All categories

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)

You might be interested in

Gloria thinks that she is paid less than other workers in her division and feels extremely resentful. She starts taking long bre

Pachacha [2.7K]

Answer:

D) distributive

Explanation:

The salary is not distributed as required as per Jackie so this is perceiving distributive justice.

8 0

3 years ago

"E3-26A Record manufacturing overhead (Learning Objectives 5 & 6) Refer to the data in Exercise 3-25A. Smith’s accountant fo

Kipish [7]

Explanation:

Journal entries are used by Accountants to post transactions into the respective General Ledger of a business.

It typically shows a debit side which records increase to expenses or Assets, it also could be a reduction to Income or Liabilities (if it is an adjustment Journal). And it also shows a credit side which records an increase to Income or Liability, it could also be a reduction to expense or Asset (if it's an adjustment journal)

4 0

3 years ago

In a completely randomized experimental design involving five treatments, 13 observations were recorded for each of the five tre

seropon [69]

The answer to this quiestion is a jalandhar jakob jsjsjd

3 0

3 years ago

On January 2, 2020, Pronghorn Company sells production equipment to Fargo Inc. for $52,000. Pronghorn includes a 2-year assuranc

Yanka [14]

Answer:

January 2, 2020

Dr Cash $52,000

Cr Sales Revenue $52,000

December 31, 2020

Dr Warranty expense $890

Cr Cash $890

December 31, 2020

Dr Warranty expense$640

Cr Warranty Liabiltiy $640

Explanation:

Preparation of the journal entry to record this transaction on January 2, 2020, and on December 31, 2020.

January 2, 2020

Dr Cash $52,000

Cr Sales Revenue $52,000

December 31, 2020

Dr Warranty expense $890

Cr Cash $890

December 31, 2020

Dr Warranty expense$640

Cr Warranty Liabiltiy $640

6 0

3 years ago

Erin works at a financial institution. She has offered a housing loan to a customer. While carrying out the transaction, which l

zubka84 [21]

Answer:

D. Ensure that she credits the loan amount accurately to the customer’s account

Explanation:

Financial institutions are companies that offer a wide range of monetary and financial services to various customers. The financial institutions include; commercial banks, brokerage firms, investments firms and currency exchange companies. The services offered are; cash deposits and withdrawals, loans, investment services and currency exchange services.

These services can be offered to individuals or even companies that might need a wide range of financial services. In order for these services to be conducted in an orderly fashion, the services offered have to be regulated. This means that the service providers and the customers have to operate within a legal threshold. A knowledge of the legal responsibility of each party is therefor important in these type of environment.

In our case, the legal responsibility of Erin who works as a representative of the financial institution would be to ensure that she credits the loan amount accurately to the customer's account since Erin had already approved the customer's housing loan.

4 0

3 years ago