XM Inbox (2 X55825/quizzes/303594/takeG Google 9 Q opM Inbox (2 XQuestion 8[ Select]Account debited is ✔ [ Select]tion 9Portal XAPlaying a Game -Read the transaction and use the drop down option to fill in the blank.Purchased used van for cash, $6,000.Owner's DrawingGas and Oil ExpenseAccounts PayableAccounts ReceivablesQuiz: E XOffice SuppliesCashService FeesPrepaid InsuranceOwner's CapitalGeordi Xfrigola | Quizlet Atomic Theory Ch...and account credited isLongwe XLongw X FoA Classwork for Per.....2 pis22 ptsAgenda 4

Question 8 Read the transaction and use the drop down option to fill in the blank. Purchased used van for cash, $6,000. Account debited is ✔ [ Select ] [Select] Owner's Drawing Gas and Oil Expense Accounts Payable Accounts Receivables Office Supplies Cash Service Fees Prepaid Insurance and account credited is

Question 8 Read the transaction and use the drop down option to fill in the blank. Purchased used van for cash, $6,000. Account debited is ✔ [ Select ] [Select] Owner's Drawing Gas and Oil Expense Accounts Payable Accounts Receivables Office Supplies Cash Service Fees Prepaid Insurance and account credited is

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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Build journals below according to the transactions given 1. Purchase journal 2. Sales Journal 3. Return inwards journal 4. Return outwards journal 5. Cash receipts journal 6. Cash payment journal 7. General journal
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When passing a journal entry for this transaction what would be credit? "Bought delivery truck on cash for $17,000." Sales Revenue A/c Cash A/c Delivery Truck A/c Owner's Equity A/c
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Moving to another question will save Question 13 A. Cash payments journal A company entered into the following transactions. Match each transaction with the appropriate journal in which it should be record Purchased merchandise from Able Co. for $2,000 terms 2/10, n/30. Invoice dated August 1. B. Purchases journal - Paid cash to incite Telephone Co. for monthly telephone bill $250, Check No. 758. c. General Journal - Sold merchandise on credit to Delta Corp. for $3,000, terms, 2/10, n/30, Involce No. 246. Cost of Goods Sold is $1,740. D. Cash receipts journal Received cash payment in full from Delta Corp. for August 5 sale. E. Sales Journal -Recorded cash sales for the month, $9,000. Returned defective inventory purchased on account from Able Co. for $550.
Account for the following transactions using T accounts: Sell goods for 90,000£ on credit Receive a cash payment of 50,000£ from the credit customer The business grants a discount of 5,000£ to the credit customer for early repayment Buy a car for 25,000 in cash Pay wages for 8,000£ Open a bank loan for 5,000£, receive the proceeds in cash Identify each transaction by its number. For each account, indicate what type of account this is (i.e. Current Assets, Non-current liabilities, etc.).
WalCo TarMart CostGet Beginning Accounts Receivable $ 1,745 5,816 559 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. 2. Which company appears most efficient in collecting cash from sales? Required 1 Required 2 WalCo TarMart CostGet Complete this question by entering your answers in the tabs below. WalCo TarMart Ending Accounts Receivable $ 2,692 6,344 - 595 Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. Note: Rounded to one decimal place. Enter your dollar answers in millions. Net Sales $ 315,427- 60,878 61,963 Choose Numerator Choose Numerator Receivables Turnover Ratio Choose Denominator Average Collection Period Choose Denominator < Prev 8 of 8 = Receivables turnover ratio times times times + = Average collection period Next days days
Multiple Select Question Select all that apply On Jan. 2, Callie Company purchased $300 worth of supplies. She paid $100 immediately and put the rest on credit. The journal entry to record this transaction in Callie Company's books would include which of the following? (Check all that apply.) Credit the Cash account for $100. Debit the Supplies account for $100. Credit Accounts payable for $200. Debit the Cash account for $100. Debit the Accounts payable account for $200. Debit the Supplies account for $300. Rate your confidence to submit your answer High Medium .Low Reading