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Debit cash / bank 1200
Credit accounts receivable 1200
If it is a collection from customer's account, then
DEBIT: Cash 1200
CREDIT: Accounts Receivable 1200
Collection from customer's account
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What will be the journal entry for Recorded revenue of 16000 in cash and 1200 on credit?
If we have a revenue of $16000, of which $1200 was on "credit" then we simply need to figure the amount of "cash" we received and then record the transaction to the Journal.$16000 (revenue) - $1200 (credit) = $14800 (cash)Cash (debit) $14800Account Receivable (debit) $1200Revenue (credit) $16000In double-entry accounting credits must equal debits.
In all journal entries the debit amount must equal the credit amount?
True: In double entry accounting the debits and credits must balance. For every action there is an equal and opposite reaction: Meaning, if you debit your cash for $1500 there has to be a credit that equals the same amount. Remember the accounting equation: Assets = Liabilities + Owners Equity Let's look at a few scenarios of why we might have received $1500 cash and the accounts they would be posted to: 1. We received $1500 cash for services rendered (revenue) our entry would be: Cash (debit) $1500 Revenue (credit) $1500 2. We received cash from a customer who purchased merchandise on account, our entry would read: Cash (debit) $1500 Account Receivable (credit) $1500 3. We Invested $1500 of our personal money into our business: the entry will be: Cash (debit) $1500 Owners Equity (credit) $1500 As you notice there are always an equal debit to a credit, even if more than one account needs to be used, once such scenario, say we paid $1500 for Phone and Rent and we want to record the transaction as one, we'd use the following journal entry: Phone Expense (debit) $300 Rent Expense (debit) $1200 Cash (credit) $1500 Notice that even though we used three separate accounts, the debits and the credits always balance for a total of $1500
What are the accounting journal entries to record a prepaid expense?
Dr. Prepaid expence (balance sheet) Cr. Expense (income statement) e.g. you have already paid $1200 insurance, but at year end still have six months to go until you have to renew your premium. You would have expensed the full $1200 - now you need to remove the unused (prepaid) portion. Dr. Prepaid expense $600 Cr. Insurance $600
What is meant by Vote on Account?
The Government can only spend money if Parliament approves it. If/Once it gets approved by the Parliament, the Government gets to spend the money. Genreally the vote on account is presented for 3 months, the maximum period for vote on account is six months. For example: If CRPF was given 1200 crore (currency) for a year and the vote on account is presented for 3 months, then only 300 crore will be released for CRPF. Later the Goverment presents the expenditure/spending done for the amount given.
What can 1200 dollars buy you?
a macbook
What will be the journal entry for Recorded revenue of 16000 in cash and 1200 on credit?
If we have a revenue of $16000, of which $1200 was on "credit" then we simply need to figure the amount of "cash" we received and then record the transaction to the Journal.$16000 (revenue) - $1200 (credit) = $14800 (cash)Cash (debit) $14800Account Receivable (debit) $1200Revenue (credit) $16000In double-entry accounting credits must equal debits.
Has 1200 in checking account and takes 25 percent out how much is left in the account?
25% of 1200 is 300. So if you withdraw 25% of the funds from your account that has 1200 in it, you will be left with 900 as the balance in your checking account. Of course, this does not include any interest or other transactions you might perform using your checking account.
Purchase of machinery costing 1200 was debited to the purchases acountas a resul the purchases account balance will be A overstated by 1200 B understated by 1200 c unaffected?
unaffected
In all journal entries the debit amount must equal the credit amount?
True: In double entry accounting the debits and credits must balance. For every action there is an equal and opposite reaction: Meaning, if you debit your cash for $1500 there has to be a credit that equals the same amount. Remember the accounting equation: Assets = Liabilities + Owners Equity Let's look at a few scenarios of why we might have received $1500 cash and the accounts they would be posted to: 1. We received $1500 cash for services rendered (revenue) our entry would be: Cash (debit) $1500 Revenue (credit) $1500 2. We received cash from a customer who purchased merchandise on account, our entry would read: Cash (debit) $1500 Account Receivable (credit) $1500 3. We Invested $1500 of our personal money into our business: the entry will be: Cash (debit) $1500 Owners Equity (credit) $1500 As you notice there are always an equal debit to a credit, even if more than one account needs to be used, once such scenario, say we paid $1500 for Phone and Rent and we want to record the transaction as one, we'd use the following journal entry: Phone Expense (debit) $300 Rent Expense (debit) $1200 Cash (credit) $1500 Notice that even though we used three separate accounts, the debits and the credits always balance for a total of $1500
Matt places 1200 in an investment account earning an annual rate of 6.5 percent compounded continuously Determine the amount of money that Matt will have in account after 10 years?
Matt will have $2,298.65.
The attendance at a ball game was 400 people Student tickets are 2 and Adult tickets are 3 If 1050 was collected in ticket sales how many of each type of ticket were sold?
s- student, price of ticket is $2 a- adult, price for ticket i s$ 3 2*s money collected from students 3*s money collected from adults if a+s=400 and 3*a+2*s=1050 we have system of linear equations so a=400-s substitute in second equation a with 400-s then 3*(400-s) +2*s=1050 1200-3*s +2s=1050 1200 - s = 1050 -1200 -1200 -s = - 150 s=150 if s=150 then a=400-s so a=400-150, thus a=250 At the game sold 250 adult tickets and 150 student tickets
How many people live on the Aran Islands?
About 1200 people.About 1200 people.About 1200 people.About 1200 people.About 1200 people.About 1200 people.About 1200 people.About 1200 people.About 1200 people.About 1200 people.About 1200 people.
What is 1234 rounded to the nearest hundred?
1200
What is the LCM of 60 75 and 80?
6000
what is 1% of 1200?
1% of 1200 = 1% * 1200 = 0.01 * 1200 = 12
What is 8 percent off of 1200?
8% off 1200 = 1200 - (0.08 x 1200) = 1200 -96 = 1104
Did the Ranger model 120 come in more than just a youth version?
Absolutely. It is an entry level variant of the Winchester 1200 and came in the same configuration (without the fancier details).
