3. Accounts Payable 6. Accounts Receivable 1. Credit entries only, normal credit balance ANSWER: Debit entries only, normal debit balance Both and credit entries, normal credit balance Both debit and credit entries, normal debit balance Both debit and credit entries, normal debit balance Both debit and credit entries, normal debit balance Challenging DIFFICULTY: Bloom's: Applying FNMN.WARD.16.02-02 - LO: 02-02 LEARNING OBJECTIVES: FNMN.WARD.16.02-03 - LO: 02-03 - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The bookkeeper for Brockton Industries prepared the following journal entries and posted the entries to the general ledger as indicated in the T accounts presented. Assume that the dollar amounts and the descriptions of the entries are correct. July 3 Accounts Receivable 1,000 Service Revenue 1,000 Customers were billed for services completed. Cash 500 Accounts Receivable 500 Payment is received from a customer billed for services on July 3. Office Supplies 600 Accounts Payable 600 Purchased office supplies on credit; payment is due in 30 days. 25 Office Furniture 700 Cash 700 Payment is made for office furniture received on July 25. ACCOUNTS RECEIVABLE SERVICE REVENUE 7/3 7/3 7/11 500 ​ CASH ACCOUNTS PAYABLE 7/25 700 7/12 OFFICE SUPPLIES OFFICE FURNITURE 7/12 7/25 ​
​ ​ 3. Accounts Payable 6. Accounts Receivable ANSWER: 1. Credit entries only, normal credit balance Debit entries only, normal debit balance Both and credit entries, normal credit balance Both debit and credit entries, normal debit balance Both debit and credit entries, normal debit balance Both debit and credit entries, normal debit balance DIFFICULTY: Challenging Bloom's: Applying LEARNING OBJECTIVES: FNMN.WARD.16.02-02 - LO: 02-02 FNMN.WARD.16.02-03 - LO: 02-03 ACCREDITING STANDARDS: - GAAP ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The bookkeeper for Brockton Industries prepared the following journal entries and posted the entries to the general ledger as indicated in the T accounts presented. Assume that the dollar amounts and the descriptions of the entries are correct. July 3 Accounts Receivable 1,000 Service Revenue 1,000 Customers were billed for services completed. Cash 500 Accounts Receivable 500 Payment is received from a customer billed for services on July 3. Office Supplies 600 Accounts Payable 600 Purchased office supplies on credit; payment is due in 30 days. 25 Office Furniture 700 Cash 700 Payment is made for office furniture received on July 25. ACCOUNTS RECEIVABLE SERVICE REVENUE 7/3 7/3 500 CASH ACCOUNTS PAYABLE 7/11 7/25 700 7/12 OFFICE SUPPLIES OFFICE FURNITURE 7/12 7/25
test-bank-financial-managerial-accounting-13th-edition-warren.docx