From the following list, identify which items are considered original sources: prepaid insurance bank statement sales ticket general journal trial balance balance sheet telephone bill invoice from supplier company sales account income statement

Q: Which of the following situations may give rise to unearned revenue? Select one: a. Providing trade…

A: The Unearned revenue is the revenue not earned yet but has been received in cash for future service.…

Q: The following procedures are used by Complete Wholesale Incorporated.a. All sales are made on…

A: a. Strength: the company is following correct procedure. b. Weakness: the receptionist is not…

Q: Which of the following will be the Correct source document assuming that your business received…

A: The various documents are prepared to be provided to customer or received from supplier.

Q: Which of the following transaction will be correct in regards to Source document of a Business? O a.…

A: Source documents are sort of documents that are part of accounting and are created when any monetary…

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: For each of the following statements, fill in the blanks with the correct account names. A retailer…

A: Retailer is the person who deals in purchase and sale of merchandise. At the time of credit…

Q: Business incurred travelling cost of OMR 50. Which of the following specialized journals will record…

A: The answer is option (d.) [ cash payment journal] Refer step 2 for explanation

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

A: Customer record: It is the record of customers of company which contains details like name, address,…

Q: Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: In order to record specific high volume transactions, five special journals are used. They are  1.…

Q: Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the…

A:

Q: Match the following types of journal transactions with the journal in which they would be entered.…

A: Journal: Recording of a business transactions in a chronological order.

Q: Accounts Payable and Cash Disbursement Lissa describes as follows of how she handles the cash…

A: Internal control refers to the rules and procedures implemented in the company so as to ensure that…

Q: The controlling account in the general ledger that summarizes the individual accounts with creditors…

A: A chart of accounts is a in every accounting system which shows all available accounts that can be…

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source Document:   A source document is a document which supports every transaction that has entered…

Q: What is the GL entry when a company receives a payment from a customer? Debit revenue, credit…

A: General ledger entry for receiving a payment from a customer means entry for amount received from…

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source documents captures key information required for preparing books of accounts. Source documents…

Q: Which of the following documents is issued by a customer to provide information about the  nature of…

A: Every transaction that takes place in a business should be recorded appropriately in the books of…

Q: the customer of the details by issuing a sales invoice a. b. purchase invoice credit memorandum С.…

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

Q: Accounts Payable and Cash Disbursement Lissa describes as follows of how she handles the cash…

A: The following transactions are related to the purchase requisition of inventory by SESB and the…

Q: A credit note is used as documentation in a business for  journal entry that requires a debit to…

A: B is the correct option

Q: Summary posting from the sales journal normally would be completed which of the following orders?…

A: Sales journal is one type of special journal, which is used for recording of all sales which is made…

Q: Receivables arising from sales to customers are best described as Select the correct response: Notes…

A: Revenue earned from sales to customers is a trading activity. Hence, the receivables from this…

Q: The entry to record the granting of credit to a customer for a sales return is posted to…

A: Sales returns and allowances: Sometimes, customers either return goods due to manufacturing defects,…

Q: Employee purchases of supplies with a company-issued credit card is typically recorded with a credit…

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

Q: Identify the items from the following list that are likely to serve as source documents. Is this a…

A: >Analyzing and recording the transaction is the first stem in the Accounting…

Q: You are working for a company and process a credit memo. This indicates that: merchandise was…

A: A credit memo is issued by a seller to the buyer indicating that amount due from the buyer has been…

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: Match each of the activities listed below with a purpose of the activity listed below.

A: An organisation whose motive is to procure income  through selling goods & services to the…

Q: The following source document is used to support the transactions related to returns outwards to…

A: The company is in constant interaction with its suppliers and customers and there are many…

Q: What is the reason for ensuring that every copy of a vendor's invoice has a receiving report? O To…

A: Audit is the process of checking and examining books of account of the business, so that it can be…

Q: When a customer pays in advance for products or services, which of the following accounts is…

A: We have the following question: When a customer pays in advance for products or services, which of…

Q: The accountant at Borris Co has prepared the following reconciliation between the balance on the…

A: We have the following information: Balance on general ledger control account = $68,566 Credit…

Q: Which of the following will be not be called as Source Document of a Business? a. Debit note raised…

A: Source document contains the information about a transaction like, date, amount, party, etc. Debit…

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: dentify the journal in which each of the following transactions is recorded.     Transactions…

A: Sales journal: Sales journal records only transactions related to credit sales. Cash receipts…

Q: Entries for uncollectable receivables using method.  journalize the following transactions in the…

A: Solution: Allowance for Doubtful accounts is a contra asset, that it is related with the accounts…

Q: the following w

A: the correct answer is  d. SALES INVOICES

Q: Please classify the following transactions into the 7 journals in accounting.  General Journal…

A: 1. General Journal: General journal records all transactions which don't find place in other…

Q: Customer deposits (prepayments) are recorded - Select one: a. as debits to accounts receivable for…

A: Customer deposits decreases the accounts receivable.

Q: Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills,…

A: Introduction Prepaid expenses are the advance payments made for goods and services to be used in…

Q: Nguyen Company uses a single-column purchases journal to record transactions with its suppliers. The…

A: Given that, Nguyen company uses a single-column purchases journal to record transactions with its…

Q: An “Accounts Receivable Customer Balances” report shows revenues by customer for a specified date…

A: Account receivable arises when we sell goods on credit and account receivable customer balances…

Q: Which of the following document will be given by the supplier at the time of receipt of cash for the…

A: Receipts is issued when some party is paying cash and other is receiving cash . The party receiving…

Q: When a customer uses a credit card such as MasterCard or VISA to buy merchandise in a store, the…

A: Solution: When a customer pays for purchase using credit card, it is a cash sales for the seller as…

Q: At the time of the event, which of the following does not result in a journal entry and an update of…

A: A general ledger is one of the basic foundations of any company's double-entry accounting system…

Q: Classify the following reports as being either scheduled or on-demand reports. Cash disbursements…

A: