A business purchases $3,500 of supplies for cash. Which of the following sets of ledger accounts reflects the posting of this transaction?○ A.Supplies3,500О в.Cash3,500SuppliesCash3,5003,500○ C.○ D.Supplies3,500Supplies3,500Accounts Payable3,500Accounts Payable3,500

The objective of this question is to identify the correct set of ledger accounts that would reflect…

Answered: A business purchases $3,500 of supplies…

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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Lyons made a P 500 cash withdrawal for his own use. Which of the following reflects the proper journal entry for this transaction? A. Debit Cash P 550; credit Loan Payable P 500 B. Debit Drawing Expense P 500; credit Cash P 500 C. Debit B. Lyons Drawing P 500; credit Cash P 500 D. Debit Cash P 500; credit Withdrawals P 500
Compute for the following using the data provided below: Cash on Hand – P23,500 Cash in Bank – P226,000 Accounts Receivable – P12,500 Allowance for Bad Debts – P2,500 Merchandise Inventory, Beg – P8,200 Merchandise Inventory, End – P8,500 Prepaid Insurance Expense - P4,800 Long-term Loans Receivable - P60,400 Equipment – P45,600 Fixture and Furniture – P118,900 Acc. Depreciation – P26,800 Land – P350,000 write your answer using this format " 123,456 " Total Current Assets: Net Property, Plant and Equipment: Total Non-current Assets: Total Assets:
required: please answer this question by choosing the right options.
Lycamobile Indicate how each of the items below should be reported using the following classifications: (a) cash, (b) restricted cash, (c) temporary investment, (d) receivable, (e) liability, or (f) office supplies. (1) Checking account at First Security $ (20) (2) Checking account at Second Security. 350 (3) U.S. t-bills.... 650 (4) Payroll bank account 100 (5) Sales tax bank account 150 (6) Foreign bank account-restricted (in equivalent U.S. dollars) 750 (7) Postage stamps... (8) Employee's postdated check 22 30 (9) IOU from president's brother 75 (10) Credit memo from a vendor for a purchase return 87 (11) Traveler's check. 50 (12) NSF check. 18 (13) Petty cash fund ($16 in currency and expense receipts for $84) 100 (14) Money order. 36
Triple Company's accountant made an entry that included the following items: debit postage expense $12.52, debit office supplies expense $27.43, debit cash over/short $2.29. If the original amount in petty cash is $322, how much was the credit to cash for the reimbursement? Multiple Choice $203. $322. $42.24. $39.95. $29.72.
Kindly put this in a general ledger sheet. Thankyou.
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Muscat Supplies LLC returned goods worth OMR 2,800. Which books of prime entry will record the above transaction? a. Purchase journal b. Cash disbursement journal c. General journal d. Sales journal
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A business purchases $3,500 of supplies for cash. Which of the following sets of ledger accounts reflects the posting of this transaction? ○ A. Supplies 3,500 О в. Cash 3,500 Supplies Cash 3,500 3,500 ○ C. ○ D. Supplies 3,500 Supplies 3,500 Accounts Payable 3,500 Accounts Payable 3,500