8. ABC Cleaning Company paid off the $280 they owe to XYZ Corp,check #104.• Which accounts are affected?Is it an increase or decrease to the account?Where will the debit and credit be reported?OkayYou

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Answered: ABC Cleaning Company paid off the $280…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...

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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 Cr
XYZ Company's bank statement shows an ending balance of $20,000. However, the company's records show an ending balance of $18,500. After comparing the two, XYZ Company found that the bank had deducted a $1,500 service charge, and had deposited $2,000 for a customer's payment directly into the company's account. What is the adjusted balance per the company's records?
The ending balance of the Accounts Receivable account was $12,000 and the beginning balance was $14,000. Collections from customers were $22,000. What was the amount of services billed to customers? a. None of the other alternatives are correct b. $26,000 c. $22,000 d. $34,000 e. $46,000
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 Credit
Q: The management determined that the amount due from a customer, MYTOM Limited, $50,000 is uncollectible as the company has closed down. Is it allowance for doubtful debts or bad debts?
3. What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its normal balance a debit or a credit? 4. After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $673,400 and Allowance for Doubtful Accounts has a balance of $11,900. Describe how the accounts receivable and the allowance for doubt-ful accounts are reported on the balance sheet.
Bennett 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
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.
On August 1, 20x1, your company provided lawn service to Duke's Basketball Camp for $35.99. Mr. Duke paid you with a check immediately upon the completion of the service. When you looked at the Accounts Receivable Aging report at the end of the month, you noticed that Duke's Basketball Camp still had an open balance. Per review of the activity in Duke's account, what was wrong with the transaction on August 1?
an excerpt from trial balance of ABC company shows the following: accounts receivable 1,000,000 allowance for bad debts 100,000 it is the company's policy to provide 2% of the net amount of accounts receivable as bad debts determine the following: 1. HOW MUCH IS THE AMOUNT OF ADJUSTING ENTRY FOR BAD DEBTS BASED ON COMPANY'S POLICY 2. WHAT IS THE ACCOUNT TO BE CREDITED ON ADJUSTING ENTRY? 3. HOW MUCH IS THE NET BALANCE OF ACCOUNTS RECEIVABLE AFTER THE ADJUSTMENT? CHOOSE FROM THE FOLLOWING ACCOUNTS FOR THE JOURNAL ENTRIES: bad debts expense accounts receivable allowance for doubtful accounts
On December 1, Anson's Drug Store concluded that a customer's $325 account receivable was uncollected and that the account should be written off. What effect will this write-off have on the company's net income and balance sheet totals assuming the direct write-off method is used to account for bad debts? a. decrease in net income; decrease in total assets b. no effect on net income; no effect on total assets c. increase in net income; no effect on total assets d. no effect on net income; decrease in total assets
Which of the following accounts decreases with a debit? A) notes payable B) cash C) accounts receivable D) rent expense For expenses, the category of account and its normal balance is ______ A) assets and a debit balance B) equity, and a credit balance C) equity, and a debit balance D) assets, and a credit balance Ranger pool company received cash of $40,000 and issued common stock which of the following accounts will be credited? A) cash B) accounts receivable C) common stock D) accounts payable

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ABC Cleaning Company paid off the $280 they owe to XYZ Corp, check #104. Which accounts are affected? Is it an increase or decrease to the account? Where will the debit and credit be reported?