What is double entry for the following transaction: Bought furniture worth MK3,000 paying cash

Q: Which of the following options is an example of revenue? O $4,000 promise to pay from a customer…

A: Revenue is to be recognized only when sale has been  made or services has rendered either in cash or…

Q: cash 1350000, Purchased additional printing machine worth 75000, 75% of the amount were recorded as…

A: Current balance of cash :- = Available cash balance + Cash inflow - Cash outflow .

Q: ABC buys widgets for $5 cash and sells them on account for $8. At the point of sale, what is the…

A: Cash flows basically shows all significant changes to the company, including non cash items

Q: 2. Sethco pays for all of the following items in cash, which means that in the journal entry…

A: journal entry is an art of recording, classifying , summarizing and analyzing the business…

Q: purchased a Van on credit from Lang's £5,000. The correct entry will be

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

Q: Compund Entries How will the following transaction be entered correctly? Please Explain. 1. Joe's…

A: "When a transaction is recorded 'on account,' it means that payment for goods or services is not…

Q: Mary's Music Store reported net Income of $135,000. Beginning balances in Accounts Recervable and…

A: Cash flow from operating activities = Net income + Decrease in account receivable – Decrease in…

Q: A Company purchases another Company for $500,000. They receive the following assets: Cash $150,000…

A: Rules for EntriesPersonal Account: Related to Person or Firm.Receiver will be debited and Giver will…

Q: Journalise the following transactions :::::  a) Sold goods to B for $50,000 @20% trade discount and…

A: A Journal is a book in which all the transactions of a business are recorded for the first time. The…

Q: 1.Sold hems on Canh for P20 00.00 Pacnim

A: Journal entry: the Journal entry is the first step in bookkeeping here each transaction have 2 sides…

Q: 4/2 Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: Assignment: Draw the T account of Purchases, Sales, Mr. D, Mr. E, Return inwards, Return outwards,…

A: Ledger is collection of all the accounts in an accounting system. When every journal is posted to…

Q: Given the following items, how much are total assets? Cash $1,000 Food expense Unpaid accounts Car…

A: Assets are resources owned by an individual or entity that hold economic value, such as cash,…

Q: 1. 90,000 STARTED BUSINESS; PERSONAL MONEY TO HIS CAR SHOP 2. 12,000 PAID RENT FOR JAN 2020 3.40,000…

A: Equity: It is the amount shareholder invested in the company. This is the difference between total…

Q: What is the journal entry for buyer's point of view. Received 500 cash refund for merchandise…

A: Journal entry is the process of recording the business transaction in the accounting books for the…

Q: Calculate the cash discount and the net amount due the transaction (in $).

A: A reduction in the amount of invoice price that a company provides to its customer to motivate them…

Q: 10 Jean runs an export business. The following balances were extracted from her books on 31 December…

A: The income statement shows the net income or loss that is calculated by deducting the expenses from…

Q: Q1. Tony's Deli has cash of $145, accounts receivable of $99, accounts payable of $219, and…

A: Quick ratio : Quick ratio is a liquidity ratio which is also known by the acid-test ratio. Quick…

Q: Sold merchandise for cash RM10400.The merchandise sold had a cost of RM8200. Record an appropriate…

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

Q: Transaction Asset Liability Capital (d) The owner puts a further $5,000 cash into the business…

A: Basic accounting equation is  Total liabilities  + owners equity  = Total Assets

Q: based on balance sheet, analyze your spending - any surprises? Discuss your results. Assets…

A: In business, net worth is often referred to as shareholders' equity or book value. Another name for…

Q: Engels As part of renovation of the store, Shelf Store sold furniture and fixtures that were 3 years…

A: The value of asset which will be reduced periodically is known to be depreciation. On sale of asset,…

Q: account transaction for goods worth rm45 returned by Tan

A: The first step of recording the transaction in the books of accounts is passing journal entries…

Q: Purchase Goods for Cash $ 5,000 and for Credit $ 2,000 from Khalid Retail Store. Khalid Cash Credit…

A: First question: Purchase

Q: Your current net worth is $10,000. The following transactions occur: pay expenses of $1,000 and…

A: Net worth refers to an amount earned from the business after deducting all the liabilities from the…

Q: 1 2 3 4 5 6 Account Name 7 Cash 8 A/Receivable 9 Supplies A 10 Equipment 11 A/Depr.-Equipment 12…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: 4/2 Purchased three computers and a printer from Best Buy for $2,000

A: A journal is defined as a book of original entries. It is the primary place where a transaction is…

Q: Ram sold goods worth 1000. what will be accounting entry

A: Lets understand the basics. Journal entry is required to make to record event and transaction in…

Q: What is double entry for the following transaction: Bought more furniture fixtures paying by cheque…

A: The objective of the question is to understand the double entry system in accounting for the…

Q: purchased a Van on credit from Lang's £5,000. The correct entry will be

A: A journal is commonly known as a book of original or prime entries. The entries made first in the…

Q: Jackson will buy the items listed below. He has $422.76 in his checking account. He had a…

A: Ending Money = Beginning Money - Drawings - Bank Fees

Q: Owner contributed computer costing RO. 9000, inventory worth OR 8000 and in cash OR 32000. What is…

A: Captial Amount: The capital incudes all assets less all liabilities Total capital = New capital…

Q: 1. Given following information: Paula previous balance Purchase clothing and dining Leisure and…

A: Credit cards are paid on monthly basis and interest and finance charges are calculated based on the…

Q: Paid 600€ as rent for shop premises. (from cash) Received 2.000€ as a loan from Georges frien Sally…

A: T -Accounts / Ledger Accounts: These are the accounts where all the individuals accounts are opened…

Q: Person X earned commission of $ 2000 by cash. Prepare journal and ledger accounts.

A: Here in this question, we are required to make journal entry. Journal entry is made by business for…

Q: Mr. X buys 10 packs of cigarettes from Mr. Y. Mr. Y said to Mr. X please give me $100 in cash not in…

A: Store of value refers to preserving the value be it cash or in-kind for the future. A store of value…

Q: Ali had the following transactions: (a) Sales of goods on credit for RM150 to Brian (b) Return of…

A: It is pertinent to note that under double entry book keeping every transaction comprises of two…

Q: What is double entry for the following transaction: Bought furniture fixture worth MK2000 on credit…

A: The objective of the question is to understand the double entry system for the transaction of buying…