What the correct way to record the transaction would be

Assignment Help Financial Accounting
Reference no: EM132579056

Question 1: Hilda makes a Cash sale of £4,500 goods to Customer XYYZ the correct way to record this transaction would be:

Option a. Credit Sales and Debit Bank

Option b. Debit XYYZ and Credit Sales

Option c. Debit Sales and Credit Bank

Option d. Credit XYYZ and Debit Sales

Reference no: EM132579056

Questions Cloud

Paper on poetry parameters : Paper - Poetry Parameters - Choose up to 3 poems and / or song lyrics - Do a formalist analysis on the subject you have chosen
Explain the meaning of NPV and its advantages : Explain the meaning of NPV and its advantages as an investment evaluation method compared with the Accounting Rate of Return and Payback methods
Describe current and proposed retention plans : Assess any existing advancement barriers, and then explain how you plan to overcome them. Describe current and proposed retention plans.
What is the primary measure used for asset valuation : What is the primary measure used for asset valuation on the statement of financial position? What is the source of this measure and justification for its use
What the correct way to record the transaction would be : Hilda makes a Cash sale of £4,500 goods to Customer XYYZ the correct way to record this transaction would be?Credit Sales and Debit Bank
Explain why on-boarding process needs to be created : Explain why an on-boarding process needs to be created. Then create an outline of an on-boarding process.
Produce a schedule of receipts showing the expected cash : One hundred per cent (100%) of sales made by a firm is sold on credit. Produce a Schedule of Receipts showing the expected cash
Compute effect of transaction on the accounting equation is : £9,700 payment from a customer to settle their account for goods sold on credit. The effect of this transaction on the accounting equation is to
Authorized shares and outstanding shares : Discuss the difference between authorized shares and outstanding shares. Are there other classifications of shares that are important to consider?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Forecast sales-costs and income

Several important assumptions underlie CVP analysis. Assumptions often help simplify and focus our analysis of sales and costs. A common application of CVP analysis is as a tool to forecast sales, costs, and income.

  Prepare journal entries for each of these events

Create journal entries for each of these events. Also create any needed entries to accrue interest on the notes at 31st December. 2005.

  Costello corporation manufactures a particular product the

costello corporation manufactures a particular product. the standard cost per unit of product is shown below.direct

  Calculation of ending cost of inventorythe company has an

calculation of ending cost of inventory.the company has an offer from a wholesaler to purchase the part for 31 per

  Pay for your? child education

To pay for your? child's education, you wish to have accumulated ?$19,000 at the end of 15 years. To do? this, you plan to deposit an equal

  Accounts basics - multiple choice questions1nbspcosts

accounts basics - multiple choice questions1.nbspcosts become expenses a.nbspwhen they are paid. b.nbspwhen they are

  How can these deficiencies be rectified

Should penalties for breaches of the financial reporting requirements of the Corporations Act be increased? Discuss or explain.

  What are the steps to opening a new company in pca

Bank reconciliations require several steps of comparison between the bank records and the company records. What are the different steps of bank reconciliation in a manual environment and computerized environment?

  What is the present value in dollar of the equity ownership

What is the present value in dollars of its equity ownership of the subsidiary? Assume a cost of equity capital of 12% for the subsidiary.

  What is monthly payment

You will borrow $25,000 to buy a car. If your interest rate is 5% on a 4-year loan, what is your monthly payment?

  Determine the cost of timber sold related to depletion

Determine the cost of timber sold related to depletion for 2014. Compute the rate of depreciation per year to be applied to the plant assets under the composite method.

  Compute the growth in d for all future years

Compute D1, D2, D3 and the growth in D for all future years. Except the growth rates are 5% for years 2 and 3 and then 3% perpetually for all future years.

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