Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 2, Problem 5SC
To determine
Identify which of the given T-accounts is correct regarding supplies purchased on account.
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6. Your company paid rent of $1,000 for the month with check number 1245. Which
journal would the company use to record this?
A. sales journal<
B. purchases journal«
C. cash receipts journal<
D. cash disbursements journal
E. general journale
Identify the account that is debited, when business makes credit purchases of goods worth OMR 10,000.
O a. Revenue account
O b. Purchase account
O C. Inventory account
O d. Goods account
The entry to record a sale of P7,500 with terms of 2/10, n/30 would include
a. Debit to sales for P7,350
b. Debit to sales Discount for P150
c. Credit to Accounts Receivable for P7,500
d. Credit to sales for P7,500
Chapter 2 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 2 - The order in which assets were listed and...Ch. 2 - Prob. 2DQCh. 2 - How is revenue related to retained earnings?Ch. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Distinguish between journalizing and posting.Ch. 2 - True or false: If the trial balance is in balance,...Ch. 2 - When it is time to prepare the financial...
Ch. 2 - Which sequence of actions correctly summarizes the...Ch. 2 - Prob. 2SCCh. 2 - Prob. 3SCCh. 2 - Prob. 4SCCh. 2 - Prob. 5SCCh. 2 - Which journal entry records obtaining a bank loan...Ch. 2 - RV Wholesale, Inc., paid 1,200 for supplies and...Ch. 2 - Prob. 8SCCh. 2 - Prob. 9SCCh. 2 - Prob. 10SCCh. 2 - Prob. 11SCCh. 2 - Prob. 12SCCh. 2 - Prob. 1SECh. 2 - Prob. 2SECh. 2 - Prob. 3SECh. 2 - Prob. 4SECh. 2 - Accounting terminology (Learning Objectives 2, 3, ...Ch. 2 - Effects of debits and credits on accounts...Ch. 2 - Balancing accounts and normal balances (Learning...Ch. 2 - Types of accounts and effects of debits and...Ch. 2 - Re-creating journal entries from T-account...Ch. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 11SECh. 2 - Prob. 12SECh. 2 - Prob. 13SECh. 2 - Accounting terminology (Learning Objectives 1, 2,...Ch. 2 - Prob. 15AECh. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 17AECh. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Prob. 19AECh. 2 - Prob. 20AECh. 2 - Prob. 21AECh. 2 - Prob. 22AECh. 2 - Prob. 23BECh. 2 - Prob. 24BECh. 2 - Prob. 25BECh. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Recording transactions and preparing a trial...Ch. 2 - Prob. 28BECh. 2 - Prob. 29BECh. 2 - Prob. 30BECh. 2 - Prob. 31APCh. 2 - Prob. 32APCh. 2 - Journalizing, posting, and preparing a trial...Ch. 2 - Prob. 34APCh. 2 - Preparing a trial balance, income statement,...Ch. 2 - Prob. 36APCh. 2 - Prob. 37BPCh. 2 - Prob. 38BPCh. 2 - Prob. 39BPCh. 2 - Prob. 40BPCh. 2 - Prob. 41BPCh. 2 - Prob. 42BPCh. 2 - Prob. 1CECh. 2 - Prob. 1CPCh. 2 - Prob. 1CFSAPCh. 2 - Prob. 1EIACh. 2 - Prob. 2EIACh. 2 - Prob. 1FACh. 2 - Prob. 1IACh. 2 - Prob. 1SBACh. 2 - Prob. 1WC
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- What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the payment is received within the discount period? a. Accounts Receivable 500 DR; Cash 500 CR b. Cash 500 DR; Accounts Receivable 500 CR c. Cash 495 DR, Sales Discount 5 DR; Accounts Receivable 500 CR d. Accounts Receivable 500 DR; Cash 495 CR, Sales Discount 5 CR e. Cash 500 DR; Sales Discount 5 CR, Accounts Receivable 495 CRarrow_forwardWhich one of the following journal entry is Correct on 1st January 2020? a. Debit Purchase OMR 11,400 Credit Accounts payable OMR 11,400 b. Debit Accounts receivable OMR 11,400 Credit Sales OMR 11,400 c. Debit Purchase OMR 12,000 Credit Accounts payable OMR 12,000 d. Debit Accounts payable OMR 12,000 Credit Purchase returns and allowances OMR 12,000arrow_forwardSuppose that an organization purchased $800 in supplies to be placed in inventory with cash of $500 and $300 remaining on credit, record the appropriate journal entry.arrow_forward
- Performing service of $500 with receiving half of the balance as cash and the remaining on account is recorded as: O Debit cash $205 and credit service revenue $500 and debit accounts receivable $205 Credit service revenue $500 and debit both cash $250 and accounts receivable $250 Debit cash and credit accounts receivable $500arrow_forwardThe journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be Oa. Jan. 1 Office Supplies Cash 1,500 1,500 1,500 b. Jan. 1 Cash Accounts Receivable Oc. Jan. 1 Purchases 1,500 1,500 Cash 1,500 Od. Jan. 1 Merchandise Inventory Cash 1,500 1,500arrow_forwardGiven the following data; TOTAL PURCHASES OMR 150000 CASH PURCHASES OMR 45000 PURCHASE RETURN OMR 5000 OPENING CREDITORS OMR 30000 CLOSING CREDITORS OMR 20000 What will be the amount of Net Credit Purchase? a. OMR 100000 O b. OMR 150000 O c. OMR 45000 O d. OMR 105000arrow_forward
- What type of balance is D. Martin's a/c carrying? Dr. Feb 10 Feb. 28. Return Outwards Bank a. Debit balance of $1,020 O b. Credit Balance of $1,020 Oc. Credit balance of $200 Od. Debit balance of $200 195 $ 215 D. Martin Feb. 2 A/c Purchases $ Cr. 610arrow_forwardA buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms of the purchase are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the buyer record for these transactions?arrow_forwardSold goods for $650 cash. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalarrow_forward
- A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?arrow_forwardSandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would record this transaction in the ________. A. general journal B. cash receipts journal C. cash disbursements journal D. purchases journal E. sales journalarrow_forwardReceived a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalarrow_forward
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