Barrett Fisher, a clerk for Naval Supplies, received a payment from a customer and recorded the following

Question:

Barrett Fisher, a clerk for Naval Supplies, received a payment from a customer and recorded the following journal entry:

Required
Is this entry correct or not? Explain why it is or is not correct.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial ACCT2

ISBN: 978-1111530761

2nd edition

Authors: Norman H. Godwin, C. Wayne Alderman

See More Books

Question Posted: Jul 16, 2015 02:16 AM

See More Questions

The following journal entry summarizes for the current year the income tax expense of Wilsons Software Warehouse: Income Tax Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
The following journal entry summarizes for the current year the income tax expense of Sophie's Software Warehouse. Income tax expense..................................................1,500,000 Cash...
The following journal entry for payroll taxes has been recorded by Shania for her hair salon business. Assume federal income tax is $3,190 and state income tax is $278. Prepare the journal entry to...
Is this a confined or unconfined aquifer? Please explain. 100 m amsl 78 m amsl 56 m amsl 48 m amsl A 50 m 11m B Clay Sand Clay 100 m
Think of yourself as working for an advertising firm. Provide an example of how hypothesis testing can be used to evaluate a product claim.
10.5 To what temperature must air be cooled to remove 40% of its heptane vapor content? The airstream is presently at 150 C and 1 atm, and contains 50,000 ppm heptane. 10.6 If the airstream of...
What are the differences between extend and include use cases?
On January 1, 2013, Tonge Industries had outstanding 440,000 common shares (par $l) that originally sold for $20 per share, and 4,000 shares of 10% cumulative preferred stock (par $100), convertible...
What approaches do adaptive leaders employ to promote organizational agility and responsiveness, fostering a culture of experimentation and iterative improvement ?
Kofi Allon, who is 32 years old and single, is employed as a technical consultant for a large electronics distributor. He lives at 678 Birch Street, LaMesa, CA 91941. Kofi's Social Security number is...
A company records the following transactions during November: Required Post the transactions to appropriate T-accounts and prepare a Trial Balance. Account Title Accounts Receivable Debit Credit Date...
Harris Consulting provides the following incomplete trial balance: Required Determine the missing values. Harris Consulting Trial Balance September 30 Debit 8,850 Credit Accounts Receivable Supplies...
What factors are expected to contribute to the projected long-term growth of this industry?
Golf Unlimited Inc. (GUI), an entity that reports under ASPE, acquired a building at a cost of $1,000,000 on January 1, Year 1. Amortization for the building was set on a straight-line basis over 25...
Calculate the HST remittance for the second quarter assuming the total eligible sales (including HST) in New Brunswick were $15,000 and in Nova Scotia were $12,000. (When the remittance was...
LMI Company is 80% owned by Fabio. On January 1 of the current year, LMI makes a loan of $ 49 comma 500 to Fabio. The loan carries an interest rate of 6%. The prescribed rate of interest at the time...
In 2024, Dr. Duke DeKay presents the following information: Salary of $175,950 Interest from Federal treasury bonds of $287 Ordinary dividends of $669 (qualified dividends of $563) Contribution to a...
What is the difference between financial and managerial accounting? Are both types of accounting necessary to make strategic business decisions? Why, or why not?
In the near future, which generation of workers will be larger and more diverse than the Baby Boomer generation? a. Generation X b. Generation Y c. Generation Z d. Millenniums
Evaluate how many lines there are in a true rotational spectrum of CO molecules whose natural vibration frequency is w = 4.09 1014 s1 and moment of inertia I = 1.44 1039 g cm2.
Name the accounts debited and credited for each of the following transactions. (a) Billing a customer for work done. (b) Receipt of cash from customer on account. (c) Purchase of office supplies on...
Name the accounts debited and credited for each of the following transactions. (a) Billing a customer for work done. (b) Receipt of cash from customer on account. (c) Purchase of office supplies on...
Name the accounts debited and credited for each of the following transactions. (a) Billing a customer for work done. (b) Receipt of cash from customer on account. (c) Purchase of office supplies on...
As a HR manager identify and assess the drivers of high and low employment engagement. Support your arguments with specific examples. Please leave reference.
How does digital technology influence both the issues of credentialism and social/cultural reproduction? Does the technology help students? Does it hurt students? Please defend your answers using...
Using the four-drive motivation theory, as described by McShane, discuss how this experience is impacting Sophia's motivation ?

Barrett Fisher, a clerk for Naval Supplies, received a payment from a customer and recorded the following

Question:

Date Debit Credit Account Title Cash Mar. 1 1,000 Accounts Payable 1,000

Step by Step Answer:

No If the company had previously recorded a receivable fo...View the full answer

Financial ACCT2

Students also viewed these Accounting questions