A cash discount on purchases should be debited to ______________ Select one: A. a revenue account B. a creditor account C. a debtor account D. an expense account

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: The credit terms of a sale are normally indicated on a(n): a.check. b.invoice. c.bill of lading.…

A: Credit terms are terms that indicate when payment is due for sales and discount offered.

Q: An account that is classified as a contra-revenue: O a. may include sales discounts and credit card…

A: Solution: A contra revenue account is reverse of revenue account i.e. contra revenue accounts is…

Q: When a product is sold on credit, which account should be debited for the seller? A.cash…

A: Sale of a product means to sell the goods in stock to the customer. It can be sold either on cash or…

Q: -What is the journal entry for recording credit sales? a. Sales Dr. and Accounts Receivable Cr b.…

A: Journal entry is an important and attentive process of accounting cycle through the help of journal…

Q: Journal entries commonly processed as part of the purchases and cash disbursements can include:   A…

A: Purchases of the business includes goods and services purchased for the business. It can be on cash…

Q: Multiple Choice Questions Which of the following items decreases the balance in the accounts…

A: Accounts receivable: It can be defined as an asset on the company’s balance sheet that reflects the…

Q: Distinguish between cash discounts and trade discounts for purchases. Is the amount of a trade…

A: Discounts are given to attract customers and increase sales revenue. Discounts can be given as cash…

Q: Debit is the normal balance of O loans payable O capital O prepaid rent O unearned revenue The…

A: Solution: Debit is the normal balance of "prepaid rent". Hence third option is correct.

Q: Identify the correct journal entry when cash is received from customers - periodic inventory system…

A:

Q: Fiona sporty uses to purchases journal a cash payment journal ,a sale journal and a general journal…

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

Q: Rent A/c Debit; Cash A/c Credit. For this Journal, which item will appear on the Credit side of Cash…

A: Ledgers are used for classifying the recorded general journal entries into separate account like…

Q: The Purchases account in a general ledger: O a. is an asset account. O b. appears on the income…

A: Account: It can be defined as a record in the general ledger that is used by the business to sort…

Q: Sales on account Cash purchases Credit purchases Expenses paid

A: In cash basis of accounting, only cash inflows and outflows are recorded. In accrual basis of…

Q: he purchase of supplies with cash would be recorded as a. Debit Cash; Credit Supplies Expense. b.…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: 1. Which of the following accounts are used when recording the sales entry of a sale on credit?e A.…

A: Sales is a revenue account and all revenues increase when credited.  Accounts receivable is an Asset…

Q: Complete the following table by indicating for (a) through (g) whether the proper answer is debit or…

A:

Q: The purchase journal is____. Select one: A. all of the above B. used to record all purchases C.…

A: Correct option is C i.e. used only to record credit purchases

Q: Draw T account of purchases,sales,Mr D ,Mr E, Return inwards, Return outwards,Mr Z and Bank

A: A T-account is an term refers to a set of financial records which uses double entry of book…

Q: which two accounts are used to recognize shipping charges for a buyer assuming the buyer purchases…

A: Shipping cost depends upon the terms of the contract. Generally, there are two types of conditions.…

Q: Which account will be debited to record the purchase of merchandise on credit under periodic…

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

Q: _The account used to record cash discounts availed of on purchased goods.

A: Solution: Under periodic inventory system purchase discount is used to record cash discounts availed…

Q: A purchases journal is used to record: O a. purchases of merchandise on account for resale. O b.…

A: Journal: It is often defined as a primary accounting book that is used by the business to record all…

Q: Make a cash receipts journal using the following transactions and also include the total debits and…

A: A cash receipts journal is a special type of accounting journal which records all the transactions…

Q: Enter the letter for each term in the blank space beside the definition that it most closely…

A: Sales discount : The discount given by the seller of goods and services to the buyer for promoting…

Q: Statement 1: Under accrual basis, net sales is computed as the difference between sales returns and…

A: The two methods of recognizing revenues and expenses are accrual basis accounting and cash basis…

Q: romissory notes can be used in which of the following cases? a. Lending money b. All the given…

A: Explanation: Promissory note: A promissory note is a legal financial instrument that has a written…

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: 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: The classification and normal balance of the sales discount account would be A. expense and debit B.…

A: The seller for increasing their sales uses the sales discount method and for recovering early…

Q: A discount granted to a customer for paying his account promptly O a. Cash Discount O b. Trade…

A: Discount price is the price offered to the buyer after deducting discount amount from the selling…

Q: Goods purchased on cash are recorded in the :(i) Purchases (journal) book(ii) Sales (journal)…

A: Option 3 cash book is the answer.

Q: Which of the following account will be least likely involved in the purchasing sub-process of the…

A: The purchasing sub-process of the purchasing and disbursement cycle starts with authorization of…

Q: Identify the correct journal entry when cash is received from customers - periodic inventory system…

A: Customers are accounts receivables which are decreased and cash is increased.

Q: Match each phrase with its definition. 1. Seller's description of a cash discount granted to buyers…

A:

Q: Transactions involved in the purchases and cash disbursements cycle include: A Debit inventory,…

A: Purchases and disbursements cycle is one of the important cycle used in accounting information…

Q: 1. A special journal contains columns for Cash, Purchases Discounts and Accounts Payable. This…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: ich of the following account will be least likely involved in the purchasing sub-process of the…

A: Solution: Purchasing and disbursement cycle is the cycle in which purchasing needs of a business are…

Q: The journal entry to record the sale of services on credit should include: a debit to Cash and a…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

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.