Indicate whether the general ledger accounts will be debited or credited when recording the following entries: Settle the telephone account of R 250 Accounts payable: DEBIT Accounts payable: CREDIT
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- Allowance method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:Prepare the four closing entries for the following adjusted trial balance, using the journal on the next page. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense Debit $ 8,000 17,500 3,000 172,000 85,000 20,000 23,500 61,000 8,000 12,000 Credit $ 36,000 12,000 4,000 58,000 30,000 140,000 130,000Indicate whether the general ledger accounts will be debited or credited when recording the following entries: Sell goods to a customer for R500 Debtors: DEBIT Debtors: CREDIT
- Indicate whether the general ledger accounts will be debited or credited when recording the following entries: Settle the telephone account of R 250 Bank: DEBIT Bank: CREDIT Please avoid image based solutions thnkuWhy did you select those customer accounts? also how to use a cell reference to enterthe answer for the 1st question? ( Whatis the dollar amount of total receivables? Use a cell reference to input your answer)Account Titles and Explanation (To record sales on account) (To record collection of accounts receivable) Debit Credit 100
- Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written offIdentify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts: __________ Note Receivable. _______ Accounts Payable.Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $80 par (100,000 shares authorized, 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 87,500 shares of treasury common for $8 per share. b. Sold 55,000 shares of treasury common for $11 per share. c. Issued 20,000 shares of preferred 2% stock at $84. d. Issued 400,000 shares of common stock at $13, receiving cash. e. Sold 18,000 shares of treasury common for $7.50 per share. f. Declared cash dividends of $1.60 per share on preferred…
- A Cheque Log can be printed for the cheques received from customers. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an a a True b. FalseWhich one of the four methods of payments creates an accounts receivable? Select one: a. cash in advance b. open account c. draft d. letter of creditIndicate how changes in the following types of accounts would be recorded (Dr for debit; Cr for credit). Table 3.18