorded in Purchase day book c. Cash paid to supplier will be recorded in a cash receipt journal d. Goods returned to supplier will be recorded in sales journal