Question 1

Classic Cars, Inc. paid $500 cash for supplies from Wendy's Supplies. What is the journal entry for Classic Cars, Inc. to record this transaction?

Accepted Answer

Debit Supplies, $500; credit Cash, $500

Answer

Debit Cash, $500; credit Supplies, $500

Answer

Debit Supplies Expense, $500; credit Cash, $500

Answer

Debit Cash, $500; credit Supplies Expense, $500

Question 2

Carl's CDs purchased store supplies on account from Mason Supply for $425. What is the journal entry for Carl's CDs to record this transaction?

Accepted Answer

Debit Supplies, $425; Credit Accounts Payable/Mason Supply, $425

Answer

Debit Accounts Payable/Mason Supply, $425; Credit Supplies, $425

Answer

Debit Accounts Receivable/Mason Supply, $425; Credit Supplies $425

Answer

Debit Supplies, $425; Credit Accounts Receivable/Mason Supply, $425.

Question 3

Jacob Doe Tractor purchased store supplies on account from Tractor Supply for $942. What is the journal entry for Jacob Doe Tractor to record this transaction?

Accepted Answer

Debit Supplies, $942; Credit Accounts Payable/Tractor Supply, $942

Answer

Debit Accounts Payable/Tractor Supply, $942; Credit Supplies, $942

Answer

Debit Accounts Receivable/Tractor Supply, $942; Credit Supplies $942.

Answer

Debit Supplies, $942; Credit Accounts Receivable/Tractor Supply, $942.

Question 4

Digital Electronics paid $189 cash for supplies from We Deliver Supplies. What is the journal entry for Digital Electronics to record this transaction?

Accepted Answer

Debit Supplies, $189; credit Cash, $189

Answer

Debit Cash, $189; credit Supplies Expense, $189

Answer

Debit Cash, $189; credit Supplies, $189

Answer

Debit Supplies Expense, $189; credit Cash, $189

Question 5

Jones' Hardware paid $750 cash for supplies from Miner's Supply. What is the journal entry for Jones' Hardware to record this transaction?

Accepted Answer

Debit Supplies, $750; credit Cash, $750

Answer

Debit Cash, $750; credit Supplies, $750

Answer

Debit Cash, $750; credit Purchases, $750.

Answer

Debit Purchases, $750; credit Cash, $750

Question 6

Mike's Music paid cash to Sheet Music Supply, $294; covering Purchase Invoice No. 54 for $300, less a 2% discount, $6.00. What is the journal entry for Mike's Music to record this transaction?

Accepted Answer

Debit Accounts Payable/ Sheet Music Supply, $300; credit Purchases Discount $6 and credit Cash $294

Answer

Debit Purchases Discount $6 and debit Cash $294; credit Accounts Payable/ Sheet Music Supply $300

Answer

Debit Accounts Payable/ Sheet Music Supply, $294; credit Cash, $294

Answer

Debit Accounts Payable/ Sheet Music Supply, $300; credit Cash, $300

Question 7

Digital Electronics paid $189 cash for supplies from We Deliver Supplies. What is the journal entry for Digital Electronics to record this transaction?

Accepted Answer

Debit Supplies, $189; credit Cash, $189

Answer

Debit Cash, $189; credit Supplies, $189

Answer

Debit Cash, $189; credit Supplies Expense, $189

Answer

Debit Supplies Expense, $189; credit Cash, $189

Question 8

Jones' Hardware paid $750 cash for supplies from Miner's Supply. What is the journal entry for Jones' Hardware to record this transaction?

Accepted Answer

Debit Supplies, $750; credit Cash, $750

Answer

Debit Cash, $750; credit Purchases, $750

Answer

Debit Purchases, $750; credit Cash, $750

Answer

Debit Cash, $750; credit Supplies, $750

Question 9

Wanda's Wigs paid cash to Wig Warehouse, $323; covering Purchase Invoice No. 812 for $340, less a 5% discount, $17.00. What is the journal entry for Wanda's Wigs to record this transaction?

Accepted Answer

Debit Accounts Payable/ Wig Warehouse, $340; credit Purchases Discount $17 and credit Cash $323.

Answer

Debit Accounts Payable/ Wig Warehouse, $340; credit Cash, $340

Answer

Debit Accounts Payable/ Wig Warehouse, $323; credit Cash, $323

Answer

Debit Purchases Discount $17 and debit Cash $323; credit Accounts Payable/ Wig Warehouse $340

Question 10

The Good Morning Shop purchased merchandise on account from The Donut Plant for $300. What is the journal entry for The Good Morning Shop to record this transaction?

Accepted Answer

Debit Purchases, $300; Credit Accounts Payable/The Donut Plant, $300

Answer

Debit Accounts Receivable/The Donut Plant, $300; Credit Purchases $300

Answer

Debit Purchases, $300; Credit Accounts Receivable/The Donut Plant, $300

Answer

Debit Accounts Payable/The Donut Plant, $300; Credit Purchases, $300

Question 11

Icy Treats purchased merchandise for cash from Flavor Supply for $100. What is the journal entry for Icy Treats to record this transaction?

Accepted Answer

Debit Purchases, $100; credit Cash, $100

Answer

Debit Accounts Payable/ Flavor Supply, $100; credit Purchases, $100

Answer

Debit Purchases, $100; credit Accounts Payable/ Flavor Supply, $100

Answer

Debit Cash, $100; credit Purchases, $100

Question 12

Starz Transport paid cash on account to Avery Aircraft, $995, covering Purchase Invoice No. 1691. What is the journal entry for Starz Transport to record this transaction?

Accepted Answer

Debit Accounts Payable/ Avery Aircraft $995; credit Cash, $995

Answer

Debit Cash $995; credit Accounts Receivable/ Avery Aircraft $995

Answer

Debit Cash $995; credit Accounts Payable/ Avery Aircraft $995

Answer

Debit Accounts Receivable/Avery Aircraft, $995; credit Cash, $995

Question 13

Billy Bob's B-B-Q paid cash to Pork Distributors, $418; covering Purchase Invoice No. 1921 for $440, less a 5% discount, $22.00. What is the journal entry for Billy Bob's B-B-Q to record this transaction?

Accepted Answer

Debit Accounts Payable/ Pork Distributors, $440; credit Purchases Discount $22 and credit Cash $418.

Answer

Debit Accounts Payable/ Pork Distributors, $418; credit Cash, $418

Answer

Debit Purchases Discount $22 and debit Cash $418; credit Accounts Payable/ Pork Distributors $440

Answer

Debit Accounts Payable/ Pork Distributors, $440; credit Cash, $440

Question 14

Curt's Cabinets paid cash to Phil's Fasteners, $441; covering Purchase Invoice No. 54 for $450, less a 2% discount, $9.00. What is the journal entry for Curt's Cabinets to record this transaction?

Accepted Answer

Debit Accounts Payable/ Phil's Fasteners, $450; credit Purchases Discount $9 and credit Cash $441

Answer

Debit Purchases Discount $9 and debit Cash $441; credit Accounts Payable/ Phil's Fasteners $450

Answer

Debit Accounts Payable/ Phil's Fasteners, $441; credit Cash, $441

Answer

Debit Accounts Payable/ Phil's Fasteners, $450; credit Cash, $450

Question 15

Sluggers Sports Shop purchased merchandise for cash from Better Bats Warehouse for $850. What is the journal entry for Sluggers Sports Shop to record this transaction?

Accepted Answer

Debit Purchases, $850; credit Cash, $850

Answer

Debit Purchases, $850; credit Accounts Payable/ Better Bats Warehouse, $850

Answer

Debit Accounts Payable/ Better Bats Warehouse, $850; credit Purchases, $850

Answer

Debit Cash, $850; credit Purchases, $850

Question 16

Gill's Grills purchased store supplies on account from Sellers Warehouse for $829. What is the journal entry for Gill's Grills to record this transaction?

Accepted Answer

Debit Supplies, $829; Credit Accounts Payable/Sellers Warehouse, $829

Answer

Debit Accounts Payable/Sellers Warehouse, $829; Credit Supplies, $829

Answer

Debit Supplies, $829; Credit Accounts Receivable/Sellers Warehouse, $829

Answer

Debit Accounts Receivable/Sellers Warehouse, $829; Credit Supplies $829

Question 17

Seahawk Fastpitch Softball paid cash on account to Community Field, $295, covering Purchase Invoice No. 14. What is the journal entry for Seahawk Fastpitch Softball to record this transaction?

Accepted Answer

Debit Accounts Payable/ Community Field $295; credit Cash, $295.

Answer

Debit Cash $295; credit Accounts Payable/ Community Field $295

Answer

Debit Accounts Receivable/Community Field, $295; credit Cash, $295

Answer

Debit Cash $295; credit Accounts Receivable/ Community Field $295

Question 18

The Fish Friends Pet Shop purchased fish (merchandise) on account from Goldfish Supply for $152. What is the journal entry for Fish Friends Pet Shop to record this transaction?

Accepted Answer

Debit Purchases, $152; Credit Accounts Payable/Goldfish Supply, $152

Answer

Debit Accounts Receivable/Goldfish Supply, $152; Credit Purchases $152

Answer

Debit Accounts Payable/Goldfish Supply, $152; Credit Purchases, $152

Answer

D.	Debit Purchases, $152; Credit Accounts Receivable/Goldfish Supply, $152

Question 19

Frazier's Car Stereo paid cash on account to Sound Wire Supply, $395, covering Purchase Invoice No. 3279. What is the journal entry for Frazier's Car Stereo to record this transaction?

Accepted Answer

Debit Accounts Payable/ Sound Wire Supply $395; credit Cash, $395

Answer

Debit Accounts Receivable/Sound Wire Supply, $395; credit Cash, $395

Answer

Debit Cash $395; credit Accounts Receivable/ Sound Wire Supply $395

Answer

Debit Cash $395; credit Accounts Payable/ Sound Wire Supply $395

Question 20

Loopers & Cybrand Accountants purchase office supplies on account from Quick's Supply for $50. What is the journal entry for Loopers & Cybrand Accountants to record this transaction?

Accepted Answer

Debit Office Supplies, $50; Credit Accounts Payable/Quick's Supply, $50

Answer

Debit Office Supplies, $50; Credit Accounts Receivable/Quick's Supply, $50

Answer

Debit Accounts Payable/Quick's Supply, $50; Credit Office Supplies, $50

Answer

Debit Accounts Receivable/Quick's Supply, $50; Credit Office Supplies $50

Question 21

The Jungle Gym returned merchandise that was purchased on account to Footware Wholesale, $600. What is the journal entry for The Jungle Gym to record this transaction?

Accepted Answer

Debit Accounts Payable/Footware Wholesale, $600; Credit Purchases Returns and Allowances, $600.

Answer

Debit Accounts Receivable/Footware Wholesale, $600; Credit Purchases Returns and Allowances, $600

Answer

Debit Purchases Returns and Allowances, $600; Credit Accounts Payable/ Footware Wholesale, $600

Answer

Debit Purchases Returns and Allowances, $600; Credit Purchases, $600

Question 22

Belinda's Rare Books purchased merchandise for cash from Book Distributors for $900. What is the journal entry for Belinda's Rare Books to record this transaction?

Accepted Answer

Debit Purchases, $900; credit Cash, $900

Answer

Debit Cash, $900; credit Purchases, $900

Answer

Debit Accounts Payable/ Book Distributors, $900; credit Purchases, $900

Answer

Debit Purchases, $900; credit Accounts Payable/ Book Distributors, $900

Question 23

Michael's Hardware purchased merchandise on account from Hardware Supply for $690. What is the journal entry for Michael's Hardware to record this transaction?

Accepted Answer

Debit Purchases, $690; Credit Accounts Payable/Hardware Supply, $690

Answer

Debit Purchases, $690; Credit Accounts Receivable/Hardware Supply, $690

Answer

Debit Accounts Payable/Hardware Supply, $690; Credit Purchases, $690

Answer

Debit Accounts Receivable/Hardware Supply, $690; Credit Purchases $690

Question 24

Fred's Furniture Store paid cash for advertising, $375. What is the journal entry to record this transaction?

Accepted Answer

Debit Advertising Expense, $375; credit Cash, $375

Answer

Debit Cash, $375; credit Advertising Expense, $375

Answer

Debit Advertising, $375; credit Cash, $375

Answer

Debit Cash, $375; credit Advertising, $375

Question 25

Mike's Auto Shop purchases supplies on account from Automotive Supply for $435. What is the journal entry for Mike's Auto Shop to record this transaction?

Accepted Answer

Debit Supplies, $435; Credit Accounts Payable/Automotive Supply, $435

Answer

Debit Supplies, $435; Credit Accounts Receivable/Automotive Supply, $435

Answer

Debit Accounts Receivable/Automotive Supply, $435; Credit Supplies $435

Answer

Debit Accounts Payable/Automotive Supply, $435; Credit Supplies, $435

Question 26

Aquisha's Bookkeeping paid cash for the telephone bill, $134. What is the journal entry to record this transaction?

Accepted Answer

Debit Telephone Expense, $134; credit Cash, $134

Answer

Debit Purchases, $134; credit Cash, $134

Answer

Debit Cash, $134; credit Purchases, $134

Answer

Debit Cash, $134; credit Telephone Expense, $134

Question 27

Free Time Fishing paid $600 cash for supplies from Go Office Supply. What is the journal entry for Free Time Fishing to record this transaction?

Accepted Answer

Debit Supplies, $600; credit Cash, $600

Answer

Debit Cash, $600; credit Supplies Expense, $600

Answer

Debit Supplies Expense, $600; credit Cash, $600

Answer

Debit Cash, $600; credit Supplies, $600

Question 28

The Antique Shop purchased merchandise on account from Old Timers Supply for $128. What is the journal entry for The Antique Shop to record this transaction?

Accepted Answer

Debit Purchases, $128; Credit Accounts Payable/Old Timers Supply, $128

Answer

Debit Purchases, $128; Credit Accounts Receivable/Old Timers Supply, $128

Answer

Debit Accounts Payable/Old Timers Supply, $128; Credit Purchases, $128

Answer

Debit Accounts Receivable/Old Timers Supply, $128; Credit Purchases $128

Question 29

High Roads Mini Golf paid cash to Golf Equipment Distributors, $646; covering Purchase Invoice No.1746 for $680, less a 5% discount, $34.00. What is the journal entry for High Roads Mini Golf to record this transaction?

Accepted Answer

Debit Accounts Payable/ Golf Equipment Distributors, $680; credit Purchases Discount $34 and credit Cash $646

Answer

Debit Purchases Discount $34 and debit Cash $646; credit Accounts Payable/ Golf Equipment Distributors $680

Answer

Debit Accounts Payable Golf Equipment Distributors, $680; credit Cash, $680

Answer

Debit Accounts Payable/ Golf Equipment Distributors, $646; credit Cash, $646

Question 30

Champs Country Club paid cash to Masters Jacket Supply, $931; covering Purchase Invoice No. 33 for $950, less a 2% discount, $19.00. What is the journal entry for Champs Country Club to record this transaction?

Accepted Answer

Debit Accounts Payable/ Masters Jacket Supply, $950; credit Purchases Discount $19 and credit Cash $931

Answer

Debit Accounts Payable/ Masters Jacket Supply, $950; credit Cash, $950

Answer

Debit Purchases Discount $19 and debit Cash $931; credit Accounts Payable/ Masters Jacket Supply $950

Answer

Debit Accounts Payable/ Masters Jacket Supply, $931; credit Cash, $931

Question 31

National Looms paid cash to Cotton Gin Warehouse, $392; covering Purchase Invoice No. 314 for $400, less a 2% discount, $8.00. What is the journal entry for National Looms to record this transaction?

Accepted Answer

Debit Accounts Payable/Cotton Gin Warehouse, $400; credit Purchases Discount $8 and credit Cash $392

Answer

Debit Accounts Payable/Cotton Gin Warehouse, $392; credit Cash, $392

Answer

Debit Purchases Discount $8 and debit Cash $392; credit Accounts Payable/Cotton Gin Warehouse $400

Answer

Debit Accounts Payable/Cotton Gin Warehouse, $400; credit Cash, $400

Question 32

Impressive Signs paid cash to Peoria Paints, $513; covering Purchase Invoice No. 77 for $540, less a 5% discount, $27.00. What is the journal entry for Impressive Signs to record this transaction?

Accepted Answer

Debit Accounts Payable/ Peoria Paints, $540; credit Purchases Discount $27 and credit Cash $513

Answer

Debit Purchases Discount $27 and debit Cash $513; credit Accounts Payable/ Peoria Paints $540

Answer

Debit Accounts Payable/ Peoria Paints, $513; credit Cash, $513

Answer

Debit Accounts Payable/ Peoria Paints, $540; credit Cash, $540

Question 33

Taco Home paid cash for advertising, $400. What is the journal entry to record this transaction?

Accepted Answer

Debit Advertising Expense, $400; credit Cash, $400

Answer

Debit Advertising, $400; credit Cash, $400

Answer

Debit Cash, $400; credit Advertising Expense, $400

Answer

Debit Cash, $400; credit Advertising, $400

Question 34

Christina's Curtains paid cash for the telephone bill, $110. What is the journal entry to record this transaction?

Accepted Answer

Debit Telephone Expense, $110; credit Cash, $110

Answer

Debit Cash, $110; credit Purchases, $110

Answer

Debit Cash, $110; credit Telephone Expense, $110

Answer

Debit Purchases, $110; credit Cash, $110

Question 35

Bill's Grocery purchased merchandise on account from Veggie Wholesale for $249. What is the journal entry for Bill's Grocery to record this transaction?

Accepted Answer

Debit Purchases, $249; Credit Accounts Payable/Veggie Wholesale, $249

Answer

Debit Purchases, $249; Credit Accounts Receivable/Veggie Wholesale, $249

Answer

Debit Accounts Payable/Veggie Wholesale, $249; Credit Purchases, $249

Answer

Debit Accounts Receivable/Veggie Wholesale, $249; Credit Purchases $249

Question 36

The Lil Kids Candy store purchased jelly beans (merchandise) on account from Jelly Belly Supply for $250. What is the journal entry for Lil Kids Candy to record this transaction?

Accepted Answer

Debit Purchases, $250; Credit Accounts Payable/Jelly Belly Supply, $250

Answer

Debit Purchases, $250; Credit Accounts Receivable/Jelly Belly Supply, $250.

Answer

Debit Accounts Receivable/Jelly Belly Supply, $250; Credit Purchases $250

Answer

Debit Accounts Payable/Jelly Belly Supply, $250; Credit Purchases, $250

Question 37

Lonneisha's Quilt Shop purchased merchandise for cash from Patch Quilt Distributors for $550. What is the journal entry for Lonneisha's Quilt Shop to record this transaction?

Accepted Answer

Debit Purchases, $550; credit Cash, $550

Answer

Debit Cash, $550; credit Purchases, $550

Answer

Debit Cash, $550; credit Supplies $550

Answer

Debit Supplies, $550; credit Cash, $550

Question 38

Tiny's Toys returned merchandise that was purchased on account to Jonah's Distributing, $150. What is the journal entry for Tiny's Toys to record this transaction?

Accepted Answer

Debit Accounts Payable/Jonah's Distributing, $150; Credit Purchases Returns and Allowances, $150.

Answer

Debit Purchases Returns and Allowances, $150; Credit Accounts Payable/ Jonah's Distributing, $150

Answer

Debit Accounts Receivable/Jonah's Distributing, $150; Credit Purchases Returns and Allowances, $150.

Answer

Debit Purchases Returns and Allowances, $150; Credit Purchases, $150

Question 39

Corrugated Box Company paid cash to Paper Supply, $686; covering Purchase Invoice No. 88 for $700, less a 2% discount, $14.00. What is the journal entry for Corrugated Box Company to record this transaction?

Accepted Answer

Debit Accounts Payable/ Paper Supply, $700; credit Purchases Discount $14 and credit Cash $686

Answer

Debit Accounts Payable/ Paper Supply, $686; credit Cash, $686

Answer

Debit Accounts Payable/ Paper Supply, $700; credit Cash, $700

Answer

Debit Purchases Discount $14 and debit Cash $686; credit Accounts Payable/ Paper Supply $700

Question 40

Dollar Arcade paid cash to Cola Distributors, $245; covering Purchase Invoice No. 4131 for $250, less a 2% discount, $5.00. What is the journal entry for Dollar Arcade to record this transaction?

Accepted Answer

Debit Accounts Payable/ Cola Distributors, $250; credit Purchases Discount $5 and credit Cash $245

Answer

Debit Purchases Discount $5 and debit Cash $245; credit Accounts Payable/ Cola Distributors $250

Answer

Debit Accounts Payable/Cola Distributors, $245; credit Cash, $245

Answer

Debit Accounts Payable/ Cola Distributors, $250; credit Cash, $250

Question 41

Dipper's Ice Cream Parlor returned merchandise that was purchased on account to The Ice Cream Company, $600. What is the journal entry for Dipper's Ice Cream Parlor to record this transaction?

Accepted Answer

Debit Accounts Payable/The Ice Cream Company, $600; Credit Purchases Returns and Allowances, $600

Answer

Debit Accounts Receivable/The Ice Cream Company, $600; Credit Purchases Returns and allowances, $600.

Answer

Debit Purchases Returns and Allowances, $600; Credit Accounts Payable/The Ice Cream Company, $600

Answer

Debit Purchases Returns and Allowances, $600; Credit Purchases, $600

Question 42

Cara's CDs paid cash on account to Willie's Wholesale, $595, covering Purchase Invoice No. 60. What is the journal entry for Cara's CDs to record this transaction?

Accepted Answer

Debit Accounts Payable/Willie's Wholesale $595; credit Cash, $595

Answer

Debit Cash $595; credit Accounts Payable/Willie's Wholesale $595

Answer

Debit Accounts Receivable/Willie's Wholesale, $595; credit Cash, $595

Answer

Debit Cash $595; credit Accounts Receivable/Willie's Wholesale $595

Question 43

Marvin's Motorcycles paid $125 cash for supplies from Stewart's Supplies. What is the journal entry for Marvin's Motorcycles to record this transaction?

Accepted Answer

Debit Supplies, $125; credit Cash, $125

Answer

Debit Cash, $125; credit Supplies Expense, $125

Answer

Debit Supplies Expense, $125; credit Cash, $125

Answer

Debit Cash, $125; credit Supplies, $125

Question 44

Wally's Wallets paid cash to Leather Products Supply, $437; covering Purchase Invoice No.1284 for $460, less a 5% discount, $23.00. What is the journal entry for Wally's Wallets to record this transaction?

Accepted Answer

Debit Accounts Payable/ Leather Products Supply, $460; credit Purchases Discount $23 and credit Cash $437

Answer

Debit Accounts Payable Leather Products Supply, $437; credit Cash, $437

Answer

Debit Purchases Discount $23 and debit Cash $437; credit Accounts Payable/ Leather Products Supply $460

Answer

Debit Accounts Payable/ Leather Products Supply, $460; credit Cash, $460

Question 45

Wally's Watches returned merchandise that was purchased on account to Timer's Distributing, $400.  What is the journal entry for Wally's Watches to record this transaction?

Accepted Answer

Debit Accounts Payable/Timer's Distributing, $400; Credit Purchases Returns and Allowances, $400

Answer

Debit Purchases Returns and Allowances, $400; Credit Accounts Payable/ Timer's Distributing, $400

Answer

Debit Accounts Receivable/Timer's Distributing, $400; Credit Purchases Returns and Allowances, $400

Answer

Debit Purchases Returns and Allowances, $400; Credit Purchases, $400

Question 46

Valley Products paid cash to Carolina Distributors, $882; covering Purchase Invoice No. 1734 for $900, less a 2% discount, $18.00. What is the journal entry for Valley Products to record this transaction?

Accepted Answer

Debit Accounts Payable/ Carolina Distributors, $900; credit Purchases Discount $18 and credit Cash $882

Answer

Debit Accounts Payable/ Carolina Distributors, $882; credit Cash, $882

Answer

Debit Accounts Payable/ Carolina Distributors, $900; credit Cash, $900

Answer

Debit Purchases Discount $18 and debit Cash $882; credit Accounts Payable/ Carolina Distributors $900

Question 47

Terry's Tree Removal paid cash to Sam's Sharpening Service, $735; covering Purchase Invoice No. 1415 for $750, less a 2% discount, $15.00. What is the journal entry for Terry's Tree Removal to record this transaction?

Accepted Answer

Debit Accounts Payable/ Sam's Sharpening Service, $750; credit Purchases Discount $15 and credit Cash $735

Answer

Debit Accounts Payable/ Sam's Sharpening Service, $735; credit Cash, $735

Answer

Debit Purchases Discount $15 and debit Cash $735; credit Accounts Payable/ Sam's Sharpening Service $75

Answer

Debit Accounts Payable/ Sam's Sharpening Service, $750; credit Cash, $750

Question 48

Betty's Boutique purchased merchandise for cash from Jackson Supply for $700. What is the journal entry for Betty's Boutique to record this transaction?

Accepted Answer

Debit Purchases, $700; credit Cash, $700

Answer

Debit Purchases, $700; credit Accounts Payable/Jackson Supply, $700

Answer

Debit Cash, $700; credit Purchases, $700

Answer

Debit Accounts Payable/Jackson Supply, $700; credit Purchases, $700

Question 49

River Road Farm Supply paid cash to C-V Chemical Distributors, $779; covering Purchase Invoice No. 623 for $820, less a 5% discount, $41.00. What is the journal entry for River Road Farm Supply to record this transaction?

Accepted Answer

Debit Accounts Payable/ C-V Chemical Distributors, $820; credit Purchases Discount $41 and credit Cash $779

Answer

Debit Purchases Discount $41 and debit Cash $779; credit Accounts Payable/ C-V Chemical Distributors $820.

Answer

Debit Accounts Payable/ C-V Chemical Distributors, $779; credit Cash, $779

Answer

Debit Accounts Payable/ C-V Chemical Distributors, $820; credit Cash, $820

Question 50

Computer Phones, Inc. paid cash to Software Supply, $817; covering Purchase Invoice No.2254 for $860, less a 5% discount, $43.00. What is the journal entry for Computer Phones, Inc. to record this transaction?

Accepted Answer

Debit Accounts Payable/ Software Supply, $860; credit Purchases Discount $43 and credit Cash $817

Answer

Debit Purchases Discount $43 and debit Cash $817; credit Accounts Payable/ Software Supply $860

Answer

Debit Accounts Payable/ Software Supply, $817; credit Cash, $817

Answer

Debit Accounts Payable/ Software Supply, $860; credit Cash, $860

Question 51

John's Appliances purchased merchandise on account from Electronic Supply for $990. What is the journal entry for John's Appliances to record this transaction?

Accepted Answer

Debit Purchases, $990; Credit Accounts Payable/Electronic Supply, $990

Answer

Debit Purchases, $990; Credit Accounts Receivable/Electronic Supply, $990

Answer

Debit Accounts Receivable/Electronic Supply, $990; Credit Purchases $990

Answer

Debit Accounts Payable/Electronic Supply, $990; Credit Purchases, $990

Question 52

Sonny's Skateboard Shop paid cash on account to Boards Unlimited, $795, covering Purchase Invoice No. 290. What is the journal entry for Sonny's Skateboard Shop to record this transaction?

Accepted Answer

Debit Accounts Payable/ Boards Unlimited $795; credit Cash, $795

Answer

Debit Cash $795; credit Accounts Payable/ Boards Unlimited $795

Answer

Debit Accounts Receivable/Boards Unlimited, $795; credit Cash, $795

Answer

Debit Cash $795; credit Accounts Receivable/ Boards Unlimited $795

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