If there is a debit balance of $1,250 on X's account in the books of Y, what does this mean? A X owes $1,250 to Y B Y owes $1,250 to X C X has returned goods worth $1,250 to Y D X is owed $1,250 by Y
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If there is a debit balance of $1,250 on X's account in the books of Y, what does this mean?
A X owes $1,250 to Y
B Y owes $1,250 to X
C X has returned goods worth $1,250 to Y
D X is owed $1,250 by Y
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- choose the correct answer If the ending balance of accounts payable is ₱100,000 and the total debits and credits to that account during the period were ₱60,000 and ₱40,000, respectively, the beginning balance must be A. 0 B. 20,000 C. 80,000 D. 120,000' What is the normal balance of the purchase returns account? a. debit b. credit c. zero d. none of these A business sells goods on cash basis. This transaction is most likely recorded in which of the following special journals? a. Sales journal b. Purchases journal c. Cash receipts journal d. Cash disbursement journal1. Record the following transaction in the appropriate journal, ledger accounts andbalance off the accounts at 30 September 2020.Sept 3 Bought goods from Labu Enterprise6 Sold goods for cash of RM737 Bought motor vehicle by cheque for RM4,30011 Sold goods to Karas Sdn Bhd on credit for RM38013 Karas Sdn Bhd returned goods to Labu Enterprise worth RM14317 Returned goods to Labu Enterprise worth RM8320 Received cheque for RM60 from Karas Sdn Bhd on acount24 Bought office furniture by cheque for RM36527 Sent cheque to Labu Enterprise in settlement of account29 Sold goods to Sakun Enterprise on credit fro RM412Help me answer the 3 question 18. Which of the following situations will cause total debit balance to be greater than the total credit balance? Select one: a. The amount extracted from a creditor’s account is posted to the wrong side of the trial balance. b. Sales of goods are recorded as purchases of goods in the ledger accounts. c. The amount extracted from the account of a debtor, Mr. Lee is posted as P1,000 instead of P1,100 in the trial balance. d. The purchase of fixture is recorded in the furniture account. 19. Which of the following statements regarding a trial balance is incorrect? Select one: a. A trial balance proves that no errors of any kind have been made in the account during the accounting period. b. A trial balance is a list of all of the open accounts in the ledger with their balances as of a given date. c. A trial balance helps to localize errors within an identifiable time period. d. A trial balance is a test of the equality of the debit…
- 1. Record the following transaction in the appropriate journal, ledger accounts andbalance off the accounts at 30 September 2020.Sept 3 Bought goods on credit for RM846 from Labu Enterprise6 Sold goods for cash of RM737 Bought motor vehicle by cheque for RM4,30011 Sold goods to Karas Sdn Bhd on credit for RM38013 Karas Sdn Bhd returned goods to Labu Enterprise worth RM14317 Returned goods to Labu Enterprise worth RM8320 Received cheque for RM60 from Karas Sdn Bhd on acount24 Bought office furniture by cheque for RM36527 Sent cheque to Labu Enterprise in settlement of account RM16029 Sold goods to Sakun Enterprise on credit fro RM4121. Record the following transaction in the appropriate journal, ledger accounts andbalance off the accounts at 30 September 2020.Sept 3 Bought goods on credit for RM846 from Labu Enterprise6 Sold goods for cash of RM737 Bought motor vehicle by cheque for RM4,30011 Sold goods to Karas Sdn Bhd on credit for RM38013 Karas Sdn Bhd returned goods to Labu Enterprise worth RM14317 Returned goods to Labu Enterprise worth RM8320 Received cheque for RM60 from Karas Sdn Bhd on acount24 Bought office furniture by cheque for RM36527 Sent cheque to Labu Enterprise in settlement of account29 Sold goods to Sakun Enterprise on credit fro RM412Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered later
- T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.2. Tibet sells goods to Dempsey Ltd, on credit. Which accounts are to be debited and credited, respectively? a) Credit Sales A/c & Debit Inventoryb) Debit Receivables A/c - Dempsey Ltd & Credit Sales A/c c) Debit Equipment A/c & Credit Sales A/c 2. The asset - vehicle worth £21,200 will be depreciated by 10% at the end of the year. Which nominal accounts should be debited and credited, respectively? a) Debit Depreciation A/c & Credit Non-Current Asset A/c b) Debit Inventory A/c & Credit Depreciation A/c c) Debit Balance Sheet A/c & Credit Profit or Loss A/c1. X purchased goods for AED 2000/- on 15 days credit. In this transaction cash A/c tobe reduced by AED 2000/- False True 2. All the expenses Pertaining to the revenue of that period is considered as per a).Entity concept c). Matching concept d). Going concern concept b). Accrual Concept 3. Inflation effect in the transaction is ignored as per the Matching principle Dual aspect concept Monetary concept Going concern concept
- The company made a sale of goods for RO. 15000 (cost RO 10000) and received 30% in cash and balance on the account. Whích of the following is the correct presentation on the accounting equation?Journalize the following transactions.2018Jan. 1 Started business with P10 000. 3 Deposited P5 000 into bank. 4 Purchased goods for P14 000. 8 Purchased goods of P18 000 from Hulela. 11 Sold goods for P18 000. 14 sold goods of P14 000 to Gabrieal. 16 Paid P13 000 to Hulela on account. 18 Gabrieal returned goods of P2 400 to us. 21 Returned goods of P1 250 to Hulela. 23 Withdrew P1 500 from the bank. 24 Received P4 000 from Gabrieal on accountHow much does Wilma pay Bedrock Wholesale on October 30? How would Bedrock Wholesale record the October 31 transaction? a. Decrease Cash and Accounts Payable, and increase Inventory. b. Decrease Cash and Inventory, and increase Accounts Payable. c. Decrease Cash and increase both Inventory and Accounts Payable. d. Decrease Cash and Accounts Payable only e. Decrease Cash, Inventory, and Accounts Payable. Enter the letter that corresponds to your choice. (A B C D E) How much does Bedrock Wholesale pay Barney on October 31?