ocky Industries received its telephone bill in the amount of $300, and immediately paid it. Rocky's general journal entry to record this transaction will include a (Hint: There are many common business expenses. Is phone bill a common business expense?) Group of answer choices Credit to Telephone Expense for $300. Debit to Cash for $300. Credit to Accounts Payable for $300. Debit to Telephone Expense for $300.

ocky Industries received its telephone bill in the amount of $300, and immediately paid it. Rocky's general journal entry to record this transaction will include a (Hint: There are many common business expenses. Is phone bill a common business expense?) Group of answer choices Credit to Telephone Expense for $300. Debit to Cash for $300. Credit to Accounts Payable for $300. Debit to Telephone Expense for $300.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter2: Analyzing Transactions Into Debit And Credit Parts

Section2.3: Analyzing How Transactions Affect Owner’s Equity Accounts

Problem 1WT

See similar textbooks

Similar questions

A company had the following transactions: 1. Paid $220 for office supplies using a debit card. 2. Purchased office equipment costing $750 using a credit card. 3. Paid utilities bill of $480 by issuing a check. Record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Req field.) View transaction list ..... X: .... Record $220 purchase of office supplies using a debit card. 2 Record purchase of office equipment costing $750 using a credit card. 3 Record payment of $480 utilities bill by issuing a check. Credit Note: = journal entry has been entered
3 Broadmor Industries collected $7,500 from a customer on account. What journal entry will be prepared by Broadmor to record this transaction? Multiple Choice Debit Cash and credit Accounts Receivable. Debit Cash and credit Service Revenue. Debit Accounts Receivable and credit Service Revenue. Debit Accounts Receivable and credit Cash.
In November Year 2 your accounting firm placed a one-time website advertisement with Today’s CPA. This is your first ad with this vendor. You pay for the one-time advertising with your company’s Citibank Visa credit card. Below is the transaction you completed for this purchase. If you ran the report Transaction List by Vendor, for all dates, what dollar amount will appear under the vendor Today’s CPA? Why?
The journal entry Debit telephone bill, credit Accounts payable is correct for which of the following transactions? a. The business received the telephone bill b. The business paid the telephone bill for the current month The business received the telephone bill and it will be paid later O d. The business sent the telephone bill to the customer.
Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Star Search billed clients P 3,600 for services rendered. Which of the following reflects the proper journal entry for this transaction? A. Debit Accounts Payable P 3,600; credit Agency Revenue P 3,600 B. Debit Accounts Receivable P 3,600; credit Agency Revenue P 3,600 C. Debit Cash P 3,600; credit Agency Revenue P 3,600 D. Debit Agency Revenue P 3,600; credit Accounts Receivable P 3,600
Analyzing transactions. Selected accounts from the general ledger of the Ray Shipping Service follow. Analyze the following transactions and indicate by number what accounts should be debited and credited for each transaction. 101 Cash 111 Accounts Receivable 121 Supplies 131 Equipment 202 Accounts Payable 301 Richelle Ray, Capital 401 Fees Income 511 Rent Expense 514 Salaries Expense 517 Utilities Expense TRANSACTIONS 1. Gave a cash refund of $750 to a customer because of a lost package. (The customer had previ- ously paid in cash.) 2. Sent a check for $1,050 to the utility company to pay the monthly bill. 3. Provided services for $7,800 on credit. 4. Purchased new equipment for $4,600 and paid for it immediately by check 5. Issued a check for $3,500 to pay a creditor on account. 6. Performed services for $15,250 in cash. 7. Collected $6,250 from credit customers. 8. The owner made an additional investment of $25.000 in cash. 9. Purchased supplies for $3,250 on credit. 10. Issued a…
Select all that apply Sato Consulting Services paid $1,500 to Office Supplies Mart, Inc, as payment on account for Invoice 2235. This transaction woulid be recorded with which of the following entries? O debit to Office Supplies for $1500 credit to Office Supplies for $1500 debit to Accounts Payable for $1.500 debit to Cash for $1,500 O credit to Accounts Payable for $1.500 O credit to Cash for $1.500
Your new company paid the invoice for their account with Alli's Broom Supply Company. What would your journal entry look like when you record this transaction? a) Debit Cash; Credit Accounts Payable b) Debit Cash; Credit Supplies Expense c) Debit Accounts Receivable; Credit Cash d) Debit Accounts Payable; Credit Cash
Complete the following to record telephone service that Mookie The Beagle™ Concierge incurred and paid by credit card. Create an Expense paid with Credit Card. Select Create (+) icon > Expense Select Payee: Luminesse Link Select Payment Date: 01/14/2022 Select Payment Account: VISA Credit Card Select Payment Method: Credit Card Enter Category: Utilities Enter Description: Telephone Service Enter Amount: 144.00 What is the Total Amount paid to Luminesse Link? (Answer this question in the table shown below. Round your answer 2 decimal places.) Select Save. Leave the Expense window displayed. View the Transaction Journal for the Expense. From the displayed Expense, select More > Transaction Journal What are the Account and Amount Debited? (Answer this question in the table shown below. Round your answer 2 decimal places.) What are the Account and Amount Credited? (Answer this question in the table shown below. Round your answer 2 decimal places.)
Vail Ski Shop received a $1,221 invoice dated July 28 with 2/10, 1/15, n/60 terms. On August 11, Vail sent a $505 partial payment. a. What credit should Vail receive? (Round your answer to the nearest cent.) Credit es b. What is Vail's outstanding balance? (Round your answer to the nearest cent.) Outstanding balance **** .* ..
Open the necessary ledger accounts and post the following transactions to them. All transactions took place in the bank account. Sept 1 Martine started business as a florist by paying N300 into a business Bank Account Sept 2 Charline lent to the business N1000 Martine then had the following transactions: Sept 3 Paid rent, N100 Sept 4 Purchased shop fittings, N400 Purchased flowers N300, paying by cheque Sept 5 Received refund of N20 for flowers returned to supplier Sept 6 Sold some flowers and received N40 Sept 7 Paid wages, N60 Sept 8 Withdrew N100 for personal use