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 purchases journal, and a cash payments journal are ... (Read 203 times)

anshika

  • Hero Member
  • *****
  • Posts: 510
on: Jul 5, 2018
If a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal are used, indicatethe journal in which each of the following transactions should be recorded: (a) Payment of rent. (b) Purchase of supplies on account. (c) Purchase of computer on account. (d) Purchase of supplies for cash. (e) Advance payment of a one-year fire insurance policy on the office. (f) Adjustment to record accrued salaries at the end of the period. (g) Adjustment to record depreciation at the end of the month. (h) Payment of an account payable.

Question 2

Elsie owns a small business. At the end of the month, Elsie needed to make adjusting entries to prepare statements on the accrual basis.
 
  Which two of the following six possibilities occurred as a result of each of the following adjustments - an asset increased, an asset decreased, a liability increased, a liability decreased, equity increased, or equity decreased:
   a. An accrual for salaries that were due to an employee, but were not paid
   b. An adjustment for depreciation on Elsie's store fixtures
   c. An adjustment for the expiration of prepaid insurance
   d. An accrual for interest earned on a certificate of deposit that had not matured


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

snackralk

  • Sr. Member
  • ****
  • Posts: 363
Reply #1 on: Jul 5, 2018
Answer to Question 1

(a) cash payments journal
(b) purchases journal
(c) purchases journal
(d) cash payments journal
(e) cash payments journal
(f) general journal
(g) general journal
(h) cash payments journal

Answer to Question 2

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


anshika

  • Hero Member
  • *****
  • Posts: 510
Reply #2 on: Jul 5, 2018
Correct answers!


snackralk

  • Sr. Member
  • ****
  • Posts: 363
Reply #3 on: Jul 5, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Did you know?

Intradermal injections are somewhat difficult to correctly administer because the skin layers are so thin that it is easy to accidentally punch through to the deeper subcutaneous layer.

Did you know?

People with high total cholesterol have about two times the risk for heart disease as people with ideal levels.

Did you know?

Calcitonin is a naturally occurring hormone. In women who are at least 5 years beyond menopause, it slows bone loss and increases spinal bone density.

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

(A) Lumbar puncture, also known as spinal tap; (B) section of the vertebral column showing the spina (A) Lumbar puncture, also known as spinal tap; (B) section of the vertebral column showing the spina
The spinal column. The spinal column.
A typical General Motors HEI coil installed in the distributor cap. When the coil or distributor cap ... A typical General Motors HEI coil installed in the distributor cap. When the coil or distributor cap ...
T cells are of three general types: (1) helper T cells that secrete cytokines, which upregulate the ... T cells are of three general types: (1) helper T cells that secrete cytokines, which upregulate the ...
Posterior column—medial lemniscus pathway Posterior column—medial lemniscus pathway
What is the pKa and general acid strength of formic acid if its conjugate base form has a pKb ... What is the pKa and general acid strength of formic acid if its conjugate base form has a pKb ...
Video: Five phases of cardiac cycle & Atrial contraction

For a complete list of videos, visit our video library