Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…
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Textbook Question
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Chapter 7, Problem 13MC

Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction?

A. sales journal

B. purchases journal

C. cash receipts journal

D. cash disbursements journal

E. general journal

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The sales journal is used to record______.      cash      sales on account      debit transactions      credit cards
Calculator Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry is required in the company's accounts? Oa. debit Cash; credit Other Income Ob. debit Accounts Receivable; credit Cash Oc. debit Other Income; credit Cash Od. debit Cash: credit Accounts Receivable 231 PM 8.
is the answer to this question correct If you received a check from Mr. Jones for $500 for work you performed last week, which journal would you use to record receipt of the amount they owed you? What would be recorded? This transaction will be recorded in the Cash Receipts Journal. The receipt of cash from the sale of goods, as payment on accounts receivable or from other transactions, is recorded in a cash receipts journal with a debit to cash and a credit to the source of the cash, whether that is from sales revenue, payment on an account receivable, or some other account. Chapter 7 Accounting Information Systems out of Principles of Accounting, Volume 1.   CASH RECEIPTS JOURNAL Date Account Cash DR Accounts Receivable CR 2022 Mar.13 Mr. Jones $ 500 $ 500

Chapter 7 Solutions

Principles of Accounting Volume 1

Ch. 7 - So far, computer systems cannot yet ________. A....Ch. 7 - Any device used to provide the results of...Ch. 7 - Source documents ________. A. are input devices B....Ch. 7 - All of the following can provide source data...Ch. 7 - A document that asks you to return an identifying...Ch. 7 - Which of the following is false about accounting...Ch. 7 - An unhappy customer just returned $50 of the items...Ch. 7 - A customer just charged $150 of merchandise on the...Ch. 7 - A customer just charged $150 of merchandise using...Ch. 7 - The company just took a physical count of...
Ch. 7 - Your company paid rent of $1,000 for the month...Ch. 7 - On January 1, Incredible Infants sold goods to...Ch. 7 - Received a check for $72 from a customer, Mr....Ch. 7 - You returned damaged goods you had previously...Ch. 7 - Sold goods for $650 cash. Which journal would the...Ch. 7 - Sandren Co. purchased inventory on credit from...Ch. 7 - Sold goods for $650, credit terms net 30 days....Ch. 7 - You returned damaged goods to C.C. Rogers Inc. and...Ch. 7 - The sum of all the accounts in the accounts...Ch. 7 - AB Inc. purchased inventory on account from YZ...Ch. 7 - You just posted a debit to ABC Co. in the accounts...Ch. 7 - You just posted a credit to Stars Inc. in the...Ch. 7 - You just posted a debit to Cash in the general...Ch. 7 - You just posted a credit to Accounts Receivable....Ch. 7 - You just posted a credit to Sales and a debit to...Ch. 7 - An enterprise resource planning (ERP) system...Ch. 7 - Which of the following is not a way to prevent...Ch. 7 - Big data is mined ________. A. to find business...Ch. 7 - Artificial intelligence refers to ________. A....Ch. 7 - Blockchain is a technology that ________. A. is in...Ch. 7 - Which of the following is not true about...Ch. 7 - Why does a student need to understand how to use a...Ch. 7 - Provide an example of how paper-based accounting...Ch. 7 - Why are scanners better than keyboards?Ch. 7 - Why are there so many different accounting...Ch. 7 - Which area of accounting needs a computerized...Ch. 7 - The American Institute of Certified Public...Ch. 7 - Which special journals also require an entry to a...Ch. 7 - What is a schedule of accounts receivable?Ch. 7 - How often do we post the cash column in the cash...Ch. 7 - The schedule of accounts payable should equal...Ch. 7 - Which amounts do we post daily and which do we...Ch. 7 - Why are special journals used?Ch. 7 - Name the four main special journals.Ch. 7 - A journal entry that requires a debit to Accounts...Ch. 7 - The purchase of equipment for cash would be...Ch. 7 - Can a sales journal be used to record sales on...Ch. 7 - When should entries from the sales journal be...Ch. 7 - We record a sale on account that involves sales...Ch. 7 - We record purchases of inventory for cash in which...Ch. 7 - Should the purchases journal have a column that is...Ch. 7 - Forensic means suitable for use in a court of law....Ch. 7 - For each of the following, indicate if the...Ch. 7 - All of the following information pertains to...Ch. 7 - Match the special journal you would use to record...Ch. 7 - For each of the transactions, state which special...Ch. 7 - Catherines Cookies has a beginning balance in the...Ch. 7 - Record the following transactions in the sales...Ch. 7 - Record the following transactions in the cash...Ch. 7 - Maddie Inc. has the following transactions for its...Ch. 7 - For each of the following, indicate if the...Ch. 7 - The following information pertains to Crossroads...Ch. 7 - Match the special journal you would use to record...Ch. 7 - For each of the following transactions, state...Ch. 7 - Catherines Cookies has a beginning balance in the...Ch. 7 - Record the following transactions in the purchases...Ch. 7 - Record the following transactions in the cash...Ch. 7 - Piedmont Inc. has the following transactions for...Ch. 7 - On June 30, Oscar Inc.s bookkeeper is preparing to...Ch. 7 - Evie Inc. has the following transactions during...Ch. 7 - Use the journals and ledgers that follow. Total...Ch. 7 - Brown Inc. records purchases in a purchases...Ch. 7 - On June 30, Isner Inc.s bookkeeper is preparing to...Ch. 7 - Use the journals and ledgers that follows. Total...Ch. 7 - Why must the Accounts Receivable account in the...Ch. 7 - Why would a company use a subsidiary ledger for...Ch. 7 - If a customer owed your company $100 on the first...

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