2. ABC Cleaning Company paid rent of $900, check #102. Which accounts are affected? Is it an increase or decrease to the account? Where will the debit and credit be reported?
Q: iven a bill, and the customer mails in a cheque for payment on December 5th. he dress shop receives…
A: Under the accrual basis of accounting, revenues and expenses are recognized in the period in which…
Q: 7. ABC Cleaning Company bought supplies on account from XYZ Corp for $280. • Which accounts are…
A: The journal entries are prepared to record daily transactions of the business.
Q: The accounts in the ledger of Hickory Furniture Company as of December 31, 2019, are listed in…
A: At the end of the financial year, before financial statements are prepared, a trial balance is…
Q: On October 1, the accounts receivable account balance was $51,400. During October, $447,200 was…
A: Given, Beginning balance of accounts receivable = $51,400 Cash collections = $447,200 Ending balance…
Q: The following errors occurred in posting from a two-column journal:1. A credit of $6,000 to Accounts…
A: The error that would cause the trial balance to be out of balance, the amount by which the trial…
Q: 3. Completed cleaning services for K. Hill and was paid $200. Which accounts are affected? Is it an…
A: The providing of services means to do some work for other person or entity in order to earn money.
Q: A company had the following transactions: 1. Paid $220 for office supplies using a debit card. 2.…
A: Increase in assets should be debited and decrease in assets should be debited. Increase in…
Q: On November 30, JT's Consulting Services wrote Check 1004 for $7,000 to prepay ? rent for December…
A:
Q: If a cash purchase of an office uipment for P50,000 was debited office supplies expense by the me…
A: Solution: The effect of this journalization in the trial balance is "it require correction in…
Q: Consider the recorded transactions below. Debit Credit 1. Accounts Receivable 7,800 Service Revenue…
A: PLEASE LIKE THE ANSWER when asset is debited, it will increase when asset is credited, it will…
Q: There’s 4 entry’s The last 3 are Record the payment of an account payable which was correctly…
A: Journal entries shows the recording of transactions during an accounting year and every transaction…
Q: Stewart Company received utility bill for the current month of $900 and paid it. Which two…
A: For Every Transaction, two or more accounts will be affected. and for every transaction there will…
Q: Valley Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: A.During February, $186,500 was paid to creditors on account, and purchases on account were…
A: Here in this question we are require to find the remaining balance in the ledger. When this type of…
Q: On November 10, JumpStart Co. provides $1,820 in services to clients. At the time of service, the…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Windsor, Inc. had the following transactions. 1. Borrowed $ 6,184 from the bank by signing a…
A: When we borrow money by signing notes payable, cash or bank will increase and Notes payable will…
Q: When a company pays cash to buy supplies, for $750, the journal entry to record this transaction…
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: Your company just hired a new employee who is unsure about proper accounting procedures. There was a…
A: Credit terms 3/15, n/60 means that customer will get a discount of 3% if payment is made within 15…
Q: Reliable Movers had the following account balances, in random order, on December 15, 2002 (all…
A: Journal Entry The purpose of providing the journal entry to enter the required transaction which has…
Q: trial balance
A: following situations will cause total debit balance to be greater than the total credit balance…
Q: On November 30, JT's Consulting Services wrote Check 1004 for $7,000 to prepay ? rent for December…
A: A journal entry records a transaction in the accounting system for an organization. Generally There…
Q: Chart of Accounts On March 1, it was discovered that the following errors took place in journalizing…
A: Rectification of error in entries means to correct the entries which are wrongly recorded in the…
Q: Mike Smith paid the $200 that he owed for cleaning services that he got on account. Which accounts…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The accounts in the ledger of Hickory Furniture Company as of December 31, 2019, are listed in…
A: Trial balance: This is a statement in which all the year-end account balances of a business are…
Q: Broadmor Industries collected $7,500 from a customer on account. What journal entry will be prepared…
A: Given that, Cash collected from customer on account = $7,500 Customer on account are those…
Q: Bennett Company paid balance due of $3,000 on equipment that had been previously purchased on…
A: For above transactions, following two accounts are affected Account Payable Cash Account Payable…
Q: When a company pays cash to buy supplies, for $750, the journal entry to record this transaction…
A: Journal entry is used to record the transaction by using double entry system and every transaction…
Q: na Colada Corp. had the following transactions. 1. Borrowed $5,065 from the bank by signing a…
A: Transaction: A translation in business refers to any events that affect the financial position of…
Q: On November 10, JumpStart Co. provides $2,260 in services to clients. At the time of service, the…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: On November 28, JT's Consulting Services purchased supplies for $3,000, Check 1002. Which account is…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Sato Consulting Services paid $1,500 to Office Supplies Mart, Inc, as payment on account for Invoice…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: I need prepare a journal entry with this information 1)The amount of $ 300.00 of the prepaid…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: True Value is a company providing cleaning services to customers amounting to OMR 4,500 on credit,…
A: Services are provided on account, so cash will not be debited. Instead accounts receivable will be…
Q: During February, $186,500 was paid to creditors on account, and purchases on account were $201,400.…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: 10. ABC purchased $8,000 worth of equipment from EMT Inc.. They paid $5000 with check #105 and put…
A: As per accounting equation of the business, total assets in the business should be equal to total…
Q: Pina Colada Corp. had the following transactions. 1. Borrowed $5,065 from the bank by signing a…
A: SOLUTION- A TRANSACTION IN BUSINESS REFERS TO AN ANY EVENT THAT AFFECTS THE FINANCIAL POSITION OF…
Q: Consider the following transactions by a corp On July 5, billed a customer for $6700 for services…
A: The transaction, which is measurable in monetary terms, is an economic event with a third party…
Q: On April 25th, provided service for OMR 6,000 on the account. The Journal Entry :should be اخترأحد…
A: Preparation of journal entry as follows under:-
Q: From page 5-6 of the VLN, when does a company write off an account? Group of answer choices A. At…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: 10. David Debit has performed 5700 of accounting services for a client but has not yet billed the…
A: Introduction: Journals: Each and every business transactions are to be recorded in Journals.…
Q: a. During February, $93,400 was paid to creditors on account, and purchases on account were…
A: a. Determine the account payable balance on February 1.
Q: 4. The following is extracted trial balance of Grey Grig Ltd as at 30 June 2019. Grey Grig Ltd Trial…
A: Cost of goods sold=Opening stock+Purchases-Closing stock=RM 0 + RM 245,950-RM 29,304=RM 216,646
Q: Record the services provided on August 12, the sales allowance on August 16, and the cash collection…
A: Journal: Recording of a business transactions in a chronological order. First step in the…
Q: leaning Company purchased office equipment for $1,500, chec #101. Which accounts are affected? s it…
A: The journal entries are prepared to record daily transactions of the business.
Q: On November 30, JT's Consulting Services wrote Check 1004 for $7,000 to * ?prepay rent for December…
A:
Q: Muscat Company Paid R.O 4, 000 on balance owed for Account Payable incurred last month. Which of the…
A: It is the first step of the recording of the transaction in the business’s accounts.
Q: Nizwa Shopping Center received RO 2,000 for equipment sold on account last month. The company should…
A: When the equipment was sold Accounts receivable account would have been debited for RO 2,000 for the…
Q: 4. Completed cleaning services on account for Mike Smith and billed him $200. Which accounts are…
A: Services rendered are recorded as revenue. It is an adjusting entry to record the revenue.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Which of these transactions requires a credit entry to Revenue? A. received cash from services performed this month B. collected balance due from customers C. received cash from bank loan D. refunded a customer for a defective productPost the following February transactions to T-accounts for Accounts Receivable and Cash, indicating the ending balance (assume no beginning balances in these accounts). A. provided legal services to customers for cash, $5,600 B. provided legal services to customers on account, $4,700 C. collected cash from customer accounts, $3,500Post the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and Cash, indicating the ending balance. Assume no beginning balances in these accounts. A. on first day of the month, sold products to customers for cash, $13,660 B. on fifth day of month, sold products to customers on account, $22,100 C. on tenth day of month, collected cash from customer accounts, $18,500
- Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalPost the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and Cash, indicating the ending balance. Assume no beginning balances in these accounts. A. sold products to customers for cash, $7,500 B. sold products to customers on account, $12,650 C. collected cash from customer accounts, $9,500Stewart Company received utility bill for the current month of $900 and paid it. Which two accounts are affected? What kind of accounts are they? Do the account balances increase or decrease? Increase Decrease Increase Decrease Do we debit or credit the accounts? Debit Credit Debit Credit
- What is the correct balance of each account below and it the balance a debit or a credit? -The pencil footings for Accounts Payable were debits of $5,320 and credits of $8,800. - A debit of $180 to Prepaid Rent was not posted. - Office Supplies bought for $60 was posted as a credit to Office Supplies -A debit of $120 to Accounts Receivable was not posted. -The pencil footing of the credits to Cash was overstated by $400. And a cash payment of $420 was credited to Cash for $240.saction: Stewart Company received utility bill for the current month of $900 and paid it. Which two accounts are affected? What kind of accounts are they? Do the account balances increase or decrease? Increase Decrease Increase Decrease Do we debit or credit the accounts? Debit Credit Debit CreditBennett Company paid balance due of $3,000 on equipment that had been previously purchased on account. Which two accounts are affected? What kind of accounts are they? Do the account balances increase or decrease? Increase Decrease Increase Decrease Do we debit or credit the accounts? Debit Credit Debit Credit
- 3. Completed cleaning services for K. Hill and was paid $200. Which accounts are affected? Is it an increase or decrease to the account? Where will the debit and credit be reported?29) During the month of April 2018, the business paid cash of RO 15,500 to John mart, but it is wrongly debited to the account of Jack mart. As an accountant, what is the rectified entry would you write to correct this error? a. Jack mart RO 15,500 Dr / John mart RO 15,500 Cr b. John mart RO15,500 Dr / Jack mart RO 15,500 Cr c. Jack mart RO 15,500 Dr / Account payable RO 15,500 Cr d. John mart RO 15,500 Dr / Account payable RO 15,500 Cr1. What is the ending balance of the accounts payable account after posting and pencil footing the ledger? A. 10,000 debit balance B. 12,000 debit balance C. 10,000 credit balance D. 12,000 credit balance 2. What is the balance of the office equipment account after pencil footing the ledger? A. 83,000 debit B. 40,000 debit C. 65,000 debit D. 43,000 debit 3. . What is the balance of the accounts receivable after pencil footing the ledger? A. 38,000 debit B. 18,000 credit C. 20,000 debit D. zero balance
