Using the following transactions what is the total debits and credits? Feb 2 - Received cash on account from customer Andy Griffith, $390.50, no discount. Issued receipt #19 covering sales invoice #14.Feb 3 - Received cash on account from customer Roy Williams, $209.23. In payment for sales invoice #15; invoice amount is $213.50 ($200.00 plus sales tax $13.50) less discount and sales tax. Issued receipt #20.50)le26Feb 5 - Business recorded cash sales of $2,098.16 plus sales tax of $141.63 for total of $2,239.79. Cash register tape WS.Feb 6- Received cash on account from customer Ron Howard, $693.40. In payment for sales invoice #16; invoice amount of $707.55 ($662.81 plus sales tax $44.74) less discount and sales tax. Issued receipt #21.27Feb 7- Business recorded cash sales of $1,749.08 plus sales tax of $118.06 for total of $1,867.14. Cash register tape 7.Feb 8- Received cash on account from customer Tim Duncan during discount period as payment in full on sales invoice #17. Invoice amount is $733.70 ($687.31 sale plus sales tax of $46.39). Issued receipt #22. (HINT: customer did NOT pay full invoice amount).Feb 9- Business recorded cash sales of $2,844.17. Cash register tape #9. (HINT: you need two more numbers to complete the journal entry).36

Journal entries refer to recording and classyfing business transactions into books of accounts…

Answered: Using the following transactions what…

Business

Accounting

Using the following transactions what is the total debits and credits?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: What are the basic entries to recognize an account receivable?

A: Solution- Accounts receivable (AR) is money that your customers owe you for buying goods and…

Q: 1. translation of account balances using the current rate method could you please explain…

A: There were some issues to the companies that has operations across the globe. The…

Q: Which accounts are typically in debit?

A: As per double entry accounting system, one account will be Debit. and Other account will be…

Q: Describe how debits and credits are used to analyse transactions.

A: Debits and credits are used to analyse transactions for changes in accounts made by one business…

Q: Describe the steps involve in the lending or credit process

A: Lending The process involves granting permission to use the money for a specific period of time…

Q: 01 : - What are Accounts Receivable — AR ? - What are Importance of Accounts Receivable ?

A: Accounts receivables form a significant part of the current assets of many organizations.

Q: Describe about the Accounts payable.

A: Accounts payable: A liability which is payable within a short period is termed accounts payable and…

Q: describe the difeference between an account receivable and an account payable

A: Account Receivable: Account Receivable is the account in which a organization records the amount…

Q: Which of the following accounts is increased by the use of debit?

A: The Correct Answer is for accounts is increased by the use of debit:

Q: What is the name of the document used for recording credit sales

A: Credit sales means when goods and services are being sold to customers on credit basis and customers…

Q: Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service…

A: All expenses, losses, and assets should be debited and all revenue, income, gain, and liabilities…

Q: Is Accounts Payable a debit, a credit, or a combination of the two?

A: Account payable has always a credit balance. It is liability for a person who have acquired some…

Q: On a balance sheet what does a line of credit do to the balance sheet does it offset notes payable?

A: A line of credit is an important aspect of accounting in which the lender and the borrower come…

Q: How did you get Accounts Receivable and Sales?

A: Account receivable is the amount which is to be received from the customers or the customers who…

Q: What is an account receivable? O a. Sales O b. Asset O c. Income O d. Creditors

A: Following is the answer to the given question

Q: Explain the measurement of accounts receivable. (Write a complete thought or answer)

A: Account receivable is shown in the balance sheet as assets. Account receivables is the total…

Q: Sales made to person on credit should be credited to which of following ledger accounts

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: What’s the difference between accounts payable and receivable?

A: If you use the accrual accounting system, you will have to deal with accounts receivable and…

Q: Define Receivable Management and Credit Policies

A: Receivable Management : managing the outstanding Credit Policies : Selling on credit to parties…

Q: Why is the amount of the Income obtained from the Income statement extended to the balance sheet…

A: The income statement is one of a company’s core financial statements that are prepared to find out…

Q: What account is the contra account of Account Receivable?

A: Contra asset account is shown as deduction from the assets in the balance sheet. Increase in Contra…

Q: When using the allowance method, how are accounts receivable shown on the balance sheet?

Q: Briefly explain the methods used for valuing accounts receivables.

A: In the given question, we need to briefly explain the methods used for valuing accounts receivables.…

Q: How are credit balances in accounts receivable reported on the financial statements?

A: Sales is the revenue being earned by the business on delivery of goods and services by the business.…

Q: Do the term debit and credit signify increase or decrease, o

A: Debit means increased under limited conditions . You must look at what type of an account you are…

Q: Define Debit

A: Accounting depends on double entry system. As per dual aspect principle of accounting, each and…

Q: 1) What is the difference between Interest Receivables and Account Receivables and Interest…

Question

Using the following transactions what is the total debits and credits?

Feb 2 - Received cash on account from customer Andy Griffith, $390.50, no discount. Issued receipt #19 covering sales invoice #14.
Feb 3 - Received cash on account from customer Roy Williams, $209.23. In payment for sales invoice #15; invoice amount is $213.50 ($200.00 plus sales tax $13.50) less discount and sales tax. Issued receipt #20.
50)le
26
Feb 5 - Business recorded cash sales of $2,098.16 plus sales tax of $141.63 for total of $2,239.79. Cash register tape WS.
Feb 6- Received cash on account from customer Ron Howard, $693.40. In payment for sales invoice #16; invoice amount of $707.55 ($662.81 plus sales tax $44.74) less discount and sales tax. Issued receipt #21.
27
Feb 7- Business recorded cash sales of $1,749.08 plus sales tax of $118.06 for total of $1,867.14. Cash register tape 7.
Feb 8- Received cash on account from customer Tim Duncan during discount period as payment in full on sales invoice #17. Invoice amount is $733.70 ($687.31 sale plus sales tax of $46.39). Issued receipt #22. (HINT: customer did NOT pay full invoice amount).
Feb 9- Business recorded cash sales of $2,844.17. Cash register tape #9. (HINT: you need two more numbers to complete the journal entry).
36

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What are the credit and debit amounts?
Which accounts increase with credits?
What are the basic inputs to recognize an account receivable?
Where is the current portion of notes payable reported on the balance sheet?
how do debits and credits work?
What is a credit note
Provide an example of an account that would be listed under Current Liabilities on a balance sheet and briefly explain why it would be categorized this way. How would we categorize the balance in a Notes Payable account: under Current Liabilities or Noncurrent Liabilities? Why?