Is "purchased an old motor car for office and paid by cheque" a contra entry ?

Q: Which of the following statements, if any, is false? O Under the cash receipts method, income is not…

A: Tax is a compulsory payment to the tax authorities of a government on the account of income…

Q: How to journaalize entries from accounting for purchase with frieght transaction?

A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…

Q: 14. There are three accepted methods of settling an account. They are a cash, allowance and personal…

A: An account Settlement: It the payment  against  an outstanding balance  which  brings  account…

Q: credit

A: Credit card can be defined as a payment card where line of credit is provided to the customers. With…

Q: If a journal entry includes a debit or credit to the Cash account, it is most likely which of the…

A: Answer:  If a journal entry includes a debit or credit to the Cash account, it is most likely an…

Q: The journal entry to record the withdrawal of cash by Sue Snow, the owner, to pay a personal utility…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: what is the entry for purchase of supplies on account? * O debit supplies, credit cash O debit…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: which two accounts are used to recognize shipping charges for a buyer assuming the buyer purchases…

A: Shipping cost depends upon the terms of the contract. Generally, there are two types of conditions.…

Q: How did you get the discount on Note payable in JE number 2?

A: Truck #2Truck$14,727  Discount on Notes Payable$1,273        Cash $2,000       Notes Payable $14,000…

Q: T F When you use a debit card to make a purchase,a financial institution is extending credit to…

A: When you use a debit card to make a purchase,a financial institution is extending credit to youand…

Q: how to bill customer using accrual-basis accounting

A: in Accruals accounting of income or revenue they are billed when goods or services are given but…

Q: FOR YOU AND THE CLASS: What is the journal entry to record Bad debts expense under the allowance…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: On July 1, 2020, Bridgeport Corporation purchased Johnson Company by paying $189,700 cash and…

A: At the time of purchase, assets are recorded at fair values. If the consideration paid is more than…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.