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2 years ago

Issued a cheque of rs. 39000 to Saurya stores in full settlement. journal entry

Business

1 answer:

Semmy [17]2 years ago

4 0

Answer:

When issuing a check to a creditor as is being done here, you need to debit the creditors account (Accounts Payable) to show that you are paying off the debt.

You also need to credit cash because a credit will show that cash was used to pay for something and so has reduced.

Date Account Title Debit Credit

XX-XX-XXX Accounts Payable - Saurya Stores Rs. 39,000

Cash Rs. 39,000

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2 years ago

Identical products is a characteristic of a(n) ______ .

Sophie [7]

Identical products is a characteristic of a A. perfect competition.
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3 years ago

Mateo exchanges a rental house at the beach with an adjusted basis of $225,000 and a fair market value of $200,000 for a rental

KengaRu [80]

Answer:

Explanation:

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3 years ago

ROE is computed as: A. Net income attributable to controlling interest / Average equity attributable to controlling interest B.

Korvikt [17]

Answer:

The correct answer is E

Explanation:

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3 years ago

The following information is for Redwood Inc. for the year ended December 31, 2016. Redwood had a cash and cash equivalents bala

Alchen [17]

Answer and Explanation:

The preparation of the cash flow statement using the direct method is presented below:

Redwood Inc.

Cash flow statement

For the year ended December 31, 2016

Cash flow from operating activities

Cash Received from Customers $1,940

Interest on investments $220

Less: Interest on debt -$320

Less: Income tax -$84

Less: Purchase of inventory -$1,000

Less: Operating expenses -$520

Net cash provided by operating activities $236

Cash flow from investing activities

Sale of land $120

Less: Purchase of equipment -$4,500

Net cash used by investing activities -$4,380

Cash flow from financing activities

Sale of common stock $640

Issuance of debt securities $2,040

Less: Debt principal reduction -$1,540

Less: Dividends on common stock -$220

Net cash provided by financing activities $920

Decrease in cash -$3,224

Add: Beginning cash balance $5,600

Ending cash balance $2,376

The items which shows in a positive sign indicates the cash inflow and the items which shows in a negative sign indicates the cash outflow and the same is to be considered

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3 years ago

Issued a cheque of rs. 39000 to Saurya stores in full settlement. journal entry​

Issued a cheque of rs. 39000 to Saurya stores in full settlement. journal entry