When a company pays cash to buy supplies, for $750, the journal entry to record this transaction will be Debit to Supplies, Credit to Cash Debit to Cash, Debit to Supplies Credit to Cash, Credit to Supplies Debit to Cash, Debit to Supplies (True) or (False)? A chart of accounts is a list of all accounts with the detail of every transaction, as well as the running balances. (True) (False)
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- From the following list, identify which items are considered original sources: A. accounts receivable B. receipt from post office for post office box C. purchase order D. general ledger E. adjusted trial balance F. statement of retained earnings G. electric bill H. packing slip I. company expense account J. statement of cash flowsFrom the following list, identify which items are considered original sources: A. prepaid insurance B. bank statement C. sales ticket D. general journal E. trial balance F. balance sheet G. telephone bill H. invoice from supplier I. company sales account J. income statementFor each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loan
- Directions: Classify each account according to its category. Put a check (/) on the right column where each item belongs. Write your answers on a separate sheet of paper. Account Assets Liabilities Title Owner's Revenue Equity Non- Non- Expenses Current Current Current Curreni Asseta Liahilities Assets Liabilities 1. Cash 2. Accounts Payable 3. Building 4. Mortgage Payable 5. Service Revenues 6. Accounts Reccivable 7. Salaries Expense 8. Inventory 9. Rent Expense 10. Unearned Service RevenueAnalyze the following summary. Ignore HST. Complete the chart. Required Accounting Entry Nature of Transaction Source Document Account Debited Account Credited 1. Cash payment on hydro bill that arrived today 2. Cash sale 3. Bank interest earned 4. Sale on account 5. Purchased advertising on account 6. Purchase supplies on account 7. Bank service chargesThe following journal entry was found in the records of Ross Company: Debit Cash P 200; Credit Accounts Receivable P 200. Which of the following statements best describes the above transaction? A. A customer paid P 200 on account B. Cash services of P 200 were provided C. Ross Company paid a supplier P 200 D. Ross Company corrected an error in a customer’s account
- Listed below are the transactions of Joseph Moore, D.D.S., for the month of September. Sept. 1 2 4 4 5 8 10 14 18 19 20 25 30 30 Moore begins practice as a dentist, invests $20,030 cash and issues 2,003 shares of $10 par stock. Purchases dental equipment on account from Green Jacket Co. for $17,820. Pays rent for office space, $690 for the month. Employs a receptionist, Michael Bradley. Purchases dental supplies for cash, $900. Receives cash of $1,770 from patients for services performed. Pays miscellaneous office expenses, $420. Bills patients $5,950 for services performed. Pays Green Jacket Co. on account, $3,760. Pays a dividend of $3,090 cash. Receives $1,060 from patients on account. Bills patients $1,980 for services performed. Pays the following expenses in cash: Salaries and wages $1,700; miscellaneous office expenses $83. Dental supplies used during September, $320. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value.When a company extends credit directly to a customer for a purchase, the sale is recorded as a debit in the O A. customer record B. general ledger O C. cash flow journal D. balance sheet SUBMITDirections: Write (+) if there is an increase, (-) if there is a decrease, or NE if there is no effect on the assets, liabilities and equity accounts. Write your answers on a separate sheet of paper. Liability Owner's Equity Transactions Asset 1. Invested cash in the business 2. Purchased equipmnent on a cash basis 3. Billed a customer for a spa service 4. Paid employee's salary 5. Purchased supplies on account 6. Paid an advertisement for the company's new product 7. Paid the rent in advance 8. Received cash from customers 9. Withdrew cash for some personal use 10. Invested a vehicle on the company
- Calculator Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? Oa. Accounts Payable, debit; Accounts Receivable, credit Ob. Accounts Payable, debit; Cash, creditMeenen Company purchases equipment for OMR 1200 from Sanders Co. on account. The entry for this transaction will be Select one: O a. Debit Equipment A/C and Credit Bank A/C O b. Debit Equipment A/C and Credit Account Receivable A/C O c. Debit Equipment A/C and Credit Account Payable A/C O d. Debit Equipment A/C and Credit Cash A/C ."1.Billed customers for fees earned, $54,100.2.Purchased supplies on account, $1,250.3.Received cash from customers on account, $43,800.4.Paid creditors on account, $600.A.Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted.B.Post the entries prepared in (A) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, place the appropriate number to identify the transaction.C.Assume that the unadjusted trial balance on March 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred"