A £500 cash sale was entered as a debit in the sales account and a credit in the bank account. What type of error is this? Select one: O A. Compensating B. Ommission C. Reversal of entries D. Original entry
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- Customer deposits (prepayments) are recorded - Select one: a. as debits to accounts receivable for the customer b. as negative sales invoices C. as credits to accounts receivable for the customer O d. when the customer makes a partial payment on accountA credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B. decrease C. Transer D. IncreaseThe credit memoranda creates a(n) __ in the accounts receivable file of a customer. A. note decline (B) Transfer (C) D. Intensify.
- An error was made in posting of cash sales for $2 000. The both accounts were understated by the amount. What type of error is this? Error of Principle Error of Original Entry Error of Commission Reversal of EntriesUse the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written offUse the following cash receipts journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviations used: Disc. = Discounts, Forfeit. = Forfeited; Rec. = Receivables, Rev. = Revenue, Accts = Accounts, Inv. = Inventory) A (Click the icon to view the transactions.) Cash Receipts Journal Page 3 Post. Accounts Sales Sales Disc. Other Cost of Goods Sold DR Date Account Credited Ref. Cash DR Rec. CR Rev. CR Forfeit. CR Accts CR Merchandise Inv. CR 2024 Jul. More Info Jul. 5 Sold merchandise inventory for cash, $2,300. Cost of goods, $2,000. Jul. 12 Collected interest revenue of $2,400. Jul. 18 Received cash from Hank Noll, $900, on account. There was no discount. Jul. 29 Received $5,600 from Mckenna Door in full settlement of his account receivable including sales discounts forfeited of $65. Print Done
- Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The sum obtained is best described as a(n): A. financial total B. grand total C. record count D. hash total E. cross-footing total26. This is used to record cash payments. A. cash disbursement journal B. cash receipts journal C. purchase journal D. sales journal 27. This contains the details supporting the balance in the general ledger account. A. general ledger B. subsidiary ledger C. ledger D. none of the above 28. This is also known as the controlling account. A. cash receipts journal B. notes payable C. accounts receivable D. general ledger 29. This type of entry involves only two accounts: one debit and one credit. * A. compound entry B. dual entry C. simple entry D. jumbled entry 30.It is an entry that requires three or more accounts. A. compound entry B. dual entry C. simple entry D. jumbled entry 31.This type of special journal makes use of official receipts issued by companies. A. cash disbursement B. cash receipts C.…Consider the following information items as you respond to the question:i. Customer master fileii. Journal entry to record the receipt of cashiii. Pre-numbered documentsiv. Schedule of accounts receivableAccounting information systems have five generic elements. Which of the following statements is most true? A. "Pre-numbered documents" can be an example of three of the five elements. B. "Schedule of accounts receivable" can be an example of all five elements. C. Both "Pre-numbered documents" can be an example of three of the five elements and "Schedule of accounts receivable" can be an example of all five elements are true. D. Neither "Pre-numbered documents" can be an example of three of the five elements nor "Schedule of accounts receivable" can be an example of all five elements is true.
- An adjusting entry is required for: Select one: a. Deposit in transit. O b.Outstanding checks. O c Bank errors. O d. Collection of a note by the bank.Use the following cash receipts journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviations used: Disc. = Discounts, Forfeit. = Forfeited; Rec. = Receivables, Rev. = Revenue, Accts = Accounts, Inv. = Inventory) i (Click the icon to view the transactions.) Jul. Date 2024 Account Credited Hannah Nell Mike Dunn Cash Receipts Journal Post. Accounts Sales Sales Disc. Other Ref. Cash DR Rec. CR Rev. CR Forfeit. CR Accts CR Interest Expense Interest Revenue Jul. 5 Jul. 12 Jul. 18 Jul. 29 Sold merchandise inventory for cash, $2,700. Cost of goods, $2,000. Collected interest revenue of $2,450. Received cash from Hannah Nell, $900, on account. There was no discount. Received $5,200 from Mike Dunn in full settlement of his account receivable including sales discounts forfeited of $25. Print Page 3 Cost of Goods Sold DR Merchandise Inv. CR Done XBusiness receives cash RO 180 from Ms. Asma was wrongly entered RO100 in both the accounts. This type of error is a. Errors of Commission b. Errors of transposition c. Reversal error d. Errors of Principle