For small business, where sales size is small then all transactions can be recorded in a
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A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
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A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…
Q: -Which of the following will be not be called as Source Document of a Business?
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A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
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- 20 - Which of the following should be done to close the sales discount account ? a) It is closed by transferring to the operating expenses group. B) It is closed by transferring to Marketing, Sales and Distribution Expenses. NS) It is closed in the period-end closing posting. D) It is closed by transferring to the debit of the Period Profit or Loss Account. TO) It is closed with the help of mirroring accounts.Select all that apply A partial Sales Journal for ABC Co. is shown below. Show how to post these transactions into the general ledger by selecting the correct actions below. (Check all that apply.) Account Debited PR Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. Sparky's 1000 300 Q-Mart 3,500 800 Totals $4,500 $1,100 Multiple select question. A $4,500 credit is posted to the Sales account in the general ledger. An $1,100 debit is posted to the Cost of Goods Sold account in the general ledger. The account number of the Sales account is entered below the Accounts Receivable Dr./Sales Cr. column. A $1,000 debit is posted to the Accounts Receivable account in the general ledger on Mar. 4. An "S" is posted in the PR columns of the general ledger after posting is completed. A check mark is posted in the PR columns of the general ledger after posting is completed.Answer true or false for each question. Bold or highlight the correct answer.Question 1The goal of accounts receivable management is to maximize the business's credit sales. True FalseQuestion 2Accounts Receivable Insurance offered by Export Development Canada is a guarantee against non-payment by local customers. True FalseQuestion 3The goal of inventory management is to minimize ordering costs per period. True FalseQuestion 4The more predictable the demand, the lower the safety stock should be. True FalseQuestion 5The more certain the delivery times, the lower the safety stock should be. True False Question 6The optimal order size is inversely related to the unit holding cost and the order fee. True FalseQuestion 7Paying accounts payable increases net working capital. True FalseQuestion 8Short-term bank loans are a great way to finance the purchase of long-term capital assets. True FalseQuestion 9Market Added Value (VAM) can never be negative. True FalseQuestion…
- Identify the type of business as service (S), retail merchandiser (RM), or wholesale merchandiser(WM) for each of the following.1. The company reports no inventory on its balance sheet.2. The company is a true “middleman,” buying from a manufacturer and selling to othercompanies.3. The company sells goods to consumers.1. The entry to record the granting of credit to a customer for a sales return is posted to Group of answer choices accounts receivable subsidiary ledger only. the general ledger only. both the accounts receivable subsidiary ledger and the general ledger. both the accounts payable subsidiary ledger and the general ledger. 2. Under Real Time Processing model, no time lag exists and operational delays are not an issue. Despite of these benefits, which of the following is considered an issue for small companies for real time processing Group of answer choices More resources required Fewer resources are required Processing takes place when the economic event occurs Certain records are processed after the event 3. Which of the following is an incorrect statement Group of answer choices In creating segregation of duties, a company must consider the cost-benefit analysis The goods that the shipping department will receive must have a packing slip attached to it Ideally, recording and…How should the following sales transaction be recorded in the sales journal by a business that uses a perpetual inventory system? Made a sale in cash (Invoice#1210)toA. Sander for$800(cost$620) Select one: a. Account: A. Sander; Invoice \#: 1210; Accounts Receivable/Sales: \$800 DR/CR; COGS/Merchandise Inventory: \$620 DR/CR b. The sales journal is not impacted all. c. Account: A. Sander; Invoice \#: 1210; Sales:$800DR; Merchandise Inventory:$800DR d. Account: A. Sander; invoice \#: 1210; Accounts Receivable/Sales:$800DR/CR;COGS/Merchandise inventory:$800DR/CR
- The following two diagrams represent different inventory and cash payment policies. Please use whatever real-life business you believe is suitable to explain the differences between the two types of business models. Make sure you elaborate on each of the four cardinalities below. a. photo attached b. photo attached13-Which of the following will be not be called as Source Document of a Business? a. List of suppliers are kept under Purchase ledger by the business b. Debit note raised by the business c. Sales invoice issued by the business d. Purchase invoice received by the businessJOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.
- Saimdang Co. has the following business rules.1. Customers place many orders during the period2. Each sales order consists of one or more line items of inventory3. Customers are billed twice a month for the purchases that they made during the period4. Customers make payments once a month to settle their accountsRequired: Prepare an entity-relationship diagram (must include entities and cardinalities) for eachbusiness ruleBusiness incurred travelling cost of OMR 50. Which of the following specialized journals will record this transaction? a. Purchase journal b. Cash receipt journal c. Sales journal d. Cash payment journalPlease answer the following 3 questions: 1) Identify the likely advantage of extending credit to customers. A) Fewer expenses. B) Reduced amounts owed to creditors C) Lower accounts receivablAe D) Increased sales. 2) A company sold inventory for $1,200 that was purchased for $700. The company records which of the following when it sells the inventory using a perpetual inventory system? A) Debit Cost of Goods Sold $700; credit Inventory $700. B) Debit Cost of Goods Sold $1,200; credit Inventory $1,200. C) No entry is required for cost of goods sold and inventory. D) Debit Inventory $700; credit Cost of Goods Sold $700. 3) Identify the likely advantage of extending credit to customers. A) Fewer expenses. B) Reduced amounts owed to creditors. C) Lower accounts receivable. D) Increased sales.
