Question

2. Post three examples of a typical business transaction. Identify the debit and credit entries along...

2. Post three examples of a typical business transaction. Identify the debit and credit entries along with indicating if the account is increased or decreased due to the transaction.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
If you have multiple Debit and/or Credit entries, place them in the order of the Account...
If you have multiple Debit and/or Credit entries, place them in the order of the Account #. For example if you are using account 20000, 23400 and 39003, you would do the 39003 as the first journal entry, 23400 on the second and then 20000 last. Put them in order first for Debits and then for Credits. (ie, do not put all of the accounts in order.) First do the Debits in Account order and then start the order again...
    1.     In the first month of operations, the total of the debit entries to the...
    1.     In the first month of operations, the total of the debit entries to the cash account amounted to $1900 and the total of the credit entries to the cash account amounted to $800. The cash account has a balance of……………….     2.     Dawson’s Delivery Service purchased equipment for $3,500. Dawson paid $500 in cash and signed a note for the balance. Dawson debited the Equipment account, credited Cash and a.   debited the Dawson, Capital account for $2,000. b.  ...
A business has the following transaction: Date Transaction 13/06/16    Sale of inventory on credit to...
A business has the following transaction: Date Transaction 13/06/16    Sale of inventory on credit to AFM P/L. The GST inclusive amount of the invoice is 44000 and the terms are 2/10 n30 21/06/16 AFM P/L settles their account in full. The above transaction is the only invoice outstanding All numerical answers are numbers which consist only of the digits 0 to 9. Symbols or punctuation marks should NOT be incorporated in answers. With regard to the transaction of 21/6/16...
For each of the unrelated transactions described below, present the entries required to record each transaction....
For each of the unrelated transactions described below, present the entries required to record each transaction. 1. Crane Corp. issued $19,300,000 par value 10% convertible bonds at 99. If the bonds had not been convertible, the company’s investment banker estimates they would have been sold at 95. 2. Cheyenne Company issued $19,300,000 par value 10% bonds at 98. One detachable stock purchase warrant was issued with each $100 par value bond. At the time of issuance, the warrants were selling...
Transaction Analysis: Match each of the following transactions of L. Boyd & Company with the appropriate...
Transaction Analysis: Match each of the following transactions of L. Boyd & Company with the appropriate letters, indicating the debits and credits to be made. The key for the letters follows the list of transactions. 1. Stockholders contributed cash to the business. Example Answer: A and F 2. Purchased equipment on account. 3. Received and immediately paid advertising bill. 4. Purchased supplies for cash. 5. Borrowed money from a bank, giving a note payable. 6. Billed customers for services rendered....
ournalize the 2022 transactions: (Credit account titles are automatically indented when amount is entered. Do not...
ournalize the 2022 transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1.   March 1, a $600 customer balance originating in 2021 is judged uncollectible. 2.   May 1, a check for $600 is received from the customer whose account was written off as uncollectible on March 1. No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date                                             ...
For each transaction, identify which account is debited and which account is credited. Use proper account...
For each transaction, identify which account is debited and which account is credited. Use proper account titles (Cash, Accounts Receivable, etc). Transaction Debit Credit Received cash on account from a customer Paid dividends to stockholders Purchased office supplies on account Received cash from customers for services to be performed next month Paid employee's salary Received a bill for utilities to be paid next month Performed services on account Paid cash for a 12-month insurance policy, coverage starting next month Paid...
  1.     In the first month of operations, the total of the debit entries to the cash...
  1.     In the first month of operations, the total of the debit entries to the cash account amounted to $1900 and the total of the credit entries to the cash account amounted to $800. The cash account has a balance of……………….     2.     Dawson’s Delivery Service purchased equipment for $3,500. Dawson paid $500 in cash and signed a note for the balance. Dawson debited the Equipment account, credited Cash and a.   debited the Dawson, Capital account for $2,000. b.   credited...
Prepare the journal entries to record the following transactions on Crane Company’s books using a perpetual...
Prepare the journal entries to record the following transactions on Crane Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Larkspur Company sold $889,700 of merchandise to Crane Company on account, terms 3/10, n/30. The cost...
Brief Exercise 5-05 Prepare the journal entries to record the following transactions on Wildhorse Company’s books...
Brief Exercise 5-05 Prepare the journal entries to record the following transactions on Wildhorse Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Windsor Company sold $947,600 of merchandise to Wildhorse Company on account, terms 3/10,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT