Homework Answers
- The situation mentioned in the question can be explained as :
To record a journal entry for a sale on account, one must debit a receivable and credit a revenue account. When the customer pays off their accounts, one debits cash and credits the receivable in the journal entry.
- The answer to the question is:
A business (company) sold their products of value $3000 to someone on credit. And the journal entry for that is :
- And the journal entry given in the question is for the payment done for the sale on credit.That is :
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sasanibne wone brunobs or of Smolen 1209 4. (4 pts) In one sentence, describe what happened...
obro bordo mosteanu 1209 (4 pts) In one sentence, describe what happened economically to cause the...
obro bordo mosteanu 1209 (4 pts) In one sentence, describe what happened economically to cause the following JE: Dr. Cash $3,000 Cr. Accounts Receivable $3,000 (4 pts) In one sentence, describe what happened economically to cause the following JE: Dr. Loan Payable $16,000 Cr. Cash $16,000
In one sentence, describe what happened economically to cause the following JE: Dr. Cash $3,000 Cr....
In one sentence, describe what happened economically to cause the following JE: Dr. Cash $3,000 Cr. Accounts Receivable $3,000
In one sentence, describe what happened economically to cause the following JE: Dr. Loan Payable $16,000...
In one sentence, describe what happened economically to cause the following JE: Dr. Loan Payable $16,000 Cr. Cash $16,000
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue (4) cr. dr. Cash (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchased on dr. Accounts Receivable dr. Choose......
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
You are required to post the following journal entries to the respective ledger account and to...
You are required to post the following journal entries to the respective ledger account and to prepare trial balance from the ledger accounts. PROBLEMI Date 1 May Debit (RO) 50.000 Credit (RO) Particulars Dr. Cash Cr. Capital Dr. Prepaid rent Cr. Cash 50,000 2 May 24,000 24,000 3 May 30,000 10.000 20,000 Dr. Furniture Cr. Cash Cr. Accounts payable Dr. Prepaid insurance Cr. Cash 4 May 1.800 1.800 5 May 500 Dr. Office supplies Cr. Cash 500 6 May 1,500...
DQuestion 13 1 pts Michelin Jewelers completed the following transactions. Michelin Jewelers uses the perpetual inventory...
DQuestion 13 1 pts Michelin Jewelers completed the following transactions. Michelin Jewelers uses the perpetual inventory system. On April 2, Michelin sold $9,000 of merchandise to a customer on account with terms of 3/15, n/30. Michelin's cost of the merchandise sold was $5,500. Which of the following journal entries correctly records the Sales revenue? O Dr. Sales Revenue 8,730: Cr. Acounts Receivable 8.730 O Dr. Cash 8,730, Cr. Sales Revenue 8,730 O Dr. Accounts Receivable 8730: Cr. Sales Revenue 8730...
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue...
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue E. Equity--Expense Questions 16-20: Show how each of the following five business transactions is recorded as a journal entry. The correct answer is a journal entry which both balances (Dr. debits = Cr. credits) and contains the correct account names and amounts. 16. The company consulted for a new brand and billed the client for services rendered $2,000 A. Dr. Service Revenue 2000; Cr....
please answer questions 1-9 Question 1 1 pts The Financial Statement that uses the Basic Accounting...
please answer questions 1-9
Question 1 1 pts The Financial Statement that uses the Basic Accounting Equation is: The Balance Sheet The Income Statement The Statement of Cash Flows All of them Question 2 1 pts Select the journal entry to correctly record services billed to clients. DR Fees Earned; CR Revenue DR Accounts Payable; CR Fees Earned DR Accounts Receivable; CR Cash DR Accounts Receivable; CR Fees Earned Question 3 Which of the following accounts is NOT closed during...
Which of the following is not a possible journal entry? Debit Expenses: Credit Assets...
Which of the following is not a possible journal entry? Debit Expenses; Credit Assets Debit Expenses; Credit Liabilities Debit Assets; Credit Revenues Credit Assets; Credit Revenues Heimer, Inc. provides services to customers totaling $14,000, for which it billed the customers. How would the transaction be recorded? DR: Accounts Receivable 14,000 CR: Service Revenue 14,000 DR: Cash 14,000 CR: Service Revenue 14,000 DR: Accounts Payable 14,000 CR: Service Revenue 14,000 DR: Accounts Receivable 14,000 CR: Cash 14,000 When a company receives a prepayment from a customer and provides services to the customer...
obro bordo mosteanu 1209 (4 pts) In one sentence, describe what happened economically to cause the following JE: Dr. Cash $3,000 Cr. Accounts Receivable $3,000 (4 pts) In one sentence, describe what happened economically to cause the following JE: Dr. Loan Payable $16,000 Cr. Cash $16,000
In one sentence, describe what happened economically to cause the following JE: Dr. Cash $3,000 Cr. Accounts Receivable $3,000
In one sentence, describe what happened economically to cause the following JE: Dr. Loan Payable $16,000 Cr. Cash $16,000
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue (4) cr. dr. Cash (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchased on dr. Accounts Receivable dr. Choose......
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
You are required to post the following journal entries to the respective ledger account and to prepare trial balance from the ledger accounts. PROBLEMI Date 1 May Debit (RO) 50.000 Credit (RO) Particulars Dr. Cash Cr. Capital Dr. Prepaid rent Cr. Cash 50,000 2 May 24,000 24,000 3 May 30,000 10.000 20,000 Dr. Furniture Cr. Cash Cr. Accounts payable Dr. Prepaid insurance Cr. Cash 4 May 1.800 1.800 5 May 500 Dr. Office supplies Cr. Cash 500 6 May 1,500...
DQuestion 13 1 pts Michelin Jewelers completed the following transactions. Michelin Jewelers uses the perpetual inventory system. On April 2, Michelin sold $9,000 of merchandise to a customer on account with terms of 3/15, n/30. Michelin's cost of the merchandise sold was $5,500. Which of the following journal entries correctly records the Sales revenue? O Dr. Sales Revenue 8,730: Cr. Acounts Receivable 8.730 O Dr. Cash 8,730, Cr. Sales Revenue 8,730 O Dr. Accounts Receivable 8730: Cr. Sales Revenue 8730...
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please answer questions 1-9
Question 1 1 pts The Financial Statement that uses the Basic Accounting Equation is: The Balance Sheet The Income Statement The Statement of Cash Flows All of them Question 2 1 pts Select the journal entry to correctly record services billed to clients. DR Fees Earned; CR Revenue DR Accounts Payable; CR Fees Earned DR Accounts Receivable; CR Cash DR Accounts Receivable; CR Fees Earned Question 3 Which of the following accounts is NOT closed during...
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