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- For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loanFor each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance billEntity a send an employee to an official travel and gives him cash to cover his travelling expenses. Which of the following is most likely the entry to record the cash disbursement? a. Traveling Expenses Advances to Officers and Employees b. Traveling Expenses Cash- Modified Disbursement System (MDS), Regular c. Advances to Officers and Employees Cash- Modified Disbursement System (MDS), Regular d. Advances to Officers and Employees Cash On Hand
- Identify which one of the following is a document issued by an individual to his or her bank, directing them to pay the person whose name is mentioned in the document the sum specified in it? a. Cheque b. Demand draft c. Bill of exchange d. Credit cardWhich of the following statements is TRUE? a. a customer's postdated check (dated December 28) was received by the company on November shall be recorded as cash item as of the month ended November 30 b. when a customer's postdated check (dated December 28) was received by the company on November, no adjusting entry shall be necessary when reporting for the month then ended November 30 c. a customer's postdated check (dated December 28) was received by the company on November can be included as a cash item as of the year ended December 31 d. a customer's postdated check (dated December 28 was received by the company on November shall not recorded included as cash item for the year ended December 31Is this true or false? When recording a cash transaction from a client for a service that will be supplied in a future period, a debit is made to an unearned revenue account.
- From a company’s point of view, which of the following statements best describes an “outstanding cheque”? a cheque written by the company but not yet presented to the bank for payment a cheque written by a customer to the company that has been presented to the bank for payment a cheque written by the company and presented to the bank for payment a cheque written by a customer to the company but not yet been presented to the bank for paymentIdentify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. a. sold goods to customers on credit b. collected cash from customer accounts c. sold goods to customers for cash d. collected cash in advance for goods to be delivered laterA written order for a bank or other financialinstitution to pay a stated dollar amountto a specified business or person is called aa. check.b. deposit slip.c. notes receivable.d. receipt.e. debit memorandum
- True Or False? The entry to record a cash receipt from a customer when the service is to be provided in a future period involves a debit to an unearned revenue account.Which of the following accounts is not a permanent account? Select one: a. Utilities Expense b. Cash in Bank c. Accounts Payable d. Retained EarningsThe accountant for Tom's Tax Preparation, Inc. recorded a transaction by debiting Accounts Payable and crediting Cash. Which of the following transactions did the account record? Group of answer choices A. The purchase of supplies on account. B. Payment to suppliers for goods originally purchased on account. C. Receiving cash from suppliers. D. Receipt of payment for services originally provided to customers on account.