The journal entry Debit telephone bill, credit Accounts payable is correct for which of the following transactions? a. The business sent the telephone bill to the customer. O b. The business received the telephone bill and it will be paid later The business paid the telephone bill for the current month O d. The business received the telephone bill
Q: iven a bill, and the customer mails in a cheque for payment on December 5th. he dress shop receives…
A: Under the accrual basis of accounting, revenues and expenses are recognized in the period in which…
Q: Transactions and T Accounts The following selected transactions were completed during July of the…
A: Journal entries recording is termed as first step in accounting cycle. Under this atleast one…
Q: Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating…
A: Explanation: A. Provided legal services to customers for cash, $5,900 - Services Provided for cash…
Q: Required: A. Journalize these transactions in a two-column journal. B. Post the entries prepared in…
A: Journal is record of transaction in accounting records and all the journal entries are then posted…
Q: The following ledger accounts are used by Rachel Zane Repair Shop: m. Zane, Withdrawals n. Salaries…
A: Balance sheet means where all assets , liabilities and capital is shown. Accounting principles says…
Q: The correct entries needed to record the return of office equipment that had been bought on credit…
A: We have the following information: Office Equipment Bought on Credit from Penny and not yet paid…
Q: Billed customers for fees earned, $112,700. Purchased supplies on account, $4,500. Received cash…
A:
Q: Instructions: Prepare T accounts for each account. Analyze transactions into debit and credit parts.…
A: For the assets, Increase in assets would be debited. For the liabilities, Increase in liabilities…
Q: Which of these transactions requires a credit entry to Revenue? O received cash from bank loan…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: AccountingQ&A LibraryAccording to the list items below, tick (√) either the debit column or credit…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: If you ran the report Transaction List by Vendor, for all dates, what dollar amount will appear…
A: 250 dollar amount will appear under the vendor Today’s CPA
Q: Instructions: ldentify each of the following accounts as an asset, Liability or Equity. ACCOUNTS…
A: Assets refer to the properties helf by the business and includes advance payments and debtors.…
Q: Star Search billed clients P 3,600 for services rendered. Which of the following reflects the proper…
A: Journal entries recording is the initial step in accounting cycle. Under this, atleast one account…
Q: A business renders services to a customer for OR16,000 on account. Which account is credited?…
A: The Correct Option is Option “d”. Service revenue account will be credited.
Q: Name the accounts debited and credited for each of thefollowing transactions.(a) Billing a customer…
A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…
Q: Transaction: On April 1, the business, Count-On-Us Pty Ltd, received prepayment from a customer of…
A: Cash (asset) received in advance for service to be provided later (unearned revenue) ; $200 Assets…
Q: INSTRUCTIONS The six steps for recording a business transaction in the general journal are shown…
A: A business transaction is an activity where two or more parties exchange goods, money, or services.…
Q: Which of the following journal entry is Correct when the business paid cash for the machine which…
A: The following transactions are journalized as per the information given.
Q: Assuming the use of a two-column (all-purpose) general journal, a revenue journal, and a cash…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Given the following transaction of entrepreneur ark, what journal entries would you make as its…
A: The journal entries are prepared to record the daily transactions of the business.
Q: Which of the following journal entries would be recorded if a business renders service and receives…
A: Answer: Option a is Correct Correct Entry :
Q: Do the following events represent business transactions?Explain your answer in each case.(a) A…
A: Business transaction: It is an activity that is measured through the medium of money, which affects…
Q: Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries…
A: Cash (asset) has been paid (decreased) Creditor (liability) has been decreased.
Q: When a company pays cash to buy supplies, for $750, the journal entry to record this transaction…
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: 4. When a business makes an adjusting entry at year-end with a debit to supplies, the usual credit…
A: Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…
Q: Mikes' Tune-Up Shop uses the accrual basis of accounting. Fang services a car on May 31. The…
A: Revenue refers to the amount which is earned by the business by providing goods or services to…
Q: On May 5, Johnson Plumbing receives a phone call from a customer needing a new water heater and…
A: As per the revenue recognition principle, revenue is recognized on completion of service to the…
Q: Broadmor Industries collected $7,500 from a customer on account. What journal entry will be prepared…
A: Given that, Cash collected from customer on account = $7,500 Customer on account are those…
Q: Co. performed services for Client Kay in December and billed Kay $4,000 with terms of net 30 days.…
A:
Q: When a company pays cash to buy supplies, for $750, the journal entry to record this transaction…
A: Journal entry is used to record the transaction by using double entry system and every transaction…
Q: FIII In the Blank Questlon A company purchased $300 of supplies on account. This transaction would…
A: Supplies is a current asset with a normal debit balance. When a company purchases on account, the…
Q: True Value is a company providing cleaning services to customers amounting to OMR 4,500 on credit,…
A: Services are provided on account, so cash will not be debited. Instead accounts receivable will be…
Q: Consider the following transactions by a corp On July 5, billed a customer for $6700 for services…
A: The transaction, which is measurable in monetary terms, is an economic event with a third party…
Q: tecord each of the above transactions in general journal including the explantion/narration. Use the…
A:
Q: Which business transactions would result in the following journal entry Dr Accounts Payable Cr Cash.…
A: Golden rules of accounting are the basis of recording journal entries in the books. These rules…
Q: Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating…
A:
Q: for each entry. (Record debits first, then credits Seled the explanation on the last line of the…
A: Journal entry: It can be defined as the recording of financial events and transactions that have…
Q: 1.Billed customers for fees earned, $54,100.2.Purchased supplies on account, $1,250.3.Received cash…
A: The financial statements of the business are prepared using the balances from the trial balance.
Q: Week 6 Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash…
A: Journal: Journal is considered as a book of original entry because all the transactions that have…
Q: Identify the accounts and the debit/credit entries to be made in the ledger to record each of the…
A: Each transaction as per the double entry system has two effects; Debit and Credit.
Q: When a business receives an unpaid electricity account, it should: Select one or more: a. debit…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: What amount should be paid? B.How much is credited to the buyer's account? C. Is any money still…
A: Sales can be done on a cash or credit basis. When sales are on cash basis, cash will be received…
Q: To record date-wise details of transactions expressed as debits and credits to accounts, the…
A: Trial Balance: trial balance is a bookkeeping worksheet in which the balance of all ledgers are…
Q: The business paid cash for the goods which was purchased on credit last month. Which of the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Received 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 journalMaddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?A customer issued a note for an overdue account. Which of the following procedures is correct? A. The note is credited in the general journal by a debit to accounts receivable B. The amount will be posted to the credit side of the customer's card C. The amount will be posted to the debit side of the customer's card D. This will be posted to the accounts receivable general ledger on the debit side.
- Which of the following will be the Correct source document assuming that your business issued invoices to customers each day? a. Debit note b. Receipt c. Purchase invoice d. Sales invoiceThe journal entry Debit telephone bill, credit Accounts payable is correct for which of the following transactions? a. The business received the telephone bill b. The business paid the telephone bill for the current month The business received the telephone bill and it will be paid later O d. The business sent the telephone bill to the customer.When the customer pays the money to the company after the discount period, which one of the following journal entry is made by the company? Which one of the following documents is used to record notes receivable? Register Voucher Promissory note Invoice ull lis isl TOSHIBA
- Which of the following will be the Correct source document assuming that your business received invoices from various suppliers each day? a. Credit note b. Purchase invoice c. Sales invoice d. ReceiptIn which journal is the receipt of a promissory note from a customer on account recorded ? a. revenue journal b. cash receipts journal c. general journal d. purchases journalA credit note is used as documentation in a business for journal entry that requires a debit to Select one: A. accounts receivable and credit to returns inwards B. returns inwards and credit to accounts receivables C. accounts receivable and credit to sales D. returns outwards and credit to accounts payable
- Oriole Products uses both special journals and a general journal. Oriole also posts customers' accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below. Estes Bal. 305 245 Truong 0 Bal. 225 Gehrke Bal. 275 170 Weiser Bal. 155 310 160 230 225 275 155 Determine the correct amount of the end-of-month posting from the sales journal to the Accounts Receivable control account.es Identify the source document for NDX Company in each of the following accounting processes. Accounting processes a. A customer purchases merchandise with a credit card. NDX uses the electronic sales receipt to record transaction details in its accounting system. b. NDX purchases goods and receives a bill from the supplier. Details from the bill are captured and entered in the accounting database, which is stored in the cloud. c. An NDX employee receives a bank statement each month on her company e-mail. The statement is used to record bank fees incurred for that month. Source documents Credit card Bill from supplier Bank statementThe debits and credits from two transactions are presented in the following customer account: NAME Mobility Products Inc. ADDRESS 46 W. Main St. Date Item Post. Ref. Debit Credit Balance Aug. 1 Balance ✔ 540 Aug. 10 Invoice No. 59 CR24 103 437 Aug. 17 Invoice No. 64 R35 129 566 Select the choice that describes each transaction and the source of each posting. Date Action Invoice No. Posted From Journal page Aug. 10 fill in the blank 2 fill in the blank 4 Aug. 17 fill in the blank 6 fill in the blank 8