30 Delivery ExpenseGuide Questions:1. Can you still recall the account tittles that can be seen in the chart of accounts?2. What are the normal balances of these accounts?3. When to debit or credit the accounts?Activity 2 Rules of Debit and CreditInstruction: Complete the table below. The first item has been done for you. Guide Questions1. What is a business transaction?2. Can you differentiate a financial from a non-financial transaction?3. Why do we need to analyze business transactions?Activity 2 Analysis of Simple Business TransactionInstructions:

Hi student Since there are multiple questions, we will answer only first question.

Answered: 1. What is a business transaction?

Business

Accounting

1. What is a business transaction?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter4: Journalizing And Posting Transactions

Section: Chapter Questions

Problem 3SEB: GENERAL LEDGER ACCOUNTS Set up T accounts for each of the general ledger accounts needed for...

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Question 5 Catherine’s Cookies has a beginning balance in the Accounts Receivable control total account of RO8,200. RO15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of RO12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
Question 4. This question can be copied directly into your Word document. Your typing will be minimal. Part a. Complete the form below to age the accounts receivable. Provide the necessary end-of-year journal entry. You need to fill in the “Totals” row, the “Dollar amount” row, and prepare the journal entry. Aging of accounts receivable (also called the balance sheet method) Age 1-30 days 31-60 days 61-90 days Over 90 days Totals Smith 60,000 Jones 20,000 10,000 White 10,000 Brown 40,000 Green 30,000 LeBlanc 50,000 Pelletier 10,000 Totals 230,000 Estimated uncollectible 1% 2% 10% 50% Dollar amount The Allowance for doubtful accounts currently has a credit balance of $800. Journal entry to adjust for bad debts: Dec. 31…
Mastery Problem Analyzing transactions into debit and credit parts LO4, 5The T accounts for Gardens Plus are in your Working Papers.Instructions:1. Using only one set of T accounts, analyze each transaction into its debit andcredit parts. Write the debit and credit amounts in the proper T accounts toshow how each transaction changes account balances. Write the date of thetransactions before each amount. Selected transactions for Gardens Plus forApril are given as an example of how to use only one set of T accounts.Chapter 2, Problem 1MP, Mastery Problem Analyzing transactions into debit andcredit parts LO4, 5 The T accounts for GardensMay1. Received cash from owner as an investment, $3,700.00.2. Paid cash for rent, $600.00.4. Paid cash for supplies, $400.00.4. Received cash from sales, $950.00.5. Paid cash for insurance, $375.00.8. Sold services on account to Lee Chen, $800.00.9. Bought supplies on account from Sullivan Supplies, $300.00.10. Paid cash for repairs, $85.00.11. Received…
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Question 28 The sum of customers' unpaid balances that is compared to the general ledger comes from: the total of sales invoices a total of shipping orders the sales journal the accounts receivable trial balance