An accountant has debited an asset account for $850 and credited a liability account for...

70.2K

Verified Solution

Question

Accounting

image
image
image
image
image
An accountant has debited an asset account for $850 and credited a liability account for $450. What can be done to complete the recording of the transaction? Nothing further must be done. Debit a stockholders' equity account for $400. Credit a different asset account for $400. Debit another asset account for $400. At May 1. Blossom Inc. reported a Cash account balance of $1100 (normal). During the month, the total of the debit entries to the Cash account amounted to $3200 and the total of the credit entries to the Cash account amounted to $2400. At the end of May, Blossom' Cash account has a $4300 debit balance. $2400 credit balance. $1900 debit balance. $2400 debit balance. Current Attempt in Progress Sheridan Company's trial balance reported the following normal balances at the end of its first year: What anount did Sheridan Company's trial balance show as totaf credits? $34190$35960$35370$34780 Current Attempt in Progress Vaughn Manufacturing's trial balance at the end of its first month of operations reported the following accounts and amounts with normal balances: Total credits on Vaughn Manufacturing's trial balance are $32640 $32130 $33150 $33660 At December 1, 2025, a company's Accounts Receivable balance was $18420. During December, the company had credit sales of $50400 and collected accounts recelivable of $40320. At December 31,2025 , the Accounts Recelvable balance is $18820 debit $69220 debit $28900 debit $28900 credit An accountant has debited an asset account for $850 and credited a liability account for $450. What can be done to complete the recording of the transaction? Nothing further must be done. Debit a stockholders' equity account for $400. Credit a different asset account for $400. Debit another asset account for $400. At May 1. Blossom Inc. reported a Cash account balance of $1100 (normal). During the month, the total of the debit entries to the Cash account amounted to $3200 and the total of the credit entries to the Cash account amounted to $2400. At the end of May, Blossom' Cash account has a $4300 debit balance. $2400 credit balance. $1900 debit balance. $2400 debit balance. Current Attempt in Progress Sheridan Company's trial balance reported the following normal balances at the end of its first year: What anount did Sheridan Company's trial balance show as totaf credits? $34190$35960$35370$34780 Current Attempt in Progress Vaughn Manufacturing's trial balance at the end of its first month of operations reported the following accounts and amounts with normal balances: Total credits on Vaughn Manufacturing's trial balance are $32640 $32130 $33150 $33660 At December 1, 2025, a company's Accounts Receivable balance was $18420. During December, the company had credit sales of $50400 and collected accounts recelivable of $40320. At December 31,2025 , the Accounts Recelvable balance is $18820 debit $69220 debit $28900 debit $28900 credit

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!
Become a Member

Other questions asked by students