Le Univ of Mass* Cengage D:A QuickLaunchK myCourses Da: xIn Federa xUMassD Logor xucation.comSavedeworkView transaction listJournal entry worksheet10< 1 23468Paid $124,074 cash on accounts payable.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditd.Record entryClear entryView general journal< Prev3 of 9Next >earch近

General Journal debit $ credit$ accounts payable 1,24,074 To cash 1,24,074

Answered: Paid $124,074 cash on accounts payable.…

Business

Accounting

Paid $124,074 cash on accounts payable. Note: Enter debits before credits.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 13MC: Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would...

See similar textbooks

Related questions

Q: The general ledger of Pop's Fireworks includes the following account balances in 2021: Accounts…

A: Discount on June 8 : = $ 9000 * 2% = $ 180

Q: On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 40.000 TL and exchange…

A: When a company buys and/or sells goods and services in a foreign currency, the value of that…

Q: These figures relate to receivables: Balance at 1/1/X1 $2,500 Balance at 31/12/X1 $2,000 Cash…

A: We have the following information: Balance at 1/1/X1: $2,500 Balance at 31/12/X1: $2,000 Cash from…

Q: Starboy Company has the following data relating to accounts receivable for the year ended December…

Q: Received $4,000 in cash from credit clients on their accounts. Which account is ?debited Cash…

A: "Debit what comes in, Credit what goes out" is the second golden rule of accounting which is to be…

Q: ne above 7. What is the adjusted cash in bank balance on December 31? 8. The net adjustment to cash…

A: Solution: Introduction: For the purpose of reconciliation of balances in book and bank balances, a…

Q: Performing service of $500 with receiving half of the balance as cash and the remaining on account…

A: Journal entry is a set of economic events which can be measured in monetary terms. These are…

Q: t the beginning of the period, International Accounting Standards Board (Board) had a cash balance…

A: Solution: Ending cash balance = Beginning cash balance + Collection of accounts receivables -…

Q: Kraft Enterprises owns the following assets at December 31, 2017. Cash in bank - Savings Account…

A: Certificates of deposit will be classified as temporary investments, but not cash.

Q: On December 31, 2019 Ivan Company showed the following current assets: Cash 3,200,000 Accounts…

A: Adjusted balance of accounts receivable = Customer’s debit balances + customer deposit + customer…

Q: TS TaeKook Co. provided the following data on December 31, 2020: Cash- P1,800,000 Accounts…

A: Adjusted cash balance 1,400,000 Adjusted Balance of Account Receivable 2,600,000 Answer : D…

Q: (d) The company collects $4,500 of the $18,000 of accounts that was determined to be uncollectible…

A: When bad debts are written-off using the allowance method, the allowance account reduces and is…

Q: ABC Co.'s July bank statement shows a $5,450 cheque received from customer Ms. Mary Opal for…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: The general ledger showed a bank account balance of P920,000. What amount should be reported as…

A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Q: Recorded cash from cash clients for fees earned for the period january 17-24, RM1,850

A: Given transaction is: Cash received from cash clients for fees earned for the period january 17-24,…

Q: Record the entry: Paid $774 cash in supplies

A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…

Q: On April 30, a company’s bank statement had an ending balance for cash of $43,352. The cash balance…

A: The bank reconciliation statement is prepared to adjust the balance of cash book and pass book.

Q: A company shows an ending balance of $790. The bank statement shows a $14 service charge and an NSF…

A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…

Q: 1.How do you consider post-dated check in the statement of financial position? A.cash and cash…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Shan Enterprises received a bank statement listing its May 31, 2018, bank balance as $47,582. Shan…

A: Correct cash balance = Bank balance + Cash receipts not yet deposited - checks outstanding

Q: On June 30, a company has currency of $1,236, a checking account with $45,877 on deposit, and a CD…

A: Cash and cash equivalents are the balance-sheet line items that indicate the value of a company's…

Q: On 31 July the Pass book of BAC LLC reported balance of RO 8750. Cheques deposited in bank awaiting…

A: Introduction: BRS: BRS stands for Bank Reconciliation statement. To reconcile the differences…

Q: On June 1, 2022, Sheffield Corp. reported a cash balance of $44520. During June, Sheffield made…

A: Cash balance is recorded in cash book. It has debit balance in accounting books. If it increases, we…

Q: A Company's Checking account has a balance of $7,575 on its bank statement as of May 1. The bank…

A: Bank balance is also one of the asset for the business. Interest earned on bank deposit will be…

Q: The receipt of cash on account of $4,500 was recorded as a debit to Cash for $9,000 and a credit to…

A: Accounts receivable is the money due to the company due to the credit sales made by the company…

Q: Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as…

A: Journal Entry: Journal entry is the act of keeping records of transactions. Transactions are listed…

Q: Following information pertains to the Cash in Bank account of VKS Company for the month of April…

A: Adjusted balance of cash as of April 30, 2021 = $32,180

Q: On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 40.000 TL and exchange…

A: On hand TL = On hand $ x exchange rate = $30,000 x 1.25/$1 = 37,500TL Forex loss = Account balance -…

Q: 4.Debit balance as per cash book of Hopinks Co as on 30th April 2019 is $1500.Cheques deposited but…

A: Thus, the adjusted balance is $1,525.

Q: The cash in bank of Loveleen Company on December 31, 2018 has a balance of 1,000,000. Included…

A: A bank reconciliation is the process of matching the balances in an entity's accounting records for…

Q: Below is the T-account for Accounts Receivable: Accounts Receivable Debit Beginning 189, 400 Balance…

A: Accounts receivable=Total debits-Total…

Q: Transferred cash from a personal bank account in exchange for stock, 1 $50,000 Purchased $8,000 of…

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

Q: Given the following information, determine the adjusted cash balance per books. a. Balance per books…

Q: For each transaction, indicate whether the receivables should be reported as accounts receivable,…

A: Note Reeivable: Note receivable is an instrument gives the holder right to receive the amount…

Q: Date Particulars Jan 1, 2020 Cash balance – 15,600, Bank Balance – OMR 13,800 Cash sales – OMR 4,800…

A: New metrics company…

Q: From the following list of balances extract from Vivian Trading's book as at 31 May RM RM 5,425 400…

A: Introduction: Trial Balance: After ledger postings all the final balances of ledger accounts are…

Q: On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 45.000 TL and exchange…

A: Foreign exchange rate is the value of one currency in the terms of other currency. Foreign exchange…

Q: The adjusted trial balance of Friendships Co. as of December 31, 20x1 is shown below: Debits Credits…

A: Financial Position is the balance of recorded assets, Liabilities and Equity of the Entity.

Q: Brickman’s ending balance of Accounts Receivable is $19,500. Use the data in the preceding question…

A: In this question, ending balnace of bad debts expense amount is missing, here i am assuming ending…

Q: AA Company had a unadjusted cash balance in its cash in BB Bank as of December 31, 2022 of…

A: Working: Amount (P) Reason / Explanation Unadjusted Cash balance per books on Dec 31, 2022…

Q: The general ledger of Pop's Fireworks includes the following account balances in 2021: Accounts…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS Workings Allowance for Uncollectible…

Q: A company has the following information related to its cash balance at the end of the period.1. Cash…

A: Bank Reconciliation statement is a statement prepared to match the difference between the bank…

Q: A company has P1,922,000 balance per books, P311,000 deposit in transit, P253,000 outstanding…

A: Adjusted cash balance = balance per books + credit memo - NSF check

Q: The general ledger of Pop's Fireworks includes the following account balances in 2021: Accounts…

Q: Accounts Receivable Balance Beginning accounts receivable were $135,720 and ending accounts…

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: Provided $57,971 in service to customers during the year, with $21,658 on account and the rest…

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

Q: Record the entry for services provided to customers for cash, $52,000, and on account, $47,000.

A: Required journal entry is as follows:

Concept explainers

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.

Question

Le Univ of Mass
* Cengage D:
A QuickLaunch
K myCourses Da: x
In Federa x
UMassD Logor x
ucation.com
Saved
ework
View transaction list
Journal entry worksheet
10
< 1 2
3
4
6
8
Paid $124,074 cash on accounts payable.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
d.
Record entry
Clear entry
View general journal
< Prev
3 of 9
Next >
earch
近

Expert Solution

Step 1

General Journal	debit $	credit$
accounts payable	1,24,074
To cash		1,24,074

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.
PA4. Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.
Fill in the missing amounts in the accounts receivable subsidiary ledgers for Willis Spas and Pools. If required, round your intermediate and final answers to the nearest cent. ACCOUNTS RECEIVABLE LEDGER NAME: E. McKenzie ADDRESS: 4717 Erin St, Madison, WI 53713 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 3 J60 3,816.00 3,816.00 Aug. 18 J60 4,589.80 fill in the blank 1 J60 105.00 fill in the blank 2
Post these transactions from each General Journal into the General Ledger accounts. When posting transactions to the general ledger, use the transaction letters a, b, c, d, or e as the description for each entry. Also, the dates must be entered in the format dd/mmm (ie, 15/Jan).
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 thnku
What should i do? Record the Contracted services of $82,500 as performed. Note: Enter debits before credits. Transaction General Journal Debit Credit 6b
The shorthand notation on an invoice 2/10, n/30 is called the _______________. Group of answer choices accounts payable debit memo credit terms purchase order
Consider the following information items as you respond to the question:i. Customer master fileii. Journal entry to record the receipt of cashiii. Pre-numbered documentsiv. Schedule of accounts receivableAccounting information systems have five generic elements. Which of the following statements is most true? A. "Pre-numbered documents" can be an example of three of the five elements. B. "Schedule of accounts receivable" can be an example of all five elements. C. Both "Pre-numbered documents" can be an example of three of the five elements and "Schedule of accounts receivable" can be an example of all five elements are true. D. Neither "Pre-numbered documents" can be an example of three of the five elements nor "Schedule of accounts receivable" can be an example of all five elements is true.
2. According to the list items below, tick (√) either the debit column or credit column based to which side of the trial balance you would expect the item to appear.Items DEBIT CREDITOffice EquipmentCreditorsInsuranceCashRent payableDebtorsSalesRent receivableDrawingsMotor vehiclesLoan from CUMB BhdCapitalWagesPremisesCarriage inwards
wo transactions were posted to the following customer account. NAME: Boogie Board Water WearADDRESS: 2340 Xtreme Surf Date Item Post. Ref. Debit Credit Balance July 1 Balance 805 6 Invoice No. 406 R42 645 1,450 24 Invoice No. 456 CR56 710 740 Describe each transaction and the source of each posting. July 6 Sold $_______on account to Boogie Board Water Wear. July 24 Cash of $_________ was collected from Boogie Board Water Wear.
9) When a customer deposit is recorded using the Make Deposits window, behind the screen QuickBooks converts the transactions into a journal entry that:A) Debits Checking account, Credits Undeposited FundsB) Credits Checking account, Debits Undeposited FundsC) Debits Checking account, Credits Accounts ReceivableD) Debits Accounts Receivable, Credits Checking account Group of answer choices A B C D