P2-6C. Cookie Mejias, owner of Mejias Company, would like to know how each of the following situations would affect the totals of the trial balance and individual ledger accounts: 1. An $850 payment for a desk was recorded as a debit to Office Equipment, $85, and a credit to Cash, $85. 2. A payment of $300 to a creditor was recorded as a debit to Accounts Payable, $300, and a credit to Cash, $100. 3. An Accounts Receivable collection of $400 was recorded as a debit to Cash, $400, and a credit to C. Mejias, Capital, $400. 4. The payment of a liability of $400 was recorded as a debit to Accounts Payable, $40, and a credit to Supplies, $40. 5. A purchase of equipment for $800 was recorded as a debit to Supplies, $800, and a credit to Cash, $800. 6. A payment of $95 to a creditor was recorded as a debit to Accounts Payable, $95, and a credit to Cash, $59.

P2-6C. Cookie Mejias, owner of Mejias Company, would like to know how each of the following situations would affect the totals of the trial balance and individual ledger accounts: 1. An $850 payment for a desk was recorded as a debit to Office Equipment, $85, and a credit to Cash, $85. 2. A payment of $300 to a creditor was recorded as a debit to Accounts Payable, $300, and a credit to Cash, $100. 3. An Accounts Receivable collection of $400 was recorded as a debit to Cash, $400, and a credit to C. Mejias, Capital, $400. 4. The payment of a liability of $400 was recorded as a debit to Accounts Payable, $40, and a credit to Supplies, $40. 5. A purchase of equipment for $800 was recorded as a debit to Supplies, $800, and a credit to Cash, $800. 6. A payment of $95 to a creditor was recorded as a debit to Accounts Payable, $95, and a credit to Cash, $59.

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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19) Intercom, Inc. paid one of its creditors $678 on their balance due. The journal entry would require a: A) credit to Cash and a debit to Accounts Receivable. B) debit to Cash and a credit to Accounts Receivable. C) debit to Cash and a credit to Accounts Payable. Di debit to Accounts Payable and credit to Cash.
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.
32) he correcting errors, adjusting and closing entries of the business are recorded in the form of ____________________. a. Purchases daybook b. Petty cash book c. General journal d. Cash payments book
Your new company paid the invoice for their account with Alli's Broom Supply Company. What would your journal entry look like when you record this transaction? a) Debit Cash; Credit Accounts Payable b) Debit Cash; Credit Supplies Expense c) Debit Accounts Receivable; Credit Cash d) Debit Accounts Payable; Credit Cash
Which of the following journal entries will increase the total balance of the debit accounts in the ledger by $4,500? Select answer from the options below: A debit to Supplies for $4,500; a credit to Cash for $500; and a credit to Accounts Payable for $5,000. A debit to Supplies Expense for $4,500; a credit to Cash for $500; and a credit to Accounts Payable for $4,000. A debit to Accounts Payable for $4,500; and a credit to Cash for $4,500. A debit to Supplies Expense for $5,000; a credit to Cash for $500; and a credit to Accounts Payable for $4,500.
Randomly listed below are the steps for preparing a trial balance: (1) Verify that the total of the Debit column equals the total of the Credit column. (2) List the accounts from the ledger and enter their debit or credit balance in the Debit or Credit column of the trial balance. (3) List the name of the company, the title of the trial balance, and the date the trial balance is prepared. (4) Total the Debit and Credit columns of the trial balance. a.(2), (3), (4), (1) b.(4), (3), (2), (1) c.(3), (2), (4), (1) d.(3), (2), (1), (4)
The following selected transactions for Kingbird, Inc. are presented in journal form. Date May 5 12 15 5/12 5/15 5/5 Accounts Receivable 5/5 Service Revenue (Billed for services performed) 5/15 Account Titles and Explanation Cash Accounts Receivable (Received cash in payment of account) Ending Bal. Cash Service Revenue (Received cash for services performed) Ending Bal. Post the transactions to T-accounts. Make one T-account for each item and determine each account's ending balance. (Post entries in the order displayed in the problem.) Ending Bal. 2120 3000 5120 Cash 5080 Accounts Receivable 3680 Ref. Debit 5,080 5080 3000 Service Revenue 8080 2,120 5/12 3,000 J1 Credit 5,080 2,120 JUML 3,000 1590
An employee working on her first trial balance discovers that the Equipment account has a credit balance of $2500 and a customer's A/R account has a credit balance of $25. Based on the knowledge you have gained in this course and how account balances are recorded and increase/decrease, has the accountant made a mistake in her records or are these situations possible?
Suppose a co-worker has recorded a cash disbursement twice (Supplies Expense was debited twice for $100 and Cash was credited twice for $100) and wants you to record a correcting entry that will reverse the mistake. The correcting entry will record a debit to the Cash account and a credit to the Supplies account. Would you make this correcting entry? What should you investigate before making a decision about the correcting entry? Are there any other steps you would take to address this issue?
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Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits? Cash Accounts Receivable Capital Withdrawals Service Fees Rent Expense $1,200 700 1,900 500 1,000 500 $2,900 debit, $2,900 credit $3.900 debit, $3,900 credit $2,000 debit, $2,000 credit $1.200 debit, $1.200 credit