Question
ABC Company has received and paid the below invoices during the month of December 2017. For each question below, provide the corresponding journal entry. Invoices
ABC Company has received and paid the below invoices during the month of December 2017. For each question below, provide the corresponding journal entry. Invoices will not be capitalized.
| Vendor | Invoice Amount (Received in Dec) | Payment Amount (Paid in Dec) |
| Pwc | $750 | $0 |
| Dropbox | $5,000 | $3,000 |
| Clean | $40,000 | $10,000 |
1. What journal entry should ABC Company. record at the time the Pwc invoice is received?
2. What journal entry should ABC Company. record at the time the Dropbox invoice is received?
3. What journal entry should ABC Company record at the time the Dropbox invoice is paid?
4. Assuming the balance owed to Clean at November 30, 2017 is $0, what is the balance owed to Clean at December 31, 2017?
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Financial Accounting
Authors: Karen Bird, Gene Imhoff
5th Edition
0984200568, 978-0984200566
