From the following information which is "NOT TRUE" about the Cash Payment Journal under perpetual system. O a. It records sales discount O b. It contains four columns. O c. It records all payments in cash. O d. It records the accounts payable details.
Q: Which of these transactions requires a debit entry to Cash?A. paid balance due to suppliersB. sold…
A: Cash is one of the asset held by the business, for which normal balance is debit balance. Any…
Q: The sales journal is used to record a. Credit sales. d. Cash purchases. b. Cash sales. e. Credit…
A: Sales journal is one of the kind of special journal. Special journals are used, when a company has…
Q: While examining cash receipts information, the accounting department determined the following…
A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…
Q: The end-of-the month balance in Igado’s cash disbursement journal “Sundry Account” column is…
A: Cash Payment Journal: It is a special Journal where all cash payments are recorded and it is used…
Q: Which one of the following columns in a cash receipts journal is not posted in total to an account…
A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…
Q: When a company makes a sale and accepts a credit card payment from a customer, the company: Multiple…
A: Increase in debits should be debited and increase in expenses should be debited. Increase in…
Q: Indicate the missing posting reference and amount in the control account, and the missing ending…
A: Journal entry is the entry which is recorded in the journal book. Every monetary business…
Q: The entry to record collection of trade receivables under cash basis of accounting is* debit to…
A: Following is the answer to the given question
Q: Every transaction recorded in the cash payments journal includes Credit to Cash. Debit to Accounts…
A:
Q: rue or False. All payments by cheque are recorded in the cash payments journal. Any GST/HST paid on…
A: Cash payment journal is a accounting book, which records all type of payments such as payment for…
Q: In which voucher from the accounting documents the money entering the cash of the business A)…
A: Accounting Voucher: These are used to record all account related transactions. They are of 2 types:…
Q: A characteristic that all entries recorded in a cash receipts journal have in common is Select one:…
A: Correct option is C i.e. a debit to the cash account
Q: The cash receipts journal is used to record all transactions that include a debit to the Cash…
A: A cash account is a trading account that mandates the account holder to pay for all securities…
Q: The actual cash receivec from cash sales was 914 amount indicated by the cash register total was $…
A: A journal entry is a record of a business' financial transactions that is preserved in its…
Q: A journal designated for entering only sales on account is called cash receipts journal cash…
A: A journal designated for entering cash receipt is called cash receipts journal A journal designated…
Q: Which one of the following is considered as cash? a. Post Dated Cheques. b. Certified Cheques. c.…
A: Cash and cash equivalent is the part of current assets which are reported on the balance sheet of a…
Q: elow are some typical transactions incurred by Ricketts Company. or each transaction, indicate…
A: There are 5types of journals where we record all the transactions- Cash receipts journal Cash…
Q: Indicate in the table below where each of the following transactions would be posted by ticking (V)…
A: Sales journal records all credit sales. Purchases journal records all credit purchases. Cash…
Q: A cash book is used to record
A: A cash book contains all cash receipts and payments transactions in detail, including bank deposits…
Q: The cash payments journal only has one column because all entries recorded in this journal require a…
A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…
Q: The following is the description of cash disbursements system of Two Symbols Limited:Upon receipt of…
A: Internal control: Internal control is an internal and independent assurance of objectives of an…
Q: Explain the statement: “Receipt and Payment Account is a summarisedversion of Cash Book”.
A: Receipts and payment account is a real account. It records all the cash and bank transactions made…
Q: . A cash remittance from the branch to the home office is recorded by the home office as a. Debit…
A: Cash Remittance from branch to home Office is recorded by the Home office as Journal Entry will be…
Q: When recording credit card or debit card sales using the net method, Cash received equals sales.…
A: Recording credit card and debit card salesSome business accepts the credit card or debit card…
Q: Name the four basic components of an AIS.
A: Accounting Information System (AIS) seems to be a mix of technologies and accounting principles…
Q: Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The…
A: Accounts payable forms a part of current liabilities of the business and represent the amount due to…
Q: A cash sale is recorded in the: A sales journal B purchase journal c) cash receipts journal D cash…
A: Cash book is maintained by the firms to record all the cash transactions. These may be cash sales,…
Q: When recording credit card or debit card sales using the net method, a. cash received equals sales.…
A: When a client or customer pays the payment with credit card or debit card usually a card processing…
Q: Using the following cash payments journal, identify each of the posting references, indicated by a…
A: Cash payment Journal all the expenses made and paid by cash during a particular period of time. All…
Q: Identify whether each of the following transactions, are accrual, deferral, or neither. Sold goods…
A: Sales made but payment not received is accrued revenue.
Q: 1. Prepare chart of accounts using the following CASH EQUIPMENT INVENTORY ACCOUNTS RECEIVABLE…
A: solution chart of accounts we are required to classify the given items as to whether they are…
Q: Match the terms with the definitions. A journal designed for recording only certain kinds of…
A: In accounting specific journals are used for specific purposes to make the accounting process…
Q: In which of the following transaction, bank account will be debited? O a. Purchased goods on cash O…
A: SOLUTION- Cash Deposit In To Bank is Simply Transfer the Cash From Location to Another , The Asset…
Q: Identify whether each of the following transactions, which are related to revenue recognition, are…
A: Revenue recognition principle says that revenue should be recognised in business when it is earned.…
Q: Describe and use the cash receips journal. What steps are followed in posting from the cash receipts…
A: Cash Receipts Journal: It is a special book where only cash receipts transactions that are…
Q: Every transaction recorded in the cash payments journal includes a a. credit to Cash. b. debit to…
A: In cash payments journal, transaction is to be recorded when there is a debit to cash i.e payment…
Q: Entry for Cash Sales; Cash Over The actual cash received from cash sales was $71,315, and the…
A: Journal entry: It is a set of economic events that can be measured in monetary terms. These are…
Q: Which of the following states the entries required to account for a reimbursement to the petty cash…
A: Journal is a primary book where transactions are originally recorded. Further, a journal entry is…
Q: Chen Company uses a two-column sales journal and a six-column cash receipts journal. For each of…
A: A journal entry is making and keeping of any transaction related to the business. It consist of date…
Q: The sales journal is used to record______. cash sales on account debit…
A: Sales journal is used to record all the account sales entries but it does not includes cash sales…
Q: Customer deposits (prepayments) are recorded - Select one: a. as debits to accounts receivable for…
A: Customer deposits decreases the accounts receivable.
Q: While examining cash receipts information, the accounting department determined the following…
A: Cash in hand balance should be = Opening Balance + Cash Sales during the period = 177 + 1166.57 =…
Q: The debit recorded in the journal to reimburse the petty cash fund is to Oa. Petty Cash Оb. Сash Oc.…
A: The debit recorded in the journal to reimburse the petty cash fund is to : Various accounts for…
Q: Cash payments journal Sale on account General journal Collection on account Purchases journal…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The debits and credits from two transactions are presented in the following customer account: NAME…
A: Journal Entry: Journal entry is the act of keeping records of transactions. Transactions are listed…
Q: All reconciling items are used to determine the adjusted cash balance per books require the account…
A:
Q: 26. This is used to record cash payments. A. cash disbursement journal B. cash receipts journal C.…
A: Cash received and cash disbursement journal are used to record the cash transactions. Purchase…
Step by step
Solved in 2 steps
- Using the following cash payments journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that No posting is required. CASH PAYMENTS JOURNAL Page 46 Date Ck.No. Account Debited Post.Ref. OtherAccountsDr. AccountsPayableDr. Cash Cr. 20Y1 July 3 611 Energy Systems Co. (a) 4,000 4,000 July 5 612 Utilities Expense (b) 310 310 July 10 613 Prepaid Rent (c) 3,200 3,200 July 16 614 Flowers to Go, Inc. (d) 1,250 1,250 July 19 615 Advertising Expense (e) 640 640 July 22 616 Office Equipment (f) 3,600 3,600 July 25 617 Echo Co. (g) 5,500 5,500 July 26 618 Office Supplies (h) 250 250 July 31 619 Salaries Expense (i) 1,750 1,750 July 31 9,750 10,750 20,500 (j) (k) (l) Post reference represents: a. b. c. d. e. f. g.…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.Required information Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 [The following information applies to the questions displayed below.] Fresh Foods established a petty cash fund of $350 on January 2. On January 31, the fund contained cash of $166.00 and vouchers for the following cash payments. Maintenance expense Office supplies Transportation expense $72.00 72.00 37.00 The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment.
- PA5. 7.4 Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct.1 Purchased inventory on account from Price Inc. for $2,000 Oct.1 Purchased inventory on account from Cabrera Inc. for $3,000 Oct.8 Returned half of the inventory to Price Inc. Oct.9 Purchased inventory on account from Price Inc. for $4,200Use 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 XIndicate the missing posting reference and amount in the control account, and the missing ending balance in the subsidiary ledger. GENERAL LEDGER Accounts Payable Feb. 15 General journal 1,400 Feb. 1 Balance 26,005 Feb. 28 General journal cash receipts cash paymentsSalespurchases Feb. 5 General journal 270 Feb. 11 General journal 530 Feb. 28 Purchases 13,350 Feb. 28 Balance 9,430 ACCOUNTS PAYABLE LEDGER Benton Feb. 28 Bal. 4,520 Dooley Feb. 28 Bal. 2,210 Parks Feb. 28 Bal. Indicate the amounts in the control account that were dual-posted (i.e., posted to the control account and the subsidiary accounts). Amounts in the control account (Dr.) $ (Cr.) $ (Cr.) $
- Le Univ of Mass * Cengage D: A QuickLaunch K myCourses Da: x In Federa x UMassD Logor x ucation.com Saved ework View transaction list Journal entry worksheet 10 earch 近A $144 petty cash fund has cash of $24 and receipts of $109. The journal entry to replenish the account would include a Oa. credit to Petty Cash for $109. Ob. credit to Cash for $144. Oc. debit to Cash for $24. Od. debit to Cash Short and Over for $11. Previous NextEnrichment Activity 8-2. Preparation of Deposit Slip ( After the collections and sales for March 25, 2020, Rosemarie B. Luzvimin is to prepare her deposit slip for the following collections: P1,000 bill 3 pcs. P20 bill 13 pcs. 500 bill 6 pcs. 10.00 coin 3 рcs. 200 bill 1 pcs. 9 pcs. 5.00 coin 100 bill 8 pcs. 1.00 coin 3 pcs. 50 bill 14 pcs. .25 coin 2 pcs. Checks to be deposited: BDO Check Tanauan Branch Check No. 14578 amounting to P5,500 BPI Check Malvar Branch Check No. 454532 amounting to P9,000 Landbank Tanauan Bracnh Check No. 789923 amounting to P12,250 Requirement: Prepare the deposit slip/s for all the collections using the account name of the owner with her account number of 0070425184882. (Remove the first numbers if the spaces for account number is not enough)
- * CengageNOWV2 | Online teachin x om/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false S eBook Show Me How Petty Cash Fund Prepare journal entries for each of the following: a. Issued a check to establish petty cash fund of $500. If an amount box does not require an entry, leave it blank. 88 b. The amount of cash in the petty cash fund is $85. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $360 and miscellaneous selling expense, $40. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank. Previous Next Check My Work Email Instructor Save and Exit Submit Assignment for Grading 96 5. y.Print Item From the data below for Wong Company, prepare the closing entries for the year ended December 31. Cash dividends $47,000 Sales 982,600 Sales returns and allowances 3,960 Interest revenue 10,521 Factory overhead (debit) 210,620 Factory overhead (credit) 210,620 Cost of goods sold 726,820 Wages expense 130,745 Supplies expense 9,900 Depreciation expense-office equipment 6,900 Utilities expense 5,840 Bad debt expense 1,680 Advertising expense 11,120 Interest expense 9,860 Income tax expense 32,050 If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDITProbiem 9.4A (Static) Preparing a pank reconciliation statement ana journaiizing entries to aajust the cash balance. LO 9-5, 9-6 On August 31, 20X1, the balance in the checkbook and the Cash account of the Sonoma Creek Bed and Breakfast was $13,031. The balance shown on the bank statement on the same date was $13,997. Notes a. The firm's records indicate that a $1,600 deposit dated August 30 and a $601 deposit dated August 31 do not appear on the bank statement. b. A service charge of $28 and a debit memorandum of $230 covering an NSF check have not yet been entered in the firm's records. (The check was issued by Andy Stein, a credit customer.) c. The following checks were issued but have not yet been paid by the bank: $120 $130 $250 $577 $ 78 $120 Check 712, Check 713, Check 716, Check 736, Check 739, Check 741, d. A credit memorandum shows that the bank collected a $2,095 note receivable and interest of $55 for the firm. These amounts have not yet been entered in the firm's records.…