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    Mom2three's Avatar
    Mom2three Posts: 1, Reputation: 1
    New Member
     
    #1

    Jun 13, 2007, 07:29 PM
    JE questions, thank you.
    What would be the JE for the following?

    Recording sales on acccount, 152,500.00?

    Recording purchase of supplies on acct for 265.00?

    Record payment of above invoice for supplies?

    Record receipt of payments on sales previously entered in first question for $10,000?

    Are these accts usually dr or cr balance
    AP
    AR
    Accrued fed income tax pyble
    Depreciation
    Cash in chking
    Commissions paid
    Deposits
    Dues & Subscriptions
    Freight on purchase
    Investments
    Payroll taxes
    Salaries
    Expenses
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
     
    #2

    Jun 14, 2007, 06:57 AM
    Quote Originally Posted by Mom2three
    What would be the JE for the following?

    Recording sales on acccount, 152,500.00?
    Dr. Accounts Receivable (or AR for short) 152,500
    Cr. Sales 152,500


    Quote Originally Posted by Mom2three
    Recording purchase of supplies on acct for 265.00?
    Dr. Supplies 265
    Cr. Accounts Payabale (or AP for short) 265


    Quote Originally Posted by Mom2three
    Record payment of above invoice for supplies?
    Dr. AP 265
    Cr. Cash 265


    Quote Originally Posted by Mom2three
    Record receipt of payments on sales previously entered in first question for $10,000?
    Dr. Cash 10,000
    Cr. AR 10,000


    Quote Originally Posted by Mom2three
    Are these accts usually dr or cr balance
    AP = normally a credit balance
    AR = normally a debit balance
    Accrued fed income tax pyble = normally a credit balance
    Depreciation (do you mean depreciation expense (debit) or accumulated depreciation (credit)?
    Cash in chking = normally a debit balance
    Commissions paid (so in a sense an expense? Debit)
    Deposits = normally a debit balance
    Dues & Subscriptions (as in revenues received or what? If that’s the case, credit)
    Freight on purchase = normally a debit balance
    Investments = normally a debit balance
    Payroll taxes (as in an expense, debit, as in payable, credit)
    Salaries (as in an expense? Debit)
    Expenses = normally a debit balance

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