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: 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: preparing a balance sheet, interest receivable goes under what heading?

A: Balance sheet:It is one of financial statement which shows the assets, liabilities and shareholders’…

Q: How do debits and credits work

A: Debit and credit entry are part of double entry book keeping system. This is used to make an entry…

Q: What is the difference between Notes Payable and Accounts Payable?

A: Introduction: Accounts payable is an account within the general ledger that represents a company's…

Q: 1. What is a compensating balance?

A: Hi student Since there are multiple questions, we will answer only first question.

Q: What are credit terms?

A: Credit terms or terms of credit It is the vender purchaser agreement that rundowns the planning and…

Q: What should be in the credit file

A: Following is the contains in credit file

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: What is debit and credit note?

A: A debit note is a document that is issued by a seller to a buyer. The debit note is used to inform…

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: How to calculate the notes payable

A: Notes payable are long-term liabilities that indicate the money a company owes its financiers—banks…

Q: How does the rule of debit and credit relative to accounting equation?

A: Accounting equation: It is a mathematical expression that presented all assets of the firm are…

Q: Are drawing a credit or debit

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Define Receivable Management and Credit Policies

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

Q: What are some of the assets and liabilities associated with credit cards?

A: Introduction: A credit card can be defined as a small piece of card which is offered by banks or any…

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 is debit and credit?

A: Debits and credits seem to be a bookkeeping notation framework that determines how and where every…

Q: Difference between a debit and a credit.

A: Debit and credit are the two aspects of a transaction and a ledger account. The short form used for…

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: Explain the term Transfers of Notes Receivable.

A: Note receivable: Note receivable refers to a written promise for the amounts to be received within a…

Q: Define Debit

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

Q: Define the characteristics of Notes Payable?

A: A notes payable is described as the written promissory notes. By issuing notes payable, the debtor…

Q: Credit entry in a nominal amount is

A: Credit entry in a nominal account is:- Cash account Debit Income and Gains account Credit

Q: What is meant by a line of credit?

A: Credit refers to the concept is being defined as the financial agreement where the borrowers receive…

Q: What are accounts for notes payable and interest expense.

A: Payables indicate the amount owed by the organization from outsiders which requires to be paid…

Q: What are the credit and debit amounts?

A: Introduction:- In accounting, every transaction must be entered in one account as a debit (left side…

Q: What is the extent of the assignment of credit? Explain

A: Assignment of credit is explained as under:

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 is credit transactions?
What is line of credit?
What's the difference between credit and debit in accounting terms?
Diffrence between debit and credit ?
How to compute net credit sales on a balance sheet?
how do debits and credits work?
What is a credit note