Different Journals
Which journal does this transaction get posted to?
Received cash for services provided to M. Jones, $568.00. R450.
What is Cash Receipts Journal?
A business that purchases and resells goods is called a...
What is merchandising business?
What amount do you use to credit cash when journalizing the payment of payroll?
What is Net Pay?
Which two accounts do you use in the journal entry when adjusting Accumulated Depreciation?
What is Accumulated Depreciation & Depreciation Expense?
What financial statement does cash appear on?
What is the Balance Sheet?
Which journal does this transaction get posted to?
Purchased merchandise on account from Xbox Co., $675.00. P300.
What is Purchases Journal?
A ledger that is summarized in a single general ledger account
What is subsidiary ledger?
When journalizing the payment of payroll, what account do you debit and which accounts do you credit?
Debit: Salary expense
Credit: Payroll liability accounts & cash
What is the formula used to calculate annual depreciation using the straight line method?
What is (Purchase Price - Salvage Value) / Useful Life?
Net Sales - Cost of Merchandise Sold = What?
What is Gross Profit?
Which journal should this transaction be posted to?
Sold merchandise on account to XYZ Company, $645.00. S630.
What is Sales Journal?
A qualified retirement plan that allows tax-free withdrawals from the account.
What is Roth Individual Retirement Account?
Until the amounts withheld from employee salaries are paid by the employer, they are recorded as what?
What is a liability?
What would the annual depreciation for the office desk be if we were using straight-line deprectiation?
On January 1st, TreeGreen bought an office computer for $875.00. The estimated salvage value of $500 and an estimated useful life of 5 years.
What is $75.00?
What is the vertical analysis ratio for operating expenses based on the information below?
Net Sales: $500,000
Gross Profit: $375,000
Total Operating Expenses: $87,000
What is 17.4%
Which journal should this transaction be posted to?
Paid payroll for May 31st payroll, $6,689.00. C324.
What is the Cash Payments Journal?
An estimate of the amount that will be received for an asset at the time of its disposal
What is salvage value?
What is Dylan's gross pay/earnings based on the information below?
Overtime rate is 1.5 times the regular rate. Round to the dollar amount to the nearest cent.
Regular Hours: 65
Overtime Hours: 3
Pay Rate: $10
What is $695.00.?
What is the formula you use to calculate annual depreciation that was bought in the middle of the year using straight line depreciation?
(Purchase Price - Salvage Value) * (months used/12)= X
X / useful life = annual depreciation
What is the horizontal analysis ratio for Accounts Receivable based on the information below?
Accounts Receivable Current Year: $567,000
Accounts Receivable Prior Year: $768,000
What is -26.17%
Which journal should this transaction be posted to?
Bought office supplies on account from XYZ Co., $550.00. M1
What is the General Journal?
The original cost of a plant asset minus accumulated depreciation
What is book value?
What is Sarah's Overtime Earnings based on the information below?
Overtime rate is 1.5 times the regular rate. Round to the dollar amount to the nearest cent.
Regular Hours: 80
Overtime Hours: 5
Pay Rate: $22
What is $165.00?
What would be the annual depreciation of this office desk using the straight line depreciation method?
On March 1st, XYZ co. purchases an office desk for $1,375.00. The estimated salvage value is $750.00 and the estimated useful like is 8 years.
What is $64.84?
What is the equation/formula for working capital?
What is Current Assets - Current Liabilities?