accounting homework help?

Question

for the transaction: charged customers for dry cleaning sales on account $12350

under what two accounts does $12350 go under. and are they added or subracted
on my worksheet i have the following accounts: cash,accounts receivable,supplies,land, accounts payable, capital,drawing,dry cleaning sales, dry cleaning expenses,wages expenses,rent expenses,supplies expenses,truck expenses,utilities expense, miscellaneous expens.

Answer 1

If it's on account, that means that you have not been paid yet, but have charged the customer. So your entry would be the following:

Dr. Accounts Receivable - $12,350
Cr. Dry cleaning sales - $12,350

It would be added to both.

Answer 2

When a customer buys something on account, you will be receiving that money at a point in the future, so you know you should debit accounts receivable, in order to increase that account (because just like cash, when somebody owes you money it's an asset to you).

DR Accounts Receivable $12,350

Now you have to make a matching entry. You know that it is revenue or sales, so the only possible account that you could use would be dry cleaning sales.

CR Dry Cleaning Sales $12,350

So here are both parts together, they way they should look in your journal entries:

DR Accounts Receivable $12,350
CR Dry Cleaning Sales $12,350

Answer 3

DR Accounts Receivable
CR Dry Cleaning Sales
Meaning the customer owes you $12,350 for the Dry Cleaning Services provided.

Once you receive cash:
DR Cash
CR Accounts receivable

Answer 4

Dr accounts receivables Cr dry cleaning sales

Answer 5

Debit Accounts Receivable
Credit dry cleaning sales

Answer 6

dr accounts receivable 12,350.
cr dry cleaning sales 12,350.

However, these dr and cr must be posted to the ledger or T accounts if that what you are using.

Read up on what a work sheet is.

Good Luck

Answer 7

I think it is accounts receivable and service revenue

Answer 8

Here's the question for the chemical x42 calculate the of pounds of material purchased, the standard cost per pound of material, and the total standard material cost. The standard called for 1 pound and standard cost $0.40 per pound less. Material price variance-84,000 F material usage variance 80,000 U; total material variance-4,000 F; product requiring this chemical 200,000