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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

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Answer:

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Cr Warranty Liabiltiy $640

Explanation:

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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

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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.

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