Question: Multiple step accounting question Problem 1 The account titles used by Smink Inc., each preceded by a code letter, appear below. Using this code, indicate
Multiple step accounting question
Problem The account titles used by Smink Inc., each preceded by a code letter, appear below. Using this code, indicate the accounts to be debited and credited to record the transactions described using GAAP. In some cases, more than one account may be debited or credited. Note that X designates any account not specified in the list. A Cash E Notes Payable I. Interest Expense B Investment in Stock F Discount on Notes Payable J Credit Card Expense C Accounts Receivable G Interest Payable K Sales D Allowance for Doubtful Accounts H Bad Debt Expense X Any account not listed Question points Sep. wrote off the account of J Kirk as uncollectible. Question options: Debit D and Credit C Debit H and Credit C Debit C and Credit H Some other answer Debit C and Credit D Question point Oct. borrowed $ from Picard Bank, signing a note for $ with interest stated at The note and all interest is payable on March Question options: Debit C and Credit X Debit A and Credit E Debit E and Credit A Some other answer Debit X and Credit X Question points Nov. received cash from a national credit card company for sales made using their credit card, less the card company's fee. Question options: Debit A and J and Credit K Debit A and Credit K Debit A and X and Credit K Debit A and K and Credit J Some other answer Question points Dec. recorded interest expense for the period October through December relating to $ Picard Bank note payable originating on October Question options: Debit I and Credit E Debit I and Credit G Some other answer Debit G and Credit I Debit A and Credit G Question points Dec. J Kirk "materialized out of nowhere" and paid in full his account previously written off. Check all that apply. Note: this will be graded as Right minus Wrong but not below zero Question options: Debit C Debit X Debit H Debit D Debit A Credit A Credit H Credit C Credit D Credit X Question points March paid the $ principal and all interest due on Picard Bank note originating on October Check all that apply. Note this will be graded as Right minus Wrong but not below zero Question options: Credit I Debit I Debit E Credit X Credit G Debit X Credit A Debit G Debit A Credit E
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