R. Sunland Co. uses special journals and a general journal. The following transactions occurred during May 2020. May 1   R. Sunland invested $46,900 cash in the business. 2   Sold merchandise to Lawrie Co. for $6,530 cash. The cost of the merchandise sold was $4,470. 3   Purchased merchandise for $6,940 from J. Moskos using check no. 101. 14   Paid salary to H. Rivera $715 by issuing check no. 102. 16   Sold merchandise on account to K. Stanton for $965, terms n/30. The cost of the merchandise sold was $550. 22   A check of $9,380 is received from M. Mangini in full for invoice 101; no discount given.

A credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B. decrease C. Transer D. Increase

A(n) electronic _____ is the electronic exchange of money or scrip. a. cash transfer b. array c. payment d. exchange

Sale of goods for cash would be recorded in the _______________ Select one:A. purchase journalB. general journalC. sales journalD. cash receipts journal

Th e assumption that the eff ects of transactions and other events are recognized when they occur, not when the cash fl ows occur, is called: A . relevance.

am. 129.

Which account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts Receivablec. Cashd. Unearned Revenue

Consider the recorded transactions below. Debit Credit 1. Accounts Receivable 7,800 Service Revenue 7,800 2. Supplies 2,000 Accounts Payable 2,000 3. Cash 9,600 Accounts Receivable 9,600 4. Advertising Expense 1,000 Cash 1,000 5. Ассounts Payable 3,100 Cash 3,100 6. Cash 1,100 Deferred Revenue 1,100 Required: Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions is: Cash, $2,800; Accounts Receivable, $3,600; Supplies, $340; Accounts Payable, $2,900; Deferred Revenue, $240. Service Revenue and Advertising Expense each have a beginning balance of zero.

Po.24.

1 of 2 On December 21 2017. Wildhorse Co. purchased $730,000 of commercial paper from Voight, Inc. The commerc paper matures January 14, 2018. Currency and coin on hand amounted to $10,446, A money market fund account held at Rogers, Inc. (a mutual fund organization) permits Wildhorse Co. to write chee on the full account balance, which was $930,000 at December 31, 2017. Wildhorse Co. has agreed to maintain a cash balance of $200,000 at all times at First National Bank of Alexander to ensure future credit availability. The balance in Wildhorse Co's petty cash fund is $400. During December 2017, Wildhorse Co. made travel advances to employees totaling $30,000 for executive travel that 9. 10. will occur during the first quarter of 2018. The employees will not reimburse the company for the advance, but are required to spend the funds on company-related travel and to submit receipts. The company received an LO.U. trom Stiller LLP, a company customer, on December 12. 2017. in the amount of…