How is the general journal entry for a cash purchase different from the entry for a purchase
Question:
How is the general journal entry for a cash purchase different from the entry for a purchase on account?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
The general journal entry for a cash purchase is different from t...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The following is the general journal of Dee's Fur Company for the month of November: Required a. Post the journal entries to the appropriate T-accounts assuming Dee's Fur starts its business in...
-
The journal entry for a cash receipt on account is a. Debit Cash; credit Accounts Receivable. b. Debit Cash; credit Accounts Payable. c. Debit Accounts Payable; credit Cash. d. Debit Accounts...
-
When is the general journal used in a manual accounting information system? Provide some examples of transactions that would be recorded in the general journal.
-
Which of the following are valid in a Java file, listed in the order in which they are declared? (Choose two.) A. A package-private class declaration and a public interface declaration B. Two package...
-
Superstores like Costco and Sams Club serves as wholesalers to businesses but also target consumers who are willing to pay a fixed fee in order to get access to the lower wholesale prices offered in...
-
A large block of steel with a thermal conductivity of \(40 \mathrm{~W} / \mathrm{m}^{\circ} \mathrm{C}\) and a thermal diffusivity of \(1.5 \times 10^{-5} \mathrm{~m}^{2} / \mathrm{s}\) is initially...
-
Rice Automotive ended December 2009 with Accounts Receivable of $30,000 and Allowance for Uncollectible Accounts of $1,500. During January 2010, Rice Automotive completed the following transactions:...
-
You would like to estimate the weighted average cost of capital for a new airline business. Based on its industry asset beta, you have already estimated an unlevered cost of capital for the firm of...
-
How do leaders foster a culture of whistleblowing and ethical dissent, encouraging employees to speak up against unethical conduct, organizational wrongdoing, and violations of ethical norms, while...
-
The bank column of a traders cash book showed a debit balance of $952. This did not agree with the balance on the bank statement on the same date. The following differences were found: $ Cheque not...
-
Elena Rodriguez started a business offering an exer cise facility and personal physical training. Elena has hired you as a financial consultant to help her set up her accounting system. She has...
-
Source documents are evidence of business transactions. Four examples of source documents are listed below. Invoice describes the buying or selling of an item on account Receipt describes cash...
-
When planning an audit, which of the following is not a factor that affects auditors decisions about the quantity, type, and content of audit documentation? a. The auditors need to document...
-
Mark opens his own company and completes the following transactions in May: 5/1 Mark invests $14,000 into the business. 5/3 Purchased $3,800 of equipment on account. 5/4 Paid $560 premium for a...
-
Finding the right approach means testing, testing and more testing. You must think outside of the box as you test different strategies and schedule influences. Your budget for this round is also...
-
1-Using the following budget constraint: 200 = 1x + 2Y, Utility U = XY A. How many Xs and Ys do you buy, how do you divide your budget, and what is the level of utility achieved? B. The government...
-
Roadrunner Bookstore uses the perpetual inventory system. Roadrunner Bookstore is owned by Tina Smith. The company had the following transactions for the month of September. Sep 1 Sep 2 Sep 4 Sep 5...
-
Carla Vista Inc. has beginning work in process $30,300, direct materials used $283,200, direct labor $259.600, total manufacturing overhead $212,400, and ending work in process $37,000. What are the...
-
On June 1, 2012, Chloe Inc. purchased as a long-term investment 800 of the $1,000 face value, 9% bonds of Logan Corporation for $731,052. The bonds were purchased to yield 11% interest. Interest is...
-
List four items of financial information you consider to be important to a manager of a business that has been operating for a year.
-
Bradds, Inc., has sales of $528,600, costs of $264,400, depreciation expense of $41,700, interest expense of $20,700, and a tax rate of 35 percent. What is the net income for the firm? Suppose the...
-
Klingon Cruisers, Inc., purchased new cloaking machinery three years ago for $7 million. The machinery can be sold to the Romulans today for $5.3 million. Klingons current balance sheet shows net...
-
The Alexander Co. had $328,500 in taxable income. Using the rates from Table 2.3 in the chapter, calculate the companys income taxes. What is the average tax rate? What is the marginal tax rate? Data...
-
(a) Argue that sin(x)dx = f sin(x)dx + fo sin(x)dx, and use this to compute a (b) Explain how to calculate where u, v, f are functions. (c) Let a >0. Calculate d da L sin(x)dx -a d v(a) f(x)dx da d...
-
= [(-1)* (2m)!" 12. Using Maclaurin series of cosx=(-1)*- A. Find Maclaurin series of cosx. B. Using the 1st four terms of Maclaurin series of cosx to evaluate focos x dx (leave answer to four...
-
Confirm that the below limit meets the conditions to apply l'Hpital's Rule and then solve the limit. Be sure to address these conditions in your explanation. Enter an exact numeric answer. lim In(x)...
Study smarter with the SolutionInn App