COLLEGE ACCOUNTING ETEXT+CONNECT ACCESS
16th Edition
ISBN: 9781264624256
Author: Haddock
Publisher: MCG
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Chapter 3, Problem 2.5SRE
To determine
Determine the entry for cash withdrawal.
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Students have asked these similar questions
Lyons made a P 500 cash withdrawal for his own use. Which of the following reflects the proper journal entry for this transaction?
A. Debit Cash P 550; credit Loan Payable P 500
B. Debit Drawing Expense P 500; credit Cash P 500
C. Debit B. Lyons Drawing P 500; credit Cash P 500
D. Debit Cash P 500; credit Withdrawals P 500
22. MC.03.027
Summit Company paid Hacienda Products, a creditor, on account. The transaction would involve a
a. credit to Cash.
b. debit to Expenses.
c. credit to Accounts Payable.
d. debit to Cash.
23. MC.03.028
J. Forest deposited $60,000 in the bank in the name of the business. The transaction would involve a
a. debit to J. Forest, Capital.
b. credit to Cash.
c. debit to Cash.
d. credit to J. Forest, Drawing.
24. MC.03.029
G. Wilson invested her personal computer, which had a fair market value of $5,000, in her business. The transaction would involve a:
a. debit to Equipment.
b. debit to Accounts Receivable.
c. debit to Cash.
d. debit to G. Wilson, Capital.
25. MC.03.030
Red Baron Company purchased supplies for cash, $1,950. The transaction would involve a
a. debit to Supplies.
b. credit to Accounts Payable.
c. credit to Supplies Expense.
d. debit to Cash.
Directions: Record the transactions directly into the T-accounts. The transactions are independent of one another.
Use the following account titles:
CashOwner’s WithdrawalsAccounts ReceivableProfessional FeesOffice EquipmentSalaries ExpenseOffice FurnitureRent ExpenseAccounts PayableUtility ExpenseOwner’s CapitalMiscellaneous Expense
a. The owner deposited P280,000 in the name of his business.b. He purchased 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on the account.c. He bought chairs and tables for the office for P12,300 cash.d. He purchased furniture from Orion Company for P2,750 in cash.e. He received and paid the telephone bill from Ph Telecom amounting to P1,080.f. He billed his customers P12,940 for services on account.g. He paid P1,850 for the electric bill from BEBECO.h. He paid P3,500 for the membership fee.i. He received P17,650 in cash for services rendered.j. He paid P1,000 to partially settle accounts with Orion Company.k. He…
Chapter 3 Solutions
COLLEGE ACCOUNTING ETEXT+CONNECT ACCESS
Ch. 3 - Increases are recorded on which side of asset,...Ch. 3 - What is a footing?Ch. 3 - Prob. 1.3SRQCh. 3 - Prob. 1.4SRECh. 3 - Prob. 1.5SRECh. 3 - Prob. 1.6SRACh. 3 - Prob. 2.1SRQCh. 3 - Prob. 2.2SRQCh. 3 - What is a trial balance and what is its purpose?Ch. 3 - Prob. 2.4SRE
Ch. 3 - Prob. 2.5SRECh. 3 - Prob. 2.6SRACh. 3 - Prob. 1CSRCh. 3 - Prob. 2CSRCh. 3 - Prob. 3CSRCh. 3 - On which side of asset, liability, and owners...Ch. 3 - Prob. 5CSRCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Indicate whether each of the following types of...Ch. 3 - The terms debit and credit are often used in...Ch. 3 - Why is Prepaid Rent considered an asset account?Ch. 3 - Why is the modern system of accounting usually...Ch. 3 - Prob. 11DQCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Preparing a chart of accounts. The accounts that...Ch. 3 - Prob. 1PACh. 3 - Prob. 2PACh. 3 - Prob. 3PACh. 3 - Prob. 4PACh. 3 - The accountant for the firm owned by Randy Guttery...Ch. 3 - Prob. 1PBCh. 3 - Prob. 2PBCh. 3 - The following transactions took place at...Ch. 3 - Prob. 4PBCh. 3 - Prob. 5PBCh. 3 - Prob. 1CTPCh. 3 - Prob. 2CTPCh. 3 - In discussing a firms latest financial statements,...Ch. 3 - Prob. 2MFCh. 3 - Prob. 3MFCh. 3 - Prob. 4MFCh. 3 - Prob. 1EDCh. 3 - Prob. 1FSA
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