what is the gournal jeneral entry for: 1. credit sales 2. borrowed $2000 from BSP Bank
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- Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalYour 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 journalReceived a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
- FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales are credit sales. The Accounts Receivable balance on January 1 was 38,200. REQUIRED Prepare the following financial ratios: (a)Working capital (b)Current ratio (c)Quick ratio (d)Return on owners equity (e)Accounts receivable turnover and the average number of days required to collect receivables (f)Inventory turnover and the average number of days required to sell inventoryA seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?What should i do? Accounts payable were paid in the amount of $1,077,500. Note: Enter debits before credits. Transaction General Journal Debit Credit 08
- Which one of the following journal entry is Correct on 1st January 2020? a. Debit Purchase OMR 11,400 Credit Accounts payable OMR 11,400 b. Debit Accounts receivable OMR 11,400 Credit Sales OMR 11,400 c. Debit Purchase OMR 12,000 Credit Accounts payable OMR 12,000 d. Debit Accounts payable OMR 12,000 Credit Purchase returns and allowances OMR 12,000Which one of the following journal entry is Correct on 15th February 2020? a. Debit Purchase OMR 15,000 Credit Accounts payable OMR 15,000 b. Debit Accounts receivables OMR 15,000 Credit Sales returns and allowances OMR 15,000 c. Debit Sales OMR 15,000 Credit Accounts receivables OMR 15,000 d. Debit Accounts receivable OMR 15,000 Credit Sales OMR 15,000Use the Income Summary T-Account and words in the word bank to fill in the statements below. 1. The income summary is a ___________ account.2. The credit side of an income summary t-account shows _________ and the debit side shows__________.3. The income summary t-account in the image above shows a net _________ of $1,250.
- The journal entry to record fees earned on account of $13,500 would include a debit to a.Cash for $13,500 and a credit to Accounts Receivable for $13,500. b.Fees Earned for $13,500 and a credit to Accounts Receivable for $13,500. c.Accounts Receivable for $13,500 and a credit to Fees Earned for $13,500. d.Cash for $13,500 and a credit to Fees Earned for $13,500.Brickman’s ending balance of Accounts Receivable is $19,500. Use the data in the preceding question to compute the net realizable value of Accounts Receivable at year-end. $16,800 $19,500 $17,400 $17,900Using the information in the information in the image 1) calculate the net amount owed by credit customers on 31 May 2019 2) Explain one reason why the accounts receivable legder control accounts had both a debit and a credit balance
