Event D Inventory costing $5,000 is sold and shipped to the customer. Assume the related...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Event D Inventory costing $5,000 is sold and shipped to the customer. Assume the related sale has already been recorded. (1) Did a transaction occur? (2) What account type(s) \& descriptions are involved? (3) Did the account(s) increase (+) or decrease (-)? (4) What is the normal balance of the account and is the increase/decrease a debit or credit? (5) Make the Journal Entry: \begin{tabular}{|c|c|c|c|c|} \hline (2) Account Name & (2)AccountType & (3)TransactionAccount+/ & (4)AccountNormalBalance & (4)TransactionDebitorCredit \\ \hline & & & & \\ \hline & & & \\ \hline & Account Name & Debit & Credit \\ \hline \multicolumn{2}{|l|}{} & & \\ \hline \end{tabular} Event E A company incurs $6,000 in income tax expense that will be paid next year. (1) Did a transaction occur? (2) What account type(s) \& descriptions are involved? (3) Did the account(s) increase (+) or decrease (-)? (4) What is the normal balance of the account and is the increase/decrease a debit or credit? (5) Make the Journal Entry: \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{2}{|l|}{} & \multicolumn{2}{l|}{} \\ \hline (2) Account Name & (2)AccountType & (3)TransactionAccount+/- & (4)AccountNormalBalance & (4)TransactionDebitorCredit \\ \hline & & & & \\ \hline & & & & Credit \\ \hline Account Name & Debit & \\ \hline \end{tabular} 00 in income tax expense that will be paid next year. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{2}{|l|}{} & \multicolumn{2}{l}{} \\ \hline (2) Account Name & (2)AccountType & (3)TransactionAccount+/- & (4)AccountNormalBalance & (4)TransactionDebitorCredit \\ \hline & & & & \\ \hline & & & & Credit \\ \hline & Account Name & Debit & \\ \hline \end{tabular}
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Event D Inventory costing $5,000 is sold and shipped to the customer. Assume the related sale has already been recorded. (1) Did a transaction occur? (2) What account type(s) \& descriptions are involved? (3) Did the account(s) increase (+) or decrease (-)? (4) What is the normal balance of the account and is the increase/decrease a debit or credit? (5) Make the Journal Entry: \begin{tabular}{|c|c|c|c|c|} \hline (2) Account Name & (2)AccountType & (3)TransactionAccount+/ & (4)AccountNormalBalance & (4)TransactionDebitorCredit \\ \hline & & & & \\ \hline & & & \\ \hline & Account Name & Debit & Credit \\ \hline \multicolumn{2}{|l|}{} & & \\ \hline \end{tabular} Event E A company incurs $6,000 in income tax expense that will be paid next year. (1) Did a transaction occur? (2) What account type(s) \& descriptions are involved? (3) Did the account(s) increase (+) or decrease (-)? (4) What is the normal balance of the account and is the increase/decrease a debit or credit? (5) Make the Journal Entry: \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{2}{|l|}{} & \multicolumn{2}{l|}{} \\ \hline (2) Account Name & (2)AccountType & (3)TransactionAccount+/- & (4)AccountNormalBalance & (4)TransactionDebitorCredit \\ \hline & & & & \\ \hline & & & & Credit \\ \hline Account Name & Debit & \\ \hline \end{tabular} 00 in income tax expense that will be paid next year. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{2}{|l|}{} & \multicolumn{2}{l}{} \\ \hline (2) Account Name & (2)AccountType & (3)TransactionAccount+/- & (4)AccountNormalBalance & (4)TransactionDebitorCredit \\ \hline & & & & \\ \hline & & & & Credit \\ \hline & Account Name & Debit & \\ \hline \end{tabular} 