As the manager of Margatita Mexican Restaraunt, you must deal with business transactions. Provide an explanation for the following transactions A. debit equipment and credit cash B. debit Garcia, withdrawals and credit cash C. Debit wages payable and credit cash D. debit equipment and credit garcia, capital E. debit cash and credit unearned revenue F. debit advertising expense and credit cash G. debit cash and credit service revenue

Q: Which of the following entries records the receipt of cash from clients on account? a.Accounts…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Which of these transactions requires a debit entry to Cash?A. paid balance due to suppliersB. sold…

A: Cash is one of the asset held by the business, for which normal balance is debit balance. Any…

Q: sources of input data may include all of the following business documents except : a- sales invoice…

A: Sources of input data is the the invoice or any other form of data from which data of a transaction…

Q: Which of the following accounts will be used in equation, if the goods are sold on credit to Mr.…

A: The basic accounting equation is Assets = liabilities + equity   If an asset is account is…

Q: 24-Which of the following is an example of Expense of a Merchandise Business? a. Accounts receivable…

A: Introduction: Expenses: For running the day to day business activities several expenses have to be…

Q: REQUIRED: IDENTFY ONE ACCOUNT AND ONE ASSERTION FOR EACH CONDITION (IDENTIFY EITHER THE DEBIT OR…

A: Journal entries: It is the duty of the accountant to record business economic and non-economic…

Q: Graeter’s uses information to track cash, sales revenue, and expenses on a daily basis. How does…

A: As a result of technological advancement, many businesses have begun using technology in almost…

Q: 1. Which of the following is not a difference between a retail business and a service business?…

A: Accounting Equation:  Assets = Liabilities This equation is same for every business.  it does not…

Q: Which of the following correctly matches the activity with its type? Group of answer choices A.…

A: The question is based on the concept of Cashflow Statements.

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: You are required to prepare a reflection paper that incorporates your answers to the following…

A: Here are discussing the factors of the Accountant which are important to the business as well.  The…

Q: Which among the following are transactions that are settled by immediate cash payment and cash…

A: Which among the following are transactions that are settled by immediate cash payment and cash…

Q: According to concept of accounting, financial or business transaction is recorded: a ) when cash is…

A: in accounting is recording business transactions and arranging and preparing and storing bussiness…

Q: The accountant of South Boot Company recorded a transaction by debiting Accounts Payable and…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Which of the following journal entry is True when the owner of a business invested cash in the…

A: The primary reporting of the transactions in the books is to be made through journal entries.

Q: What is the GL entry when a company receives a payment from a customer? Debit revenue, credit…

A: General ledger entry for receiving a payment from a customer means entry for amount received from…

Q: Analyze the following summary. Ignore HST. Complete the chart. Required Accounting Entry Nature of…

A: Entries are used to maintain track of the financial transactions. To generate a journal entry, you…

Q: Design a report to assist in managing credit sales and cash collections. d) What types of journals,…

A: c.  Design a report to assist in managing credit sales and cash collections To assist with managing…

Q: Identify the entry below that records the purchase of office supplies on account. debit Office…

A: Office supplies refers to small items used by office of a company such as staples, paper, files etc.…

Q: Complete the below table indicating (a) whether each transaction increases (+), decreases (-), or…

A: Cash transaction means the transaction in which the cash payment or cash receipt is involved. It…

Q: elow are some typical transactions incurred by Ricketts Company. or each transaction, indicate…

A: There are 5types of journals where we record all the transactions-  Cash receipts journal Cash…

Q: Question 1 In the table below are a number of business needs/activities. Determine the roles and…

A: A working business will have many transactions taking place each day, which are pre-requisite for…

Q: either the word "debit" or the word "credit." A. The Bank account normally has a B. A revenue…

A: Debits and credits seem to be the opposite aspects of an accounting journal entry. Whenever accrual…

Q: secure means of storing money in which individuals or business can deposit or withdraw money as…

A: The financial institute is an institute that deals in all types of financial services and with…

Q: Identify the items from the following list that are likely to serve as source documents. Is this a…

A: >Analyzing and recording the transaction is the first stem in the Accounting…

Q: . A cash remittance from the branch to the home office is recorded by the home office as a. Debit…

A: Cash Remittance from branch to home Office is recorded by the Home office as   Journal Entry will be…

Q: 2) In the accounting cycle, after examining source documents and recording transaction an accounting…

A: The accounting cycle refers to the chronology of steps taken by an accountant or account writer…

Q: which statement is true about the operating cycle a. the time needed from acquiring inventory from…

A: The operating cycle is the average period of time or days required for a business to make an initial…

Q: Prepare a balance sheet in a narrative format based on the following list of information, as shown…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: Which one of the following is not a nominal account? A. purchases account B. sales account C.…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: When posting the column totals of a cash payments journal, a debit should be posted to a.Unearned…

A: answer  c    Account  Payable is right answer.

Q: 1. Transactions involving the payment of cash for any purpose are usually recorded in a cash…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: or a retail business,which of the following is not part of its operating cycle? A.obtaining capital…

A: The operating cycle refers to the whole process cycle, which begins with the purchasing and ends…

Q: You were hired to assist Oman based Company in designing an accounting system for Oman Co., Ltd. has…

A: We will answer only first three subparts of the question as it is not specified which sub part is to…

Q: Among the transactions of Beeler, Inc., were the following:a. Made payments on accounts payable to…

A: Cash flow statement is a statement which provides details of all cash inflows and cash outflows…

Q: sources of input data may include all of the following business documents except : a- sales invoice…

A: Source document refers to the document of original record, that is recorded when it is collected for…

Q: Using the double entry system, together with the accounting equation, determine what debits and…

A: Double entry system is one of the system used in accounting process. This system that for every…

Q: What does the phrase "Revenue is recognized at the point of sale" mean? (Assume the company reports…

A: Accrual Basis of Accounting: The accrual basis of accounting is a method of accounting where the…

Q: Which of the following transactions will increase an asset and increase stockholders’ equity?a.…

A: Stockholder' equity is the measure of benefits staying in a business after the sum total of what…

Q: Required Given that prudence is the main consideration, discuss under what circumstances, if any,…

A: Accrual Basis of accounting refers to the accounting, where the transactions are recorded as and…

Q: Wilcox Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash…

A: Sales journal records sales on credit. Cash receipt journal records all cash receipt transactions.…

Q: Which of the following journal entry is True when the business received cash for services provided?…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Consider the following statements. For each one of them state whether the statement is true or false…

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: Business makes payment of Bank loan. Which of the following is the correct journal entry? a. Dr Bank…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…