I need help with this journal entry. I got step one correct: debited cash for 260,000 and credited deferred rev. For 260,000. I got the accounts right for step two: deferred rev and cash but idk the amounts. And for step 3 I honestly have no idea. gradedSavedJanuary 23. The computer chips had a total production cost of $1.6 million. What journal entries should Intel record onand January 23? Assume Intel uses the perpetual inventory system. (If no entry is required for a particular transactia"No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions. For example, $5.be entered as 5,500,000.)eBookView transaction listReferencesJournal entry worksheet23Record the cost of inventory sold.Note: Enter debits before credits.DateGeneral JournalDebitCreditJanuary 23aw< Prev5 of 5Next InboxSp W21 ACG2 XO Question 5 xM MHE Reade XSE Rubric for XO ECO 2013e Evidencem XA w23667.pc XV Rise Of Ro XB LA ezto.mheducation.com/ext/map/index.html?_con%3con&external_browser=D0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware.. *napter 8 Exercises not gradedSavedHelpSave & ExitCheck mJanuary 23. The computer chips had a total production cost of $1.6 million. What journal entries should Intel record on December 18and January 23? Assume Intel uses the perpetual inventory system. (If no entry is required for a particular transaction/event, select"No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions. For example, $5.5 million shouldbe entered as 5,500,000.)eBookView transaction listReferencesJournal entry worksheet123<>Record the sale of computer chips inventory and the remaining cash collectionon January 23.Note: Enter debits before credits.DateGeneral JournalDebitCreditJanuary 23Deferred Revenue1,340,000Cash1,340,000raw< Prev.5 of 5Next>MAR26W

Journal entries refer to the recording of transactions in an appropriate way. With the help of…

January 23. The computer chips had a total production cost of $1.6 million. What journal entries should Intel record c and January 23? Assume lIntel uses the perpetual inventory system. (If no entry is required for a particular transact "No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions. For example, $5 be entered as 5,500,000.) View transaction list

January 23. The computer chips had a total production cost of $1.6 million. What journal entries should Intel record c and January 23? Assume lIntel uses the perpetual inventory system. (If no entry is required for a particular transact "No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions. For example, $5 be entered as 5,500,000.) View transaction list

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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4. What happens when you complete the Manage Bounced Cheque form? a. The invoice will be marked unpaid, and the process ends. b. An invoice will be created for the bank fee that you pass along to the customer, and the process ends. c. The invoice total is increased by the amount of the bank fee, and the process ends. d. The invoice will be marked unpaid, the fees for the invoice and the bank charge will be deducted from the business's bank account, and an invoice will be created for the bank fee that you pass along to the customer. PLEASE KINDLY EXPLAIN YOUR CHOICE OF ANSWER.
Lyons made a P 500 cash withdrawal for his own use. Which of the following reflects the proper journal entry for this transaction? A. Debit Cash P 550; credit Loan Payable P 500 B. Debit Drawing Expense P 500; credit Cash P 500 C. Debit B. Lyons Drawing P 500; credit Cash P 500 D. Debit Cash P 500; credit Withdrawals P 500
Clara North is really confused. "I've got three different numbers here and I don't know what is right. My records show that I have $35,463 in the bank, but the bank statement says $37,428. When I called the bank to see about making a transfer payment, they said I had only $34,299 to spend. What the heck is going on?" Can you explain what there three balances are likely to be and why they are different?
I am trying to figure out what I am doing wrong. for some reason my balance and my bank balance are not equalling each other. What have I done wrong?
3) If the client refuses to make the journal entries you have outlined on the Cash Lead Sheet, and materiality is $1,000 for this client, would you conclude that Cash is fairly stated at the amount shown on the trial balance? Why or why not?
Please dont use any AI. It is strictly prohibited.
Triple Company's accountant made an entry that included the following items: debit postage expense $12.52, debit office supplies expense $27.43, debit cash over/short $2.29. If the original amount in petty cash is $322, how much was the credit to cash for the reimbursement? Multiple Choice $203. $322. $42.24. $39.95. $29.72.
H6. 31 P XYZ Co. decided to create a petty cash fund. They estimated that $100 would be needed in the fund. Choc entry to create the account from the following. O Petty Cash is debited for $100. O Cash is debited for $100. O Petty Cash is credited for $100. O Miscellaneous Expense is debited for $100.
I am not exactly sure what this question is asking me to do. The attached image is the information that is given to me. Below are the questions that I need to solve. The answer to question A is 3,650. That was given to me in the problem.Unknown Amounts Requireda. Total cash received $3,650b. Total cash collected from credit customersc. Notes payable repaid during the periodd. Good and services received from suppliers on accounte. Net income, assuming that no dividends were paid
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
One or more of the totals are incorrect. Pay close attention to whether you should be entering a balance or calculating a total for this column. Please check any calculations carefully. Remember to complete all answer boxes, enter a "0" for any zero balances and to enter a cash deficiency with a minus sign or parentheses. Please Correct it Hex Company requires a minimum cash balance of $4,100. When the company expects a cash deficiency, it borrows the exact amount required on the first of the month. Expected excess cash is used repay any amounts owed. Interest owed from the previous month's principal balance. s paid on the first of the month at 11% per year. The company has already completed the budgeting process for the first quarter for cash receipts and cash payments for all expenses except interest. (Click the icon to view the completed budget information.) Hex does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Hex Company. Round…
I got to find if my general ledger is complete. So, In the general ledger, I add all the debits side and the credit side got a matching balance between the debit and credit in the general ledger. However, in the trial balance the total balance for the debit and credit does not match also differ from the general ledger. I will state that is not a complete because of those reasons. Let me know if I am correct or not. Please do example your reasoning?