GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
17th Edition
ISBN: 9781260218831
Author: Libby
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 7MCQ
To determine
Identify the entry that is to be recorded by Firm L.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
(a) Describe the detail of the transaction being performed in the following screen.
(b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.)
(a) Describe the detail of the transaction being performed in the following screen.
(b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.)
(a)
Describe the detail of the transaction being performed in the following screen.
(b)
Give the journal entry that MYOB made as a result of the transaction in part (a)
(Note: account numbers are not required, just use account names.)
Print -
Journal S Register
O Pay from Account: 1-1110 ANZ Bank
Balance:
$1,530,577.55
O Group with Electronic Payments:
V Tax Inclusiİve
Card: O
Cheque No.:
58
Date: 20/07/2018
Payee:
Amount:
$83,130.00 V
Eighty Three Thousand One Hundred and Thirty Dollars and 0 Cents
Memo: Paid Australian Tax Office
Computer World Australia Pty Ltd
Acct No.
Name
Amount
Job
Memo
Таx
2-1310
GST Collected
$87,450.00
N-T
2-1320
GST Paid
-$20,000.00
N-T
2-1420
PAYG Withholding Pay
$15,680.00
N-T
Total Allocated:
$83,130.00
Тах:
$0.00
O Cheque Already Printed
Total Paid:
$83,130.00
Remittance Advice Delivery Status:
Out of Balance:
$0.00
To be Printed
29 Save as Recurring O Use Recurring
Chapter 3 Solutions
GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Write the income statement equation and define...Ch. 3 - Explain the difference between a. Revenues and...Ch. 3 - Define accrual accounting and contrast it with...Ch. 3 - Prob. 6QCh. 3 - Explain the expense recognition principle.Ch. 3 - Explain why stockholders equity is increased by...Ch. 3 - Explain why revenues are recorded as credits and...Ch. 3 - Complete the following matrix by entering either...
Ch. 3 - Complete the following matrix by entering either...Ch. 3 - Prob. 12QCh. 3 - State the equation for the net profit margin ratio...Ch. 3 - Which of the following is not a specific account...Ch. 3 - Which of the following is not one of the criteria...Ch. 3 - The expense recognition principle controls a....Ch. 3 - Prob. 4MCQCh. 3 - Prob. 5MCQCh. 3 - Prob. 6MCQCh. 3 - Prob. 7MCQCh. 3 - Prob. 8MCQCh. 3 - Prob. 9MCQCh. 3 - Prob. 10MCQCh. 3 - Prob. 3.1MECh. 3 - Reporting Cash Basis versus Accrual Basis Income...Ch. 3 - Identifying Revenues The following transactions...Ch. 3 - Identifying Expenses The following transactions...Ch. 3 - Prob. 3.5MECh. 3 - Prob. 3.6MECh. 3 - Determining the Financial Statement Effects of...Ch. 3 - Prob. 3.8MECh. 3 - Prob. 3.9MECh. 3 - Identifying the Operating Activities in a...Ch. 3 - Prob. 3.11MECh. 3 - Prob. 3.1ECh. 3 - Reporting Cash Basis versus Accrual Basis Income...Ch. 3 - Identifying Revenues Revenues are normally...Ch. 3 - Identifying Expenses Revenues are normally...Ch. 3 - Prob. 3.5ECh. 3 - Determining Financial Statement Effects of Various...Ch. 3 - Recording Journal Entries Sysco, formed in 1969,...Ch. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Analyzing the Effects of Transactions in...Ch. 3 - Preparing an Income Statement Refer to E3-10....Ch. 3 - Prob. 3.12ECh. 3 - Analyzing the Effects of Transactions in...Ch. 3 - Prob. 3.14ECh. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Prob. 3.18ECh. 3 - Prob. 3.19ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.1PCh. 3 - Recording Journal Entries (AP3-2) Ryan Terlecki...Ch. 3 - Prob. 3.3PCh. 3 - Prob. 3.4PCh. 3 - Prob. 3.5PCh. 3 - Prob. 3.6PCh. 3 - Prob. 3.7PCh. 3 - Recording Nonquantitative Journal Entries (P3-1)...Ch. 3 - Prob. 3.2APCh. 3 - Prob. 3.3APCh. 3 - Prob. 3.4APCh. 3 - Prob. 3.5APCh. 3 - Prob. 3.6APCh. 3 - Accounting for Operating Activities in a New...Ch. 3 - Finding Financial Information Refer to the...Ch. 3 - Finding Financial Information Refer to the...Ch. 3 - Comparing Companies within an Industry Refer to...Ch. 3 - Analyzing a Company over Time Refer to the annual...Ch. 3 - Prob. 3.6CPCh. 3 - Evaluating an Ethical Dilemma Mike Lynch is the...
Knowledge Booster
Similar questions
- 1 How to do these steps in QBO? Record an owner’s contribution on 1/14/20 to Owners (a new vendor) after receiving a check that was immediately deposited in the amount: $40,000 to account: Owner’s Equity. Record the deposit of funds from a new note payable signed on 1/16/20 with Chase Bank (a new vendor) in the amount of $32,000. Record the payment to Rabobank (a new vendor) to retire an existing note payable on 1/17/20 of $23,000 with interest of $300 using check 325 for a total of $23,300. Record the purchase of a building from Leeds, Inc., (a new vendor) on 1/17/20 in exchange for a note payable of $31,800.arrow_forwardHow to record transactions in a general journal for an accounting assignment. Here is the list of transactions I need help recording for a general journal. Here is the chart of accounts for recording in the general journal.arrow_forwardWhich Journal? If you received a check from Mr. Jones for $500 for work you performed last week, which journal wouldyou use to record receipt of the amount they owed you? What would be recorded?arrow_forward
- for each entry. (Record debits first, then credits Seled the explanation on the last line of the journal entry table.) Apr. 4: Collected $1.500 cash rom a cient on account Date Accounts and Explanation Debit Credit Apr. 4 Cash 1.500 Accounts Recelvable 1.500 Received cash on account Apr. 8 Performed tax services for a client on account $3.000 Date Accounts and Explanation Debit Credit Accounts Recelvable 3,800 Ap Senvice Revenue 3.00 Performed aenvices on account Apr. 13 Paid $1.100 on account Date Accounts and Explanation Debit Credit Apr 13 Acceunts Payable 2,400 Cash 2.400 Choose from any ist or enter any number in the input feids and then click Check Answerarrow_forward2nd - The business has drawn a check of the same amount on the deposit account of Bank “A” in return for its debt of TL 28,000 to the seller. Which of the following accounts is correct to use in the journal entry to be made according to this information? a) Checks and payment orders given account is owed 28.000 TL B) Banks account credited 28.000 TL NS) Received checks account is credited 28.000 TL D) Sellers account credited 28.000 TL TO) Sellers account owed 28.000 TLarrow_forwardAccounting The procedure that best reveals the existence of contingent debts is а. Review the invoices paid during the year to creditors of our client. b. Confirm with the client's attorneys. C. Confirm a sample of customer accounts payable.arrow_forward
- Which of the following is true of an endorsement? a.It is made only when the receipts are more than $500. b.It is used only when payment is made to an individual. c.It transfers title to the money. d.It authorizes receipt of the check.arrow_forwardQuestion 2. The following data have been gathered for Rocky Candi Corporation for the month ended September 30, 2019. The bank statement has a balance of $8,936. The September 30, 2019, book balance was $3,200. There was an EFT deposit of $1,800 on the bank statement for the monthly rent from a tenant. The bookkeeper had erroneously recorded a $50 cheque as $500. The cheque was to settle an account payable. The bank statement revealed $50 in service charges. Cheques #322 and #330 for $260 and $285 were not returned with the bank statement. A deposit made on September 29, 2019, for $1,250 did not appear on the bank statement. A deposit of $500 made on September 10 was erroneously credited to Rocky Candi’s account by the bank for $5,000. A bank debit memo indicated an NSF cheque for $259. Instructions: Base on the above information, prepare a bank reconciliation and the required journal entries.arrow_forwardWhich of the following is the entry to be recorded by alaw firm when it receives a payment from a new client thatwill be earned when services are provided in the future?a. Debit Accounts Receivable; credit Service Revenue.b. Debit Unearned Revenue; credit Service Revenue.c. Debit Cash; credit Unearned Revenue.d. Debit Unearned Revenue; credit Casharrow_forward
- 1Which one of the following source documents will be used to make an entry in the debtors journal (a)Original credit note; (b)Original credit invoice; (c)Duplicate credit invoice; d)Duplicate credit note .Q.1.2Which oneof the following transactions,listed below, (a)The business receivesinterest on the bank account; (b)Money received from a debtor making a payment on his/her account; (c)The business donates money to underprivileged children; (d)The business receivesrental money from a tenant. Q.1.3Which journal will the following transaction be entered , “and paid from petty cash, R85 (a)Cashbook Payments; (b)Petty Cash Journal ;(c)Cashbook Payments/Petty cash Journal; (d)GeneralJournal.arrow_forwardII. The following information is obtained from a review of the record keeping process. Analyze the given information and prepare a modified trial balance. Show your solutions. (** Ricanor Accounting Services Trial Balance Dec. 31, 2021 Debit Credit Cash P189,000 284,600 66,400 40.000 Accounts Receivable Supplies Prepaid Insurance Office Equipment Notes Payable Accounts Payable Ricanor. Capital Ricanor. Withdrawals Service Income Salaries Expense Advertising Expense 526,800 P130,000 195,400 297,200 100,000 821,400 348,700 12.200 P1.467.700 Totals P1.544.000 a. An account receivable for P 24,300 was incorrectly added as P 23,400 when computing the balance of the Accounts Receivable account. b. A debit posting from the journal for P5,200 is missing from the Salaries Expense account. C.A debit posting of P15.000 to Notes Payable should have been made to Accounts Payable. d. A debit posting of P25,000 to Supplies was incorrectly posted as P2,500. Carrow_forwardAssume that a lawyer bills her clients $15000 on June 30, for services rendered during June. The lawyer collects $8500 of the billings during July and the remainder in August. Under the accrual basis of accounting, when would the lawyer record the revenue for the fees? A. June, $15,000; July, $0; and August, $0 B. June, $0; July, $6,500; and August, $8,500 C. June, $8,500; July, $6,500; and August, $0 D. June, $0; July, $8,500; and August, $6,500arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage Learning
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning