COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 7, Problem 1.4SRE
To determine
Choose the amount which should be debited to
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Identify the account that is debited, when business makes credit purchases of goods worth OMR 10,000.
O a. Revenue 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
(1)Record receipt of payment for sales on account
(2) record the sales on account of $400 with terms n/60
Chapter 7 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 7 - What is the name of the account used to record...Ch. 7 - What is a sales return? What is a sales allowance?Ch. 7 - Prob. 1.3SRQCh. 7 - Prob. 1.4SRECh. 7 - Prob. 1.5SRECh. 7 - Prob. 1.6SRACh. 7 - Prob. 2.1SRQCh. 7 - Prob. 2.2SRQCh. 7 - Prob. 2.3SRQCh. 7 - Prob. 2.4SRQ
Ch. 7 - Prob. 2.5SRECh. 7 - Prob. 2.6SRECh. 7 - Prob. 2.7SRACh. 7 - Prob. 1CSRCh. 7 - Prob. 2CSRCh. 7 - Prob. 3CSRCh. 7 - Prob. 4CSRCh. 7 - Prob. 5CSRCh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQCh. 7 - Prob. 11DQCh. 7 - Prob. 12DQCh. 7 - Prob. 13DQCh. 7 - Prob. 14DQCh. 7 - Prob. 15DQCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Record the following transactions of Fashion Park...Ch. 7 - Prob. 5ECh. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Prob. 1PACh. 7 - Prob. 2PACh. 7 - Prob. 3PACh. 7 - Prob. 4PACh. 7 - Prob. 5PACh. 7 - Prob. 6PACh. 7 - Prob. 1PBCh. 7 - Prob. 2PBCh. 7 - INSTRUCTIONS 1. Open the general ledger accounts...Ch. 7 - The Urban Florist is a wholesale shop that sells...Ch. 7 - Prob. 5PBCh. 7 - Prob. 6PBCh. 7 - Prob. 1CTPCh. 7 - Tony Zendejas is the owner of Housewares Galore, a...Ch. 7 - Prob. 1MFCh. 7 - Prob. 2MFCh. 7 - Prob. 3MFCh. 7 - Prob. 4MFCh. 7 - Prob. 5MFCh. 7 - Prob. 6MFCh. 7 - Prob. 7MFCh. 7 - Why should management insist that all sales on...Ch. 7 - Prob. 1ED
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- Sold goods for $650, credit terms net 30 days. 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_forward9 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 610 RETURNS ON SALES 1.000 191 DEDUCTIBLE VAT 180 100 CASE 1180 Which process does the registration belong to?A) The customer returns the goods he receivedB) The seller returns the goodsC) Discounting to the customerD) The business returns the goods it has receivedE) Discounting on goods soldarrow_forwardAt what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $100,000 and the allowance for uncollectible accounts is estimated at 6% of gross receivables? a. $94,000 b. $60,000 c. $106,000 d. $100,000arrow_forward
- Determine the financial statement effects of Accounts Payable Transactions, when Hobson Company has the following items: Purchases $1,250 of inventory on credit. Sells inventory for $1,650 on credit. Records $1,260 cost of sales for transaction b. Receives $1,650 cash towards accounts receivable. Pays $1,260 cash to settle accounts payable.arrow_forwardThe 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 P7,500arrow_forwardA sale of merchandise on account for $15,750 is subject to a 7% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received?At the time of sale (b) What is the amount recorded as sales? If required, round the answer to one decimal place.$ (c) What is the amount debited to Accounts Receivable? If required, round the answer to one decimal place.$ (d) What is the title of the account to which the $1,102.5 ($15,750 × 7%) is credited?Sales Tax Payablearrow_forward
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- You have been engaged to review the financial statements of Swifty Corporation. In the course of your examination, you conclude that the bookkeeper hired during the current year is not doing a good job. You notice a number of irregularities as follows. 1. 2. 3. 4. Year-end wages payable of $3,590 were not recorded because the bookkeeper thought that "they were immaterial." Accrued vacation pay for the year of $29,600 was not recorded because the bookkeeper "never heard that you had to do it." Insurance for a 12-month period purchased on November 1 of this year was charged to insurance expense in the amount of $2.664 because the amount of the check is about the same every year" Reported sales revenue for the year is $2,178,300. This includes all sales taxes collected for the year. The sales tax rate is 6%. Because the sales tax is forwarded to the state's Department of Revenue, the Sales Tax Expense account is debited. The bookkeeper thought that "the sales tax is a selling expense. At…arrow_forwardDollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales from the above transactions? a.$24,990 b.$26,010 c.$25,500 d.$16,000arrow_forwardA company receives $696, of which $56 is for sales tax. The journal entry to record the sale would include a Select one: a. debit to Cash for $996. b. debit to Sales Taxes Payable for $56. c. debit to Sales Tax Expense for $56. d. The answer does not exist e. debit to Sales Revenue for $696.arrow_forward
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