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is an effective way for a small business to conserve cash. Exchanging goods and services for...
If a business has received cash in advance of services performed and credits a liability account,...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
For the small business, which of the following is a good way to prevent or detect...
For the small business, which of the following is a good way to prevent or detect fraud? Segregate duties. Owner involvement in the business. CPA Audit. Hire trusted employees only. For the small business, which of the following is a good way to prevent or detect fraud? Segregate duties. Owner involvement in the business. CPA Audit. Hire trusted employees only. Which of the following is the most difficult fraud to detect? Cash skimming Cash larceny. Shell company billing scheme. Use...
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales....
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Oriole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $30,000 and sales taxes $1,500. 2. Sheridan Company does not segregate sales and sales taxes. Its register total for April 15 is $18,550, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Oriole Company....
25 The conditions under which a firm sells its goods and services for cash or credit...
25 The conditions under which a firm sells its goods and services for cash or credit a. collection policy b terms of sale с terms of endearment d credit contract 26 When a purchaser is presented with trade terms such as 2/10 net 30, we call this a. a sales discount b a trade or purchase discount с a service contract a term contract
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales....
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Sarco Company enters sales and sales taxes separately on its cash register. On May 10, the register totals are sales $30,500 and sales taxes $1,525. 2. Cucumber Company does not segregate sales and sales taxes. Its register total for May 15 is $22,790, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Sarco Company....
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales....
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Pharoah Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $25,000 and sales taxes $1.250. 2. Cullumber Company does not segregate sales and sales taxes. Its register total for April 15 is $16,960, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Pharoah Company....
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales....
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Cervig Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $22.000 and sales taxes $1,100. 2. Quartz Company does not segregate sales and sales taxes. Its register total for April 15 is $13,780, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Cervig Company....
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales....
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Sandhill Co. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $32,500 and sales taxes $1,625. 2. Carla Vista Co. does not segregate sales and sales taxes. Its register total for April 15 is $24,910, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Sandhill...
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales....
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Sandhill Co. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $32,500 and sales taxes $1,625. 2. Carla Vista Co. does not segregate sales and sales taxes. Its register total for April 15 is $24,910, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Sandhill...
On May 1, a business provided legal services to a client and billed the dient $3,200...
On May 1, a business provided legal services to a client and billed the dient $3,200 The client promised to pay the business in one month. Which journal entry should the business record on Ma O A. Debit Accounts Receivable for $3,200 and credit Service Revenue for 53.200 O B. Debit Cash for $3,200 and credit Retained Earnings for $3,200. O C. Debit Cash for $3,200 and credit Service Revenue for $3,200. OD. Debit Accounts Payable for $3.200 and credit...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Oriole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $30,000 and sales taxes $1,500. 2. Sheridan Company does not segregate sales and sales taxes. Its register total for April 15 is $18,550, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Oriole Company....
25 The conditions under which a firm sells its goods and services for cash or credit a. collection policy b terms of sale с terms of endearment d credit contract 26 When a purchaser is presented with trade terms such as 2/10 net 30, we call this a. a sales discount b a trade or purchase discount с a service contract a term contract
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Pharoah Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $25,000 and sales taxes $1.250. 2. Cullumber Company does not segregate sales and sales taxes. Its register total for April 15 is $16,960, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Pharoah Company....
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Cervig Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $22.000 and sales taxes $1,100. 2. Quartz Company does not segregate sales and sales taxes. Its register total for April 15 is $13,780, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Cervig Company....
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Sandhill Co. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $32,500 and sales taxes $1,625. 2. Carla Vista Co. does not segregate sales and sales taxes. Its register total for April 15 is $24,910, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Sandhill...
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Sandhill Co. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $32,500 and sales taxes $1,625. 2. Carla Vista Co. does not segregate sales and sales taxes. Its register total for April 15 is $24,910, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Sandhill...
On May 1, a business provided legal services to a client and billed the dient $3,200 The client promised to pay the business in one month. Which journal entry should the business record on Ma O A. Debit Accounts Receivable for $3,200 and credit Service Revenue for 53.200 O B. Debit Cash for $3,200 and credit Retained Earnings for $3,200. O C. Debit Cash for $3,200 and credit Service Revenue for $3,200. OD. Debit Accounts Payable for $3.200 and credit...
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