Accounting 1 4.01-4.02

Allen discovered that a sale on account to Jones Company on June 5 for $560 was incorrectly charged to the account of Jackson Company. The journal entry to correct this error is:

• debit Accounts Payable/Jones Company, $560; credit Accounts Payable/Jackson Company, $560.

• debit Accounts Receivable/Jones Company, $560; credit Accounts Receivable/Jackson Company, $560.

• debit Accounts Receivable/Jackson Company, $560; credit Accounts Receivable/Jones Company, $560.

• debit Accounts Payable/Jackson Company, $560; credit Accounts Payable/Jones Company, $560.

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

• debit Accounts Payable/Willie's Wholesale, $595; credit Cash, $595.

• debit Accounts Receivable/Willie's Wholesale, $595; credit Cash, $595.

• debit Cash, $595; credit Accounts Payable/Willie's Wholesale, $595.

• debit Cash, $595; credit Accounts Receivable/Willie's Wholesale, $595.

Rubber Compounds sold merchandise for cash to The Shoe Maker for $773, plus sales tax of $56. The journal entry for Rubber Compounds to record this transaction is:

• debit Cash, $829; credit Sales, $773, Sales Tax Payable, $56.

• debit Sales, $773, Sales Tax Payable, $56; credit Cash, $829.

• debit Accounts Receivable/The Shoe Maker, $829; credit Cash, $829.

• debit Cash, $829; credit Accounts Receivable/The Shoe Maker, $829.

Curt's Cabinets paid cash on account to Phil's Fasteners, $441; covering Purchase Invoice No. 54 for $450, less a 2% discount, $9. The journal entry for Curt's Cabinets to record this transaction is:

• debit Accounts Payable/Phil's Fasteners, $441; credit Cash, $441.

• debit Accounts Payable/Phil's Fasteners, $450; credit Cash, $450.

• debit Accounts Payable/Phil's Fasteners, $450; credit Purchases Discount, $9, Cash, $441.

• debit Purchases Discount, $9, Cash, $441; credit Accounts Payable/Phil's Fasteners, $450.

Busters' Department Store sold merchandise for $65, plus sales tax of $4, to Jake Coble who charged the sale on his bank credit card. Mr. Coble later returned the merchandise. The journal entry for Busters' Department Store to record the returned merchandise is:

• debit Accounts Receivable/Jake Coble, $69; credit Sales Returns and Allowances, $65, Sales Tax Payable, $4.

• debit Sales Returns and Allowances, $65, Sales Tax Payable, $4; credit Accounts Receivable/Jake Coble, $69.

• debit Sales Returns and Allowances, $65, Sales Tax Payable, $4; credit Cash, $69.

• debit Cash, $69; credit Sales Returns and Allowances, $65, Sales Tax Payable, $4.

The Jungle Gym returned merchandise that was purchased on account to Footware Wholesale, $750. The journal entry for The Jungle Gym to record this transaction is:

• debit Purchases Returns and Allowances, $750; credit Accounts Payable/F Wholesale, $750.

• debit Accounts Receivable/ Wholesale, $750; credit Purchases Returns and Allowances, $750.

• debit Accounts Payable/ Wholesale, $750; credit Purchases Returns and Allowances, $750.

• debit Purchases Returns and Allowances, $750; credit Purchases, $750.

Linen Supply sold Nites Inn merchandise on account for $551, plus sales tax of $31. The journal entry for Linen Supply to record this transaction is:

• debit Accounts Receivable/Nites Inn, $582; credit Sales, $551, Sales Tax Payable, $31.

• debit Accounts Receivable/Nites Inn, $582; credit Purchases $582.

• debit Sales, $551, Sales Tax Payable, $31; credit Accounts Receivable/Nites Inn, $582.

• debit Purchases, $582; credit Accounts Receivable/Nites Inn, $582.

Taco Home paid cash for advertising, $400. The journal entry to record this transaction is:

• debit Advertising, $400; credit Cash, $400.

• debit Advertising Expense, $400; credit Cash, $400.

• debit Cash, $400; credit Advertising, $400.

• debit Cash, $400; credit Advertising Expense, $400.

The correct journal entry for the transaction PAID CASH FOR PRINTER CARTRIDGES is:

• debit Owner's Drawing and credit Cash.

• debit Cash and credit Owner's Capital.

• debit Supplies and credit Cash.

• debit Miscellaneous Expense and credit Cash.

The correct journal entry for the transaction RECEIVED A CHECK FOR BIKE RENTAL FEES is:

• debit Cash and credit Rental Fees.

• debit Miscellaneous Expense and credit Cash.

• debit Rental Fees and credit Cash.

• debit Rental Fees and credit Miscellaneous Expense.