On June 1, 2021, Alan Harper buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he will a .make a compound entry. b make a simple entry. c use two journal entries. d list the credit entries first, which is proper form for this type of transaction.

On June 1, 2021, Alan Harper buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he will a .make a compound entry. b make a simple entry. c use two journal entries. d list the credit entries first, which is proper form for this type of transaction.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 13MC: Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would...

See similar textbooks

Similar questions

Your new company paid the invoice for their account with Alli's Broom Supply Company. What would your journal entry look like when you record this transaction? a) Debit Cash; Credit Accounts Payable b) Debit Cash; Credit Supplies Expense c) Debit Accounts Receivable; Credit Cash d) Debit Accounts Payable; Credit Cash
10. In Exhibit 3.6, you see a credit sale to G. H. Allen that is recorded in a paper-based accounting system. On July 28, 2021, Aca Pool Co. received check number 6311 from G. H. Allen in payment of his outstanding invoice. Required: a. Record the receipt of Allen's check on the cash receipts prelist, document number CR645. Your instructor will provide you a blank form. b. Use the prelist as your source document to record this cash receipts transaction in the appropriate 14
On June 3, Patrick Company sold merchandise to Chester Company having a sale price of $5,200 with terms of 4/10, n/60, f.o.b. shipping point. On June 12, the Patrick company received a check for the balance due from Chester Company. Prepare journal entries on the Patrick Company books to record all the events noted above under each of the following situations. (1) (2) Sales and receivables are entered at gross selling price. Sales and receivables are entered at net of cash discounts. Answer: Please fill in the blank (1) Use Gross Method: (a) On June 3: Patrick would debit the account: type your answer... and credit the account: type your answer... (b) On June 12: Patrick would debit the Cash Account for: $ type your answer... type your answer... and credit the account: type your answer... (c) What additional account would be used in the above journal entry (b), and for what dollar amount? Additional Account used: type your answer... would be debited for the following amount: $ type…
Jul 2 Recommended to the owner, Jen Beck, that she put some of the cash into a Money Market account that will earn interest. Jen agrees. Create the general ledger account 1030 Money Market and transfer $7,000 into the account. Just tell me in quickbooks where do i record this transaction?bill (enter bills window)credit (enter bills window)bill pmt - check (pay bills window)check (write checks window)invoice (create invoices window)payment (receive payments window)sales receipt (enter sales receipts window)deposit (make deposit window)general journal (make general journal entries window)inventory adjust (adjust quantity/value on hand window)sales tax payment (pay sales tax window)paycheck (pay employees window)liability check (pay payroll liabilities window)transfer (transfer funds between accounts window)credit card charge (enter credit card charges window)credit memo (create credit memos/refunds window)discounts (receive payments window)
Identify the DFD in the following narrative: Hemant buys a new scooter at a local shop and pays with his debit card. The sales clerk enters the transaction in the cash register. At the time of closing, the sales clerk gives the register tape and the debit card PIN tape to his manager.
Suppose that Lena, who has an account at SunTrust Bank, writes a check for $140 to Jose, who has an account at National City Bank. Use following the T-account for SunTrust Bank to show how it is affected after the check clears. Assets Liabilities
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 invoice
Describe 2 accrual transactions and 2 deferral transactions that your peers will need to journalize. For the accrual transactions, please use credit or debit sales and credit purchase. For the deferral transactions, please use prepaid insurance and prepaid telephone charges. This is for an Electrotechnology Sales and Repairs business. Please include the dates that the transactions occurred. Please see the two pictures below, as I have included some examples of what the end product should look like. Please include an explanation as to what was done.
ADDITIONAL PRACTICE PROBELM: TRANSACTION JOURNAL ENTRIES Do you know your Left from your Right? Debits and Credits as you shop Instructions: Below are some examples of transactions that college students might engage in. For each transaction record the proper journal entry. Transaction Journal entry 1. You buy a computer for $1,500.00 on credit DR: $1,500.00 CR: $1,500.00 | 2. You purchase for cash ($2.00) and consume a DR: $2.00 St. Pauli Girl at the local pub. CR: $2.00 3. You purchase for future consumption a case DR: $35.00 of St. Pauli Girl for $35.00 cash CR: $35.00 4. You work a part-time job and receive $500 in DR: $500.00 monthly compensation CR: $500.00 5. You pay $1,000 toward the computer purchased DR: $1.000.00 in (1) above. CR: $1,000.00
Consider the following statements as you answer the next question: i. Felix, a cash receipts clerk, applied Allison's payment to the invoices indicated on her remittance advice. ii. In purchasing books, Allison filled out a form on a bookstore's web site. iii. The bookstore's web site verified Allison's credit limit. iv. William, a warehouse worker, prepared Allison's books for shipment. All of the following steps in the sales / collection process are represented in the four statements except: A. The first step. B. The second step. C. The sixth step. D. The last step.
Miranda Corp. received an order from a customer on October 1. The toys were shipped on October 15. The customer sent a check for full payment on November 5. Miranda received the check on November 10 and deposited it in the bank account. Miranda should record sales revenue related to this series of transactions on ___ .
1)Prepare a bank reconciliation for Daryl Swan to determine how much cash Swan actually has at October 31, 2019? 2)By using the data from above, make the following journal entries that Swan should record on October 31 to update her Cash account. 2a)T o account for the EFT collection of rent 2b)To account for NSF cheques returned by the bank. 2c)To correct the error in recording the salary of the part-time employee.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

	a	.make a compound entry.
	b	make a simple entry.
	c	use two journal entries.
	d	list the credit entries first, which is proper form for this type of transaction.