Question
Dany's Designs provided services to a client on account. The journal entry would require: a. debit to Accounts Receivable, credit to Service Revenue. b. debit
Dany's Designs provided services to a client on account. The journal entry would require:
a.
debit to Accounts Receivable, credit to Service Revenue.
b.
debit to Cash, credit to Service Revenue.
c.
debit to Service Revenue, credit to Accounts Receivable.
d.
debit to Service Revenue, credit to Accounts Payable.
From the transactions below, calculate the balance in the Sales account
2008 Sept 1 Sales on credit to J Bee $520; T Day $630; J Soul $240.
== 2 Purchases on credit D Blue $390; F Rise $510; P Lee $280.
== 8 Sales on credit to T Day $640; L Hope $418.
== 10 Purchases on credit from F Rise $92; R James $870.
== 11 Sold equipment on credit to J. Mary $5,000
== 12 Returns inwards from J Soul $25; T Day $190.
== 17 We returned goods to F Rise $12; R James $84.
== 20 We paid D Blue by cheque $390.
== 24 J Bee paid us by cheque $400.
== 25 Sold car no longer needed for $3,000 on credit to P. Ltd
== 26 We paid R James by cheque $766.
== 28 J Bee paid us by cash $80.
== 30 L Hope pays us by cheque $418.
a.
Credit $2,448
b.
Debit $2,448
c.
Debit $10,448
d.
Credit $10,448
Clear my choice
The account "Cash" began with a zero balance and then had the following changes: increase of $300, decrease of $80, increase of $125 and a decrease of $50. The final balance is a:
a.
debit balance of $425.
b.
credit balance of $130.
c.
credit balance of $295.
d.
debit balance of $295.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started