Describe and put the sales notebook to use. What procedures are involved in submitting sales journal entries to the accounts receivable ledger?

Q: returns some merchandise that had been purchased on account (accounts receivable), NetSolutions will…

A: when ever the goods are sold and purchased different type of document that are issued by the buyer…

Q: QuickBooks: For a purchase and the subsequent payment for the purchase, indicate which business…

A: QuickBooks: The QuickBooks is accounting software, which helps the small businesses to manage their…

Q: What is the posting procedure for the sales journal?

A: Sales journal is used to record the entries related to only credit sales includes goods and services…

Q: In a manual system, after which event in the sales process should the customer be billed?

A: Sales Process: Sales Process can be defined as trade of goods and services provided by the trader of…

Q: In the expanded purchases journal, debits are made in which columns? choices:  Accounts Payable,…

A: Answer : Merchandise inventory ,office supplies ,and store supplies.

Q: Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal,…

A: Special Journals are used by the accountants to record the journal entries into the specific…

Q: In Quickbooks, for a purchase on account and the subsequent payment for the purchase, which business…

A: To require: In Quickbooks, for a purchase on account and the subsequent payment for the purchase,…

Q: Please tell us about Purchases Discounts and Purchases Returns and Allowances.  Please indicate the…

A: Purchase discount refers to a form of deduction or declined approved by the seller when the buyer of…

Q: Sales ledger control Account is known to have a debit balance. Explain, using numerical example why…

A: The purpose of a control account is to double check the total balances that are posted in the…

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: Why do companies use sequential prenumbering for documents such as checks, sales invoices, and…

A: Pre numbered documents are a main feature of an internal control system. The pre numbering of…

Q: What is the name of the document used for recording credit sales

A: Credit sales means when goods and services are being sold to customers on credit basis and customers…

Q: Proving the postings of a one-column purchases journal would involve comparing the…

A: General Ledger: A general ledger is a bookkeeping ledger of the company that is a central repository…

Q: What are the normal balances of the various sales-related accounts?

A:

Q: Prepare a trial balance for the selected general ledger accounts and prove the accuracy of…

A: Trial Balance -:A trial balance is a simple schedule of all the common ledger accounts (both income…

Q: Demonstrate, using practical example how to prepare accounts from the Sales day book and Sales…

A: The sales day book is a manually-maintained ledger in which is recorded the key detailed information…

Q: From the following list, identify those that are likely to serve as source documents.  Trial…

A: A source document refers to the original document that includes all the information of the business…

Q: The obligatory books that should be maintained by merchants are the following except for: * Credit…

A: Bookkeeping can be defined as the recording of monetary transactions on a regular basis. It consists…

Q: Who is responsible for releasing an order? Describe what happens to the inventory records andto PAC…

A: The person responsible for releasing an order is the material planner.

Q: purchases and disbursements cycle usually begins when a. a user department request for acquisition…

A: Solution: The purchase and disbursement cycle is the cycle in which the purchase needs of a business…

Q: According to the Revenue Cycle Flowcharting Process, the "Pure Credit Sales" portion of the credit…

A:

Q: Describe and use the sales journal. What steps are followed in posting from the sales journal to the…

A: Sales Journal: A journal is a book of original entry where all journal entries are recorded on the…

Q: Compare and contrast a manual accounting system for processing customer transactions. Include an…

A: A manual accounting system is a bookkeeping system for recording business activity transactions,…

Q: An automobile parts retailer purchases merchandise inventory for cash. When using a manual…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Credits to customer accounts and credits to Other Accounts are individually posted from a cash…

A:

Q: Explain how to journalize sales transactions.

A: Journal Entry:   It is a systematic record of a financial transaction of an organization recorded in…

Q: As orders are received from customers, a personnel in the sales department prepares a sales order…

A: What area in the transaction cycle is deemed a control weakness instead of strength? a. The approval…

Q: Record the following purchase transactions of Money Office Supplies.

A: Journal:   Journal is the book of original entry. Journal consists of the day today financial…

Q: Describe and use the purchase journal. What steps are followed in posting from the purchases journal…

A: Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single…

Q: Where do you find inventory, sales, and cost of sales accounts on the financial statements?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: what is procedure to posting account receivable ledger and inventory system . Explain with entry

A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.…

Q: The purchases and disbursements cycle usually begins when Group of answer choices A user department…

A: A disbursement seems to be the transfer of funds from one account to another, whether for a purchase…

Q: ledger

A: A   COGS A/c    Dr        To Purchase A/c     B    A general ledger is an accounting record book in…

Q: What general ledger journal entries does the purchases system trigger? From which departments do…

A: Purchasing System: The identification and procurement of the inventory needs for the organization is…

Q: You are working as an Accounts Receivable Officer in Super Mart Store. Your Store manager asked you…

A: Data flow Diagram of the transaction as below…

Q: Each time an entry is recorded in the purchases journal, the credit would be entered in the accounts…

A: Introduction:- The act of recording or keeping track of any financial or non-financial action is…

Q: Identify which department has stewardship over the following journals, ledgers, and files. a.…

A:

Q: sources of input data may include all of the following business documents except : a- sales invoice…

A: Source document refers to the document of original record, that is recorded when it is collected for…

Q: Describe the data flow in the buying process that begins when the purchasing organization sends a…

A: The Answer:

Q: Briefly explain the difference between a sales receipt and an invoice in QuickBooks

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: what steps are followed in posting from the purchases journal to the accounts payable ledger?

A: Purchase journal indicates the account corresponding to the orders or purchase initiated or made on…

Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…

A: A data flow diagram is a flow of data that analyzes the beginning criteria and end results of a…

Q: Journalizing Sales Transactions

A: Journal entries is given bellow,

Q: If a customer pays with a credit card and the service has been provided, which of the following…

A: Credit card is like a physical card which are used as a postpaid, in which customer or card holder…