19) Intercom, Inc. paid one of its creditors $678 on their balance due. The journal entry would require a: A) credit to Cash and a debit to Accounts Receivable. B) debit to Cash and a credit to Accounts Receivable. C) debit to Cash and a credit to Accounts Payable. dit to Cash
Q: 1. Explain the difference between the social role of accounting and the traditional role of…
A: Accounting is being a vast concept, effected by various internal and external users. Traditionally…
Q: Bonneau Company had the following transactions relating to investments in available-for-sale…
A: Journal Entry is the primary step to record the transaction in the books of account. Journal entry…
Q: EFG Corporation sold 10,500 dishwashers for P1,100 each during 2020. The dishwashers are under…
A: Warranty is a guarantee from the company that the product will be repaired or replaced. The working…
Q: what is accounting?explain it.
A: A business needs quantitative record of its over financial performance and financial position in…
Q: The following data are given on the sole product of Silva Corporation: Unit Selling Price P 800;…
A: Formulas: Break even sales (Units) = Fixed costs / Contribution Margin per unit Break even sales…
Q: As a company's management accountant you would: Select one: а. Be involved in the yearly reporting…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: The carrying amount of production machine as of December 31, 2020 is
A: Carrying value of the asset at a particular date is the value of the said value in the books of the…
Q: Determine the amount of cash received from customers for each of the three independent situations…
A: Cash Received from Customers = Sales Revenue + Accounts Receivable Decrease or Cash Received from…
Q: Cash Budget Khloe Company imports gift items from overseas and sells them to gift shops and…
A: The cash budget is prepared to record the cash receipts and cash disbursements made during the…
Q: Homer Corp. is considering the purchase of a new piece of equipment. The cost savings from the…
A: Formula: Annual Net cash flow = Annual income after-tax + Annual depreciation where, Annual…
Q: Christian Company provided the following data for the current year: Sales Sales salaries Advertising…
A: The gross profit is calculated as difference between sales and cost of goods sold. The net profit is…
Q: 6. Question Content Area Budgeted Cash Collections, Budgeted Cash Payments Historically, Ragman…
A: A Cash Flow Forecast seems to be a tool used by organizations to assist them to anticipate where…
Q: Label each of the following accounts as asset (A), liability (L), owner’sequity (OE), revenue (R),…
A: Assets are the resources that are employed by the business for the end goal of maximizing the…
Q: A package holiday company is about to block book hotel rooms for the coming season. The number of…
A: Cost management is related to the activities of management for planning and controlling the business…
Q: You are considering two job offers: Job 1 is a full-time position that pays $58,000 annually and Job…
A: Gross Annual Income is calculated by deducting all the taxes from the pay received in the month.…
Q: Black Company adds materials in the beginning of the process in Department 1, which is the first of…
A: Total material cost = P3000 + P25560 = P28560 Total number of units = 6000 + 50000 =56000 Average…
Q: Pacheco, Inc., produces two products, overs and unders, in a single process. The joint costs ofthis…
A: Joint costs refers to the cost incurred that is beneficial for production of more than one product.
Q: Determine the company's break-even point in (1) number of lawns serviced per month and (2) sales…
A: Breakeven sales is that level of sales at which business is only covering its fixed costs and…
Q: Miller Company has an unfavourable materials price variance. Which of the following would be the…
A: Introduction:- The following formula used to calculate as follows under:- Material price variance…
Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its…
A: Payroll tax expense account refers to the account which is used to determine the balance of the…
Q: Friendly Freddie's is an independently owned major appliance and electronics discount chain with…
A: Statement showing cash collection each month July (in $) August (in $) September (in $)…
Q: Diet Company showed the following balances at the end of its first year: Cash 7,000 Prepaid…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: On Jan 1, 20X1 received a 3-year interest bearing note collectible in 6 equal semi-annual periods.…
A: Note Receivable- Notes receivable are written promissory notes that allow you to collect a specific…
Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…
A: Solution:- 1)Calculation of On what date does this note mature as follows under:- Basic…
Q: The total depreciation for the year ended December 31, 2020 is
A: Since you have asked two questions and as per our protocol we provide solution to the one question…
Q: Henredon purchased a high precision programmable router for shaping furniture components for $85000.…
A: The amount of tax to be paid is determined by applying tax percentage on the evaluated taxable…
Q: A home office ships inventory to its branch at 125% of cost. The required balance of the Deferred…
A: Head office means from where the company mainly operate and all branches are controlled from that…
Q: For the coming year, Cleves Company anticipates a unit selling price of $92, a unit variable cost of…
A: Introduction: Break even sales units: The level where there is no profit nor loss to the units sold…
Q: Bonneau Corporation has 100,000 shares of $10 par common stock outstanding. On July 31, the Board of…
A: Working Note: No. of shares issued = No. of common shares outstanding x Stock dividend rate =…
Q: ABE Company factored P100,000 of its accounts receivable to Cee Company for P85,000. An allowance…
A: a. 80,750 b. 16,250 Explanation:
Q: Investment Property The Niagara Company owns three properties, which are classified as investment…
A:
Q: Given: The Company showed Cost of Goods Sold amounting to P645,750 and its gross profit rate is 40%.…
A: Calculation of Total Sales Revenue Total Sales Revenue = Cost of goods sold/ (100% - Gross Profit…
Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…
A: The 150 days from November 1 will expire on March 31. Thetefore, Note will expire on March 31 next…
Q: MVP Company has below ratios for the year 2021: ROA = 10% Current Ratio = 2:1 What is the effect of…
A: ROA is return on assets ratio, which is one of the profitability ratio which shows how much net…
Q: a. Income is the amount spent by the business for recruiting the most qualified staff b. Income is…
A: Introduction:- Income is the revenue a business obtain or gain from selling its goods and services.
Q: Identified steps for proving and ruling a journal page. Be specific. Explain
A: Answer:- Journal meaning:- A journal is a detailed record that documents all of a company's…
Q: Instructions (a) Determine the pension expense to be reported on the income statement for 2021. (b)…
A:
Q: A home office bills its branch at 120% of cost. During 2022, inventory costing the home office…
A: The beginning inventory of branch includes the goods available for sale at billed price from home as…
Q: Johnnie Walker Company provided the following data at year-end: Items counted in the warehouse…
A: Inventory refers to the goods which is not yet sold by the business but their goal is to sell these…
Q: Kristin Helmud is the general manager of Highland Inn, a local mid-priced hotel with 100 rooms. Her…
A: A monetary or non-cash payment made in exchange for services rendered is known as compensation.…
Q: The Maria Company estimated its factory overhead of the next period at P160,000. It is estimated…
A: ABC costing is a method in costing which is used to allocate cost based on various activities…
Q: Submit A machine distributor sells two models, basic and deluxe. The following information relates…
A: Sale mix variance: - The difference between a company's budgeted sales mix and the actual sales mix…
Q: PROBLEM: Based on its general ledger/records, Alfonso Co. reported inventory of P356,400 at the end…
A:
Q: The following statement suits best the definition of ASSETS: O a. The assets are expenses incurred…
A: Assets are considered as the resources of the business used to run the daily activity of the…
Q: year. AMar SPaS Coral Seas Jewelry Company Budgeted Income Statement For the Coming Year ross margin…
A: Solution:- 1)Construction of a budgeted income statement for Coral Seas Jewelry Company for the…
Q: At the end of the month, the schedule of accounts payable (a list of ending amounts owed to…
A: Accounts payable is a part of current liabilities which shows the amount due to creditors in respect…
Q: Calculate net profit from the following? Net sales OMR 100000, Cost of goods sold OMR 40000, Rent…
A: Introduction: Net profit: Deduction of all expenses from revenues derives the net profit. Net profit…
Q: Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells…
A:
Q: according to kaplan and norton, what characteristics/features make the balance scorecard so special…
A: Answer:- Balanced Scorecard:- The balanced scorecard is basically an effective approach converting…
Q: n July 16, 2020, Agony Company classified a noncurrent asset as held for sale in accordance with…
A: As per IFRS 5, Non Current Assets Held for Sale and Discontinued Operations, at the time of…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance billDonner's customer, Blitzen, paid off an $8,300 balance on its account receivable. Blitzen should record the transaction as credit to Accounts Payable-Donner and a debit to Cash. O True O FalseA check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. What entry is required in the company's accounts? a. debit Accounts Payable; credit Cash b. debit Accounts Receivable; credit Cash c. debit Cash; credit Accounts Payable d. debit Cash; credit Accounts Receivable
- TeleComm customer ADR circuits paid off an $9500 balance on its accounts receivable. TeleComm should record the transaction as a debit to accounts receivable-A DR circuits and a credit to cash. True or false?Coasters Co. issued a note receivable to a customer. The customer made payment, principal and interest, directly to the Coaster’s bank. What would be included in the journal entry to adjust for this payment? Debit to interest expense Debit to notes receivable Credit to interest income No journal entry needed Credit to cashA check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. What entry is required in the company's accounts? a.debit Cash; credit Accounts Receivable b.debit Accounts Payable; credit Cash c.debit Accounts Receivable; credit Cash d.debit Cash; credit Accounts Payable
- A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. What entry is required in the company's accounts? Oa. debit Cash; credit Accounts Payable Ob. debit Cash; credit Accounts Receivable Oc. debit Accounts Receivable; credit Cash Od. debit Accounts Payable; credit CashList the accounts names for the following transaction and determine which is a debit or credit: 1. Interest on notes payable should be accrued $300Using the information in the information in the image 1) calculate the net amount owed by credit customers on 31 May 2019 2) Explain one reason why the accounts receivable legder control accounts had both a debit and a credit balance
- What is the correcting entry for.. the collection of accounts receivable of $680 was recorded as a debit to Cash $680 and a credit to service revenue $680check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? a. debit Accounts Receivable; credit Cash O b. debit Accounts Payable; credit Cash ) c. debit Cash; credit Accounts Payable o d. debit Cash; credit Accounts ReceivableA customer issued a note for an overdue account. Which of the following procedures is correct? A. The note is credited in the general journal by a debit to accounts receivable B. The amount will be posted to the credit side of the customer's card C. The amount will be posted to the debit side of the customer's card D. This will be posted to the accounts receivable general ledger on the debit side.