A business purchases equipment by paying $9,943 in cash and issuing a note payable of $13,845. Which of the following occurs? O A. Cash is credited for $9,943, Equipment is debited for $23,788, and Notes Payable is credited for $13,845. OB. Cash is credited for $9,943, Equipment is credited for $23,788, and Notes Payable is debited for $13,845. OC. Cash is debited for $9,943, Equipment is debited for $13,845, and Notes Payable is credited for $23,788. O D. Cash is debited for $9,943, Equipment is credited for $13,845, and Notes Payable is debited for $3,902.

Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30. Flounder Company returned $8,600 of the merchandise and received full credit. a. If Flounder Company pays the invoice within the discount period, what is the amount of cash required for the payment? EE 6-2 p. 288 SHOW ME HOW b. What account is credited by Flounder Company to record the return?

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Sales-related transactions, including the use of credit cards Journalize the entries for the following transactions: A. Sold merchandise for cash, $25,000. The cost of the goods sold was $17,500. B. Sold merchandise on account. $98,000. The cost of the goods sold was $58,800. C. Sold merchandise to customers who used MasterCard and VISA, $475,000. The cost of the goods sold was $280,000. D. Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was $39,000. E. Received an invoice from National Clearing House Credit Co. for $13,450 representing a service fee paid for processing MasterCard , VISA, and American Express Sales.

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A company reported the following transactions. Journalize transactions that should be recorded in a cash receipts journal. July 1 Smith, the owner, contributed $13,300 cash to the company. July 6 Sold merchandise costing $1,800 to Garcia for $2,030 on credit, terms n/20. July 8 Purchased merchandise for $10,600 on credit from Jones, terms n/30. July 23 Sold merchandise costing $1,030 to Taylor for $1,080 cash. July 25 Received $2,030 cash from Garcia in payment of the July 6 purchase. July 27 Purchased $565 of supplies on credit from a company, terms 1/10, n/30. July 30 Borrowed $9,800 cash in exchange for a note payable to a bank. Date July 01 July 06 July 08 July 23 July 25 July 27 July 30 Account Credited Smith, Capital Garcia Jones Cash Debit 13,300 CASH RECEIPTS JOURNAL Accounts Sales Discount Debit Receivable Credit 2,030 Sales Credit Other Accounts Credit Cost of Goods Sold Debit Inventory Credit 1,800

A business received or issued the following invoices and paid or received the invoiced amounts on the following dates: Invoice date Invoice amount Date paid or received Purchase 2.6.X4 R1,000 26.6.X4 25.6.X4 R1,500 2.7.X4 Sales 8.6.X4 R2,000 26.6.X4 29.6.X4 R3,000 7.7.X4 There is no inventory at the beginning or end of June. What is the difference between the profit for June calculated on a cash basis, and calculated on an accruals basis? A. Nil B. R1,000 C. R1,500 D. R2,500

The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense

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.

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.