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 1 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 34(2 points) Sep. 1,2024- wrote off the account of J. Kirk as uncollectible. Question 34 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 35(1 point) Oct. 1,2024- borrowed $5,000 from Picard Bank, signing a note for $5,000 with interest stated at 8%. The note and all interest is payable on March 1,2025. Question 35 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 36(2 points) Nov. 1,2024- received cash from a national credit card company for sales made using their credit card, less the card company's fee. Question 36 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 37(2 points) Dec. 31,2024- recorded interest expense for the period October 1 through December 31,2024 relating to $5,000 Picard Bank note payable originating on October 1. Question 37 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 38(4 points) Dec. 31,2024- 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 38 options: Debit C Debit X Debit H Debit D Debit A Credit A Credit H Credit C Credit D Credit X Question 39(4 points) March 1,2025- paid the $5,000 principal and all interest due on Picard Bank note originating on October 1,2024. Check all that apply. (Note - this will be graded as Right minus Wrong but not below zero) Question 39 options: Credit I Debit I Debit E Credit X Credit G Debit X Credit A Debit G Debit A Credit E

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!