Your business purchased office supplies of $2,500 on account. The journal entry to record this transaction is as follows: OA. Accounts and Explanation Debit Credit Cash 2,500 Accounts Payable 2,500 O B. Accounts and Explanation Debit Credit Accounts Payable 2,500 Office Supplies 2,500 C. Accounts and Explanation Debit Credit Office Supplies 2,500 Accounts Payable 2,500 O D. Accounts and Explanation Debit Credit Office Supplies 2,500

Your business purchased office supplies of $2,500 on account. The journal entry to record this transaction is as follows: OA. Accounts and Explanation Debit Credit Cash 2,500 Accounts Payable 2,500 O B. Accounts and Explanation Debit Credit Accounts Payable 2,500 Office Supplies 2,500 C. Accounts and Explanation Debit Credit Office Supplies 2,500 Accounts Payable 2,500 O D. Accounts and Explanation Debit Credit Office Supplies 2,500

Name: ### Journal Entry for Purchase of Office Supplies on AccountWhen a bu
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Description: ### Journal Entry for Purchase of Office Supplies on AccountWhen a business purchases office supplies for $2,500 on account, the journal entry required to record this transaction is done by recognizing the increase in office supplies and the liabili

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 company uses special journals for sales, purchases, cash receipts, cash payments, and uses a general journal. Match each transaction with the journals that need to be .recorded in Purchased $4,800 of merchandise inventory on credit from Magic Company, v .terms 3/10, n/60. Invoice No. 7200 Cash receipts Journal A Sales Journal.B Paid $50,500 cash for monthly rents for the factory, Check No. 5550 v General journal.c Returned defective office supplies with a cost of $700 from the last month v Cash payments Journal .D purchase Purchase Journal .E Borrowed $45,000 from Bank of Bahrain & Kuwait on a long-term note payable Collected $66,500 from Durrat Corp. for merchandise sold in the last three v .months Sold merchandise on credit for $3,200 to Manama Corp., Invoice No. 9250. v The cost of the good sold is $1,800 .Purchased office equipment for $2,230 cash from Logistic Co v Purchased office supplies on credit from Zallaq Co. for $2,500, terms 3/10, v .n/90
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Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Question Content Area Mar. 17: Received $3,240 from Shawn McNeely and wrote off the remainder owed of $5,020 as uncollectible. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Mar. 17 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area July 29: Reinstated the account of Shawn McNeely and received $5,020 cash in full payment. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 29 - Select - - Select - - Select - - Select - July 29 - Select - - Select - - Select - - Select -
On March 8th, Gates Gems returned merchandise they received on account from Diamonds Direct in the amount of $440. What is the journal entry to record this transaction? Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases, $440 Debit Accounts Payable/Diamonds Direct, $440; credit Purchases Returns and Allowances, $440 Debit Purchases, $440; credit Accounts Payable/Diamonds Direct, $4400 Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases Returns and Allowances $440
Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31. a. SSG sold merchandise to SRU at a selling price of $140,000. The merchandise had cost SSG $100,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $4,500 to SRU. SRU also returned some sporting goods, which had cost SSG $13,500 and had been sold to SRU for $18,000. No further returns are expected c. Just three days later SRU paid SSG, which settled all amounts owed. . Prepare…
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
how do I journalize the entry to record the cash receipts and cash sales on March 1st? Refer to the chart of accounts for the exact wording of the account titles. Every line on a journal page is used for debit or credit entries. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 On March 1, the actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was $66,341. Required: CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment…
For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction.1. Paid utility bill2. Sold inventory on account3. Received but did not pay phone bill4. Bought inventory on account5. Borrowed money from a bank6. Sold old office furniture for cash7. Recorded depreciation8. Accrued payroll at the end of the accounting period9. Sold inventory for cash10. Paid interest on bank loan
Journalize the transactions for Williams Market during December of the current year. Use page 12 of a general journal. Journalize the January transaction on page 16 of a cash payments journal. Source documents are abbreviated as follows: memorandum, M; debit memorandum, DM; credit memorandum, CM; sales invoice, S. No C is required in the Ck. No. column.
Required information Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 [The following information applies to the questions displayed below.] Fresh Foods established a petty cash fund of $350 on January 2. On January 31, the fund contained cash of $166.00 and vouchers for the following cash payments. Maintenance expense Office supplies Transportation expense $72.00 72.00 37.00 The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment.
Enter the following transactions in the appropriate journal (purchases journal and cash payment journal) *October 11 Purchased merchandise from Lafferty Company, $500 on account, credit terms 1/15, n/45. Invoice No. 65. *15 Purchased merchandise from Alsted, Inc., $400 cash. Check No. 751. * 21 Paid amount due Lafferty Company, less discount. Check No. 752.
Journalize the following transactions for a perpetual company: a. Issued credit memo no. 2, $37, to Lee Co. An allowance was granted and the customer kept the merchandise. The sale was on account. b. Cash sales, $175, with a cost of $60. c. Received check from Denise Co., $600, less 1% discount. d. Bought merchandise on account from Jaxon Co., $50, invoice no. 20; term 2/10, n/30. e. Cash purchase of merchandise, $45. f. Issued debit memo to Jaxon Co $30, for merchandise returned from invoice no. 20.