When a company purchases equipment, why will total assets remain unchanged? 2 acquired laundry equipment costing p75000 paying 2 Bought merchandise using money from the bank _____________ _____________ Salaries Payable increases (credit) for $1,500. WebAccounting questions and answers. Transaction 14:The equipment purchased on January 5 depreciated $75 during the month of January. _____________ Journal Entries to Record Transactions Web1) For Journal entries,please take note of the following Assets & Expenses normal balance is Debit. Adjusting Entry Examples We will not get to the adjusting entries and have cash paid or received which has not already been recorded. WebBilled Accounts means accounts receivable for which a bill has been rendered to the account debtor and which are unpaid for no more than ninety (90) days from the date of the original bill. Only the Nations Legislature may authorize Centrally Billed Accounts. Impact on the financial statements:Supplies is a balance sheet account, and Supplies Expense is an income statement account. Apr 28. Salaries Payable, with a credit entry dated January 31 for 1,500, and a credit balance of 1,500. 17 Accounts Payable A company received $35,000 cash from sales to customers. 27 Notes Receivable A bill is something you, as a customer must pay. This is posted to the Unearned Revenue T-account on the debit side (left side). The entry to record this transaction will include a debit to Service Revenue of $1,400. Bale Company performed services for a client for $9,520 cash. Service Income A company received $2,500 from a customer for services previously performed. This is posted to the Interest Receivable T-account on the debit side (left side). Payment of employees salary, 20 _____________ 18 Shop Equipment _____________ Collected cash from customers account on February 20. Impact on the financial statements:Unearned revenue is a liability account and will decrease total liabilities and equity by $600 on the balance sheet. A company provided services to a customer for $400, which they paid in cash. Paid for the monthly internet bill worth 1,000 pesos for our Wi-Fi service. _____________ The account receivable would have decreases by the amount that was charge to the services. A company paid $8,250 cash for actual overhead costs. . A company paid $871 cash for the month's utilities. Oct 30: Collected $1,600 from customers on account. A company completed $5,250 of services for a client on credit. Issued a note for equipment on account, 19 Taxes and Licenses Rendered Services to clients for P20,000. _____________ What does it mean to provide services on account? 13 Accounts Receivable 4, Prepare the general journal entry to record this transaction. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Tremlin Company collected $1,280 from a client for services previously provided on account. 3. Prepare the general journal entry to record this transaction. Service Revenue is a revenue (or income) account. -vAa]bc.@PT]}RlE}/~B-9LK?@@"_Q`G4? These cookies ensure basic functionalities and security features of the website, anonymously.
