Which of the following accounts will be used in equation, if the goods are sold on credit to Mr. Mahmood?    Account Receivable and Owner’s equity   Cash and Account Receivable   Cash account and Owner’s equity   Account Payable and Owner’s Equity

Q: 11-Which of the following is an example of Expense of a Merchandise Business? a. Accounts receivable…

A: Expenses means the amount spent on running the business.

Q: Which of these transactions requires a debit entry to Cash?A. paid balance due to suppliersB. sold…

A: Cash is one of the asset held by the business, for which normal balance is debit balance. Any…

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: Which of the following transaction will be correct in regards to Source document of a Business? O a.…

A: Source documents are sort of documents that are part of accounting and are created when any monetary…

Q: Which of the following is not a business transaction?                                        Sell…

A: Business transactions are measured in money and are recorded in the accounting books.

Q: When a company makes a sale and accepts a credit card payment from a customer, the company: Multiple…

A: Increase in debits should be debited and increase in expenses should be debited. Increase in…

Q: Which of the following is an example of Expense of a Merchandise Business? a. Salary and Wages paid…

A: Introduction: Expense: Amount spent on for running the day to day activities of the business called…

Q: When a company extends credit directly to a customer for a purchase, the sale is recorded as a debit…

A: Customer record: It is the record of customers of company which contains details like name, address,…

Q: The journal entry to record the withdrawal of cash by the owner, to pay a personal utility bill…

A: The journal entries are prepared to record the day to day transactions on regular basis. The assets…

Q: Use the following abbreviations to indicate the journal in which you would record transactions a…

A: The general journal is maintained for recording the transactions which do not fall under sales,…

Q: The accountant of South Boot Company recorded a transaction by debiting Accounts Payable and…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Which of the following will be called as a Merchandising Business? a. Receives a loan from bank b.…

A: Merchandising business: A merchandising business is the most common type of business is undertaken…

Q: what is the entry for purchase of supplies on account? * O debit supplies, credit cash O debit…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: elow are some typical transactions incurred by Ricketts Company. or each transaction, indicate…

A: There are 5types of journals where we record all the transactions-  Cash receipts journal Cash…

Q: he purchase of supplies with cash would be recorded as a. Debit Cash; Credit Supplies Expense. b.…

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

Q: Which of the following accounts will be used in equation, if the goods are sold on * ?credit to Mr.…

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…

Q: A credit note is used as documentation in a business for  journal entry that requires a debit to…

A: B is the correct option

Q: Identify the journal in which each of the following transactions is recorded. Transactions Journals…

A: Every journal entry we record in journals. There are types of journals like -  Cash payments journal…

Q: Accounts receivable is the amount payable by the customer to the company for the goods delivered and…

A: Bad debts are considered to be estimated based on 2.5% of total credit sales. Therefore, the bad…

Q: Wilcox Electronics uses sales journal, purchases journal, cash receipts journal, cash payments…

A: Given information is:  Wilcox Electronics uses sales journal, purchases journal, cash receipts…

Q: Which of the following accounts will be used in equation, if the goods are sold on * ?credit to Mr.…

A:

Q: Using the double entry system together with the accounting equation, determine what is debits and…

A: Accounting equation of business has three important elements. These are assets, liabilities and…

Q: Depending on whether an account is an accounts payable or accounts receivable, a debit can mean…

A: Accounts receivable is a current asset , it normally has a debit balance and would increase by debit…

Q: Which of the following is true about accounts payable? Accounts payable are also called trade…

A:

Q: Assuming the use of a two-column general journal,  a purchases journal, and a cash payments journal…

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

Q: Make a cash receipts journal using the following transactions and also include the total debits and…

A: A cash receipts journal is a special type of accounting journal which records all the transactions…

Q: When posting the column totals of a cash payments journal, a debit should be posted to a.Unearned…

A: answer  c    Account  Payable is right answer.

Q: Which of the following transactions is credited? A) WHEN CHARGED B) PURCHASE OF COMMERCIAL GOODS…

A: Credit transaction: Any transaction by the terms of which the repayment of money loaned, or loan…

Q: Which of the following is an example of Current Asset of a Mobile shop Merchandise Business? a.…

A: A current asset is the assets that only include those assets that can be easily converted to money…

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: 1. Prepare chart of accounts using the following CASH EQUIPMENT INVENTORY ACCOUNTS RECEIVABLE…

A: solution chart of accounts we are required to classify the given items as to whether they are…

Q: What is the amount to be collected by the business from customer who receive the product or services…

A: When a corporation purchases product on credit that must be paid back during a short amount of your…

Q: Identify whether each of the following transactions, which are related to revenue recognition, are…

A: Revenue recognition principle says that revenue should be recognised in business when it is earned.…

Q: Which of the following situations has to .5 ? do with account payable )2 نقطة( Sales on credit…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Using the double entry system, together with the accounting equation, determine what debits and…

A: Double entry system is one of the system used in accounting process. This system that for every…

Q: when the owner withdraws cash from his business, what would be the entry O no entry O debit owners…

A: Drawings ( owners withdrawal ) is the opposite of Owner's capital. Capital is a nature of credit…

Q: Solve the general ledger T-accounts. I need a cash, accounts receivable, inventory, land,accounts…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: THE AC AFFECTE Instructions: Identify the ACCOUNTS TITTLES that are affected by the transactions…

A: Solution: Given problem have a list of transactions and we have to write account title affected in…

Q: The type of transaction that would appear in sales journal would be a sale of

A: Sales Journal is a daybook to record the sales on credit to customers

Q: Which of the following transactions will be recorded in cash payment journal? a. Receipt of income…

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

Q: Identifying special journals Use the following abbreviations to indicate the journal in which you…

A: Special Journal: It is a book where only specific type of monetary transactions such as cash…

Q: Wilcox Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash…

A: Sales journal records sales on credit. Cash receipt journal records all cash receipt transactions.…

Q: The accountant for Tom's Tax Preparation, Inc. recorded a transaction by debiting Accounts Payable…

A: The question is based on the concept of business accounting.

Q: Using accrual accounting, what journal entry will Almost the Best Buy record when a customer…

A: When the customer purchases the gift card  To be transferred to unearned revenue  When sales is…

Q: The journal entry to record the sale of services on credit should include: a debit to Cash and a…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: which is the effect of the following transaction on the basic accounting equation? Bought equitment…

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is