In the case of Allan Thorpe founder of Alcazar's company. He has used up $2100 of supplies(asset). To record this transaction, do your credit Supplies a/c and debit the Cash a/c, or would you debit accounts receivable since he did state how he used up the supplies?
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In the case of Allan Thorpe founder of Alcazar's company. He has used up $2100 of supplies(asset). To record this transaction, do your credit Supplies a/c and debit the Cash a/c, or would you debit accounts receivable since he did state how he used up the supplies?
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- Illustrate how the transaction affects the accounting equation: Reyes, the owner, made a cash withdrawal of 5000php for personal use.Record the transactions directly into the T-accounts. The transactions areindependent from one another. 1. The owner deposited P280,000 in the name of his business.2. He purchased a 4-in-1 equipment from 4-way Equipment for P4,950, paying P1,000in cash and the balance on account.3. He received and paid the telephone bill from Ph Telecom amounting to P1,080.4. He billed his customers P12,940 for services on account5. He paid P1,850 the electric bill from BEBECO.6. He paid P3,500 for the membership fee.7. He received P17,650 in cash for services rendered.8. He paid P1,000 to partially settle accounts with Orion Company.9. He paid P8,400 for the monthly rental of the place.10. He paid P3,500 for the salaries of employees.Donner's customer, Blitzen, paid off an $8,300 balance on its account receivable. Blitzen should record the transaction as credit to Accounts Payable-Donner and a debit to Cash. O True O False
- Bill started business with cash 370,000 on 01-03-2021. ii. Purchased goods on account from Alex worth 30000 on 02- 01-2021. iii. Sold goods to Stewart for 44000 on 03-01-2021. iv. Purchased computer for office use for 100000 on 04- 01-2021. v. Stewart returned the goods worth 4000 on 05-01-2021. vi. Opened a bank account by depositing the cash 110000 on 14-01-2021. vii. 35000 received from Stewart after full settlement. viii. 28000 was paid to Mr. Alex for purchased goods on 18-01-2021. Prepare journal.I have to do my accounting problems on excel and I have to record the transactions, but have a total for each column. If someone bought a computer from wardens office outfitters, $1,636, paying $750 in cash and placing the balance on account what does that mean exactly? I have other questions to but I'm not sure how this works.i am doing chart of accounting and for general journal, Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining $31,000 was financed through the bank (Hint: I still need to PAY this). what type of category and debit & credit section?
- 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 PayableJones Co has the following transactions: 1 Payment of $400 to J Bloggs for a cash purchase 2 Payment of $250 to J Doe in respect of an invoice for goods purchased last month What are the correct ledger entries to record these transactions?i am doing chart of accounting general journal, 4/ 2 Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining $31,000 was financed through the bank (Hint: I still need to PAY this). how to solve this problem? with puting into general journal as debit and credit side
- The business makes payments to suppliers for goods purchased on account. Which account is the debit posted to? Should the P90,000 entry to the Cash account be a debit? (yes/no) What is the accounting entry to record a cash sale?Suppose a co-worker has recorded a cash disbursement twice (Supplies Expense was debited twice for $100 and Cash was credited twice for $100) and wants you to record a correcting entry that will reverse the mistake. The correcting entry will record a debit to the Cash account and a credit to the Supplies account. Would you make this correcting entry? What should you investigate before making a decision about the correcting entry? Are there any other steps you would take to address this issue?Analyzing transactions. Selected accounts from the general ledger of the Ray Shipping Service follow. Analyze the following transactions and indicate by number what accounts should be debited and credited for each transaction. 101 Cash 111 Accounts Receivable 121 Supplies 131 Equipment 202 Accounts Payable 301 Richelle Ray, Capital 401 Fees Income 511 Rent Expense 514 Salaries Expense 517 Utilities Expense TRANSACTIONS 1. Gave a cash refund of $750 to a customer because of a lost package. (The customer had previ- ously paid in cash.) 2. Sent a check for $1,050 to the utility company to pay the monthly bill. 3. Provided services for $7,800 on credit. 4. Purchased new equipment for $4,600 and paid for it immediately by check 5. Issued a check for $3,500 to pay a creditor on account. 6. Performed services for $15,250 in cash. 7. Collected $6,250 from credit customers. 8. The owner made an additional investment of $25.000 in cash. 9. Purchased supplies for $3,250 on credit. 10. Issued a…