When a company pays cash to buy supplies, for$750, the journal entry to record this transactionwill beDebit to Supplies, Credit to CashDebit to Cash, Debit to SuppliesCredit to Cash, Credit to SuppliesDebit to Cash, Debit to Supplies(True) or (False)? A chart of accounts is a list of allaccounts with the detail of every transaction, aswell as the running balances.(True)(False)

Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Answered: When a company pays cash to buy…

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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A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. What entry is required in the company's accounts? a.debit Cash; credit Accounts Receivable b.debit Accounts Payable; credit Cash c.debit Accounts Receivable; credit Cash d.debit Cash; credit Accounts Payable
Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); ACcounts Payable (201); D. Brooks, Capital (301); D. Brooks, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 > Brooks invested $200,000 cash along with $28,000 in office equipment in the company. Note: Enter debits before credits. Date General Journal Debit Credit Mar 01
What should i do? Accounts payable were paid in the amount of $1,077,500. Note: Enter debits before credits. Transaction General Journal Debit Credit 08
19) Intercom, Inc. paid one of its creditors $678 on their balance due. The journal entry would require a: A) credit to Cash and a debit to Accounts Receivable. B) debit to Cash and a credit to Accounts Receivable. C) debit to Cash and a credit to Accounts Payable. Di debit to Accounts Payable and credit to Cash.
Prepare a journal entry on August 13 for cash received for services rendered, $10,150. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
An “Accounts Receivable Customer Balances” report shows revenues by customer for a specified date range customer balances owed as of a specific date cash payments to creditors for a specific date range sales by customer as of a specific date
Match each of the numbered descriptions with the term, title, or phrase that it best reflects. Indicate your answer by entering the letter A through J in the blank provided. A. General journal B. Special journal C. Subsidiary ledger D. Accounts receivable ledger E. Accounts payable ledger F. Controlling account G. Sales journal H. Cash receipts journal I. Purchases journal J. Cash payments journal 1. Used to record all cash payments. 2. Used to record all credit purchases. 3. Used to record all receipts of cash. 4. Used to record sales of inventory on credit. 5. Stores transaction data of individual customers. 6. Stores transaction data of individual suppliers. 7. Account that is said to control a specific subsidiary ledger. 8. Contains detailed information on a specific account from the general ledger. 9. Used to record and post transactions of similar type. 10. All-purpose journal in which any transaction can be recorded.
Calculator Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? Oa. Accounts Payable, debit; Accounts Receivable, credit Ob. Accounts Payable, debit; Cash, credit
The following selected transactions for Kingbird, Inc. are presented in journal form. Date May 5 12 15 5/12 5/15 5/5 Accounts Receivable 5/5 Service Revenue (Billed for services performed) 5/15 Account Titles and Explanation Cash Accounts Receivable (Received cash in payment of account) Ending Bal. Cash Service Revenue (Received cash for services performed) Ending Bal. Post the transactions to T-accounts. Make one T-account for each item and determine each account's ending balance. (Post entries in the order displayed in the problem.) Ending Bal. 2120 3000 5120 Cash 5080 Accounts Receivable 3680 Ref. Debit 5,080 5080 3000 Service Revenue 8080 2,120 5/12 3,000 J1 Credit 5,080 2,120 JUML 3,000 1590
For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following partial chart of accounts-account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); Common Stock (307); Dividends (319); Landscaping Revenue (403); Wages Expense (601); and Landscaping Expense (696). a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $89,000 in cash along with equipment having a $49,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $660. c. On May 25, Elegant Lawns receives $9,700 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $2,900 cash in advance of providing landscaping services to a customer.…
Sarasota Company has the following account balances: Sales Revenue $242,100, Sales Discounts $3,310, Cost of Goods Sold $117,100, and Inventory $42,900.Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title to close accounts with credit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with credit balances Enter a debit amount Enter a credit amount (To close accounts with credit balances) Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount (To…

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