User Account

All Pages

How is transaction recorded in accounting records

Assignment Help Accounting Basics
Reference no: EM132607980

Question 1: PPE asset costing Rs5000 is depreciated at the rate of 20 % per annum using the diminishing balance method.What is the total amount of depreciation for the first two years?

A. Rs1000

B. Rs1200

C. Rs1800

D. Rs2000

Question 2: A trader takes goods that have a selling price of Rs200 from his shop for his own use. The cost price of these goods is Rs150. How is this transaction recorded in his accounting records?

           Account debited                  Account credited

A drawings 200                             purchases 200

B purchases 200                         drawings 200

C drawings 150                         purchases 150

B purchases 150                           drawings 150

Question 3: What is a Balance Sheet?

A a statement of the assets, liabilities and capital of a business on a certain date

B a list of balances remaining on a business's books on a certain date

C a summary of a business's transactions for the year

D an account showing the financial position of a business at the year end

Question 4: Winston decides to write off a debt due to him from Leroy for goods sold on credit.

Which general journal entry records this?

account debited                       account credited

A bad debts                                 sales

B bad debts                                     Leroy

C sales bad                                      debts

D Leroy bad                                       debts

Reference no: EM132607980

Questions Cloud

How an investigative auditor can document a case : How an investigative auditor can document a case against an employee who has been embezzling from his employer by "cooking the books,"
Information security in relation to mobile devices : Explain the goal of information security in relation to mobile devices. Explain human safeguards, and discuss which human safeguard(s) should be implemented.
What sales need to be to make same gross profit as before : Competition has forced him to reduce his markup to 25% in 2020. What his sales need to be to make same gross profit as before?
Research the penalties associated with marijuana : Research the penalties associated with marijuana use in your state and local community (town/city). How do these differ from neighboring states?
How is transaction recorded in accounting records : Selling price of Rs200 from his shop for his own use. The cost price of these goods is Rs150. How is this transaction recorded in his accounting records?
What is the value of supply chain management : What is the value of supply chain management in terms of a health care organization?
How do prepare the closing entries at december : Prepare the closing entries at December 31. The ledger of Kaya Company contains the balances, Retained Earnings $30,000, Dividends $2,000
Make the journal entry to record the receipt of payment : Hashmi Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2
How much money will be available on jennifer 17th birthday : Please provide manual calculations with FORMULARS for Jim is going to establish a University Fund for his daughter Jennifer

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the amount of the discount to be taken by a company

What is the amount of the discount to be taken by a company that purchases inventory for $10,000 with terms 2/10, n/30

  What would the new 39 percent bubble rate have to be

The 39 percent and 38 percent tax rates both represent what is called a tax "bubble." Suppose the government wanted to lower the upper threshold of the 39 percent marginal tax bracket from $335,000 to $212,000. What would the new 39 percent bubble ra..

  Compare earnings per share during the years

Prepare a three-year schedule similar to the one above, but compare earnings per share during the years 2011, 2010, and 2009

  Show the calculation of cost of goods sold

For each of the following accounts for a manufacturing company, place a ? in the appropriate column indicating that it appears on the balance sheet.

  Prepare the journal entry for the greg transaction

Prepare the journal entry for the Greg transaction, Greg invested $3,000 cash and a used truck with a fair market value of $1,500 in the business

  Compute the cost of goods amounts

Compute each of the following amounts using weighted-average process costing. Cost of goods completed and transferred out of the Weaving Department.

  What could you do to ascertain the propriety

You are an accounts payable clerk for a small home improvements contractor. Speculate on the type of fraud that could be in process here. What (if anything) could you do to ascertain the propriety of the transaction and still make the payment toda..

  The steps in the accounting cycle for a merchandising

the steps in the accounting cycle for a merchandising company are different from the accounting cycle for a service

  Determine the total sales the total cost of goods sold

Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period

  Calculation of semi-annually compounded government bond

This problem belongs to Basic Accounting problems and it discuss about calculation of semi-annually compounded Government bond

  On july 31 2010 mexico company paid 3000000 to acquire all

on july 31 2010 mexico company paid 3000000 to acquire all of the common stock of conchita incorporated which became a

  Describes the beach dudes sales and collection process

Draw a business process model that describes the Beach Dudes sales and collection process. Use either Powerpoint, Visio, or Word.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd