Provide journal entries to record each of the following tranuctiona. For each, using the capital letter only, identity whether the transaction represents a sourcE of cash SL a use of canh (U), ar neither (NLPLEASE NOTE: All whale dollr amounts will be with "$"and commas as needed ie. $12,345). Far the journal entry, you mut enter the account names exactly an written balow and for acounts having similar accounting treatment (DR or CR), you are to record Balance Sheet accounts first, fallowed by Income Statement account.CanhTruckLandLom on Sale of LandDividendsGain on Sale of LandAccounts ReceivableCommon SockNote PayalaleDeclared and paid to sharcholders, a dividend of $24,000.DRTrarnaction - Source of cash SL Use of cash (UL or Neither (N).haund comman stock at par value for $12,000DRTrarnaction - Source of cash SL Use of cash (UL or Neither (N.Sald a tract of land that had coat $10,000, for $16.000.DRDR CTrarnaction - Source of cash (SL Use of cash (U or Neither (N)Purchaed a cnmpany truck, with a note payable of $38,000.DRTrarnaction - Source of cash (Sl Use of cash (U, or Neither (N)Collected Sa000 from cutomer acounts receivalble.DRTrarnaction - Source of cash (SL Use of cash (U or Neither (N)

Gain on sale of land = Sale value - Cost = $ 16000 - $ 10000 = $ 6000

Prvide jnal entries to reord ech of the follewing tran os. For each ninthe captetter onty, identely whether the transaction represents a sure of cash Sa u of cnh (, ar meither (N PLEASE NOTE All whale dellar munts will bewithsand commasneded a S12345. For the joumal entry, yeu must enter the sunt names ctly written bekew nd for sunts having simlar secounting trestment (DR or CR, you ae te recend Blance Sheet scounts first, fellowed by Income Statement secounts Ch Irack Land Lom on Sale f Land Dividnd Gain on Sale of Land Accounts eceivable Common Stock Note Payale Declared ard paid to hareholdersa dividend of $24000. DR Tramaton- Seare of cash S Ue of cah (U or Nither N hnd common stock at pr val for S12000 DR Tramaton- Seare of cash S Ue of cah (U or Nither N Sald a tract of land that had cont St0.000, for $16.0o0. DR DRor C Tramaton- Seare of cash S Ue of cah (U or Nither N Parthaeda company trk, with a rete pyable of S3R000 DR Trarnaton Seree of cash S Uve of cah (U or Nither N Calected S000 rom tomer unts reoivae DR Tramaton- Seare of cash S Ue of cah (U or Nither N

Prvide jnal entries to reord ech of the follewing tran os. For each ninthe captetter onty, identely whether the transaction represents a sure of cash Sa u of cnh (, ar meither (N PLEASE NOTE All whale dellar munts will bewithsand commasneded a S12345. For the joumal entry, yeu must enter the sunt names ctly written bekew nd for sunts having simlar secounting trestment (DR or CR, you ae te recend Blance Sheet scounts first, fellowed by Income Statement secounts Ch Irack Land Lom on Sale f Land Dividnd Gain on Sale of Land Accounts eceivable Common Stock Note Payale Declared ard paid to hareholdersa dividend of $24000. DR Tramaton- Seare of cash S Ue of cah (U or Nither N hnd common stock at pr val for S12000 DR Tramaton- Seare of cash S Ue of cah (U or Nither N Sald a tract of land that had cont St0.000, for $16.0o0. DR DRor C Tramaton- Seare of cash S Ue of cah (U or Nither N Parthaeda company trk, with a rete pyable of S3R000 DR Trarnaton Seree of cash S Uve of cah (U or Nither N Calected S000 rom tomer unts reoivae DR Tramaton- Seare of cash S Ue of cah (U or Nither N

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On November 2, 2022, Crane Company has cash sales of $6040 from merchandise having a cost of $3540. The entries to record the day's cash sales will include: O a $3540 credit to Cost of Goods Sold. O a $6040 debit to Accounts Receivable. O a $3540 credit to Inventory. O a $6040 credit to Cash. Save for Later Attempts: 0 of 1 used Submit Answer
Online Test Window-Google Chrome tests.mettl.com/test-window/f55ac827#/testWindow/0/20/1 EY Accounting Assessment Total 00:54:23 Finish Test Section 1 of 1 Section #1 v 15 16 17 18 19 20 21 23 24 22 25 21 of 45 All 2 43 Question # 21 G Revisit Choose the best option Under the accrual basis of accounting, if cash is received prior to the sale, then. Revenue is recognized when cash is received O A liability is recognized when cash is received O A liability is removed from the system when the cash is received O Revenue is removed from the system when the services have been performed or the goods have been delivered. Next Question Prev Question +91-82878-03040 Zaineh | Support +1-650-924-9221 4:14 PM meti gRへコ伝り) A 1/16/2021 Tyne here to search
9/The business has the following transactions for the month of May 2019. 9- Sold goods and received cash of RO 2,750 11- Received commission of RO 750 17- Received cash from KR traders of RO 3,300 for the goods sold on May 4 2019, on credit. 19- Sold goods to Rainbow traders and received cash of RO 3,250 Calculate and show the amount which will be transferred to the Cash sales column in the cash receipts book for the month of May 2019? a. RO 750 b. RO 6,000 c. RO 3,300 d. RO 3,500
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Kindly do a balance sheet extract
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Class Collaborate-AC-163-44 P x CengageNOWv2| Online teachin X + 2.cengagenow.com/ilmn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignments... A Determine the following measures for 2018. Round ratio values to one decimal place and dollar amounts to the nearest cent. For number of days' sales in receivables and number of days' sales in inventory, round intermediate calculations to the nearest whole dollar and final amounts to one decimal place. Assume there are 365 days in the year. 1. Working capital Г 2,790,000 2. Current ratio 4.1 3. Quick ratio 2.5 4. Accounts receivable turnover 16 5. Days' sales in receivables 22.8 days 6. Inventory turnover 7. Days sales in inventory 8. Debt ratio days % 9. Ratio of liabilities to stockholders' equity 10. Ratio of fixed assets to long-term liabilities 11. Times interest earned times times 12. Times preferred dividends earned Check My Work 8 144 0 P Previous Email Instructor Save and Exr Submit Assignment for Grading pri se…
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