19) Intercom, Inc. paid one of its creditors $678 on their balance due. The journal entry would require a: A) credit to Cash and a debit to Accounts Receivable. B) debit to Cash and a credit to Accounts Receivable. C) debit to Cash and a credit to Accounts Payable. dit to Cash

19) Intercom, Inc. paid one of its creditors $678 on their balance due. The journal entry would require a: A) credit to Cash and a debit to Accounts Receivable. B) debit to Cash and a credit to Accounts Receivable. C) debit to Cash and a credit to Accounts Payable. dit to Cash

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: List the accounts names for the following transaction and determine which is a debit or credit: 1.…

A: INTEREST ON NOTES PAYABLE ACCRUED IS A PART OF CURRENT LIABILITY AND EVERY LIABILITY EITHER CURRENT…

Q: b) The following information has been taken from the financial accounts of Lucy's Ltd of the end of…

A: Answer:- Ledger account meaning:- The bookkeeping entries for transactions that appear on the…

Q: 39) The payables ledger control account includes separate account for each supplier and helps to…

A: The question is multiple choice question.The payables ledger control account includes separate…

Q: Which of the following accounts will get affected when cash is received from sale made on account in…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Mar. 17 Received $1,080 from Shawn McNeely and wrote off the remainder owed of $4,350 as…

A: Journal: Recording of a business transactions in a chronological order.

Q: Prepare the journal entry to record an uncollectible account receivable of $10,000 using the direct…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: c. and d. Enter a credit balance of $38,400 as of September 1, 20Y4 in the Accounts Payable general…

A: Ledgers - After recording transactions in the journal the next step is to transfer them into…

Q: Cash balance per bank, July 31, $6,185. 2. July bank service charge not recorded by the depositor,…

A: The initial, meticulous recording of all monetary business transactions is called a journal entry.…

Q: The journal entry to record fees earned on account of $13,500 would include a debit to a.Cash for…

A: Solution (a.) Since the income is earned on account of $ 13,500 and the cash has not yet been…

Q: Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating…

A: Explanation: A. Provided legal services to customers for cash, $5,900 - Services Provided for cash…

Q: (b)-(d) (b) (c) (d) (Credit account titles are automatically indented when amount is entered. Do not…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: Use the checkbook and bank statement below to balance the checkbook. What is the total amount of the…

A: A bank reconciliation statement is a financial document that reconciles the bank statement balance…

Q: A customer owes a business $650 and makes a partial payment of $200. The remainder is considered…

A: Under the direct write off method, allowance for doubtful accounts is not maintained. All the bad…

Q: On June 3, Patrick Company sold merchandise to Chester Company having a sale price of $5,200 with…

A: Journal entry It is a record of a business transaction in the business books. In double-entry…

Q: Mar. 17 Received $810 from Shawn McNeely and wrote off the remainder owed of $4,820 as…

A: When there is any doubts regarding collection of any account receivable then company can write off…

Q: Presented below is information for Jones Company. Beginning -of-the-year Accounts Receivable balance…

A: Accounts Receivable -The money owed to a company for the sale of products or services that have…

Q: The following journal entry was found in the records of Ross Company: Debit Cash P 200; Credit…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Q3. Required: Prepare the journal entries and post to necessary ledger accounts for the below…

A: Journal Entry - Journal entry is the recording of business transaction in books of account, this is…

Q: TeleComm customer ADR circuits paid off an $9500 balance on its accounts receivable. TeleComm should…

A: Accounts receivable is the revenue that has been earned but the payment for the same has not been…

Q: ABC Co.'s July bank statement shows a $5,450 cheque received from customer Ms. Mary Opal for…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: The following selected transactions were completed during October of the current year: 1. Billed…

A: Journal entries are the daily transactions which are recorded in the books of accounts. These are…

Q: (a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off…

A: Journal: It is a systematic record of a financial transaction recorded in a chronological order.

Q: Balance is prepared, the total för böth Debits and Credits . Posting and trial balance information:…

A: A trial balance is a list of all general ledger accounts included in the ledger of a business. In…

Q: Pay from Account: 1-1110 ANZ Bank Balance: $1,530,577.55 Group with Electronic Payments: Tax…

A: The entity sells the product to the customer after charging the tax amount and the tax amount…

Q: The following account balances come from the records of Ourso Company: Beginning Balance $3,198 134…

A: Accounts Receivables: Accounts Receivable is an amount due from the customer or client to whom goods…

Q: The business has drawn a check of the same amount on the deposit account of Bank “A” in return for…

A: Journal Entry The purpose of preparing the journal entry to make more viable financial reporting…

Q: (a) Describe the detail of the transaction being performed in the following screen. (b) Give the…

A: Tax System In GST Tax system there must be two types of tax system are there. Input tax and output…

Q: c. and d. Enter a credit balance of $38,400 as of September 1, 20Y4 in the Accounts Payable general…

A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…

Q: The following are three receivables transactions. Indicate whether these receivables are reported as…

A: Accounts receivable are the money that is owed by the customer or buyer from the business who has…

Q: When an uncollectible account is recovered after it has been written off, he company should record…

A: Under the allowance method company makes provisions for uncollectible accounts at the end of the…

Q: The business collected $1,800 cash from Client B on account. The journal entry to record this…

A: Increase in assets should be debited and decrease in assets should be credited. Option A is for…

Q: Journalize the entries f

A: Definition : Merchandise: Merchandise is unique to every business that sells goods which are in…

Q: Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as…

A: Journal Entry: Journal entry is the act of keeping records of transactions. Transactions are listed…

Q: 1Which one of the following source documents will be used to make an entry in the debtors journal…

A: Answer:- Debtor journal meaning:- This diary keeps track of any transactions in which the company…

Q: How should this collection of cash be recorded by Jonathan Harker Soaps Company?

A: Any organization or a person should recognize revenue when they render their services or when they…

Q: Record the invoices amounting to $81,300 from the contracts.

A: Journalizing is the process of recording financial transactions in a journal, where each entry…

Q: Donner's customer, Blitzen, paid off an $8,300 balance on its account receivable. Blitzen should…

A: According to the principles of accounting, all assets and expenses have a normal debit balance,…

Q: Early in the month a $700 cash collection on account was recorded as a debit to Cash and a credit to…

A: Unearned revenue is the term used to describe money that a business receives in advance for products…

Q: Broadmor Industries collected $7,500 from a customer on account. What journal entry will be prepared…

A: Given that, Cash collected from customer on account = $7,500 Customer on account are those…

Q: a. Journalize the entry to record the issuance of the note on January 1. Refer to the chart of…

A: Notes payable is a form of liability for the business, on which it has to pay regular interest…

Q: Oriole Wyatt is unable to reconcile the bank balance at January 31. Oriole's reconcilia Cash balance…

A: In this question, we will make the bank reconciliation statement for determining the adjusted cash…

Q: Swifty Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions…

A: A journal is a company's official book in which all business transactions are recorded in…

Q: Rush Co has a credit

A: Accounting errors may be minor or substantial. Either way, they can have serious consequences:…

Q: Use the journals and ledgers that follow. Total the journals. Post the transactions to the…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS Subsidiary Ledgers…

Q: 1. When posting all transactions to the ledgers, the cash account will show a total amount in the…

A: Transaction- A business transaction is a monetary exchange of products or services. Purchase of…

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

19) Intercom, Inc. paid one of its creditors $678 on their balance due. The journal entry would require a:
A) credit to Cash and a debit to Accounts Receivable.
B) debit to Cash and a credit to Accounts Receivable.
C) debit to Cash and a credit to Accounts Payable.
Di debit to Accounts Payable and credit to Cash.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following accounts will get affected when cash is received from sale made on account in the last month? a. Cash and Service Revenue b. Cash and Accounts Receivable c. Cash and Salary Expense d. Cash and Notes Payable
Lyons made a P 500 cash withdrawal for his own use. Which of the following reflects the proper journal entry for this transaction? A. Debit Cash P 550; credit Loan Payable P 500 B. Debit Drawing Expense P 500; credit Cash P 500 C. Debit B. Lyons Drawing P 500; credit Cash P 500 D. Debit Cash P 500; credit Withdrawals P 500
b. Assume that Joey's Bike Shop uses the direct write-off method of accounting for uncollectible accounts. Answer the following questions: (1) What is the Accounts Receivable balance at December 31, Year 1? (2) What is the amount of uncollectible accounts expense for Year 1? (3) What is the net realizable value of accounts receivable at December 31, Year 1?
The company records a deposit of $34,956 as $33,956 in the book. What isthe entry to correct the cash balance?
Lycamobile Indicate how each of the items below should be reported using the following classifications: (a) cash, (b) restricted cash, (c) temporary investment, (d) receivable, (e) liability, or (f) office supplies. (1) Checking account at First Security $ (20) (2) Checking account at Second Security. 350 (3) U.S. t-bills.... 650 (4) Payroll bank account 100 (5) Sales tax bank account 150 (6) Foreign bank account-restricted (in equivalent U.S. dollars) 750 (7) Postage stamps... (8) Employee's postdated check 22 30 (9) IOU from president's brother 75 (10) Credit memo from a vendor for a purchase return 87 (11) Traveler's check. 50 (12) NSF check. 18 (13) Petty cash fund ($16 in currency and expense receipts for $84) 100 (14) Money order. 36
What should i do? Accounts payable were paid in the amount of $1,077,500. Note: Enter debits before credits. Transaction General Journal Debit Credit 08
Triple Company's accountant made an entry that included the following items: debit postage expense $12.52, debit office supplies expense $27.43, debit cash over/short $2.29. If the original amount in petty cash is $322, how much was the credit to cash for the reimbursement? Multiple Choice $203. $322. $42.24. $39.95. $29.72.
Jervis sels $4,300 of its accounts receivable to Northem Bank in order to obtain necessary cash. Northem Bank charges 2 tactoing fee Wmat entry should Jervis make to record the transaction? Multiple Choice Debir Accounts Receivable $4,300; credit Factoring Fee Expense $86; credit Cash $4214 Debit Accounts Receivable $4,214; debit Factoring Fee Expense $86; credit Cash $4,300. Debit Cash $4,300; credit Factoring Fee Expense $86; credit Accounts Receivable $4,300
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $2,710 from Shawn McNeely and wrote off the remainder owed of $3,630 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Shawn McNeely and received $3,630 cash in full payment. If an amount box does not require an entry, leave it blank. July 29 July 29
1a. Journalize the entries to record the 201 transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. 1b. Journalize the entries to record the 20Y2 transactions. Refer to the Chart of Accounts for exact wording of account titles. Round all amounts to the nearest dollar.
When a company records a bank deposit, it will: O A. credit the Cash account on the company's books. O B. debit the Accounts Receivable account on the company's books. OC. debit the Cash account on the company's books. O D. credit the Accounts Payable account on the company's books.
if the company paid the salaries payable in the next period, the transaction will be as bellow cash debit, salaries payable credit. cash debit , salaries credit. salaries expense debit, cash credit. salaries payable debit, cash credit. Note collection in the bank reconciliation will be Add to the balance per bank. Deduct from balance per bank. O Add to the balance per book. Deduct from balance per book. cost of goods sold equal to O Goods available for sale mince beginning inventory. O Net sale mince goods available for sale Net purchase mince beginning inventory. beginning inventory blues net purchase mince ending inventory