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3 years ago

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A business provided services to a cash customer to record this transaction A. an asset is debited, and a liability is credited.

B. an asset is debited, and a revenue is credited. C. an expense is debited, and Capital is credited. D. None of the above

1 answer:

velikii [3]3 years ago

3 0

<span>To record this transaction it would be an asset is debited, and a revenue is credited. </span>

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4 years ago

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3 years ago

Johnson Corporation unadjusted trial balance at year-end include the following accounts. Compute the uncollectible account expen

Alborosie

Answer:

Explanation:

The journal entries are shown below:

A. Uncollectible Expense A/c Dr $11,520

To Allowance for doubtful accounts A/c $11,520

(Being the uncollectible expense is recorded)

The computation is shown below:

= $1,152,000 × 1%

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(Being the uncollectible expense is recorded)

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= $12,960

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3 years ago

Novak’s Market recorded the following events involving a recent purchase of inventory: Received goods for $112000, terms 2/11, n

Arte-miy333 [17]

Answer:

Option (C) is correct

Explanation:

The payment is made during the discount period of 11 days so the 2% discount rate would be applicable.

Goods purchased = $112,000

Goods returned = $2,200

Discount = (Goods purchased - goods returned) × 2%

= ($112,000 - $2,200) × 2%

= $2,196

Net purchase = Goods purchased - returned - Discount

= $112,000 - $2,200 - $2,196

= $107,604

Total inventory cost = Net purchase + Freight cost

= $107,604 + $400

= $108,004

Therefore, company’s inventory increased by $108,004.

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3 years ago