Before you begin: For purposes of exams and testing it's important to make sure you not only answer accounting questions correctly but complete them … Journal Entry Question:Cash Purchase of Vehicle Q: Record the journal entry for the following transaction: Purchased a car for $2,000 in ca...
A credit is always on theright side of a journal entry. It increases the owner's equity, liabilities, and revenue when credited. It decreases them when debited. A debit, on the other hand, is always on theleft side of a journal entry. It increases assets and expenses when debited. It ...
How is a journal entry for purchase returns different from a journal entry for a return of merchandise purchased for cash? When merchandise purchased for cash is returned, it is necessary to make two journal entries. The first entry debits the accounts receivable account and credits the purchase...
I could use some help with a journal entry. My client traded a car in to purchase a new one: Purchase Price is $43351.13 (includes fees) Loan Amount is $48617.72 Traded in Car, received $21,000 for it, but owed on a loan $26,266.59 I've ...
merchandise on credit with terms of 2/10, n/30 from Kid’s Clothes. Prepare the journal entry for Play Clothes. ]Sheet1 JOURNAL Date Account Titles and Explanation PR Debit Credit &A Page &P 24 24 Recording Purchases at Gross Invoice Price Purchases are recorded at their gross amounts. ...
A journal entry will be listed as a credit if it is recording an amount to be received by the company—simply, money coming in. It is always recorded in the right-hand column of the ledger. A debit is defined as what is due or owed—money going out. Journal entries that record a ...
A journal entry will be listed as a credit if it is recording an amount to be received by the company—simply, money coming in. It is always recorded in the right-hand column of the ledger. A debit is defined as what is due or owed—money going out. Journal entries that record a ...
A company purchased $1,100 of office supplies for cash. Prepare the general journal entry to record this transaction. A company paid $1,000 cash toward the amount owed for a used truck that had previously been purchased on account. Prepare the general jour...
For example, the company ABC makes a credit purchase of $10,000 of inventory goods from its supplier “XYZ”. In this purchase, the term “FOB Shipping Point” is stated as the freight term on the invoice. And the shippingcostof $200 has not been paid for yet. ...
Question:How would you write this in a journal entry: a company issued 2,660 shares of its common stock after $31,360 in cash and computer equipment with