Record each transaction in a journal entry. Explanations are not required. Made payment on account to Long Appliance Manufacturers, $300,000.Sold appliances for cash to Home Builders for $350,000 (cost, $175,000).Received payment in full on the maturity date from Down Contracting for the note.m.O.р.q.Sold appliances to Lowell Contracting for $265,000 (cost, $130,000), receiving a9-month, 8% note.r.Made payment on account to Long Appliance Manufacturers, $500,000.Sold appliances on account to various businesses for $985,000, terms n/30 (cost,$395,000).S.

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Description: Record each transaction in a journal entry. Explanations are not required. Made payment on account to Long Appliance Manufacturers, $300,000.Sold appliances for cash to Home Builders for $350,000 (cost, $175,000).Received payment in full on the matur

Journal entries refer to the recording of transactions in an appropriate way. With the help of journal entry, the management can sort all the transactions according to the related account. Basically, it is a sum of debit and credit.

Business

Accounting

Made payment on account to Long Appliance Manufacturers, $300,000. O. m. Sold appliances for cash to Home Builders for $350,000 (cost, $175,000). Received payment in full on the maturity date from Down Contracting for the note. q. р. Sold appliances to Lowell Contracting for $265,000 (cost, $130,000), receiving a 9-month, 8% note. r. Made payment on account to Long Appliance Manufacturers, $500,000. S. Sold appliances on account to various businesses for $985,000, terms n/30 (cost, $395,000).

Made payment on account to Long Appliance Manufacturers, $300,000. O. m. Sold appliances for cash to Home Builders for $350,000 (cost, $175,000). Received payment in full on the maturity date from Down Contracting for the note. q. р. Sold appliances to Lowell Contracting for $265,000 (cost, $130,000), receiving a 9-month, 8% note. r. Made payment on account to Long Appliance Manufacturers, $500,000. S. Sold appliances on account to various businesses for $985,000, terms n/30 (cost, $395,000).

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Record each transaction in a journal entry. Explanations are not required.

Made payment on account to Long Appliance Manufacturers, $300,000.
Sold appliances for cash to Home Builders for $350,000 (cost, $175,000).
Received payment in full on the maturity date from Down Contracting for the note.
m.
O.
р.
q.
Sold appliances to Lowell Contracting for $265,000 (cost, $130,000), receiving a
9-month, 8% note.
r.
Made payment on account to Long Appliance Manufacturers, $500,000.
Sold appliances on account to various businesses for $985,000, terms n/30 (cost,
$395,000).
S.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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