The debits and credits from two transactions are presented in the following creditor's(supplier's) account:NAMEADDRESSMigrant Technology2199 Commerce PlacePost.Ref.DateItemDebitCreditBalanceNov. 1Balance9,400Invoice No. 85P8111,84511,245Invoice No. 43CP467,975223,270Describe each transaction and the source of each posting.

Accounts payable control account and subsidiary ledger: Accounts payable account and subsidiary…

Answered: The debits and credits from two…

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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Which would be the correct posting of the General Journal Entry shown in Figure 3.03 M to the General Ledger? GENERAL JOURNAL Page 11 DOC. POST. GENERAL DATE ACCOUNT TITLE NO. REF. DEBIT CREDIT Supplies-Store Accts. Pay./Shoe Shack Jun M44 1005 220.00 220.00 Figure 3.03 M Debit Supplies-Store $220; credit Accounts Payable/Shoe Shack, $220 Debit Supplies-Store $220; credit Accounts Payable-Controlling Account, $220 and Accounts Payable/Shoe Shack, $220 O Debit Accounts Payable-Controlling Account, $220; credit Accounts Payable/Shoe Shack, $220 O Debit Accounts Payable/Shoe Shack, $220; credit Supplies-Store $220
3 Broadmor Industries collected $7,500 from a customer on account. What journal entry will be prepared by Broadmor to record this transaction? Multiple Choice Debit Cash and credit Accounts Receivable. Debit Cash and credit Service Revenue. Debit Accounts Receivable and credit Service Revenue. Debit Accounts Receivable and credit Cash.
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Instructions The following equity investment transactions were completed by Romero Company during a recent year. Apr. July Sept. 10 Purchased 4,700 shares of Dixon Company for a price of $49 per share plus a brokerage commission of $120. 8 Received a quarterly dividend of $0.70 per share on the Dixon Company investment. 10 Sold 1,900 shares for a price of $41 per share less a brokerage commission of $75. Journalize the entries for these transactions. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers the nearest dollar.
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Question Content Area Mar. 17. Received $325 from Shawn McNeely and wrote off the remainder owed of $500 as uncollectible. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Mar. 17 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area July 29. Reinstated the account of Shawn McNeely and received $500 cash in full payment. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 29 - Select - - Select - - Select - - Select - July 29 - Select - - Select - - Select - - Select -
Subject - account Please help me. Thankyou.
Accounts Payable Subsidiary Ledger The debits and credits from two transactions are presented in the following creditor's (supplier's) account: Hellman Services Inc. NAME ADDRESS 2199 Commerce Place Debit Date Item Post. Ref. Credit Balance Nov. 1 Balance 487 Nov. 11 Invoice No. 214 CP121 239 248 Nov. 22 Invoice No. 204 P36 155 403 Select the choice that describes each transaction and the source of each posting. Date Action Invoice No. Posted From Journal Page Nov. 11 Nov. 22
Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00
PA4. Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.
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