Using the following transactions what is the total debits and credits?
Q: What is the difference between account receivable and account payable ?
A: Diffecrence between the accounts receivable an accounts payable are as follows:
Q: Which of the following transactions would be recorded if using the accrual basis ofaccounting but…
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Q: Which term is associated with '' left'' or''left side'' a) Debit b) Credit
A: While preparing general ledger accounts in books, there are two sides of account. One is left side…
Q: How do debits and credits work
A: Debit and credit entry are part of double entry book keeping system. This is used to make an entry…
Q: What's the difference between accounts payable and receivable?
A: Accounts Payable is the current liability for the business and Accounts Receivable is a current…
Q: What is the accounts receivable turnover, and what typeof information does it provide?
A: Ratio analysis, horizontal analysis and vertical analysis are the analytical tools used by the…
Q: What is the difference between ‘accounts payable (AP)’ and ‘accounts receivable (AR)’?
A: Credit Transaction: Under a credit transaction, the exchange of goods or services takes place where…
Q: Describe the relationship between debit balances and credit balances when it comes to “t graphs”?
A: T-graph or T-accounts: T-account is the form of the ledger account, where the journal entries are…
Q: 1. Enumerate and explain the rules of debit and credit.
A: The entire subject or concept of accounting is based on the general rules of debit and credit. In…
Q: What are the account receivables?
A: Current assets: The assets which could be converted into cash within one year like accounts…
Q: Is Accounts Payable a debit, a credit, or a combination of the two?
A: Account payable has always a credit balance. It is liability for a person who have acquired some…
Q: 1. What is the formular for Accounts Recieveables? 2. What is the formular for Accounts Payable?
A: Accounts Receivable - Accounts Receivables are the amount that is not paid by the customers who had…
Q: What is pledging of accounts receivable?
A: Accounts receivable: Accounts receivable is defined as any amount of money payable by…
Q: Distinguish between accounts receivable and account payable.
A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…
Q: How does the rule of debit and credit relative to accounting equation?
A: Accounting equation: It is a mathematical expression that presented all assets of the firm are…
Q: What are receivables credits? Please explain.
A: Receivable refers to the assets of the company created due to sale of goods and service on credit to…
Q: Why is the amount of the Income obtained from the Income statement extended to the balance sheet…
A: The income statement is one of a company’s core financial statements that are prepared to find out…
Q: nd de
A: The terms debit (DR) and credit (CR) have Latin roots: debit comes from the word debitum, meaning…
Q: How does account receivable work?
A: The term "account receivable" denotes that payment for previously completed work has yet to be…
Q: What account is the contra account of Account Receivable?
A: Contra asset account is shown as deduction from the assets in the balance sheet. Increase in Contra…
Q: what is debit and credit?
A: Debits and credits seem to be a bookkeeping notation framework that determines how and where every…
Q: the rules of debit and credit
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
Q: What are accounts for notes payable and interest expense.
A: Payables indicate the amount owed by the organization from outsiders which requires to be paid…
Q: What is the difference, definition, examples between account receivables and fees earned?
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: The chart that gives data about payments and payment schedule is called what?
A: Introduction: Payments and payment schedules: payment schedule includes all the periods of payment…
Q: what is the entry for collection of receivable * O debit cash, credit accounts payable O debit cash,…
A: Account’s receivables can be defined as the payment which is yet to be received by the business in…
Q: Debit telephone bill, credit ACcounts payable is
A: Correct Answer :- C Business Received telephone bill and it will be paid later.
Q: what is credit transactions?
A: credit transactions:- Credit transaction is a transaction of which the repayment of money loaned…
Q: Define the term accounts receivable?
A:
Q: Identify the relationship between money, credit?
A: Money is considered as the financial medium exchanged between parties that enable the transaction.…
Q: What are the basic inputs to recognize an account receivable?
A: Accounts receivable can be defined as the money that is owed to the firm on the sale of goods or…
Q: What is the present account balance?
A: An annuity is the deposit of a fixed amount regularly at a fixed interval of time over a specified…
Q: Define each of the following terms:i. Credit policy; credit period; credit standards; collection…
A: CREDIT POLICY- ''Guidelines that spell out a way to decide which customers area unit sold-out on…
Q: Distinguish between Receipts and Payments Account and Income andExpenditure Account.
A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…
Q: how do debits and credits work?
A: Debit and Credits: Debit and Credits are used as a basis of bookkeeping to book balance in the books…
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- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.Jacob Co. sells merchandise on credit to Isaiah Co. for $10,400. The invoice is dated on May 1 with terms of 2/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount? Oa. $208, May 15 Ob. $416, May 15 Oc. $416, May 16 Od. $208, May 161. A buyer received an invoice for P6.000 dated June 10. If the terms åré 2/10, n/30 and the buyer paid the invoice within the discount period, what amount will the seller receive? c. P4,800 а. Р6,000 b. P5,880. d. P 120 2. The purchases discount account is a contra account to a. accounts payable. b. purchases. C. sales. d. sales discount. 3. When a seller of merchandise allowed a customer a reduction from the original price for defective goods, the seller will issue to the customer a a. credit memorandum. b. debit memorandum. c. official receipt. d. sales invoice. 4. When the seller advances the transportation costs and the terms of sale are FOB shipping point, the seller records the payment of the transportation costs by debiting a. accounts payable. b. accounts receivable. C. sales. d. transportation in. 5. The account that appears in the chart of accounts for a merchandising entity but not for.a service entity is a. accounts receivable. b. accumulated depreciation. c. advertising…
- Feb 2 - Received cash on account from customer Andy Griffith, $390.50, no discount. Issued receipt #19 covering sales invoice #14. Feb 3 - Received cash on account from customer Roy Williams, $209.23. In payment for sales invoice #15; invoice amount is $213.50 ($200.00 plus sales tax $13.50) less discount and sales tax. Issued receipt #20. Feb 5 - Business recorded cash sales of $2,098.16 plus sales tax of $141.63 for total of $2,239.79. Cash register tape #5. Feb 6 - Received cash on account from customer Ron Howard, $693.40. In payment for sales invoice #16; invoice amount of $707.55 ($662.81 plus sales tax $44.74) less discount and sales tax. Issued receipt #21. Feb 7 - Business recorded cash sales of $1,749.08 plus sales tax of $118.06 for total of $1,867.14. Cash register tape #7. Feb 8 - Received cash on account from customer Tim Duncan during discount period as payment in full on sales invoice #17. Invoice amount is $733.70 ($687.31 sale plus sales tax of $46.39). Issued…Record the following transactions in general journal form. a. Sold merchandise on account to A. Bauer, $680 plus $54.40 sales tax (invoice no. D446). Bauer returned $105.50 of the merchandise. Issued credit memo no. 114 for $113.94 ($105.50 for the amount of the sale plus $8.44 for the amount of the sales tax.Merchandise subject to the credit terms 2/10, n/30, FOB shipping point, is sold to a customer on account for $20,125. The seller issued a credit memorandum for $4,600 prior to payment. What is the amount of the cash discount allowable if the payment is made within 10 days of the invoice date?
- Nkome Traders, owner T Nkome, is a registered VAT vendor. The VAT rate applicable is 15%. Transactions: 20.3 February 3 Received and invoice (re-numbered to 20.3/105) from Bapela Wholesalers for merchandise purchased on credit for R18 975. 5 Some of the items to the value of R1 265 on invoice number 20.3/105 was not received. Issued a debit note for the amount. Bapela Wholesalers granted the claim and issued a credit note for the amount claimed. 10 Bought stationery, R1 035, from Big Stationers and received their invoice. 12 Received an invoice from Electronics Traders for the purchase of a new printer for R3 680. 17 Bought merchandise to the value of R21 965 from Bangani Wholesalers and received their invoice. Complete the given Purchases journal and Purchases returns journal for February 20.3.A. Cash Discount1. An invoice for Php 70 250 dated March 25, terms 5/10, 2/30, n/60, is paidin full on April 20. What is the total amount paid to settle the account?2. Ms. Garcia received an invoice dated April 18 amounting to Php 30 123for her orderedplants. The invoice comes with cash discount terms, 5/5, 2/15, n/30, R.O.G.The plants were received on April 25. If she paid on May 12, how much did she pay?Company Crane sells $ 800 of merchandise on account to Company Blossom with credit terms of 1/15, n/30. If Company Blossom remits a check taking advantage of the discount offered, what is the amount of Company Blossom's check? O S710 O $792 O $530 O $620
- company A sells $1,500 of merchandise on account to company B with credit terms of 2/10, n/30. If company B remits a check taking advantage of the discount offered, what is the amount of Company B's check?? -$1,470 -$1,050 -$1,200 -$1,350Flounder 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?Leno Company sells goods to the Fallon Company for $15,000. . It offers credit terms of 3/10, n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of: A. $14,550. B. $15,000. C. $15,450. D. $450. thanks