Homework Answers
Answer
--Correct Answer = Option 'B' Purchase of supplies 'on account' is recorded on 'Purchase Journal'.
>Cash receipt journal and cash payment journal are for 'CASH' transaction.
>Revenue journal is for recording the revenue earning transaction.
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Which of the following special journals should the purchase of supplies on account recorded on? Select...
A purchase of supplies for $213 on account was recorded and posted as a debit to Supplies for $446
Journalize the entries to correct the following errors: a. A purchase of supplies for $213 on account was recorded and posted as a debit to Supplies for $446 and as a credit to Accounts Receivable for $446. (Record the entry to reverse the error first.) b. A receipt of $4,410 from Fees Earned was recorded and posted as a debit to Fees Earned for $4,410 and a credit to Cash for $4,410.
The type of special journal used to record the receipt of cash from any source is:...
The type of special journal used to record the receipt of cash from any source is: Select one: A. Revenue journal B. Cash receipt journal O C. Cash payment journal O D. Revenue Journal
EX 5-3 Identify journals OBJ. 2 Assuming the use of a two-column (all-purpose) general journal, a...
EX 5-3 Identify journals OBJ. 2 Assuming the use of a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded: a. Closing of drawing account at the end of the year. b. Providing services for cash. c. Sale of office supplies on account, at cost, to a neighboring business. d. Receipt of cash from sale of office equipment. e....
OBJ. 2 EX 5-4 Identify journals Assuming the use of a two-column (all-purpose) general journal, a...
OBJ. 2 EX 5-4 Identify journals Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded: a. Purchase of office supplies for cash. b. Advance payment of a one-year fire insurance policy on the office. c. Purchase of office equipment for cash. d. Adjustment to prepaid insurance at the end of the month. (Continued) Chapter...
A journal entry for a $210 payment to purchase office supplies was erroneously recorded as a...
A journal entry for a $210 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $550 and a credit to Cash for $210. Which of the following statements correctly states the effect of the error on the trial balance? Select one: A. The sum of the credits will exceed the sum of the debits by $340, B. The sum of the debits will exceed the sum of the credits by $210. C. The sum...
Problem the journal in which each of the following transactions should be recorded: thecowner (a) (b)...
Problem the journal in which each of the following transactions should be recorded: thecowner (a) (b) (c) (d) (e) (t) (g) Investment of additional cash in the business by the owner. Rendering of services for cash. Rendering of services on account. Receipt of cash on account from a customer. Sale of office supplies for cash, at cost, to a neighboring business. Adjustment to record supplies used at the end of the year. Closing of drawing account at the end of...
The entry to record the purchase of supplies on account is: Select one: O A. Debit...
The entry to record the purchase of supplies on account is: Select one: O A. Debit Cash, Credit Supplies O B. Debit Accounts Payable, Credit Supplies O C. Debit Supplies, Credit Cash O D. Debit Supplies, Credit Accounts Payable
an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6...
an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6. What is a control account? 7. List the four special journals often used in a manual accounting information system. What types of transactions are recorded in each of the special journals? 8. Explain the posting process of the sales journal. 9. Provide some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts...
Question 6 Not yet answered On February 9, 2020, Grove Industries purchased office supplies on account...
Question 6 Not yet answered On February 9, 2020, Grove Industries purchased office supplies on account from Markus Brothers Stationery Store. How is this entry recorded in the journal? Marked out of 1.00 Flag Cuestion Select one: O a. debit to Office Supplies and credit to Accounts Payable O b. debit to Office Supplies and credit to Cash O c. debit to Supplies Expense and credit to Accounts Receivable O d. debit to Accounts Receivable and credit to Office Supplies...
BE7.8 (LO 3) Villar Co. uses special journals and a general journal. Identify the journal in...
BE7.8 (LO 3) Villar Co. uses special journals and a general journal. Identify the journal in which each of the following transactions is recorded. a. Purchased equipment on account. b. Purchased merchandise on account. c. Paid utility expense in cash. d. Sold merchandise on account. VIII. The income statement and balance sheet columns of Pine Company's work sheet reflect the following totals: (9 points) Balance Sheet Income Statement Cr. $100,000 Dr. $20,000 Dr. Cr. $140,000 Totals $60,000 Net Income/Loss Totals
The type of special journal used to record the receipt of cash from any source is: Select one: A. Revenue journal B. Cash receipt journal O C. Cash payment journal O D. Revenue Journal
EX 5-3 Identify journals OBJ. 2 Assuming the use of a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded: a. Closing of drawing account at the end of the year. b. Providing services for cash. c. Sale of office supplies on account, at cost, to a neighboring business. d. Receipt of cash from sale of office equipment. e....
OBJ. 2 EX 5-4 Identify journals Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded: a. Purchase of office supplies for cash. b. Advance payment of a one-year fire insurance policy on the office. c. Purchase of office equipment for cash. d. Adjustment to prepaid insurance at the end of the month. (Continued) Chapter...
A journal entry for a $210 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $550 and a credit to Cash for $210. Which of the following statements correctly states the effect of the error on the trial balance? Select one: A. The sum of the credits will exceed the sum of the debits by $340, B. The sum of the debits will exceed the sum of the credits by $210. C. The sum...
Problem the journal in which each of the following transactions should be recorded: thecowner (a) (b) (c) (d) (e) (t) (g) Investment of additional cash in the business by the owner. Rendering of services for cash. Rendering of services on account. Receipt of cash on account from a customer. Sale of office supplies for cash, at cost, to a neighboring business. Adjustment to record supplies used at the end of the year. Closing of drawing account at the end of...
The entry to record the purchase of supplies on account is: Select one: O A. Debit Cash, Credit Supplies O B. Debit Accounts Payable, Credit Supplies O C. Debit Supplies, Credit Cash O D. Debit Supplies, Credit Accounts Payable
an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6. What is a control account? 7. List the four special journals often used in a manual accounting information system. What types of transactions are recorded in each of the special journals? 8. Explain the posting process of the sales journal. 9. Provide some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts...
Question 6 Not yet answered On February 9, 2020, Grove Industries purchased office supplies on account from Markus Brothers Stationery Store. How is this entry recorded in the journal? Marked out of 1.00 Flag Cuestion Select one: O a. debit to Office Supplies and credit to Accounts Payable O b. debit to Office Supplies and credit to Cash O c. debit to Supplies Expense and credit to Accounts Receivable O d. debit to Accounts Receivable and credit to Office Supplies...
BE7.8 (LO 3) Villar Co. uses special journals and a general journal. Identify the journal in which each of the following transactions is recorded. a. Purchased equipment on account. b. Purchased merchandise on account. c. Paid utility expense in cash. d. Sold merchandise on account. VIII. The income statement and balance sheet columns of Pine Company's work sheet reflect the following totals: (9 points) Balance Sheet Income Statement Cr. $100,000 Dr. $20,000 Dr. Cr. $140,000 Totals $60,000 Net Income/Loss Totals
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