COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 3, Problem 2.5SRE
To determine
Determine the entry for cash withdrawal.
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22. MC.03.027
Summit Company paid Hacienda Products, a creditor, on account. The transaction would involve a
a. credit to Cash.
b. debit to Expenses.
c. credit to Accounts Payable.
d. debit to Cash.
23. MC.03.028
J. Forest deposited $60,000 in the bank in the name of the business. The transaction would involve a
a. debit to J. Forest, Capital.
b. credit to Cash.
c. debit to Cash.
d. credit to J. Forest, Drawing.
24. MC.03.029
G. Wilson invested her personal computer, which had a fair market value of $5,000, in her business. The transaction would involve a:
a. debit to Equipment.
b. debit to Accounts Receivable.
c. debit to Cash.
d. debit to G. Wilson, Capital.
25. MC.03.030
Red Baron Company purchased supplies for cash, $1,950. The transaction would involve a
a. debit to Supplies.
b. credit to Accounts Payable.
c. credit to Supplies Expense.
d. debit to Cash.
The business collected $1,800 cash from Client B on account. The journal entry to record this transaction should include:
A. Debiting Cash for $1,800 and Crediting Service revenue for $1,800
B. Debiting Accounts payable for $1,800 and Crediting Cash for $1,800
C. Debiting Cash for $1,800 and Crediting Accounts receivable for $1,800.
D. Debiting Accounts receivable for $1,800 and Crediting Cash for $1,800
In the case of Allan Thorpe founder of Alcazar's company. He has used up $2100 of supplies(asset). To record this transaction, do your credit Supplies a/c and debit the Cash a/c, or would you debit accounts receivable since he did state how he used up the supplies?
Chapter 3 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 3 - Increases are recorded on which side of asset,...Ch. 3 - What is a footing?Ch. 3 - Prob. 1.3SRQCh. 3 - Prob. 1.4SRECh. 3 - Prob. 1.5SRECh. 3 - Prob. 1.6SRACh. 3 - Prob. 2.1SRQCh. 3 - Prob. 2.2SRQCh. 3 - What is a trial balance and what is its purpose?Ch. 3 - Prob. 2.4SRE
Ch. 3 - Prob. 2.5SRECh. 3 - Prob. 2.6SRACh. 3 - Prob. 1CSRCh. 3 - Prob. 2CSRCh. 3 - Prob. 3CSRCh. 3 - On which side of asset, liability, and owners...Ch. 3 - Prob. 5CSRCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Indicate whether each of the following types of...Ch. 3 - The terms debit and credit are often used in...Ch. 3 - Why is Prepaid Rent considered an asset account?Ch. 3 - Why is the modern system of accounting usually...Ch. 3 - Prob. 11DQCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Preparing a chart of accounts. The accounts that...Ch. 3 - Prob. 1PACh. 3 - Prob. 2PACh. 3 - Prob. 3PACh. 3 - Prob. 4PACh. 3 - The accountant for the firm owned by Randy Guttery...Ch. 3 - Prob. 1PBCh. 3 - Prob. 2PBCh. 3 - The following transactions took place at...Ch. 3 - Prob. 4PBCh. 3 - Prob. 5PBCh. 3 - Prob. 1CTPCh. 3 - Prob. 2CTPCh. 3 - In discussing a firms latest financial statements,...Ch. 3 - Prob. 2MFCh. 3 - Prob. 3MFCh. 3 - Prob. 4MFCh. 3 - Prob. 1EDCh. 3 - Prob. 1FSA
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