Journalize the entries for the following transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do notuse lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entrywhen a credit amount is entered. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by itscustomers.)Mar.1 Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000.10Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000.121731Sold merchandise to customers who used MasterCard and VISA, $1,950,000. The cost of themerchandise sold was $1,250,000.Sold merchandise to customers who used American Express, $330,000. The cost of the merchandisesold was $230,000.Paid $81,500 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA,and American Express sales.

Step 1:Understanding meaning of journal entry:- Journal entry is a first step of recording financial…

Answered: Journalize the entries for the…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter7: Accounting For Cash

Section: Chapter Questions

Problem 1CE: Match the following words with their definitions by entering the correct number in the spaces below....

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Journalize the entries for the following transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers. ) Mar. 1 Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000. 10 Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000. 12 Sold merchandise to customers who used MasterCard and VISA, $1,950,000. The cost of the merchandise sold was $1,250,000. 17 Sold merchandise to customers who used American Express, $330,000. The cost of the merchandise sold was $230,000. 31 Paid $81,500 to National Clearing House Credit Co. for service fees for processing…
Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. Transaction No JournalEntryNeeded JournalEntryNeeded Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank charges
Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. No Journal Journal Entry Entry Transaction Needed Needed Debit Credit Outstanding check Interest income NES check Wire transfer by customer Deposit in transit Bank charges
Question. Which of the following transactions has to be recorded in the journal? Specify whether the entry will be a debit or a credit and the account to which it will be applied. If "NA" is not applicable, choose it.
Indicate whether the general ledger accounts will be debited or credited when recording the following entries: Settle the telephone account of R 250 Bank: DEBIT Bank: CREDIT Please avoid image based solutions thnku
Name the four basic components of an AIS.When special journals are used, where are all the cash payments by cheque recorded?How do debits and credits remain equal when credit sales to customers are posted twice (once to the Accounts Receivable controlling account and once to the customer’s account in the sub-ledger)?How do we identify the journal from which an amount in a ledger account was posted?What is the normal recording and posting procedure when using special journals and controlling accounts with sub-ledgers?7. Why does a company need a general journal when using special journals for sale, purchases, cash receipts, and cash disbursements?
A debit or credit memo describing entries in the company's bank account may be enclosed with the bank statement. An example of a credit memo is Oa. a deposited check returned for insufficient funds Ob. a service charge Oc. notification that a customer's check for $375 was recorded by the company as $735 on the deposit ticket Od. collection of a note receivable for the company
Grouper Company exchanged equipment used in its manufacturing operations plus $4,140 in cash for similar equipment used in the operations of Monty Company. The following information pertains to the exchange. Grouper Monty Co. Co. Equipment (cost) $38,640 $38,640 Accumulated depreciation 26,220 13,800 Fair value of equipment 17,250 21,390 Cash given up 4,140
Blossom Company exchanged equipment used in its manufacturing operations plus $4,380 in cash for similar equipment used in the operations of Blue Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Blossom Co. $40,880 27,740 18,250 4,380 Blue Co. Account Titles and Explanation Blossom Company: $40,880 14,600 22,630 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (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. List all debit entries before credit entries.) Debit DO Credit M
In QuickBooks Online, what is the purpose of entering transactions manually in the register? Select an answer: to reconcile bank statements with QuickBooks Online records to track sales with detailed product/service items and at the customer level, without tracking accounts receivables to enter both money in and money out type of transactions directly in the register, particularly useful for entering multiple transactions in bulk to record a transfer of funds between bank accounts
In sap, Which of the following outgoing payments will not require manual entry of bank account?a. Cashb. Credit Cardc. Checkd. Bank Transfer
Accompanying a bank statement for Borden Company is a credit memo for $24,360 representing the principal ($24,000) and interest ($360) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Journalize the entry that should be made by the company to bring the accounting records up to date. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank

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