Texaco Oil Company issues its own credit cards. Assume that Texaco charges you $40 on an unpaid
Question:
Texaco Oil Company issues its own credit cards. Assume that Texaco charges you $40 on an unpaid balance. Prepare the journal entry that Texaco makes to record this revenue.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
Accounts Rec...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Accounting questions
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...
-
Prepare the journal entry to record Typist Companys issuance of 250,000 shares of its common stock assuming the shares have a: a. $1 par value and sell for $10 cash per share. b. $1 stated value and...
-
Density is not routinely measured in the atmosphere. Why is this not a problem for atmospheric scientists?
-
Journalize the following transactions for Orkin Manufacturing. (a) Purchased 6,000 units of raw materials on account for $11,500. The standard cost was $12,000. (b) Issued 5,600 units of raw...
-
Researchers run an analysis to determine if taking levothyroxine is associated with tachycardia. They report a p-value of 0.04. What general impression do you get from this result?
-
The scaling analysis for the mass-transfer boundary-layer thickness is parallel to that for heat transfer analysis. Use the same method to show that \(\Delta\) is proportional to \(S c^{-1 / 3}\) for...
-
With a smoothing constant of = 0.2, equation (6.2) shows that the forecast for the 13th week of the gasoline sales data from Table is given by F13 = 0.2Y12 + 0.8F12. However, the forecast for week...
-
Big Data and Business Intelligence in Amazon (MO2-3) Amazon, one of the world's leading e-commerce platforms, serves millions of customers each day. The amount of data generated from customers'...
-
Look at the demand curve in Figure 6.2a. Use the midpoint formula and points a and b to calculate the elasticity of demand for that range of the demand curve. Do the same for the demand curves in...
-
Sanchez Company prepares reversing entries. If the adjusting entry for interest payable is reversed, what type of an account balance, if any, will there be in Interest Payable and Interest Expense...
-
Condensed financial data of Arma Inc. follow. Additional information: 1. New plant assets costing $85,000 were purchased for cash during the year. 2. Old plant assets having an original cost of...
-
Find the direction of the current in the resistor shown in figure(a) At the instant the switch is closed,(b) After the switch has been closed for several minutes, and(c) At the instant the switch...
-
5 Which one of the following correctly represents Sodium oxide? +2 XX a) Na 20 XX 6) 2NaOx x; 1-2 'xx' 1-2 c) 2 Na 20% c) Na XX XX 6 An element with atomic number_ will form a basic oxide. a) 7 (2,5)...
-
1. Identify the product which represents the solid state in the above reaction. a) Barium chloride b) Barium sulphate c) Sodium chloride d) Sodium sulphate 2. The colour of the solution observed...
-
15 16 17 18 In 1987, an agreement was formulated by the United Nations Environment Programme (UNEP) to freeze the production of "X" to prevent depletion of "Y". "X" and "Y" respectively referred here...
-
18. The atomic number of elements P, Q, R and T are 19,17, 14 and 6 respectively. The pair of elements that can react to form an ionic compound is A. Q and T B. R and Q C. Q and P D. R and T 19. The...
-
26 The number of protons, neutrons, electrons in some particles are shown in the table below Particle Protons Neutrons electrons P 1 1 2 Q 2 2 2 R 3 4 2 T 4 5 4 Which one of the following particles...
-
Comment on (a) self-appraisal, (b) appraisal of superiors by subordinates, and (c) the 360-degree system.
-
1. Following are information about Alhadaf Co. Cost incurred Inventory Purchases Sales Adverting expense Salary Expense Depreciation Beginning Inventory Ending Inventory Amount 118,000 350.000 90,000...
-
Use Newtons Law of Cooling. When a hot object is placed in a water bath whose temperature is 25C, it cools from 100C to 50C in 150 seconds. In another bath, the same cooling occurs in 120 s. Find the...
-
Credit card usage in the United States is substantial. Many startup companies use credit cards as a way to help meet short-term financial needs. The most common forms of debt for startups are use of...
-
If your school has a subscription to the FASB Codification, to log in and prepare responses to the following. (a) How are receivables defined in the Codification? (b) What are the conditions under...
-
What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed?
-
Given the following Python code: x = 20 while x > 10: #do something x = x 1 How many times this loop will iterate. 10 11 20 20 0
-
The HTML program is fine I want help to figure out what's wrong with CSS that would not make my website look the same as the picture I provided. @charset "UTF-8"; /* CSS Document for CA3 */ body {...
-
Consider a twisted pair link of distance 2 km. It is required to compute the amount of received power Pr, assuming the transmit power Pt = 1 Watt and the cable attenuation is 20 dB/km.
Study smarter with the SolutionInn App