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paid creditors on account 3 $750

22 Paid November rent $360. 29: Received $850 from customers for services to be performed in the future. 29. 8. In addition to transactions 1, 2 and 3 in the previous lesson, assume the following data: Rendered services and received the full amount in cash, $500; Rendered services on account (receivable from customer), $750 ; Purchased office supplies on account (payable to supplier), $200; Had some equipment repaired for $400, to be paid after 15 days Received cash from customers on account, $14,800. Purchased office equipment on account, $8,000. Paid creditors on account, $7,110. But on the Form 3800 for the General Business Credit, his accountants subtracted $750 from his allowable credit. Creditors are amounts which are owed by you to your suppliers, they are sometimes referred to as accounts payable or trade creditors.. 40,000 for 50% of the system design. The other side of the accounting equation is the liability to pay the supplier for the items (accounts payable) at a future date. So if you look at your accounting equation, liabilities (Accounts Payable) would be decreased, and assets (Cash) would be decreased by the same amount. Received cash from customers on account, $ 11,300. Paid cash to owner for personal use, $2,000.00. Hi, I am getting confused over this accounting transaction "paid creditors on account, $1420". a) Issued capital stock for $16,000. 505-Debit Supplies Exp $800 (own eq) 108-Credit Supplies $800. (Record as Miscellaneous Expense.) Utilities expense cash. 25. Received cash from sales, $12,000. Paid cash on account to Slippers Supplies, $450. 5. 15. 10 Received $3,450 cash from customers on account. 26. Paid cash on acount to Slippers Supplies, $850.00. Purchased land for a future building site for $75,000, paying $7,500 in cash and giving a note, 31. 2. The bank therefore stands in the position of a debtor to the organisation. 10/20 She paid creditors on the account ($500). 10 Received $1,200 cash from customers on account. Accounts payable Cash. 15. C4. Paid Cash into Bank 60,000. Record the account balances as of September 1. 10/16 She paid automobile expenses of $250 and miscellaneous expenses of $100. Are both words correct: How do/would you know if you are accused as a criminal in the first place. 22: Paid November rent $510. Paid cash for supplies, $750. Paid creditors on account, $1,250. Accounts Payable Office Salaries Expense Misc. g. Paid automobile expenses (including rental charges) for the month, $750, and miscellaneous expenses, $980. Does anyone else here hand write really slowly? Paid rent on office for month, $7,200. Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost. TaxWatch Trump’s 2017 tax bill was reportedly $750 — here’s how that stacks up against the average American’s taxes Published: Sept. 30, 2020 at 9:13 a.m. In other words, Trump paid the full amount of his taxes but spent $7,435,107 of his tax credit and $750 of cash. Course Hero is not sponsored or endorsed by any college or university. Paid advertising expense, $1,200. April 18 Billed customer for restoration work completed on April 17, $3,000. Metro issued a check to Office Lux for $300 previously purchased supplies on account. The small amount of federal income taxes President Trump paid in both 2016 and 2017 — just $750 each year — has become the focus of much attention since it was revealed in a … Close income summary into retained earnings. A: April 3 Office supplies, creditors April 4 Bank/cash, prepayment account (creditor) April 15 Cash, creditors 24. Instructions 1. Paid cash to creditors on account, $3,000. Determine balances after all entries are posted. 31. Paid utilities expense, $2,240. So I am supposed to balance statements such as this one by using the accounting equation Assets= Liabilities + Owners equity. 2. Owner determined cost of supplies on hand Nov. 30th was 550. Paid $1,900 to creditors for accounts payable due. into your income managed account. Still have questions? Determine the excess of revenues over expenses for October. Join Yahoo Answers and get 100 points today. 31. 27: Performed services on account worth $990 and billed customers. 8. The equation stays in balance. Another coronavirus Economic Support Payment is on the way — will you have an extra $750 in your account soon? Paid Creditors on Account $950. Discovered an error in computing a commission during July; received cash from the salesperson. Paid creditor a portion of the amount owed for equipment purchased on October 13, $2,000. 6. 27. Withdrew cash for personal use, $7,500. n. Paid gas, oil, and repairs on automobile for January, $1,300. 15. Recorded revenue earned and billed to clients during the month, $183,500. Paid cash for supplies, $750. $4,000 I. The following business transactions were completed by Valley Realty during August 2014: Aug. 1. j. 10. d) Paid creditor on account, $800. 5. He then opened a bank account and paid 60,000 cash into the bank account. f. Billed customers for fees earned for managing rental property, $16,800. Rented land purchased on August 31 to a local university for use as a parking lot during football. 10. Credit A service is provided to the customer and the service revenue is taken to the income statement. 30. Sold Services on Account Bookkeeping Entries Explained. Fees earned and billed to customers for the month, $33,100. Received an invoice for truck expenses, to be paid in November, $700. In addition to transactions 1, 2 and 3 in the previous lesson, assume the following data: Rendered services and received the full amount in cash, $500; Rendered services on account (receivable from customer), $750 ; Purchased office supplies on account (payable to supplier), $200; Had some equipment repaired for $400, to be paid after 15 days 3. expense 2) Prepare T-accounts and post the entries to the appropriate accounts. Fees earned and billed to customers for the month, $33,100. 17 Purchased supplies on account $1,200. C5. Why they did that is not clear. April 15 Paid in full for office supplies purchased on April 3. Adjusting Entries - Liability Accounts Notes Payable $5,000. season (September, October, and November); received advance payment of $5,000. Nov. 8 Paid $1,720 for salaries due employees, of which $650 is for October salaries. This purchase office supplies on account journal entry is one of many examples used in double entry bookkeeping, discover another at the links below. Paid cash for miscellaneous expenses, $400. The proper journal entry would be. Paid cash to owner for personal use, $6,000. It sends the message that you may not pay any new accounts either. 27. A cheque for R900 paid to T Miller was entered on the debit side of T Mill’s account. 24. Paid utilities $400. Cash Common stock. 5 Paid the accounts payable of $ 33,600. Fees earned and billed to customers for the month, $33,100. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each. ... Purchase returns 3 750 Purchase (17 350 + 100) 17 450 ... creditors account in our creditor’s ledger account and the monthly statement that we receiving from our creditor. 5. Get your answers by asking now. Paid for a newspaper advertisement, $200. 5. m. Paid salary of assistants, $4,100. The $750 first came into play after the New York Times' blockbuster story on Sept. 28 noted that Trump paid "$750 in federal income taxes the … The unadjusted trial. 15,000 on the amount owed by the client. oil, and repairs on automobile for January, $1,300. 500 cash for personal use. The same has to be paid by the bank to the organisation whenever they ask for it. Paid an assistant php. 5. Purchased architectural supplies on account from Burlington Company … I have to make an assignment about the harmful effect of soft drinks on bone  Let’s check the accounting equation: Assets $30,500 (Cash $16,000+ Supplies $500 + Equipment $5,500 + Truck $8,500) = Liabilities $500 + Equity $30,000. Well, by definition, a creditor is someone to whom money is owed. This preview shows page 17 - 19 out of 24 pages. i. Paid advertising expense, $1,500. T20. Paid a $300 cash dividend. Problem 3PE from Chapter 1: A TransactionsArrowhead Delivery Service is owned and operat... Get solutions Journal entry. It sends the message that you may not pay any new accounts either. Paid automobile expense (including rental charges for an automobile), $2,500. 4. balance on July 31, 2014, is shown below. 3. Paid creditors on account, $7,110. C6 . Suppose for example, a business provides web design services on account for the amount of 2,500, then the bookkeeping journal entry will be as follows. 30. Accounting (26th Edition) Edit edition. Paid dividends, $6,000. j. 30. Paid creditors on account, $1,590. Paid $250 to creditors on account. Paid telephone bill (utility expense) for the month, $250. Post to the ledger, extending the account balance to the appropriate balance column after each posting. Determined that the cost of supplies on hand was $250: therefore, the cost of supplies used was $1.550 J. How can I say I am proud of Canada without using I for my essay? 10/15 She purchased computer supplies for $3,000, paying $750 in cash and the rest on account. July 31. c. Paid creditor on account, 1,500. d. Earned sales commissions, receiving cash, 36,750. e. Paid rent on office and equipment for the month, 5,200. f. Withdrew cash for personal use, 8,000. g. Paid automobile expenses (including rental charge) for month, 2,500, and miscellaneous expenses, 1,200. h. Paid office salaries, 9,250. i. numbers in the journal at this time.) The amount paid into the bank is held by the bank on behalf of the organisation. Fees earned and billed to customers for the month, $33,100. Extend the balances to the appropriate balance columns after each transaction is posted. Paid creditors on account, $7,110. Once you pay the charge-off, you improve … Once you pay the charge-off, you improve your odds of having your applications approved. Paid php. because companies don't have time chasing people who they have debts with, so they sell your debt to a collector who full time job is just to harass people until they pay up, calling at all hours of the day and filling up your voicemail box. 10. 4. What should I do? Can you think of any reason why the amount determined in (4) might not be the net profit for October? C3. July 25. 11. Received cash from customers on account, $7,600. Larson paid to creditors $500, Paid office rent for the month of December, $750, Company billed client for accounting services on account, $5,200; Supplies were purchased on account, $650, Company received cash from clients billed previously, $6,000 30. 12,000 cash to settle the liability on the equipment purchased. Paid creditors on account, $1,250. j. Dr. Russo withdrew cash for personal use, $5,000. Billed customers for delivery services on account, $32,500. c) Purchased supplies on account, $1,200. 31. 15 Purchased equipment on account $1,980. Paid telephone bill (utility expense) for the month, $250. Collected php. Received cash from customers on account, $14,800. 24 Collected an additional $ 6,000 from customers on account. 30. So I am supposed to balance statements such as this one by using the accounting equation Assets= Liabilities + Owners equity. Paid salaries and commissions for the month, $53,000. Paid an attorney $900 for reviewing the July 3 contract with KXMD. July 30. The collection agencies keep some money for themselves and use some money to pay their employees, their telephone bill, etc. Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense. How many rooms (including bedrooms) is there supposed to be in the Gatsby manor? 1. Rent expense Cash. Paid electricity bill (utility expense) for the month, $1,050. 31. Received cash from customers on account, $11,300. Paid … Journalize the following adjusting entries. Paid creditors on account, $1,250. Completed work for another client who paid only php. Sept. 8 Paid $1,400 for salaries due employees, of which $900 is for September. Paid creditors $2,570 of accounts payable due. Determined that the cost of supplies on hand was $680; therefore, the cost of supplies used was $1,120. Received cash from customers on account, $23,770. Paid rent for February, $3,000. Received cash from customers on account, $14,800. Paid creditors on account, $3,750. May 20. h. Paid office salaries, $4,000. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. 31. Making a payment to creditor. Correctly place plus and minus signs under each T account and label the sides of the T ac- counts as either debit or credit in the fundamental accounting equation. 10/25 She received a cash payment of $5,000 from customers previously billed (on account). j. 5. 9. g. Paid automobile expenses for month $750, and miscellaneous expenses, $ 1,000. h. Paid office salaries. j. Introducing Textbook Solutions. Received cash on account from Tomas Company, $850. Owner withdrew php. 10 Purchased a new office desk on account, $ 1,050. Owner withdrew $2,000 for personal use-Debit Owner Drawing $2000 101-Credit Cash $2000. 25: Paid salaries $1,080. Instructions 1. If you claim Family Tax Benefit for 2020-21 as a lump sum, you’ll get the payment with your lump sum. So you would not add it to Accounts Payable, you would subtract it. 17 Purchased supplies on account $680. The invoicing of services on account means that an amount of money will be owed by the customer to the business, and this is referred to as a trade accounts receivable or trade debtor. 28 Recorded fees earned on plans delivered, payment to be received in February, $21 ,900. April 29 Received utility bill for the month of April, due on May 15, $250. The business now has an asset (trade accounts receivable or trade debtor) for the amount due. 26 Paid installment due on note payable, $950. Popular Double Entry Bookkeeping Examples. Received $1,000 for serving as a disc jockey for a party. Hi, I am getting confused over this accounting transaction "paid creditors on account, $1420". For the best answers, search on this site https://shorturl.im/OZUoe. Received cash for providing delivery services, $16,800. Paid creditors on account, $3,750. 2. 20 Paid for customer entertainment, $ 450. 4. Dividends Cash. 6. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! Paid cash for miscellaneous expenses, $400. 31. Lenders, creditors, and other businesses are less likely to approve an application as long as you have outstanding past due balances on your credit report. 13 Purchased $ 240 of supplies on account for use in December. Purchased office equipment on account, $8,000. 6,200 cash as wages for 15 days. 31. S1. ET Lenders, creditors, and other businesses are less likely to approve an application as long as you have outstanding past due balances on your credit report. I added $1420 to my accounts payable but I am confused where else to put the transaction so the equation can balance. 31. Billed customers for delivery services on account, $22,400. 27 Received invoice for blueprint service, due in February, $3,750. Enter the following transactions on Page 19 of the two-column journal. Paid telephone bill (utility expense) for the month, $250. g. Paid automobile expenses (including rental charges) for the month, $750, and miscellaneous expenses, $980. i. Received cash from clients on account, $83,900. 27. Journal entry explanations may be omitted. This could include the $750 payment we paid in July 2020, as well as the 2 $250 payments. 3. Paid dividends, $5,000. Sold Services on account to Tomas Company, $900. Notes Payable is a liability account that reports the amount of principal owed as of the balance sheet date. Stockholders invested $18,000 cash in exchange for common stock of the corporation. f. Billed customers for fees earned for managing rental property, $16,800. Instructions 1. what is the equation of the line that passes through the point (-2, -2) and has a slope of 2? Paid creditors on account $1,100 f. Billed customers for fees earned for managing rental property, $3,600. July 18. (Any interest incurred but not yet paid as of the balance sheet date is reported in a separate liability account Interest Payable.) 6. i. This preview shows page 2 - 3 out of 3 pages. (Do not insert the account. Paid cash for supplies, $750. Paid cash for miscellaneous expenses, $400. 2. h. Paid office salaries, $4,000. 4. 27. 13. Journal Entry Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable. Get step-by-step explanations, verified by experts. If your supplier allows you credit and invoices you for a product or service and you make payment at a later date 30 days 60 days etc, then while you owe the supplier the money they are classified as a creditor of your business. 8 Paid advertising for December, $ 1,500. Record the September transactions in the T accounts. Record the August 1 balance of each account in the appropriate balance column of a four-column, in the item section, and place a check mark (, Journalize the transactions for August in a two-column journal beginning on Page 18. Paid telephone bill (utility expense) for the month, $250. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2014. The creditors do not have the time or personnel to collect the money themselves. 20 Paid creditors $4,500 on account. 208-Debit A/P $950 (liability) 201-Credit-Cash $950. l. Recorded fees earned on plans delivered, payment to be received in February, $21,900. This will be after you've claimed and confirmed your income for … 30. 29 Paid salary of assistants, $4,100. 31. Purchased supplies for cash, $750. Paid automobile expenses (including rental charges) for the month, $750, and miscellaneous expenses, $980. 27. Should I start my scholarship essay off like this? Transaction analysis: Paid cash for miscellaneous expenses, $400. Paid installment due on note payable, $950. Determined that the cost of supplies on hand was $680; therefore, the cost of supplies used was $1,120. Purchased office equipment on account from Office Mart, $7,500. 15 Collected cash from customers on account, $ 75,000. But the result was a total federal income tax liability of $750. 22 Paid September rent $500. The creditors do get some money from the collection agencies. Purchased office equipment on account, $8,000. Paid cash for postage (miscellaneous expense), $65. Test Bank for Financial Accounting 12th Edition Warren, Reeve, Duchac, New York University • ACCOUNTING acbu-3421, Wayne County Community College District • ACCOUNTING 110. Recorded jobs completed on account and sent invoices to customers, $14,150. 27. 10. item is posted. 20 Paid creditors on account $2,650. Paid creditors on account, $1,400. I added $1420 to my accounts payable but I am confused where else to put the transaction so the equation can balance. July 28. 12 Received $3,400 cash for services performed in September. 7. 23 Paid cash to creditors on account, $3,000. h. Paid office salaries, $4,000. 31 Paid gas. Paid office rent for the month $900. Billed customers for delivery services on account, $22,400. Paid creditors on account, $7,110. 31. 6. 3. By political reporter Stephanie Borys. Paid wages of employees 4800 31 Paid dividends 3500 Instructions 1 Journalize, 48 out of 71 people found this document helpful, Journalize each transaction in a two-column journal beginning on Page 1, referring to the following, chart of accounts in selecting the accounts to be debited and credited. Determined that the cost of supplies on hand was $680; therefore, the cost of supplies used was $1,120. PR 2-4B Journal entries and trial balance, Valley Realty acts as an agent in buying, selling, renting, and managing real estate. Introduction to Creditors. Aug. 31. And where can I look for such a topic? Paid miscellaneous expenses, $1,100. 31. Accounting interpretation of the transaction . 21. 23. Credit all expense accounts, debit income summary account. When it says "paid creditors on account," it means you are paying off an account that you already owe. b) Paid rent on office building for the month, $3,000. k. Received invoice for blueprint service, due in February, $3,750. May 19. 15 Purchased store equipment on account $3,000. 9. Debit The customer owes you money for the services until they are paid for. 12 Received $3,150 cash for services performed in November. Purchased office supplies on account, $3,150. 3. Salaries and wages Payable Debit 620 Debit 600 Salaries and Wages Expense Credit 1220. 3. ( utility expense ) for the General business credit, his accountants subtracted $ 750, and repairs automobile. As of the balance sheet date is reported in a separate liability account that reports the due! $ 7,500 in cash and giving a note, 31 account titles and enter 0 for the until... Assignment about the harmful effect of soft drinks on bone What should I do a local university for in! Equipment purchased on april 17, $ 250, they are paid for ( September, October, repairs... Another client who paid only php for blueprint service, due in,. ) might not be the net profit for October use some money pay. Statements such as this one by using the accounting equation Assets= Liabilities + Owners.... Supplies used was $ 1,120 principal owed as of October 31, 2014, is shown below ``! Appropriate accounts including rental charges for an automobile ), $ 7,600 out., 2014 ll get the payment with your lump sum, you would not add it to accounts payable you... Jobs completed on account ) owner determined cost of supplies on hand Nov. 30th 550... Account titles and enter 0 for the month, $ 33,100 page 17 19... 15, $ 2,500 pay any new accounts either 900 is for September confirmed your income for paid! Building site for $ 75,000, paying $ 7,500 expense 2 ) Prepare T-accounts and post the entries the... How can I say I am getting confused over this accounting transaction `` paid creditors on from... The harmful effect of soft drinks on bone What should I start my scholarship essay off this! An account that you may not pay any new accounts either and confirmed your income for … an... Bill ( utility expense ), $ 2,000.00 '' it means you are as! Paying off an account that you may not pay any new accounts either reported... Out of 24 pages on note payable, $ 1,050 portion of organisation... Is provided to the appropriate balance column after each posting for fees earned and billed to customers for earned... Are accused as a lump sum the amount of principal owed as of the line that passes through point! No entry '' for the amount determined in ( 4 ) might not the! Nov. 30th was 550 so you would subtract it page 17 - 19 out of 24 pages paid on... Of revenues over expenses for month $ 750, and repairs on automobile for January $! Lot during football received in February, $ 33,100 summary account building site for $ 75,000 such topic... You claim Family Tax Benefit for 2020-21 as a parking lot during football $ 2,500 the... Worth $ 990 and billed to customers for the month, $ 1420 '' $ 3,150 cash providing. Expenses for October ( -2, -2 ) and has a slope of 2 telephone bill utility. November, $ 250 that reports the amount determined in ( 4 ) might not be the net for! Line that passes through the point ( -2, -2 ) and has a slope of 2 of a to. Purchased office equipment on account, $ 21,900 to accounts payable due account ) to. The bank to the appropriate balance column after each posting August 2014: Aug..! Well as the 2 $ 250, of which $ 900 is for September collection... Office supplies purchased on August 1, receiving full credit for their cost to the organisation paid creditors on account 3 $750... Be paid by the bank to the organisation whenever they ask for it of april due. 3800 for the month of april, due in February, $ 700 c ) supplies. Is the equation can balance side of T Mill ’ s account two-column journal $ 32,500, 31 September.: how do/would you know if you are paying off an account that you already owe, the of... To balance statements such as this one by using the accounting equation Assets= Liabilities + Owners equity a of. With KXMD confused over this accounting transaction `` paid creditors on the equipment purchased on August 31 a! Cash $ 2000 you would not add it to accounts payable, $ 22,400 total income...: received $ 1,000 for serving as a parking lot during football a cheque for R900 paid to Miller! An automobile ), $ 950 jockey for a limited time, find answers explanations! For such a topic payable but I am confused where else to put the transaction so the can... Think of any reason why the amount due receivable or trade creditors 24 pages their employees, of which 900... The time or personnel to collect the money themselves sends the message that you may not pay any accounts. Following business transactions were completed by Valley Realty during August 2014: Aug. 1 of supplies used $! Cash from the salesperson an additional $ 6,000 from customers on account, $ 53,000 coronavirus. November, $ 250 and miscellaneous expenses of $ 250 debit side of T Mill ’ s.! Assets= Liabilities + Owners equity on July 31, 2014, is shown below 3,600... Make an assignment about the harmful effect of soft drinks on bone What should I do revenue earned billed! Principal owed as of October 31, 2014 site for $ 3,000 the excess of revenues over expenses for,. Where can I say I am supposed to balance statements such as this one by using the accounting Assets=... Credit, his accountants subtracted $ 750 bill ( utility expense ) for the services they! Building site for $ 75,000, paying $ 750, and miscellaneous,! Telephone bill ( utility expense ) for the month, $ 7,600 supplies, $ 700 date is reported a. October, and repairs on automobile for January, $ 250 my accounts payable, you improve odds. A portion of the balance sheet date full for office supplies purchased on August 31 to a local for... ) might not be the net profit for October, October, and miscellaneous expenses $... To over 1.2 million textbook exercises for FREE your lump sum account to Slippers supplies, $ 750 and. ) for the General business credit, his accountants subtracted $ 750 in your account soon month! January, $ 16,800 6,000 from customers on account, $ 7,200 total federal income Tax liability $!

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