Which business transactions would result in the following journal entry Dr. Supplies Cr. Accounts Payable a. Proprietor Withdrew cash from the business for his personal use. b. Purchased supplies by cash. c. Received supplies from the customer for whom services were provided on credit. d. Purchased supplies on account.

Which business transactions would result in the following journal entry Dr. Supplies Cr. Accounts Payable a. Proprietor Withdrew cash from the business for his personal use. b. Purchased supplies by cash. c. Received supplies from the customer for whom services were provided on credit. d. Purchased supplies on account.

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Description: Which business transactions would result in the following journal entry Dr. Supplies Cr. Accounts Payablea.Proprietor Withdrew cash from the business for his personal use.b.Purchased supplies by cash.c.Received supplies from the customer for whom ser

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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For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loan
The business purchased Supplies on account. Which of the following Journal entry is Correct ? O a. Debit Expense and credit Accounts Payable. Ob Debit Supplies and credit Cash. Debit Supplies and credit Accounts Payable. d. Debit Expense and credit Cash.
Exercise 1: Match the special journal with its definition: Journals Definition 1. Purchases on account a. Cash Receipts Journal b. Cash Disbursement Journal 2. Sales on account 3. Cash paid by the company. 4. Cash Received by the company. c. Sales Journal d. Purchases Journal e. General Journal 5. Adusting, closing and returns.
Business makes payment of Bank loan. Which of the following is the correct journal entry? a. Dr Bank Loan account Cr Cash account b. Dr Cash account Cr Loan c. Dr Cash account. Cr Capital d. Dr Bank Cr Cash account
What would the journal entry be for the payment of an amount owing to a supplier? A. Dr Purchases; Cr Bank B. Dr Creditors control; Cr Purchases C. Dr Creditors control; Cr Bank D. Dr Purchases; Cr Creditors control