FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1-What is the journal entry for recording credit sales?
a.
Sales Dr. and Accounts Receivable Cr
b.
Accounts Receivable Dr. and Sales Cr
c.
Cash Dr. and Sales Cr
d.
Sales Dr. and Accounts Payable Cr
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- A sales on account transaction is recorded: a. in the general journal after it has been recorded in the sales journal. Ob. in the sales journal after recording the receipt of payment in general journal. c. in the sales journal after it has been recorded in the general journal. d. in the sales journal and is not duplicated in the general journal.arrow_forwardThe information below is taken from the shareholders' equity section of the statement of financial position for Cullumber Cable: Shareholders' equity Preferred shares, authorized 10,000,000 shares, 4,580,000 and 2,120,000 issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Common shares, authorized 25,000,000 shares, 1,000,000 and 2,120,000 shares issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity a. b. 2024 C. $12,824,000 5,000,000 135,560,000 (19,400,000) $133,984,000 Provide the journal entries for the following: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) 2023 The issuance of preferred shares during 2024. The repurchase of 1,120,000…arrow_forwardWhen a customer pays in advance for products or services, which of the following accounts is credited? a.Sales Revenue b.Cash c.Unearned Revenue d.Accounts Receivablearrow_forward
- 3. Give at least one example of each Merchandise transaction for a) Receipt b) Sales Invoice (Credit) c) Debit note d) Credit note e) Voucherarrow_forwardFor a Credit Invoice Received, which entry should be made? debit to sales returns and allowances, debit to the purchases account, credit to the purchase returns and allowances account or credit to the sales account?arrow_forwardWhich of the following is the correct journal entry to record a sale to a customer on account? A) Debit Cash Credit Sales B) Debit Sales Credit Accounts Receivable C) Debit Accounts Receivable Credit Cash D) Debit Accounts Receivable Credit Salesarrow_forward
- what is the entry for collection of receivable * O debit cash, credit accounts payable O debit cash, credit accounts receivable debit accounts receivable, credit cash O debit accounts payable, credit cash Submitarrow_forwardCould you answer the question through this journal I'm confused on where to input the informationarrow_forwardQuestion 3 Which 3 are transaction types you can assign in a rule for money-out transactions? Transfer Journal entry Purchase order Credit memo Refund receipt Check Expensearrow_forward
- Please help with the following question COMPLETION STATEMENTS 1.Notes and accounts receivable that result from sales transactions are often called______________ receivables. 2.Two accounting problems associated with accounts receivable are (1) ______________ and (2) ______________ accounts receivable. 3.The net amount expected to be collected in cash from receivables is the _____________. 4.When credit sales are made, _________________ Expense is considered a normal and necessary risk of doing business on a credit basis. 5.The two methods used in accounting for uncollectible accounts are the ____________ method and the ______________ method. 6.Allowance for Doubtful Accounts is a_____________ account which is ______________ from Accounts Receivable on the balance sheet. 7.When the allowance method is used to account for uncollectible accounts, ____________ is debited when an account is determined to be uncollectible. 8.The _________________ basis of…arrow_forwardGive typing answer with explanation and conclusionarrow_forwardInstructions Journalize the entries to record the following selected bond investment transactions for Hall Trust (refer to the Chart of Accounts for exact wording of account titles) Apr. June July 1 Purchased for cash $372,000 of Medina City 3% bonds at 100 plus accrued interest of $2,790, paying interest semiannually. Received first semiannual interest payment. 31 Sold $139,200 of the bonds at 98 plus accrued interest of $348. 30arrow_forward
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