Prepare journal entries for the transactions listed below and post them to the T-accounts. a. Bought $900 of supplies on account. b. Paid $500 on account for supplies purchased in transaction (a).
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Prepare
a. Bought $900 of supplies on account.
b. Paid $500 on account for supplies purchased in transaction (a).
Step by step
Solved in 3 steps
- Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000. A. February 2, purchased an asset, merchandise inventory, on account, $30,000 B. March 10, paid creditor for part of February purchase, $12,000Entries for notes receivable The series of five transactions, (a) through (e), recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction.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 journal
- Assuming the entity bought 300,000 worth of supplies on account. The proper journal entry to this transaction is by debiting the Supplies account and crediting what account? a.) Accounts Receivable b.) Supplies Expense c.) Cash d.) Accounts PayableFor each transaction, prepare journal entries. Received $20,143 on account paid by customers.The debits and credits from two transactions are presented in the following customer account: NAME Moravian Products Inc. ADDRESS 46 W. Main St. Post. Debit Balance Date Item Ref. Credit Aug. 1 Balance 1,200 Invoice No. 119 R24 1,950 10 750 Invoice No. 106 CR46 17 610 1,340 Describe each transaction and the source of each posting.
- Instructions: Use the following account titles: Cash, Accounts Receivable, Notes Receivable, Medical Supplies, Office Equipment, Furniture and Fixtures, Accounts Payable, Notes Payable, Salaries Payable, Mateo, Capital, Mateo Drawing, Service Revenue, Rent Expense, Salaries Expense, Taxes and Licenses Expense, Supplies Expense, Advertising Expense, and Utilities Expense a. Journalize the transactions below. b. Posting the transactions to their corresponding t-accounts. c. Prepare the unadjusted trial balance Arianne Mateo established a business called ASM Medical Clinic on September 1, 2018. The following are the transactions occurred during the month of September 2018. 1 Ms. Mateoo deposited cash amounting to P350,000 under the name of the company. 1 Tables and chairs were purchased from JohnD Furniture at a total cost of P300,000, 40% on cash and balance by issuing a promissory payable after thirty (30) days. Registered the business name with DTI and paid P5,000. 9 Hired 2 clinic…The business collected $1,800 cash from Client B on account. The journal entry to record this transaction should include: A. Debiting Cash for $1,800 and Crediting Service revenue for $1,800 B. Debiting Accounts payable for $1,800 and Crediting Cash for $1,800 C. Debiting Cash for $1,800 and Crediting Accounts receivable for $1,800. D. Debiting Accounts receivable for $1,800 and Crediting Cash for $1,800Write the type of journal to be used for each of the following transactions: (general journal, sales journal, purchase journal cash receipts journal, cash disbursement journal)1. Purchase of merchandise on account2. Payment of accounts payable3. Collection of account receivable4. Sales on account5. Cash investment made by the owner6. Payment of utility expense7. Recording depreciation expense for the year8. Withdrawal of cash by the owner9. Cash sales10. Cash purchases
- 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 invoiceWhich 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. ReceiptFiona Sportyuses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded. a)Purchased inventories on credit b)Sales of inventory on credit )c)Received payment of a customer’s account d)Payment of monthly rent by cheque e)End of periodclosing entries