This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: If a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal are ... (Read 112 times)

jrubin

  • Hero Member
  • *****
  • Posts: 552
on: Jul 5, 2018
If a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal are used, indicate thejournal in which each of the following transactions should be recorded: (a) Investment of additional cash in the business by the owner. (b) Rendering of services for cash. (c) Rendering of services on account. (d) Receipt of cash on account from a customer. (e) Sale of office supplies for cash, at cost, to a neighboring business. (f) Adjustment to record supplies used at the end of the year. (g) Closing of drawing account at the end of the year.

Question 2

These transactions relate to Rudy's Garage, an auto repair shop.
 
  Which two of the following six possibilities occurred as a result of each transaction - an asset increased, an asset decreased, a liability increased, a liability decreased, equity increased, or equity decreased:
   a. Rudy bought 5 batteries on credit. He put the batteries in inventory
   b. Rudy did a repair job for a customer, who paid in cash
   c. In doing the repair job, Rudy used one of the batteries he had bought in transaction a


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

14vl19

  • Sr. Member
  • ****
  • Posts: 310
Reply #1 on: Jul 5, 2018
Answer to Question 1

(a) cash receipts journal
(b) cash receipts journal
(c) revenue journal
(d) cash receipts journal
(e) cash receipts journal
(f) general journal
(g) general journal

Answer to Question 2

a. assets +, liabilities +
b. assets +, equity +
c. assets -, equity -


jrubin

  • Member
  • Posts: 552
Reply 2 on: Jul 5, 2018
YES! Correct, THANKS for helping me on my review

adf223

  • Member
  • Posts: 304
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

The eye muscles are the most active muscles in the whole body. The external muscles that move the eyes are the strongest muscles in the human body for the job they have to do. They are 100 times more powerful than they need to be.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Labeling of black cohosh: (a) front label with general health claim Labeling of black cohosh: (a) front label with general health claim
According to this Democratic cartoon, the only qualification of General Zachary Taylor, the Whig can According to this Democratic cartoon, the only qualification of General Zachary Taylor, the Whig can
The two most common deformities of the spinal column are scoliosis and kyphosis. The two most common deformities of the spinal column are scoliosis and kyphosis.
Two general classes of symmetry Two general classes of symmetry
Prove the following arguments using the two-column format. Prove the following arguments using the two-column format.
Last year, Terrific Copying had total revenue of $475 000, while operating at 60% of capacity. ... Last year, Terrific Copying had total revenue of $475 000, while operating at 60% of capacity. ...
Video: Glucose anabolism reactions: Glycogenolysis and Gluconeogenesis

For a complete list of videos, visit our video library