Drawing, explain how a purchase transaction on account impacts the buyer and the seller and also state how each records the transaction in its books: . a. The Buyer: b. The seller:

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: A. What document is used to create the Purchase Order in the Expenditure Cycle and wheredoes it come…

A: Answer a: The purchase requisition document is used to create the Purchase Order. It comes from the…

Q: On a journal entry with a debit to Cost of Goods Sold you would expect a credit to…

A: In the Double Entry System, its must that Every Debit will have the Credit and its also necessary…

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: 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: A form used to request the responsible person or department to purchase merchandise or other…

A: Person responsible to make purchase would require the details to the purchases required to be made.

Q: Seller is notified of goods returned by the buyer when he receives a

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

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

A: Purchasing process refers to the process of procurement of goods or inventory. It starts with the…

Q: The Ledger related to expenses is entered in which one of the ledger? Sales Ledger Purchase return…

A: Expenses are not recorded in a specific ledger.

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

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

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: Entries in the purchases journal are posted to the a. general ledger only. b. accounts payable…

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

Q: What document signals that a company should record thepurchase of goods on account?a. Purchase…

A:

Q: Required Prepare the SALES JOURNAL Prepare the PURCHASES JOURNAL

A: A journal is a record that records every one of the monetary exchanges of a business, to be utilized…

Q: 1. How would this transaction be journalized by the seller? Identify the accounts, the amounts and…

A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…

Q: Describe the Issues Pertaining to the Retail Method.

A: Retail inventory method is used to calculate the value of ending inventory by comparing the retail…

Q: hich of the following accounts is a contra account?   Select one: a. Drawing b. Transportation In c.…

A: Solution: A contra account is related to a main account and used in a general ledger to reduce the…

Q: Using the following invoice answer the following questions. 1. How would this transaction be…

A: Since you have asked multiple questions under a single question but as per our protocol we provide…

Q: the entry to record the purchase of supplies on account includes a credit to what?

A: Journal entries are prepared to record the financial and non-financial transactions of the business.

Q: a. calculate the purchase consideration b. calculate the goodwill or bargain purchase for this…

A: When one company takes over another and establishes itself as the new owner, the purchase is called…

Q: What journal entry is required to record goods taken from inventory by the owner of a business for…

A: We have the following question: What journal entry is required to record goods taken from inventory…

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: 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: When a cxompany extends credit directly to a customer for a purchase, the sale is recorded as a…

A: Sales can be in cash or credit. Cash sales amount is received immediately and credit sales amount is…

Q: Describe and use the purchases jornal. 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: If merchandise purchased on account is returned, the buyer can inform the seller of the details by…

A: An invoice refers to a bill that is issued by a seller to the buyer. It specifies details related to…

Q: A bill or a statement issued by the seller to the buyer giving details of goods sold. a. chart of…

A: The seller issues a bill containing all the details about the sales to the buyer.

Q: When a customer returns merchandise previously purchased on credit, the entry for the seller to…

A: Journal entry:- Customer Ac Dr to Sales A/C

Q: Summarize on what you understand from the purchase cycle system

A: Purchase Cycle System- Purchasing Cycle system refers to as system of buying product and service.

Q: f merchandise sold on account is returned to the seller, the seller may inform the customer of the…

A: Answer -  Correct Answer is - Credit memorandum, Because, A credit note or credit memorandum is a…

Q: If merchandise sold on account is returned to the seller the seller may inform the customer of the…

A: Concept introduction:   An organization can be manufacturing, servicing of merchandising type. For a…

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

A: The Answer:

Q: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…

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: Which of the following items would be recorded in the purchases journal? A. supplies purchased on…

A: Purchase journal is the journal specifically to record purchase transactions. It shows all the…

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: When goods are received, the receiving clerk should match the good with_____?          A. The…

A: Under generally accepted accounting principles, Double entry accounting system has to be followed…

Q: how to bill customer using accrual-basis accounting

A: in Accruals accounting of income or revenue they are billed when goods or services are given but…

Q: A furniture store debits purchases for a purchase of a

A: In any business, Purchases Account is debited for the purchases of those goods that are meant to be…

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…

Q: Which of the following documents associated with the purchases and cash disbursements cycle is most…

A: Answer:-  Journal entry meaning:- A journal entry is the act of recording or keeping track of any…

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.