Your Company sold $4,500 of inventory for $9,000 on account. Your customer paid its bill on day 5. The entry that record the payment is an asset exchange an asset use O a claims exchange an asset source

Your Company sold $4,500 of inventory for $9,000 on account. Your customer paid its bill on day 5. The entry that record the payment is an asset exchange an asset use O a claims exchange an asset source

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: On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account…

A: Hey, since there are multiple requirements posted, we will answer first three requirements. If you…

Q: Samberg Incorporated had the following transactions. a. October 1 - Sold $23,500 of merchandise on…

A: 2/10 n/30 means 2% discount will be given if payment is made within 10 days and final payment to be…

Q: Using the information from your worksheet above, prepare appropriate journal entries to record the…

A: Depreciation Depreciation is the method that involves taking the whole cost of something pricey you…

Q: Bell provides $500 of services to customers on account with terms 3/10, n/30. The Service Revenue…

A: Sales discount refers to the relaxation provided by the business entity to its creditors. Every…

Q: When Lowes Home Improvements sells a new $223 air compressor to a customer, the sale is subDject to…

A: 223

Q: 3. EX.09-05 O eBook Entries to Write Off Accounts Receivable Quantum Solutions Company, a computer…

A: Journal Entry: It is a systematic record of a financial transaction recorded in chronological…

Q: PA15. LO 3.5 Prepare journal entries to record the following transactions. Create a T-account for…

A: Journal Entry is record of a transaction in accounting Records. Journals are then posted in T…

Q: Consider the following transactions for BorrowIP Corporation. March 1 Paid interest due on note…

A: Journal Entries Date Particulars Debit Credit March 1 Interest Payable…

Q: Presented below are year-end adjusted account balances for Bramble Co. Insurance expense $11,350…

A: Salaries and wages expense are the costs which are incurred to pay the employees or workers working…

Q: Prepare the journal entry to record the redemption by 7,700 customers. (Credit account titles are…

A: Journal entry is used to record the financial transactions in the book of accounts in two different…

Q: If a vendor's invoice for the purchase of office supplies totaled $51.75, and this total included…

A: Purchase Journal is a specialized journal used to record purchase transactions take place on an…

Q: Determine the amount to be paid in full settlement of each of the following invoices, assuming that…

A: FOB SHIPPING POINT FOB shipping point explains that the ownership of the inventory is transferred to…

Q: what is the correcting entry for... receiving $7000 cash advance from a customer for future copying

A: Deferred revenue, often recognized as unearned revenue, alludes to money received in advance for…

Q: Mar. 25) The company completed work for another client for $6,800 on credit. Note: Enter debits…

A: Introduction: A journal entry is a record of a business transaction in an organization's accounting…

Q: Journalizing and postingOn February 11, 20Y9, Quick Fix Company purchased $2,250 of supplieson…

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

Q: Question 1: Basra Company has the following transactions: 1- On 1/4/2009 purchased goods for ID…

A: Journal entries form the basis for financial reporting. These record the day-to-day transaction of…

Q: prepare these entries for Sarah's plant services. prepare general journal entries for the needed…

A: At the year end, certain accounting adjustments are required to close the books. For example, bad…

Q: Vaughn plc uses the gross method to record sales made on credit. On June 1, 2022, it made sales of…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: repare a journal entry for the purchase of office supplies on November 2 for $2,600, paying $725…

A: When an asset is purchased partially for cash and on account, three accounts altogether are…

Q: credit purchase of goods

A: Most of the purchase and sales of any venture are on credit terms. Whenever the due date arrives and…

Q: issued cheque no 4026 for 5400 to this supplier for the invoice at the time of purchase

A: Journal entry: The first step in accounting is a journal entry, which is used to record a business…

Q: Required information [The following information applies to the questions displayed below.] Onslow…

A: Total Cost of the machine=$ 240000 + $ 10000 + $ 2000=$ 252000.

Q: On December 29, Patel Products, Incorporated, sells a delivery van that cost $20,000. After…

A: Accumulated depreciation is the cumulative balance of the depreciation expense which is shown in the…

Q: amount of $1,00

A: Working note :- On 1st…

Q: of Goods Sold year-end account balances of Sales Revenue $833,235, Interest Revenue $12,7…

A: Sure, here are the year-end closing entries for the provided information:Closing Revenue…

Q: 4. Window World extended credit to customer Nile Jenkins in the amount of $130,900 for his purchase…

A: Bad debt refers to the outstanding amount on the debtors which is no longer deemed recoverable. Bad…

Q: Window World extended credit to customer Nile Jenkins in the amount of $134,900 for his purchase of…

A: Journal is the book where transactions are originally recorded. Journal entry: A journal entry is…

Q: When Lowes Home Improvements sells a new $223 air compressor to a customer, the sale is subject to…

A: Interest expense is a non-operating expense shown on the income statement. It represents interest…

Q: Record the following business transactions as journal entries: Transaction # Transaction date…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Determining amounts to be paid on invoices Determine the amount to be paid in full settlement of…

A: The amount to be paid represents that if the customer pays the amount within the discount period, he…

Q: Use the following question to answer a question that follows. Lorato and Loago’s Trial Balance as at…

A: Part 1: Answer:Based on the provided trial balance and additional information, we need to adjust the…

Q: Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30.…

A: a) Net purchases = $32,100 - $8,600 = $23,500 Discount on purchases = $23,500 * 2% = $470 Cash…

Q: Show how the following transactions for March 2024 will reflect in the ledger accounts of Mike…

A: After recording of all the transactions in the Journal, the next step is to transfer them to the…

Q: 1. Returned 20 widget product units (that were purchased on account) to the vendor who adjusted our…

A: The journal entries are the initial recording of the transaction in the books of accounts. It is…

Q: a customer, Gwen Rowe. On December 9, it received an $750 payment from Rowe. a. Make the appropriate…

A: Journal entries are passed using the golden rule of accounting Debit all assets and expenses…

Q: A book keeper recorded the purchase of office supplies on accounts as follows: Dr. Supplies expense…

A: Purchase of office supplies on accounts should be debited to Supplies expense and credited to the…

Question

Your Company sold $4,500 of inventory for $9,000 on account. Your customer paid its
bill on day 5. The entry that record the payment is
an asset exchange
an asset use
O a claims exchange
an asset source

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: Explanation of each option

VIEW

Step 2: Determining the correct option

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

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

prepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18,000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450
5. Jack's lawn care used the direct write-off method for accounting for uncollectible accounts. The company writes off $500 on Jane Doe's account. The journal entry to record this will include a debit of $500 to which account?
A business received or issued the following invoices and paid or received the invoiced amounts on the following dates: Invoice date Invoice amount Date paid or received Purchase 2.6.X4 R1,000 26.6.X4 25.6.X4 R1,500 2.7.X4 Sales 8.6.X4 R2,000 26.6.X4 29.6.X4 R3,000 7.7.X4 There is no inventory at the beginning or end of June. What is the difference between the profit for June calculated on a cash basis, and calculated on an accruals basis? A. Nil B. R1,000 C. R1,500 D. R2,500
question is attached in the ss blow thanks for help thlatpatphat ha arepoacited it top4ipt4op 4itp 4iyp4 o o4i y
Subject: acounting
Presented below are year-end adjusted account balances for Grouper Co. Insurance expense $11,160 Salaries and wages expense 55,230 Rent expense 22,430 Sales discounts 12,590 Inventory 26,260 Sales returns and allowances 15,640 Cost of goods sold 212,780 Sales revenue 411,350 Freight-out 7,930 Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Use the following question to answer a question that follows. Lorato and Loago’s Trial Balance as at 31 December 2001 Dr Cr Capital accounts: Lorato 100000 Loago 50000 Current accounts: Lorato 200 Loago 600 Cash drawings for the year: Lorato 15000 Loago 10000 Freehold premises at cost 50000 Inventory at 1 January 2021 75000 Fixtures and Fittings at cost 15000 Purchases and purchase returns 380000 12000 Bank 31600 Sales and sales Returns 6000 508000 Accounts receivables and accounts payables 52400 33300 Carriage inwards 21500 Carriage outwards 3000 Staff salaries 42000 VAT 8700 Office expenses 7500 Provision for doubtful debts 2000 Advertising 5000 Discounts received 1000 Discounts Allowed 1200 Bad debts 1400 Rent and business rates 2800 Accumulated provision for depreciation offixtures and fittings 3000 720000 720000 At 31 December 2021:a. Inventory on hand was valued at P68, 000b.…
an invoice for kitchen appliances is dated December 23 and is paid on January 14 of the following year. credit terms are 2/15,n/45 EOM. The total amount, $497.48 includes a charge for freight and insurance of $62.43. A. What amount should be paid? B.How much is credited to the buyer's account? C. Is any money still owed after the payment?