Using the following transactions what is the total debits and credits?
Q: What is the difference between account receivable and account payable ?
A: Diffecrence between the accounts receivable an accounts payable are as follows:
Q: Which of the following transactions would be recorded if using the accrual basis ofaccounting but…
A: Given: To determine the following transactions would be recorded if using the accrual basis…
Q: What is the difference between Accounts Payable and Accounts Receivable? Explain each in generic…
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Q: Which term is associated with '' left'' or''left side'' a) Debit b) Credit
A: While preparing general ledger accounts in books, there are two sides of account. One is left side…
Q: How do debits and credits work
A: Debit and credit entry are part of double entry book keeping system. This is used to make an entry…
Q: What's the difference between accounts payable and receivable?
A: Accounts Payable is the current liability for the business and Accounts Receivable is a current…
Q: What is the accounts receivable turnover, and what typeof information does it provide?
A: Ratio analysis, horizontal analysis and vertical analysis are the analytical tools used by the…
Q: What is the difference between ‘accounts payable (AP)’ and ‘accounts receivable (AR)’?
A: Credit Transaction: Under a credit transaction, the exchange of goods or services takes place where…
Q: Describe the relationship between debit balances and credit balances when it comes to “t graphs”?
A: T-graph or T-accounts: T-account is the form of the ledger account, where the journal entries are…
Q: 1. Enumerate and explain the rules of debit and credit.
A: The entire subject or concept of accounting is based on the general rules of debit and credit. In…
Q: What are the account receivables?
A: Current assets: The assets which could be converted into cash within one year like accounts…
Q: Is Accounts Payable a debit, a credit, or a combination of the two?
A: Account payable has always a credit balance. It is liability for a person who have acquired some…
Q: 1. What is the formular for Accounts Recieveables? 2. What is the formular for Accounts Payable?
A: Accounts Receivable - Accounts Receivables are the amount that is not paid by the customers who had…
Q: What is pledging of accounts receivable?
A: Accounts receivable: Accounts receivable is defined as any amount of money payable by…
Q: Distinguish between accounts receivable and account payable.
A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…
Q: How does the rule of debit and credit relative to accounting equation?
A: Accounting equation: It is a mathematical expression that presented all assets of the firm are…
Q: What are receivables credits? Please explain.
A: Receivable refers to the assets of the company created due to sale of goods and service on credit to…
Q: Why is the amount of the Income obtained from the Income statement extended to the balance sheet…
A: The income statement is one of a company’s core financial statements that are prepared to find out…
Q: nd de
A: The terms debit (DR) and credit (CR) have Latin roots: debit comes from the word debitum, meaning…
Q: How does account receivable work?
A: The term "account receivable" denotes that payment for previously completed work has yet to be…
Q: What account is the contra account of Account Receivable?
A: Contra asset account is shown as deduction from the assets in the balance sheet. Increase in Contra…
Q: what is debit and credit?
A: Debits and credits seem to be a bookkeeping notation framework that determines how and where every…
Q: the rules of debit and credit
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
Q: What are accounts for notes payable and interest expense.
A: Payables indicate the amount owed by the organization from outsiders which requires to be paid…
Q: What is the difference, definition, examples between account receivables and fees earned?
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: The chart that gives data about payments and payment schedule is called what?
A: Introduction: Payments and payment schedules: payment schedule includes all the periods of payment…
Q: what is the entry for collection of receivable * O debit cash, credit accounts payable O debit cash,…
A: Account’s receivables can be defined as the payment which is yet to be received by the business in…
Q: Debit telephone bill, credit ACcounts payable is
A: Correct Answer :- C Business Received telephone bill and it will be paid later.
Q: what is credit transactions?
A: credit transactions:- Credit transaction is a transaction of which the repayment of money loaned…
Q: Define the term accounts receivable?
A:
Q: Identify the relationship between money, credit?
A: Money is considered as the financial medium exchanged between parties that enable the transaction.…
Q: What are the basic inputs to recognize an account receivable?
A: Accounts receivable can be defined as the money that is owed to the firm on the sale of goods or…
Q: What is the present account balance?
A: An annuity is the deposit of a fixed amount regularly at a fixed interval of time over a specified…
Q: Define each of the following terms:i. Credit policy; credit period; credit standards; collection…
A: CREDIT POLICY- ''Guidelines that spell out a way to decide which customers area unit sold-out on…
Q: Distinguish between Receipts and Payments Account and Income andExpenditure Account.
A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…
Q: how do debits and credits work?
A: Debit and Credits: Debit and Credits are used as a basis of bookkeeping to book balance in the books…
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- The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalThe following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
- On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalPrepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.Screpcap Co. had the following transactions during the first week of June: June 1Purchased merchandise on account from Acme Supply, 2,700, plus freight charges of 160. 1Issued Check No. 219 to Denver Wholesalers for merchandise purchased on account, 720, less 1% discount. 1Sold merchandise on account to F. Colby, 246, plus 5% state sales tax plus 2% city sales tax. June 2Received cash on account from N. Dunlop, 315. 2Made cash sale of 413 plus 5% state sales tax plus 2% city sales tax. 2Purchased merchandise on account from Permon Co., 3,200, plus freight charges of 190. 3Sold merchandise on account to F. Ayres, 211, plus 5% state sales tax plus 2% city sales tax. 3Issued Check No. 220 to Ellis Co. for merchandise purchased on account, 847, less 1% discount. 3Received cash on account from F. Graves, 463. 4Issued Check No. 221 to Penguin Warehouse for merchandise purchased on account, 950, less 1% discount. 4Sold merchandise on account to K. Stanga, 318, plus 5% state sales tax plus 2% city sales tax. 4Purchased merchandise on account from Mason Milling, 1,630, plus freight charges of 90. 4Received cash on account from O. Alston, 381. 5Made cash sale of 319 plus 5% state sales tax plus 2% city sales tax. 5Issued Check No. 222 to Acme Supply for merchandise purchased on account, 980, less 1% discount. Required 1. Record the transactions in a general journal. 2. Assuming these are the types of transactions Screpcap Co. experiences on a regular basis, design the following special journals for Screpcap: (a) Sales journal (b) Cash receipts journal (c) Purchases journal (d) Cash payments journal
- On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: May 2Received 411.60 cash from N. Rojas in payment of April 23 invoice of 420, less cash discount. 5Received 2,085 cash in payment of 2,000 note receivable and interest of 85. 8Sold merchandise on account to G. Soto, invoice no. 862, 830. 9Received 11,838.40 cash from D. Maddox in payment of April 30 invoice of 12,080, less cash discount. 15Received cash from G. Soto in payment of invoice no. 862, less cash discount. 16Cash sales for first half of May, 3,259. 19Received 296 cash from R. O. Higgins in payment of April 14 invoice, no discount. 22Sold merchandise on account to N. T. Jennings, invoice no. 863, 753. 25Received 239 cash refund for return of defective equipment bought in April for cash. 28Sold merchandise on account to M. E. Mueller, invoice no. 864, 964. 31Cash sales for second half of May, 4,728. Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of the debit and credit totals.SALES AND CASH RECEIPTS TRANSACTIONS Paul Jackson owns a retail business. The following sales, returns, and cash receipts are for April 20--. There is a 7% sales tax. REQUIRED 1. Record the transactions starring on page 7 of a general journal. 2. Post from the journal to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.