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Journalizing Transactions Exam Questions and Verified Answers Already Passed Graded A+ $8.19   Add to cart

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Journalizing Transactions Exam Questions and Verified Answers Already Passed Graded A+

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  • Journalizing Transactions

Journalizing Transactions Exam Questions and Verified Answers Already Passed Graded A+ Debit Drawing, Credit Cash - Answers Paid cash to owner for a withdrawal of equity. Debit Cash, Credit Accounts Receivable - Answers Received cash on account. Debit Expense, Credit Cash - Answers Paid cash for...

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  • October 31, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Journalizing Transactions
  • Journalizing Transactions
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TutorJosh
Journalizing Transactions Exam Questions and Verified Answers Already Passed Graded A+

Debit Drawing, Credit Cash - Answers Paid cash to owner for a withdrawal of equity.

Debit Cash, Credit Accounts Receivable - Answers Received cash on account.

Debit Expense, Credit Cash - Answers Paid cash for any kind of expense.

Debit Accounts Receivable, Credit Sales - Answers Sold services on account.

Debit Cash, Credit Sales - Answers Received cash from sales.

Debit Accounts Payable, Credit Cash - Answers Received cash on account.

Something OWED - Answers Liability

Something OWNED - Answers Asset

Amount of the company that is owned by the owner - Answers Equity

Increase Equity - Answers Sales/Revenue/Investment by owner/Any money coming in

Decrease Equity - Answers Expenses/Withdrawals/Any money going out.

Increase Liability - Answers Accounts Payable/More we owe to a vendor/

Debit Supplies, Credit Accounts Payable - Answers Bought supplies on account

Debit Prepaid Insurance, Credit Cash - Answers Paid cash for supplies

Debit Supplies, Credit Cash - Answers Paid cash for supplies

Debit Cash, Credit Capital - Answers Received cash from owner as an investment.

Receipt - Answers A business form giving written acknowledgement for cash received.

Memorandum - Answers A form with a brief message written to describe a transaction.

Check - Answers A form ordering a bank to pay cash from your bank account.

Invoice - Answers A form describing the goods sold, the quantity, the price, and the terms of sale.

Sales Invoice - Answers An invoice used to show sale on account.

Source document - Answers A business paper with information for a journal entry.

Entry - Answers Information recorded in a journal.

Double Entry - Answers An entry with a debit and a credit.

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