18-Which of the following is an example of Source document? a. Sales Ledger b. Invoice c. Assets Ledger d. Purchase ledger

Q: 16. A source document prepared by the seller that lists the the a. sales invoice. b. purchase…

A: solution note Dear student as per the Q&A guideline we are required to answer the first question…

Q: A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is…

A: Subsidiary ledger refers to the ledger that provides the detailed information of the account already…

Q: A. Pass Journal Entries B. Prepare Ledger Accounts

A: Journal entry is the entry which is recorded at the time of transaction and is recorded on the…

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: Which of the following is not a special journal? a. Sales journal b. General journal c. Cash…

A: Special journals: Special journal are journals which records transactions that occur frequently such…

Q: Assignment: Draw the T account of Purchases, Sales, Mr. D, Mr. E, Return inwards, Return outwards,…

A: Ledger is collection of all the accounts in an accounting system. When every journal is posted to…

Q: If a company purchases inventory on account, what type of accounts are affected? (i.e., assets.…

A: Inventory :- It is raw materials , work in progress , finished goods, which is used to produce…

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

A: On any purchase if freight charges paid it is called freight in charges and it is part of cost of…

Q: Distinguish between sales book and sales account.

A: Sales book: Sales book is one of the subsidiary book of accounting in which all the transactions…

Q: Differentiate the following terms. a. Bookkeeping and financial accounting.

A: a) The terms 'Bookkeeping and accounting both are part of the accounting system which starts with…

Q: The subsidiary ledger that includes customer account activity is called the a. asset ledger b.…

A: Under subsidiary ledger, all activities related to customer is recorded.

Q: how to make  accounting eqution grid?

A: Accounting equation says that total assets should always be equals to total liabilities and…

Q: Define each of the following terms:e. Purchase accounting

A: Purchase accounting: Purchase accounting is the process of reviewing the liabilities and assets of a…

Q: 4. Which of the following accounts are used when recording a purchase?

A: 1. If Cash purchase: If the purchase is made out of cash, both cash and inventory accounts are used…

Q: Business documents used to keep track of sales and purchases are called _____.   F.O.B. shipping…

A: The invoice is prepared by seller and buyer at the time of sale and purchase.

Q: line items of the ledger

A: Option B is wrong because adjusting entries are not the only items in ledger. Option C is wrong…

Q: Question 17 The accounts payable subsidiary ledger is proved when the total of the vendors' account…

A: An accounts payable subsidiary ledger is an accounting ledger that shows the transactions history…

Q: Sales revenue should be recognized when: a. sales are invoiced. b. payment is received from the…

A: The total amount of income created by the sale of goods or services is referred to as Sales revenue.…

Q: 8 -: Which of the following is the ledger that fulfills the classification function of accounting?…

A: Accounting is a process of identifying, recording, classifying and summarising accounting…

Q: 16 - Which of the following is the account used in records related to Export? A) Machines account…

A: Export is a kind of business activity that arises when a company sells its products or services…

Q: Which accounting concept requires that any goods taken from inventory by the owner are treated as…

A: The business entity concept states that the company must separate transactions of the business from…

Q: A. B. C. Prepare the Sales Ledger Control Account. Prepare the Purchases Ledger Control Account.…

A:

Q: indicate in which journal the following transactions are most likely to be recorded. 1. purchased…

A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…

Q: Th e collection of all business transactions sorted by account in an accounting system is referred…

A: A general ledger alludes to the record-keeping framework of debit and credit accounts checked by a…

Q: Individual customer accounts are kept in a ledger O purchase ledger O sales ledger O general ledger…

A: Solution: Individual customer accounts are kept in a ledger called a "Subsidiary ledger".

Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…

A: Terms that determine the responsibility of bearing of shipping cost are shipping terms.

Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…

A: When a Business transaction is executed, it is subjected to certain terms and conditions that govern…

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: 6. An example of a contra-revenue account found on the Income Statement is the M O A. Sales Returns…

A: A revenue account that is anticipated to have a debit balance is referred to as a contra revenue…

Q: Question 14 A subsidiary ledger that contains only vendor accounts is a/an: Accounts payable ledger.…

A: This question deals with the a subsidiary ledger that contains only vendor account. Subsidiary…

Q: Which of the following journals is called an all-purpose journal? Please explain with full…

A: There are two journals. One is general journal and another is special journal.

Q: Identify in what ledger (general or subsidiary or both) each of the following accounts is shown.…

A: The accounts whose detailes can be provided in subparts are shown in subsidiary ledgers whereas all…

Q: he entry to record the sale of goods on account uses a perpetual system and comprises a

A: Here is the Answer:

Q: Post to a ledger using the T-acvount format. B.Journalize the above transaction

A: Journal entries and Ledgers are basics of accounting

Q: The outputs of a computerized accounting information system are called a. reports. b. software. c.…

A: Computerized accounting includes using the computers and accounting software for recording, storing…

Q: A1  which of the following actions update/ record is: a master file, transactions file, special…

A: Companies generally post to: the subsidiary accounts on a daily basis if the transaction is related…

Q: V Differentiate General Ledger from a Subsidiary Ledger Differentiate General Journal from a General…

A: Accounting system involves many types of books which are prepared to record the financial…

Q: 4. Indicate which department -accounts payable, cash disbursements, data processing, purchasing,…

A: Purchase requisition is prepared and sent to the prepare purchase order function to initiate the…

Q: For each of the following items, identify whether the item is considered current or noncurrent,…

A: All of a company's assets that are expected to be sold, consumed, utilized, or expended within one…

Q: Use the journals and ledgers that follow. Total the journals. Post the transactions to the…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS      Subsidiary Ledgers…

Q: By using FIFO method: Post Journal entries for Sales and CGS?

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The Vendor Ledgers report displays the

A:

Q: An accounting clerk would take first which of the following steps? A. Post individual amounts to the…

A: Option B is correct.

Q: A company indicates the condition of goods obtained onwhich of the following documents?a. Purchase…

A: Answer:   Option c.