Answered: What is double entry for the following…

Business

Accounting

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

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 2QY: What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the...

See similar textbooks

Related questions

Q: Purchased goods for cash R10 000 and received a trade discount of 5%

Q: Journalize the following transactions. 2018 Jan. 1 Started business with P10 000. 3 Deposited P5…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

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: ($000's) Cash Account Receivable Inventory Account Payable 1 100 200 200 100 Need assistance with…

A: Particulars ($000's) Q1 Q2 Q3 Q4 Cash 100 100 100 100 Accounts receivable 200 100 100 600…

Q: Based on this financial data, calculate the Savings Ratio. Liabilities $7470 Net Worth Liquid Assets…

A: The saving ratio, expressed as a percentage, is the proportion of income saved rather than spent. It…

Q: Directions: Read and analyze the problem below then do the following requirements. Assuming, you…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Record the following transaction in the appropriate account: Transaction Started business with cash…

A: A journal is a primary book where the transactions are originally recorded. Further, a journal entry…

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: Novak Corp. offers a set of building blocks to customers who send in three codes from Novak cereal,…

A: To record the transactions related to Novak Corp's building block sets, follow these accounting…

Q: Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING…

A: The correct option is A. 120000

Q: 1. Given following information: Siti previous balance = RM 2156.50 Purchase clothing = RM 430.15…

A: When you use a credit card or charge account, you realize a monthly statement detailing all of the…

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: 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: Net credit sales?

A: It is pertinent to note that Net sales = Total sales - Sales returns and allowances Now Total…

Q: what is the gournal jeneral entry for: 1. credit sales 2. borrowed $2000 from BSP Bank

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: In the case of Allan Thorpe founder of Alcazar's company. He has used up $2100 of supplies(asset).…

A: Supplies are considered as the current asset until they are used and supplies converted to supplier…

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…

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

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

Q: Find out value of account receivable from following Cash P48,000 accounts payable P33,000 office…

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.

Q: What is double entry for the following transaction: Bought van at MK5,000,000 paying cheque

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

Q: Show the following transactions for a household on a double-entry bookkeeping ledger (values are…

A: In a double entry book keeping system, asset is debited when increased and credited when decreased…

Q: ing adj 1. 12% of the accounts receivable should be recognized as doubtful of collection. 2. The…

A: An increase in assets and expenses is debited and a decrease in assets and expense is credited. An…

Q: ccount for the following transactions using T accounts: Sell goods for 90,000£ on credit…

A: Sale A/c( Nominal A/c) PARTICULAR AMOUNT PARTICULAR AMOUNT To…

Q: Purchased equitment with $6,000 cash. What accounts does this go into in the journal?

A: The journal entries are prepared to record the transactions on regular basis. The transactions are…

Q: How did you find $54 000 in cell E3

A: The constant dollar values means inflation is adjusted, but in actual dollar values, inflation…

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

A: Solution 1- Capital =computer + inventory + cash = 9000 + 8000 + 32000 = 49000…

Q: Using T – account analysis: Compute for the ending balance or carrying amount of the following:…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Question

What is double entry for the following transaction:

Bought furniture worth MK3,000 paying cash

AI-Generated Solution

AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.

Unlock instant AI solutions

Tap the button
to generate a solution

Click the button to generate
a solution

SEE SOLUTION

Similar questions

What is double entry for the following transaction: Bought more furniture fixtures paying by cheque MK50000
What is double entry for the following transaction: Bought furniture fixture worth MK2000 on credit from ABC Enterprise
What is double entry for the following transaction: Bought van at MK5,000,000 paying cheque
The balances of opening and closing accounts receivable are R40 000 and R15 000 respectively, what would be the value of cash received from customer if the net sales are R45 000? Select one: a. R85 000 b. R60 000 c. R70 000 d. R100 000
Sold merchandise for cash RM10400.The merchandise sold had a cost of RM8200. Record an appropriate journal.
account transaction for goods worth rm45 returned by Tan
Ram sold goods worth 1000. what will be accounting entry
Calculate the cash discount and the net amount due the transaction (in $). (Round your answers to the nearest cent.) Amount of Terms of Cash Net Invoice Sale Discount Amount Due $5,010.20 4/10, n/30 2$
wner contributed computer costing RO. 9000, inventory worth OR 8000 and in cash OR 32000 . What is his Capital ? Select one: a. OR 49000 b. OR 8000 c. OR 32000 d. OR 39000 Rent revenue received OMR 3500 by cheque . The correct entry--- Select one: a. CASH A/C DR RENT A/C CR b. BANK A/C DR RENT A/C CR c. RENT A/C DR CASH A/C CR d. RENT A/C DR BANK A/C CR If a business has purchased goods for OMR 50000 and 25%was on account . Find out value of account payable? Select one: a. OMR 12500 b. OMR 50000 c. OMR 37500 d. OMR 32500
($000's) Cash Quarter Account Receivable Inventory Account Payable 1 100 200 200 100 Need assistance with question #5. 5. If you hold only $100 in cash at any time, what is your maximum short- term borrowing and when? 2 100 100 500 100 3 100 100 900 100 100 600 50 100
Jackson will buy the items listed below. He has $422.76 in his checking account. He had a stored-valued card worth $75. He withdrew cash to cover the remaining cost of the items. His bank automatically deducts a fee of $2.50 from the account for the withdrawal. After purchasing the items, how much money is left in Jackson's account? Items. Cost($) video game. 44.99 video game console. 299.49 a $150.78 b $269.48 c $344.48 d $497.76
Purchased goods for £1,000 paid by bank transfer. The correct transaction will be: Debit: ---------- Credit: bank--------------