Transaction: On August 3, Design Thinking Pty Ltd received a cashpayment in the amount of $5,000 for training services that were billed(invoiced) for in June.Instructions: Record the transaction in the general journal by selecting thecorrect accounts that are debited and credited.General JournalAugust 3. [ Select ]$5,000[ Select ]$5,000

In the given case, Design thinking Pty ltd receives cash on august for the service that was rendered…

Answered: Instructions: Record the transaction in…

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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Which of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledger
A. Enter the transactions in the general ledger (t-accounts) and balance off these accounts B. Extract a Trial Balance
Post the unadjusted balances and adjusting entries into the appropriate t-accounts.
How to know when the account is debited or credited
Discuss the types of books of original entry. Describe how the accounting information flow from the invoice,ledger and to general ledger. Explain the importance of the books of original entry.
CREATE YOUR OWN FORM OF “CHART OF ACCOUNTS”
Identify the items from the following list that are likely to serve as source documents. Item a. Sales receipt b. Liability accounts c. Balance sheet d. Ledger e. Bank statement f. General journal g. Income statement h. Telephone bill i. Credit card receipt Is this a source document?
I need help.
The Transaction Register displays: O Deposits from vendors. O Payments received from customers. O Sales invoices to customers. O Checks written to vendors.
An accounting clerk would take first which of the following steps? A. Post individual amounts to the subsidiary ledgers. B. File source documents C. Journalize the business transaction D. Post to the general ledgers.
Pharoah Company had these transactions during the current period. June 12 July 11 Nov. 28 Issued 81,500 shares of $1 par value common stock for cash of $305,625. Issued 4,150 shares of $102 par value preferred stock for cash at $109 per share. Purchased 3,050 shares of treasury stock for $9,800. Prepare the journal entries for the Pharoah Company transactions shown above. (Record journal entries in the order presented in the problem. 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.)
Describe and put the sales notebook to use. What procedures are involved in submitting sales journal entries to the accounts receivable ledger?

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Instructions: Record the transaction in the general journal by selecting the correct accounts that are debited and credited.