Depending on whether an account is an accounts payable or accounts receivable, a debit can mean adding or removing money from an account; the same can be true of a credit.  Reha needs to record a transaction for an order of peanuts, which Cristina will use to make her famous PB&J Cafe peanut butter. Identify which type of account this transaction would be recorded in (accounts receivable or payable), and whether it's a debit or a credit. Explain why Reha should enter the peanut transaction that way. Your answer should be at least 100 words.

Q: facts, if the grocer, knowing A, allows him to pay on a later date, granting then only credit on the…

A: Business gives the credit on goods to increase the business but some time that turns into bad debt…

Q: Consider the following statements as you answer the next question: i. Felix, a cash receipts clerk,…

A: In the above case, in the first point where F clerk, applied A's payment to the invoice indicated on…

Q: Which of the following will be the Correct source document assuming that your business received…

A: The various documents are prepared to be provided to customer or received from supplier.

Q: When you are making a purchase, what does it mean when the cashier asks, "Debit or Credit?" O You…

A: When purchase is generally done it may be done by using the immediate payment which is cash payment…

Q: Consider the following transactions associated with accounts receivable and the allowance for…

A:

Q: Several accounts are listed below.  Please indicate whether the account is a permanent or temporary…

A: Definition: All accounts with Nominal account nature are temporary accounts All accounts with Real…

Q: Describe 2 accrual transactions and 2 deferral transactions that your peers will need to journalize.

A: Journal entries are those entries which are recorded at the time when ever a transaction takes place…

Q: Accountants have effectively used a system of debits and credits to increase and decrease account…

A: Debit means debit side of the account which is denoted by Dr. Credit means credit side of the…

Q: Use the following T-account for Careful Corporation to answer questions 11 and 12:…

A: The left side of account receivables T account is debit side and the right side is credit side. If…

Q: Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: In order to record specific high volume transactions, five special journals are used. They are  1.…

Q: Is granting credit to customers good? And as a future business owner how would you handle or manage…

A: Explanation to Credit When products are sold to customers on credit and customers agree to pay the…

Q: The "sophisticated" tool accountants use to analyze debits and credits is called  a T-Shirt a…

A: Accountants are the professional that are involved in the preparation of the account books and…

Q: As the manager of Margatita Mexican Restaraunt, you must deal with business transactions. Provide an…

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

Q: Which of the following is true about T accounts? Please explain with full explanation.  a. The left…

A: The Numerical has covered the concept of T- Accounts.  T- Accounts is an Informal set of Accounts…

Q: What are some tips for knowing when accounts are debited and when they are credited? I know that…

A: Normal balance: Normal balance refers to the excess of the amount on one side, over the amount on…

Q: A client has a massage and asks the company bookkeeper to mail her the bill. The bookkeeper should…

A: SOLUTION- JOURNAL ENTRIES-  A JOURNAL IS A COMPANY'S OFFICIAL BOOK IN WHICH ALL TRANSACTIONS ARE…

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: Which of the following entries records the payment of an account payable? a.debit Cash; credit…

A: Accounts payable (liability) is decreasing. Cash (asset) is decreasing.

Q: An account is said to have a debit balance if ? Please full explain the explanation.  a. the amount…

A: The balance is said to have a debit balance when the debit side has an excess over the credit…

Q: I’m confused on how to enter these into the table. Specifically b & c. My table options are…

A: ACCOUNT RECEIVABLE; An account receivable is defined as it is money that has not been paid by…

Q: Tomi See, CPA, has billed her clients for services performed. She subsequently receives payments…

A: Journal Entry to be passed on receipt of payment against services provided on account   Account…

Q: Post the transactions to T accounts which are Cash, Account Receivable and Service Revenue, lastly…

A: T-account: T-account refers to an individual account, where the increases or decreases in the value…

Q: ee the image below.  Please provide some solutions so that I can verify that I solved the  problem…

A: Solution: We are required to find the account receivable from Silang From the comment received from…

Q: Define the following using your own words and give examples Account T-account To debit

A: As per the guidelines, only three subparts are allowed to be solved. Please resubmit the remaining…

Q: Indicate the journal in which each of the following transactions should be recorded. Assume a…

A: Journal entry refers to the recording of transactions in the book of accounts in a double-entry…

Q: Suppose a cheque was drawn payable to ‘Badar or order’. it was lost subsequently. Eman found the…

A: A cheque is a negotiable instrument containing an unconditional order to the bank to pay a specified…

Q: The following are accounts taken from the books of accounts of A Store. then, using the template…

A: The double-entry system of accounting by its name implies that there will be a minimum of two…

Q: Donner's customer, Blitzen, paid off an $8,300 balance on its account receivable. Blitzen should…

A: According to the principles of accounting, all assets and expenses have a normal debit balance,…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger.…

A: Indicate whether it appears in General Ledger or Subsidairy Ledger.

Q: The balance of an account is determined by a.adding all of the debits, adding all of the credits,…

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: This is two parts of one question, answer both 1.1 Top Drawer Cleaning CC has received a cheque…

A: Cross Cheque The purpose of issuing cross cheque to safeguard the transaction which are incurred at…

Q: Companies recognize revenue as earned and record the revenue when __________. A. the customer's…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Janet works in the credit department handling accounts receivable transactions. At the end of each…

A: Introduction: Accounts Receivable (AR) are the cash flow or funds received by the business from…

Q: Which of the following is true about T accounts? a.Transactions are first recorded in T accounts and…

A: Journal is the primary recording of any transaction which is entered in the financial accounting.…

Q: 1. When posting all transactions to the ledgers, the cash account will show a total amount in the…

A: Transaction- A business transaction is a monetary exchange of products or services. Purchase of…

Q: the following w

A: the correct answer is  d. SALES INVOICES

Q: Which item will appear on the credit side of ledger account?

A: General ledger:   General ledger is a book of original entry which records the accounting data in…

Q: If a cash payments journal is supposed to save time spent writing, why are there so many entries in…

A: To make the writing process easier, a cash payments journal is held. The primary entries on the…

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: COMPLETION STATEMENTS ​1.​Notes and accounts receivable that result from sales transactions are…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: For the following transactions, show which Balance Sheet line items will be affected and if the…

A: Balance sheet:- Balance sheet is referred as the financial statement which helps to determine the…

Q: The left side of an account is used to record which of the following? Debit or credit, depending on…

A: The correct answer is option (d). The left side of an account is used to record the debits as per…

Q: Group

A: Incorrect Option are as follow.

Q: Answer the following question: It is an event where money moves into or out of an account. a.…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: T F When you use a debit card to make a purchase,a financial institution is extending credit to…

A: When you use a debit card to make a purchase,a financial institution is extending credit to youand…

Q: Calculator Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following…

A: For payment of creditors on account,  Accounts payable should be debited and cash will be credited.

Q: State for each account whether it is likely to have (a) debit entries only, (b) credit entries only,…

A: Debit and credit: Recording of a transaction under debit side is debit and recording under credit…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.