On January 14 Decker industries purchased supplies of 500 on account The entry

On january 14 decker industries purchased supplies of

This preview shows page 18 - 21 out of 23 pages.

77. On January 14, Decker industries purchased supplies of $500 on account. The entry torecord the purchase will include a.a debit to Supplies and a credit to Accounts Payable.b.a debit to Supplies Expense and a credit to Accounts Receivable.c.a debit to Supplies and a credit to Cash.d.a debit to Accounts Receivable and a credit to Supplies. 78. At December 1, 2014, Orear Company's Accounts Receivable balance was $5,600.During December, Orear had credit sales of $15,000 and collected accounts receivable of$12,000. At December 31, 2014, the Accounts Receivable balance is Fall 2016 - BUA 201 (Principles of Financial Accounting) – Review file for Exam 1 pg. 18
Background image
79. Collection of a $600 Accounts Receivable 80. Powers Corporation received a cash advance of $500 from a customer. As a result of thisevent, 81. Comstock Company provided consulting services and billed the client $2,500. As a resultof this event a.assets remained unchanged.b.assets increased by $2,500.c.equity increased by $2,500d.Both assets and equity increased by $2,500. 82. If a company issues common stock for $40,000 and uses $30,000 of the cash to purchasea truck, 83. An accountant has debited an asset account for $900 and credited a liability account for$600. What can be done to complete the recording of the transaction? 84. Howard Company had a transaction that caused a $5,000 increase in both assets and totalliabilities. This transaction could have been a(n) 85. At February 1, 2017, the balance in Goebel Inc.'s supplies account was $3,500. DuringFebruary. Goebel purchased supplies of $3,000 and used supplies of $4,000. At the end ofFebruary, the balance in the Supplies account should be a.$3,500 debit.b.$4,500 credit. Fall 2016 - BUA 201 ( Principles of Financial Accounting ) – Review file for Exam 1 pg. 19
Background image
c.$10,500 debit.d.$2,500 debit.Chapter 4:
Background image
Image of page 21

You've reached the end of your free preview.

Want to read all 23 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes