How to record transactions to the general journal

Assignment Help Financial Accounting
Reference no: EM132960654

1) Received an banked cash of $1,265 for the cash sale of an kitten.

2) Paid last month's electricity bill of $89 by bank transfer. The bill had been recorded in accounts payable.

3) Received the monthly invoice of $40 for digital advertising with Facebook which is paid by direct debit on date of invoice.

4) Invoiced Pets Ltd $1,200 for kittens supplied for sale in their retail store.

Problem 1: How to record these four transactions to the general journal?

Reference no: EM132960654

Questions Cloud

Find the weighted average cost of capital for bill preneur : Bill's opportunity cost is 4.4 percent and the lender's interest rate is 8.3 percent. Find the weighted average cost of capital (WACC).
Compute the monthly beginning of the periodic payment : Molly's son starts college in 6 years. She estimates the current deficit for her college education funds is $62,086. Compute the monthly beginning
Which of investors be willing to pay more for stock and why : One investor plans to hold the stock for five years, while the other plans. Which of the two investors would be willing to pay more for the stock?
How much salaries and wages expense is debited : If the company has $495,000 in total gross salaries and wages, how much salaries and wages expense is debited within the fringe benefits entry
How to record transactions to the general journal : How to record four transactions to general journal? Paid last month's electricity bill of $89 by bank transfer. The bill had been recorded in accounts payable.
Calculate the first year depreciation expense : Calculate the first year depreciation expense and provide the journal entry for the first year using production unit, straight-line and double declining methods
What the current market price of the company bonds : Company CBA issued 10-year bonds four years ago with a coupon rate of 11.01 percent, paid semi-annually. What the current market price of the company bonds
Which is not a characteristic of an effective information : Which is not a characteristic of an effective information? What is the correct data hierarchy? Which is not an accountant's role in information systems?
Compute the unearned interest income : ABC Co. sold an equipment costing P1,200,000 to one of its constituents for P1,400,000 last Jan 1, 2021. Compute the unearned interest income

Reviews

Write a Review

Financial Accounting Questions & Answers

  What price should you charge for a midsized automobile

Taking this into account, your marginal cost of a midsized automobile is $12,000. What price should you charge for a midsized automobile

  How much more or less cash did Murphy USA collect

How much more or less cash did Murphy USA collect from customers than it recognized in revenue in 2016? Explain with an example with an example.

  Do an analysis by calculating the remaining percentage

Do an analysis by calculating the remaining percentage of shares owned by Mr. Chen as a result of the financing carried out by stage investors first

  How many units would have to be sold to break-even

If unit sales prices are $34 and variable costs are $24 per unit, how many units would have to be sold to break-even if fixed costs equal $23,000?

  Prepare journal entries to record transactions and events

Serene Spa Sales uses the perpetual inventory system and the gross method of accounting. Prepare journal entries to record these transactions and events

  Direct labor hours to produce product

Scoresby Co. uses 6 machine hours and 2 direct labor hours to produce Product X. It uses 8 machine hours and 16 direct labor hours to produce Product Y.

  Calculate the accrued interest on the note at december

Calculate the accrued interest on the note at December? 31, 2017.? (Round any intermediate calculations to two decimal? places, and your final answer)

  What is income distribution deduction for the hall trust

The Hall Trust is required to distribute $1,000 in year 3 to trust beneficiaries. What is the income distribution deduction for the Hall Trust in year 3?

  What is the compensation expense

On grant date, the entity estimates that the fair value of the share options, with an exercise price of P20, What is the compensation expense

  How to suggest take to mitigate the risk of fraud

How toSuggest one action management can take to mitigate the risk of fraud occurring when financial statements are being compiled. Provide the suitable example.

  How much income should comp co recognise at the time

Comp Co. is confident that the $63,200 will also be paid on time. How much income should Comp. Co recognise at the time the IT services are provided?

  Identify the family current stage of the life cycle

Identify the family's current stage of the life cycle based on the text reading and specify areas of high importance for them at this time.

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!

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