which of the following is the appropriate debit/credit format for recording a business transaction?

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ekkarill92 answered 1 year ago

Recording credit card and debit card sales Restaurants do a large volume of business with credit and debit cards. Suppose Summer,

Question Recording credit card and debit card sales Restaurants do a large volume of business with credit and debit cards. Suppose Summer,Sand, and Castles Resort restaurant had these transactions on January 28, 2018: National Express credit card sales $ 10,800 Value Card debit card sales 10,000. Requirements1. Suppose Summer, Sand, and Castles Resort’s processor charges a 2% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant.2. Suppose Summer, Sand, and Castles Resort’s processor charges...

Required: Complete the adjustment journal by indicating which account to debit and to credit. No Transaction...

Required: Complete the adjustment journal by indicating which account to debit and to credit. No Transaction Account Dr Account Cr 1. Portion of prepaid insurance which has now expired (been used up) 2. Revenue earned but not yet received or billed 3. Insurance expense which has not been used up (there is still future cover) 4. Portion of recognised revenue which is considered unearned 5. Expenses incurred but not yet paid 6. Revenue received in advance which is now earned...

Identify the debit or credit for the following transactions. Remember, every single transaction has at least...

Identify the debit or credit for the following transactions. Remember, every single transaction has at least one debit and at least one credit. However, I just want you to identify what is requested. 1,Sold merchandise on account. Identify the sale entry debit 2 Wages were accrued but not paid at December 31, year-end. Identify the adjusting entry credit. 3. Adjusting entry to record depreciation of office equipment. Identify the credit. 4. Fees were earned but not billed at December 31,...

Record these transactions of the XYZ Corporation company by recording the debit and credit entries directly...

Record these transactions of the XYZ Corporation company by recording the debit and credit entries directly in the T-accounts. Use the date for each transaction to identify the entries, placing the date in the left-hand cell and the amount in the right-hand cell on the appropriate side of the T-account. Then determine the balance of each account using the starting balances as shown, and write 'Balance' (or 'Bal') next to it, in the left-hand cell on the appropriate side. August...

1. Which of the following applications of the rules of debit and credit is true? a....

1. Which of the following applications of the rules of debit and credit is true? a. Increase Accounts Payable with a credit and the normal balance is a debit b. Decrease Cash with a debit and the normal balance is a credit c. Decrease Prepaid Insurance with a credit and the normal balance is a credit d. Increase Equipment with a debit and the normal balance is a debit 2. A debit signifies a decrease in a. drawing b. revenues...

e Accounts involved in transaction? Classification of the account? Increasing or Decreasing? Debit or Credit the...

e Accounts involved in transaction? Classification of the account? Increasing or Decreasing? Debit or Credit the Account? Amount? May 1 The business received cash of $105,000 and gave capital to Zoe Wilke. Tell me what happen to the business today in your own words? Example: The business got cash from the owner. Cash Asset Increasing Debit $ 85,000 Wilson, Capital Capital Increasing Credit $ 85,000 May 2 Purchased office supplies on account, $550. May 4 Paid $57,000 cash for building...

Date Accounts involved in transaction? Classification of the account? Increasing or Decreasing? Debit or Credit the...

Date Accounts involved in transaction? Classification of the account? Increasing or Decreasing? Debit or Credit the Account? Amount? Ye 7/1 Cash Asset Increasing Debit $ 63,000 York, Capital Capital Increasing Credit $ 63,000 7/5 7/9 Cash 7/10 7/19 7/22 7/28 Accounts Payable 7/31 This is a compound entry. 7/31 This is a compound entry. 7/31 7/31 P2-29A Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Vernon Yung practices medicine under the business title Vernon Yung, M.D....

DEBIT AND CREDIT ANALYSIS: Complete the following statements using either “debit” or “Credit” The cash account...

DEBIT AND CREDIT ANALYSIS: Complete the following statements using either “debit” or “Credit” The cash account is increased with a ___________Debit________ The common stock account is increased with a ____________Credit________ The equipment account is increased with a ____________________ The cash account is decreased with a ____________________ The accounts payable account is increased with a ___________Credit_________ The revenue account Delivery Fees is increased with a ____________________ The asset account Accounts...

Analyze these transactions ( say which account to debit and which account to credit with the...

Analyze these transactions ( say which account to debit and which account to credit with the amount) ⃝ Funds Received Form #FR-11-10 Dated January 27/xx Record $161,000 in pledged from sponsor forms submitted by participants to sponsor the participants. ⃝ Cash Purchase Invoice #DP-39168 Dated January 27/xx From Domino Pizza, $723.20 for pizza and soft drinks for volunteers. Invoice paid from Cash on Hand. ⃝ Cheque Copy #171 Dated January 27/xx To Leanna Alexander, $2,000...

Question 5: Transaction analysis and recording &nbsp

Question 5: Transaction analysis and recording Transactions for Melbourne Consultants Ltd for the month of Jan 2020 are presented below: Jan 2. Shareholders invested $180,000 cash in exchange for shares in the business. Jan 2. Paid office rent of $4,800 for the month Jan 3. Purchased vehicle costing $22,000 for cash. Jan 6. Purchased equipment costing $10,000. $7,000 was paid in cash and the remainder on credit. Jan 14. Purchased office supplies on account for $325. Jan 15. Paid $2,500...

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