2020 Invoice Entry DR Electricity 1000 12/31/2020 CR AP 1000 12/31/2020 Check cut DR AP 1000 1/3/2021

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

Question:

2020 Invoice Entry

DR Electricity 1000 12/31/2020

CR AP 1000 12/31/2020

Check cut

DR AP 1000 1/3/2021

CR Cash 1000 1/3/2021

2021 Invoice entry

DR Electricity 1000 1/3/2021

CR AP 1000 1/3/2021

Check cut

DR AP 1000 1/3/2021

CR Cash 1000 1/3/2021

So how can we pay this invoice with one check and still account splitting expenses between years?

Related Book For answer-question

Fundamentals of Cost Accounting

ISBN: 978-0078025525

4th edition

Authors: William Lanen, Shannon Anderson, Michael Maher

See More Books

Posted Date: Jan 28, 2021 11:19 PM

See More Questions

Account No Account Titles Dr Cr Dr Cr 101Cash8840 112Accounts Receivable10989 130Prepaid Insurance2828 157Equipment23599 167Accumulated DepreciationEquip4394 201Accounts Payable9150 212Salaries and...
2020 2021 2020 2021 Cash 1800 N/P 2700 Marketable securities 2600 A/P 1800 A/R 2200 Accrued Expenses 1600 Inventory 4000 Unearned Revenue 1200 Prepaid Expenses Total Short Term Llabilities 1900 7300...
Between 1 April 2019 and 31 March 2020 (the 201920 FBT year) Max Co Pty Ltd provides its employees with the following benefits: a) a briefcase was given to the IT consultant valued $1200 (GST...
Southern Stitches is a local casual clothing shop that makes a variety of t-shirt styles. Below is some actual vs. budget information for Southern's t-shirts for the month of May. Assume no...
Can you think of some general guidelines to help marketers mix and match brand elements? Can you ever have too many brand elements? Which brand do you think does the best job of mixing and matching...
Which of the following procedures is most likely to ensure that employee job time tickets are accurate? a. Approve the payroll voucher in the accounts payable department. b. Keep employment...
Suppose Peters Hardware sells merchandise on account, terms 2/10, n/45, for $750 (cost of the inventory is $460) on May 17, 2010. Peters Hardware later received $225 of goods (cost, $140) as sales...
The following amortization schedule is for Flagg Ltd.'s investment in Spangler Corp.'s $100,000, five-year bonds with a 7% interest rate and a 5% yield, which were purchased on December 31, 2016, for...
A company has five clients who require one pallet each. The delivery is done by trucks. The direct distances between the company's warehouse L and customer locations (A1 to A6) is given in the...
Krause Industries' balance sheet at December 31, 2021, is presented here. Budgeted data for the year 2022 include the following. To meet sales requirements and to have 2,500 units of finished goods...
Challenge question Now that you know how AWS Glue and Athena work together, try the following exercise to test your knowledge. Your lab instructor has a model solution. However, there is more than...
Comment on how you would choose among the various promotion mix tools. Define integrated marketing communication.
What is the fundamental difference between a push and a pull strategy?
What is meant by the law of consumer demand? Explain the difference between elastic and inelastic demand.
How do organizations get feedback regarding their promotions via the Internet? Find several examples of ways of providing sports marketers with feedback about their promotions.
What are the organizational design elements that must be managed for effective implementation?
Calculate the cost of capital (WACC) for Target using company's most recent financial statements (2022 annual if available, if not, then 2021). Use external sources to find additional information you...
What are the two components of a company's income tax provision? What does each component represent about a company's income tax provision?
The Office Mart store in South Beach experienced the following events during the current year: 1. Incurred $400,000 in marketing costs. 2. Purchased $1,200,000 of merchandise. 3. Paid $40,000 for...
The following data refer to one year. Fill in the blanks. Direct material inventory, January 1 . . . . . . . . . . . . . . . . . .a.__________ Direct material inventory, December 31 . . . . . . . . ....
Custom Homebuilders (CH) designs and constructs high-end homes on large lots owned by customers. CH has developed several formulas, which it uses to quote jobs. These include costs for materials,...
In a survey of a simple random sample of students at a certain college, the sample mean time per week spent watching television was 18.3 hours and the margin of error for a 95% confidence interval...
Use the data in Exercise 4 to construct a 95% confidence interval for the mean IQ score. Exercise 4 An IQ test was given to a simple random sample of 75 students at a certain college. The sample mean...
The lifetime of a certain type of battery is known to be normally distributed with standard deviation = 20 hours. A sample of 50 batteries had a mean lifetime of 120.1 hours. It is desired to...

2020 Invoice Entry DR Electricity 1000 12/31/2020 CR AP 1000 12/31/2020 Check cut DR AP 1000 1/3/2021

Question:

Expert Answer:

Solution Answer if we want to pay the invoice with one check and ... View the full answer

Fundamentals of Cost Accounting

Students also viewed these accounting questions