a) Write explanatory notes on the following terms as used in consignment accounts:i. Account saleii. Del-credere commissioniii. Consignee

Q: ork in the warehouse. All lls below the reorder lev their choice. The invento accounts payable…

A: An internal control is a system or strategy set up by the board to defend resources, advance…

Q: The total of the amounts on the accounts receivable listing agrees with the general ledger balance…

A: Accounts receivable refers to the amount that is owed by the customer for the goods purchased from…

Q: State and briefly explain any three distinguishing features between (i) a receipts and payments…

A: SOLUTION- THE FOLLOWING ARE THE DIFFERENCES BETWEEN RECEIPT & PAYMENT ACCOUNT AND INCOME &…

Q: d. Trade receivables, current assets (after deducting the related allowance) b. Trade receivables,…

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Q: How to journaalize entries from accounting for purchase with frieght transaction?

A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…

Q: All accounts in the subsidiary ledger of accounts receivable should be summed up

A: This question explains the subsidiary ledger of accounts receivable should be summed up.

Q: give the journal entry received a promissory note in payment of an account.

A: The journal entry keeps the records of day to day transactions of the business as debit one account…

Q: Account for accountspayable and analyzeaccounts payableturnover

A: Accounts payable:   It refers to the money owed by the organization to their suppliers which is…

Q: Compute the consignment income to be reported by the consignor

A: Consignment is a arrangement of principal and agent where cosignor the principal sends goods the…

Q: a. Prepare the entries to record sales and collections during the period b. Prepare the entry to…

A: Increase in assets and expense is recorded by debiting them and a decrease is recorded by crediting…

Q: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

A: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

Q: Which of the following documents is issued by a customer to provide information about the  nature of…

A: Every transaction that takes place in a business should be recorded appropriately in the books of…

Q: What entry format is appropiate if sales returns and allowances occur on factored accounts? a.…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: The preferred method of accounting for uncollectible accounts is ? A) net realizable method. B)…

A: Allowance for doubtful debts is considered as the contra asset item i.e used to decrease the value…

Q: Sales are normally recorded on the date of thea. Customer purchase order.b. Bill of lading.c. Sales…

A:

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Note Receivable

A: Note Receivable means to receive the money in future against the note owed by any debtor of the…

Q: What transaction requires an adjusting entry debit to unearned revenue

A: Adjusting Entries: Adjusting entries are those which are recorded at the end of the accounting year.…

Q: Which of the following is an amount for products or services purchased on account? Oaccounts payable…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Income and expenditure account to determine the surplus or deficit of income over…

Q: The following items are found in the account sales, except a. Total sales. b. Amount due to…

A: Consignment represents the situation where the consignor transfer the goods to consignee to sale the…

Q: When company uses special journal , the transaction of settling company liabilities record in.. a.…

A: Journal is the recording of financial transactions according to the dual entity concept and it helps…

Q: Determine if this shall result in recognition of liabilities 9. receipt of goods to be sold for the…

A: Consignment Goods: In the case of consigned goods, the party in actual possession of them do not own…

Q: Explain promissory note

A: A promissory note is a financial instrument that contains a written promise by one party (the note's…

Q: Explain how to record note payable transaction.

A:

Q: Accounting information systems have five generic elements . Which of the following pairs includes…

A: Accounting information systems are tools/softwares used by entities to collect, record and Storge…

Q: State the meaning of Receipt and Payment Account.

A: Receipt and Payment Account: Receipt and payment Account is a summary of Cash book. Only…

Q: e estimated amount of uncollectible accounts al Accounts to the proper amount?

A: Estimated amount of uncollectible = Accounts receivable * Percentage of uncollectible

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A: Difference between income and expenditure account and receipt and payment account:

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Q: what account balances are included in a revenue and collection cyle?

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A: Answer: Option C Accounts Payable Subsidiary ledger is Correct.

Q: Prepare the accounts payable subsidiary ledger, and determine that the total agrees with the ending…

A:

Q: prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the…

A: Bad debt: Bad debts refer to the expenses that are recognized by the company if the amount due for…

Q: Requirement: Journalize the foregoing transactions including issuance of certificates using: 1.…

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Q: What is the normal procedure for handling the collectionof accounts receivable previously written…

A: Accounts receivable:  Accounts receivable refers to the amount to be received within a short period…

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Q: Distinguish between Receipts and Payments Account and Income andExpenditure Account.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: Required: 4. Indicate the classification, presentation and disclosure of the accounts receivable…

A: Receivables: The amount of money to be received within the operating cycle of the company is known…

Q: How to adjust entries for refunds allowances and returns

A: In the case of Sales return, sale account should be debited and the customer account should be…

Q: a. Assunce tliat perpetual in ventory records are Kept in doller Perpetaal inventory the ending…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: The term “deferral” as used in accounting means a. to split the earned and unearned portions of an…

A: Solution: Deferral in accounting means any income or expense is not recognized until a future date.…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.