9:17 OA 51%Activity 1.3 Identify Me T-accountsState whether the following T-accounts have normal balance or not.1.2.CASHACCOUNTS RECEIVABLE12345,000.0010,800.0010,000.003,000.0015,000.008,000.001,000.0013,000.0015,000.0020,000.002,000.006,000.00379,000.0011,800,00367,200.004.ACCUM. DEPRN -BLDG125.000.00125,000.00LAND250,000,00250,000.006.SERVICE REVENUE5.34,500.0030,000.001,000.00CRUZ, CAPITAL500,000.00500,000.0018,000.0083,500.007.8.RENTAL EXPENSESSALARIES EXPENSE5.000.006,000.0010,000.001,000.001.000.009,000.0010.INTEREST EXPENSETAXES AND LICENSES2,000.005,000.002,300.003,000.002,300.00

The Different accounts in accounting are classified with debit and credit balances.

Answered: 345,000.00 10,800.00 10,000.00 3,000.00…

Financial & Managerial Accounting

14th Edition

ISBN:9781337119207

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter8: Receivables

Section: Chapter Questions

Problem 8.21EX: Entries for notes receivable The series of five transactions, A through E, recorded in the following...

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Entries for notes receivable The series of five transactions recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction. Cash Notes Receivable (e) 76,500 (c) 75,000 (d) 75,000 Accounts Receivable Cost of Goods Sold (a) 75,000 (c) 75,000 (b) 45,000 (d) 75,400 (b) 75,400 Inventory Interest Revenue (b) 45,000 (d) 400 (e) 1,100 Sales (a) 75,000
q. 13 A company has $628 in inventory, $1,921 in net fixed assets, $300 in accounts receivable, $141 in cash, and $354 in accounts payable. What are the company’s total current assets? $769 $1,069 $2,990 $1,123 $1,423
q. 12 A company has $1,357 in inventory, $4,800 in net fixed assets, $646 in accounts receivable, $286 in cash, $602 in accounts payable, and $5,395 in equity. What is company’s long-term, debt? $1,694 $1,271 $1,650 $1,129 $1,092
PB14. LO 3.5Post 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. sold products to customers for cash, $7,500 sold products to customers on account, $12,650 collected cash from customer accounts, $9,500
Chapter 7 p. 514 Problem Set A PA3 The following transactions occurred for Donaldson Inc. during the month of July. Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13Jul. 8 Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178Jul. 9 Received payment from Palm Springs Inc.Jul. 22 Received payment from Smith Mfg. after expiration of the discount period Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger. SALES JOURNAL Page 22 Date Account Invoice No. Ref. DR Accts. Receivable CR Sales DR COGS CR Merchandise Inventory 2019 Jul. 1 Palm Springs Inc. (312) 12 ???? 2,000.00 Jul. 8 Smith Mfg (178) 14 ???? 2,500.00 Date…
Chapter 7 p. 514 Problem Set A PA3 The following transactions occurred for Donaldson Inc. during the month of July. Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13Jul. 8 Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178Jul. 9 Received payment from Palm Springs Inc.Jul. 22 Received payment from Smith Mfg. after expiration of the discount period A. Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger. SALES JOURNAL Page 22 Date Account Invoice No. Ref. DR Accts. Receivable CR Sales DR COGS CR Merchandise Inventory 2019 Jul. 1 Palm Springs Inc. (312) 12 2,000.00 Jul. 8 Smith Mfg (178) 14 2,500.00 ASH RECEIPTS…
Entries for notes receivable The series of five transactions, A through E, recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction.

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