Homework Answers
| Option C is the answer | |
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The entry would be Debit : Sales returns Credit : Accounts receivable. Therefore in both general ledger and receivables subsidiary ledger |
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Multiple Choice Question 81 The entry to record the granting of credit to a customer for a sales return is posted to O...
Multiple Choice Question 86 Which of the following is not a true statement about the daily posting of the sales journal...
Multiple Choice Question 86 Which of the following is not a true statement about the daily posting of the sales journal? O The invoice number supporting the sales transaction is posted to the reference column in the subsidiary ledger. The reference column in the sales journal is checked when the posting is complete for each entry in the journal. O There is no credit posting. O There is a debit posting to accounts in the accounts receivable subsidiary ledger.
The entry to record a return by a credit customer of defective merchandise on which no...
The entry to record a return by a credit customer of defective merchandise on which no sales tax was charged includes a debit to Sales and a credit to Sales Returns and Allowances. a debit to Accounts Receivable and a credit to Sales Returns and Allowances. a debit to Sales Returns and Allowances and a credit to Accounts Receivable. a debit to Sales and a credit to Accounts Receivable. Which of the following statements is correct? Under the accrual basis of accounting,...
Appendix II Saved One difference in the Sales Journal between the perpetual and periodic systems is...
Appendix II Saved One difference in the Sales Journal between the perpetual and periodic systems is Multiple Choice The column to record cost of goods sold and inventory amounts sold The addition of a sales tax payable column The column to record cost of goods sold and inventory amounts sold and the deletion of a sales tax payable column The column to record cost of goods sold and inventory amounts sold and the addition of a sales tax payable column...
A customer purchased an item on credit. Which journal entry should be made to record this purchase?
A customer purchased an item on credit. Which journal entry should be made to record this purchase? Journal EntriesADebitCreditAccounts Receivable$ 250Sales Revenue$ 250BDebitCreditAccounts Receivable$ 250Customer Payment Received $ 250CDebitCreditAccounts Payable$ 237Supplies Expense $ 237DDebitCreditAccumulated Depreciation$ 725Depreciation Expense$ 725EDebitCreditPrepaid Rent$ 1,250Rent Expense$ 1,250
A ledger: Multiple Choice is where transactions are initially recorded. is where transactions are posted to...
A ledger: Multiple Choice is where transactions are initially recorded. is where transactions are posted to after they are initially recorded. o is the same as a chart of accounts, with each account numbered to facilitate frequent references that are made to it. o o is the same as a source document, such as an invoice from a supplier or a copy of a credit purchase made by a customer.
SAVE HOMEWORK Revenue Cycle Activities >> Q-7-2. Receive Goods on a Sales Return Which of the...
SAVE HOMEWORK Revenue Cycle Activities >> Q-7-2. Receive Goods on a Sales Return Which of the following statements is true concerning the process of recording a sales return? Please add checkmark next to the correct answers). 1 The accounts receivable subsidiary records are updated at the time the Sales Transaction Entry Window is posted. 2 The credit to accounts receivable is recorded at the time the Sales Transaction Entry Window is posted. 3 The Sales Transaction Entry Window is used...
Multiple Choice Question 60 The entry to record the acquisition of raw materials on account is...
Multiple Choice Question 60 The entry to record the acquisition of raw materials on account is Manufacturing Overhead Raw Materials Inventory Accounts Payable Accounts Payable Raw Materials Inventory Raw Materials Inventory Accounts Payable Work in Process Inventory Accounts Payable We were unable to transcribe this image
The entry to record a return of merchandise purchased on credit includes
The entry to record a return of merchandise purchased on credit includes a debit to Purchase Returns & Allowances and a credit to Accounts Receivable a debit to Purchase Returns & Allowances and a credit to Purchases a debit to Accounts Payable and a credit to Purchase Returns & Allowances a debit to Purchases and a credit to Purchase Returns & Allowances
A company record the sales return for my credit customer indicate how this transaction would affect...
A company record the sales return for my credit customer
indicate how this transaction would affect assets stockholders
equity in revenues
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 24,300 Accounts Receivable 13,800 Allowance for Uncollectible Accounts $ 1,200 Supplies 2,700 Notes Receivable (68, due in 2 years) 22.000 Land 7,200 Accounts Payable 8.200 Common Stock 98,000 Retained Earnings 32.600 Totals $140,000 $140,000 During January 2021, the...
Sales Order Processing System The customer sales order is received via phone or through the mail. Gus Grinwich, the sales clerk, receives the sales order and checks the customer’s credit record. Once...
Sales Order Processing System The customer sales order is received via phone or through the mail. Gus Grinwich, the sales clerk, receives the sales order and checks the customer’s credit record. Once Grinwich checks the customer’s credit record, he prepares the sales order. From this sales order, Grinwich prepares a customer copy, stock release, shipping notice, two copies of the invoice, ledger copy, packing slip, and the file copy. One of the invoice copies, the ledger copy, and the file...
Multiple Choice Question 86 Which of the following is not a true statement about the daily posting of the sales journal? O The invoice number supporting the sales transaction is posted to the reference column in the subsidiary ledger. The reference column in the sales journal is checked when the posting is complete for each entry in the journal. O There is no credit posting. O There is a debit posting to accounts in the accounts receivable subsidiary ledger.
Appendix II Saved One difference in the Sales Journal between the perpetual and periodic systems is Multiple Choice The column to record cost of goods sold and inventory amounts sold The addition of a sales tax payable column The column to record cost of goods sold and inventory amounts sold and the deletion of a sales tax payable column The column to record cost of goods sold and inventory amounts sold and the addition of a sales tax payable column...
A ledger: Multiple Choice is where transactions are initially recorded. is where transactions are posted to after they are initially recorded. o is the same as a chart of accounts, with each account numbered to facilitate frequent references that are made to it. o o is the same as a source document, such as an invoice from a supplier or a copy of a credit purchase made by a customer.
SAVE HOMEWORK Revenue Cycle Activities >> Q-7-2. Receive Goods on a Sales Return Which of the following statements is true concerning the process of recording a sales return? Please add checkmark next to the correct answers). 1 The accounts receivable subsidiary records are updated at the time the Sales Transaction Entry Window is posted. 2 The credit to accounts receivable is recorded at the time the Sales Transaction Entry Window is posted. 3 The Sales Transaction Entry Window is used...
Multiple Choice Question 60 The entry to record the acquisition of raw materials on account is Manufacturing Overhead Raw Materials Inventory Accounts Payable Accounts Payable Raw Materials Inventory Raw Materials Inventory Accounts Payable Work in Process Inventory Accounts Payable We were unable to transcribe this image
A company record the sales return for my credit customer
indicate how this transaction would affect assets stockholders
equity in revenues
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 24,300 Accounts Receivable 13,800 Allowance for Uncollectible Accounts $ 1,200 Supplies 2,700 Notes Receivable (68, due in 2 years) 22.000 Land 7,200 Accounts Payable 8.200 Common Stock 98,000 Retained Earnings 32.600 Totals $140,000 $140,000 During January 2021, the...
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