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3 years ago

Name the accounts debited and credited for each of the following transactions.

Business

1 answer:

kumpel [21]3 years ago

6 0

Answer:

Explanation:

In this the golden rules of accounting applies, debit the receiver, and credit the giver, debit all expenses and credit all incomes and gains.

1. The journal entry is

Accounts Receivable A/c Dr

To Revenue

(Being work performed is recorded)

2. The journal entry is

Cash A/c Dr

To Accounts Receivable

(Being cash received from customer is recorded)

3.The journal entry is

Office supplies A/c Dr

To accounts payable

(Being office supplies purchased on credit )

4.The journal entry is

Gasoline A/c Dr

To Cash

(Being purchase of gasoline is recorded)

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2 years ago

The following is a list of accounts commonly seen in financial statements. Identify whether each account appears on the balance

Anastasy [175]

Answer:

Balance sheet:

Accounts Payable -Liability

Property, Plant. and Equipment -Asset

Long-Term Debt-Liability

Retained Earnings-equity account

Prepaid Expense -Asset

Common Stock -equity account

Accounts Receivable-Asset

Income statement:

Cost of Goods Sold-expense

Research and Development-expense

Explanation:

Property, plant and equipment , accounts receivable and prepaid expenses would appear on the asset side of the balance sheet.

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3 0

3 years ago

Angelo Company reacquired 26,000 shares of its common stock for $16 per share on June 1. On July 1 they sold 7,000 treasury shar

aev [14]

Answer:

$22,000 Credit balance

Explanation:

Calculation to determine the ending balance

First step is prepare the Journal entries

Dr Treasury stock $416,000

Cr Cash $416,000

(26,000 shares*$16 per share)

Dr Cash $161,000

(7,000*$23)

Cr Teasury stock $112,000

($16 per *7,000)

Cr Additional Paid-in Capital $49,000

($161,000-$112,000)

Dr Cash $117,000

(9,000*$13)

Dr Additional Paid-in Capital $27,000

($144,000-$117,000)

Cr Teasury stock $144,000

($16*9,000)

Now let calculate the Ending balance

Ending balance=-$49,000+$27,000

Ending balance=-$22,000 Credit balance

Therefore the Ending balance is $22,000 Credit balance

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3 years ago

During the first week of March the following events happened:

aksik [14]

Answer:

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Explanation:

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7 0

3 years ago

Bill Mitselfik has purchased a bond that was issued by Acme Chemical. This bond has a face value of $1,000 and pays a dividend o

kramer

Answer:

$1,068.02

Explanation:

For computing the selling price of the bond we need to use the Future value formula or function i.e to be shown in the attachment below:

Given that,

Present value = $1,000

Rate of interest = 10% ÷ 2 = 5%

NPER = 3 years × 2 = 6 years

PMT = $1,000 × 8% ÷ 2 = $40

The formula is shown below:

= FV(Rate;NPER;PMT;-PV;type)

The present value comes in negative

So, after applying the above formula, the selling price of the bond is $1,068.02

7 0

3 years ago