A Credit Is Used to Record Which of the Following

Receiving cash from a customer on account will result. Wages Expense Identify the account below is classified as an asset in a companys chart of accounts.

The Journal Entry Used To Record The Payment Of A Discounted Note Is In 2022 Journal Entries Journal Notes

A debit is used to record.

. A decrease in an expense account. A decrease in an expense account. Therefore he would be able to enjoy a 2 discount on his credit purchase 10000 x 2 200.

A temporary account 12. Pines general journal entry to record this transaction will include a. A credit is used to record.

View the full answer. Ralph Pine Consulting received its telephone bill in the amount of 300 and immediately paid it. Up to 24 cash back 3.

The normal balance of common stock is a credit. The Chart of Accounts established by the business helps the business owner determine what is a debit and what is a credit. A credit is used to record a decrease in which of the following accounts.

A credit is used to record an increase in all of the following accounts except A. Every line on a journal page is used for debit or credit entries. Special journals are generally used to record frequently occurring transactions.

For Accounts Payables Unearned Revenue Service Revenue and Owners Capital will increase for every Credit entry. A Sales journal B Sales returns journal CPurchases journal DPurchases returns journal 4. Credit to Telephone Expense for 300.

John paid his invoice four days January 5 after purchasing the goods on credit. A decrease in an asset account. Refer to the chart of accounts for the exact wording of the account titles.

Debit to Accounts Payable. Cash Payments Journal 9. 2 An increase in a revenue account 2.

45 Questions Show answers. A credit is used to record an increase in all of the following accounts except Wages Expenses. Generally all of the following financial statements can be prepared with information from the trial balance except A.

Multiple Choice A decrease in an asset account. What journal will you use to record the following transactionPayment of account. Which of the following books of original entry should be used to record credit sales.

Credit to Accounts Payable for 300. Which of the following would be used to record the sale of goods on credit for the period. Debit Cash 10000 and credit Rent Revenue 10000.

Wages Expenses is an Expenses Account for all expenses Accounts a debit entry will increase the balance and the Credit entry will decrease the Balance. Which of the following would be used to record the purchase of a new piece of equipment during the period. A credit is used to record an increase in all of the following accounts except.

A journal entry B. The adjusting entry that Samsung records at December 31 2015 is. An adjusting entry C.

LO 71 For each of the following indicate if the statement reflects an input component output component or storage component of an accounting information system. An increase in the dividends account. The information from the T-accounts is then transferred to make the accounting journal entry.

Debit to Cash for 300. A debit is used to record which of the following. Debit to Telephone Expense for 300.

Multiple Choice Accounts Receivable Accounts Payable Unearned. To record the sale of goods to John on credit with the credit discount. Which financial statement reports an organizations financial position at a single point in time.

An increase in the common stock account. A credit is used to record. When it comes to accounting book-keeping a credit is an entry that increases liabilities amounts owed to third parties and equities assets minus liabilities in their corresponding accounts or decreases assets resources owned by the company and expenses costs of the business operations accounts.

Cash Receipts Journal 8. A decrease in an expense account. A journal entry B.

Simply put debits record money flowing into an account while credits record cash flowing out of an account. Credit notes issued for goods returned to a supplier will be entered firstly in the A General journal B Returns inwards journal CReturns outwards journal. CNOW journals do not use lines for journal explanations.

The Tatyana Company collected 12000 rent in advance on August 1 2015 debiting Cash and crediting Unearned Rent Revenue. Statement of Cash Flows. A credit is used to record an increase in all of the following accounts except.

A credit is used to record a decrease in which of the following accounts 18 Multiple Choice Actus few Und we o Account natia O Service Seven Na Que Accounting in Business And Aye end balance showed total credes exceeding total delity 5430 Treffe could have becedy 17 Map Choice Anname where 3450 cc de in Account den estar in the new w were con. What journal will you use to record the following transactionBorrowing money on a long-term note payable. These debit and credit changes happen every.

The best way to learn how to record debits and credits is to use T-accounts then turning them into accounting journal entries. Journalize the entries to record the following selected transactions. 100 13 ratings Answer.

An increase in an unearned revenue account. A decrease in an expense account A decrease in an asset account An increase in an unearned revenue account An increase in a revenue account. A purchase order for 1000 bottles of windshield washing fluid to be used as inventory by an auto parts store.

A credit card scanner at a grocery store. All of the above. The tenant was paying 12 months rent in advance and occupancy began August 1.

A closing entry D. The two most commonly used types of credit are which of the following. We review their content and use your feedback to keep the quality high.

An adjusting entry C. An increase in a revenue account.

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