Notice: Payments for answers will end 4/10/2017. Click for more info.
Question and answer
Question not found
Ask a question
Not a good answer? Get an answer now. (Free)
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
The following transactions have been journalized and posted to the proper accounts. 1. Mark Call invested $7,000 cash in his new design services business. 2. The business paid the first month's rent of $700. 3. The business purchased equipment by paying $2,000 cash and executing a note payable for $4,500. 4. The business purchased supplies for $850 cash. 5. The business billed a client for $4,000 of design services completed. 6. The business received $3,000 of the account for the completed ...
Weegy: The balance in cash is $6,450. User: A business collects cash from a customer in payment of accounts receivable. Which account is credited? Cash Accounts receivable Service revenue Supplies Weegy: Cash Accounts are credited. (More)
Question
Expert Answered
Updated 8/30/2012 8:08:24 PM
1 Answer/Comment
A business collects cash from a customer in payment of accounts receivable.
Accounts receivable will be credited. Cash will be debited.
Added 8/30/2012 8:08:24 PM
This answer has been confirmed as correct, not copied, and helpful.
Confirmed by jay901 [3/6/2014 8:27:37 AM]
The following are the ending month's balances for Toys Galore, before preparing the trial balance. Accounts payable $6,790 Revenues 8,680 Cash 4,500 Expenses 1,050 Furniture 8,370 Accounts receivable 7,710 Capital ??? Notes payable 5,230 What amount should be shown for Capital on the trial balance? $42,330 $21,165 $930 $16,190
Weegy: The answer is "$16,190 ". User: The owner's capital account is increased by a debit. true false Weegy: The answer is "true" User: A business pays cash back to the owner. Which account is debited? Cash Drawing Service revenue Accounts payable Weegy: The answer is "Accounts payable " (More)
Question
Expert Answered
Updated 8/30/2012 11:14:01 PM
2 Answers/Comments
In order for the trial balance to balance, Capital must be $930.
Added 8/30/2012 11:13:29 PM
The owner's capital account is increased by a debit. False. It is increased by a credit.
Added 8/30/2012 11:14:02 PM
A business borrows cash by signing a note payable. Which account is credited? A.)Cash B.)Accounts receivable C.)Accounts payable D.)Notes payable User: A business borrows cash by signing a note payable. Which account is credited? A.Cash B.Accounts receivable C.Accounts payable D.Notes payable
Weegy: C.)Accounts payable User: The trial balance shows total amounts for assets, liabilities, and equity. true false Weegy: TRue User: The following entries were made by the accountant of Patel Pastries during its first month of operation: 1. James Patel, the owner, deposited $3,000 in the business's new checking account. 2. Patel Pastries paid the first month's rent of $400 in cash. 3. Patel Pastries purchased equipment by signing a note payable of $11,000. 4. Cash sales for the month were $4,500. 5. Patel Pastries purchased cooking supplies for $1,400 cash. After the accountant posts these entries to the general ledger, what is the balance in the Cash account? A.$5,700 B.$16,700 C.$7,500 D.$7,100 Weegy: B.$16,700 User: A business makes a cash payment of $12,000 to a creditor. Which account is credited? A.Service revenue B.Accounts payable C.Cash D.Accounts receivable Weegy: A.Service revenue User: Expenses are increases in owner's equity caused by providing goods or services for customers. true false Weegy: False User: A business renders services for $16,000 and collects cash from the customer. Which account is credited? A.Accounts receivable B.Cash C.Service revenue D.Accounts payable Weegy: B.Cash User: The following entries were made by the accountant of Patel Pastries during its first month of operation. 1. James Patel, the owner, deposited $3,000 in the business's new checking account. 2. Patel Pastries paid the first month's rent of $400 in cash. 3. Patel Pastries purchased equipment by signing a note payable of $11,000. 4. Cash sales for the month were $4,500. 5. Patel Pastries purchased cooking supplies for $1,400 cash. After the accountant posts these entries to the general ledger, how much are total assets? A.$18,100 B.$16,700 C.$6,100 D.$7,100 Weegy: ... (More)
Question
Expert Answered
Updated 9/19/2012 8:22:01 PM
1 Answer/Comment
A business borrows cash by signing a note payable. Notes payable is credited.
Added 9/19/2012 8:22:01 PM
A journal entry for a $250 payment to purchase supplies was erroneously recorded as a debit to Supplies for $520 and a credit to Cash for $250. Which of the following statements about the trial balance is TRUE? The sum of the debits will exceed the sum of the credits by $250. The trial balance will be in balance; the sum of the credits will equal the sum of the debits. The sum of the credits will exceed the sum of the debits by $270. The sum of the debits will ...
Weegy: The sum of the credits will exceed the sum of the debits by $270. User: A business pays cash back to the owner. Which account is debited? Accounts payable Drawing Service revenue Cash Weegy: revenue User: The following entries were made by the accountant of Patel Pastries during its first month of operation: 1. James Patel, the owner, deposited $3,000 in the business's new checking account. 2. Patel Pastries paid the first month's rent of $400 in cash. 3. Patel Pastries purchased equipment by signing a note payable of $11,000. 4. Cash sales for the month were $4,500. 5. Patel Pastries purchased cooking supplies for $1,400 cash. After the accountant posts these entries to the general ledger, what is the balance in the Cash account? $7,100 $5,700 $7,500 $16,700 Weegy: After the accountant posts these entries to the general ledger, the balance in the Cash account is $7,100. User: A business collects cash from a customer in payment of accounts receivable. Which account is credited? Service revenue Accounts receivable Cash Supplies (More)
Question
Expert Answered
Updated 8/30/2012 11:46:45 PM
1 Answer/Comment
The following entries were made by the accountant of Patel Pastries during its first month of operation: 1. James Patel, the owner, deposited $3,000 in the business's new checking account. 2. Patel Pastries paid the first month's rent of $400 in cash. 3. Patel Pastries purchased equipment by signing a note payable of $11,000. 4. Cash sales for the month were $4,500. 5. Patel Pastries purchased cooking supplies for $1,400 cash. After the accountant posts these entries to the general ledger, the balance in the cash account is $5,700.
Total debits to cash: 3,000+4,500 minus total credits to cash: 400+1,400.
Added 8/30/2012 11:46:45 PM
27,375,638 questions answered
Popular Conversations
Which would be an example of a ...
4/22/2017 12:24:16 PM| 1 Answers
A comet develops a coma because of ____. a. gravity c. the ...
Weegy: A comet develops a coma because of heat from the Sun.
4/22/2017 2:35:59 PM| 0 Answers
The measures of complementary angles always add up to ...
Weegy: The measures of complementary angles always add up to 90°.
4/22/2017 12:31:11 PM| 0 Answers
Up to 80% of doctors endorse this project uses which rhetorical ...
Weegy: Up to 80% of doctors endorse this project uses: Proof Surrogate.
4/22/2017 12:23:55 PM| 0 Answers
A manager's ability to stimulate people to be high performers is ...
Weegy: A manager's ability to stimulate people to be high performers is referred to as leading.
4/22/2017 12:16:47 PM| 0 Answers
A(n) ____ is a statement of a company's purpose or reason for ...
Weegy: A mission statement is a statement of a company's purpose or reason for existing.
4/22/2017 12:19:58 PM| 0 Answers
Weegy Stuff
S
P
Points 114 [Total 765] Ratings 0 Comments 114 Invitations 0 Offline
S
P
P
L
P
P
Points 54 [Total 1722] Ratings 0 Comments 54 Invitations 0 Offline
S
Points 21 [Total 21] Ratings 2 Comments 1 Invitations 0 Offline
S
Points 20 [Total 20] Ratings 2 Comments 0 Invitations 0 Offline
S
Points 3 [Total 14] Ratings 0 Comments 3 Invitations 0 Offline
S
Points 2 [Total 2] Ratings 0 Comments 2 Invitations 0 Offline
S
Points 2 [Total 2] Ratings 0 Comments 2 Invitations 0 Offline
S
Points 2 [Total 2] Ratings 0 Comments 2 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.