[missyoung]

I Need Journal Entries For These Problems

1. Sales Of services, $100,000, of which $30,000 was on credit.

2. Paid salaries, $50,000 of which ($9,000 was for salaries payable).

[baberic1979]

Sales Of services, $100,000, of which $30,000 was on credit.
Cash 70000
Acct receivable 30000
Services revenues 100000

[enviousjim]

Payment is made for a computer purchased earlier on credit. Identify the effects on the accounting equation.

a. Assets increase and liabilities increase
b. Assets increase and owners’ equity increases
c. Liabilities increase and owners’ equity decreases
d. Liabilities decrease and assets decrease

[baberic1979]

Answer is A

[missyoung]

Thanks!!

[DoYouRealliMeanThat]

:p lol good thinking to get people to do your hw for u

[enviousjim]

Can someone explain to me how you analyze this problem I am completely lost here??


Analyze the liquidity of Circuit City using each of the following analytical tools: current ratio, acid-test ratio, working capital, inventory turnover ratio, and accounts receivable turnover ratio. (Note: all data is in millions)

Cash $ 394
Receivables 429.5
Average inventory 1,328.9
Total current assets 2,220.8
Total current liabilities 940.5
Sales 9,100
Cost of goods sold 6,870.5

[Montanez]

. Paid salaries, $50,000 of which ($9,000 was for salaries payable).

[pready]

Your accounts will be:
Salaries Payable
Cash
Salaries Expense

[cc2015]

Your accounts will be:
Salaries Payable
Cash
Salaries Expense

I get how those are the accounts but what are the entries?

[pready]

You paid salaries, which $9,000 was salaries payable. This means that $9,000 of the total amount paid was expensed in a prior accounting period, so the total amount paid (Cash) - the amount that was in Salaries Payables equals the amount that will be expensed (Salaries Expense).