Indicate the journal in which each of the following transactions should be recorded. Assume a three-column purchases journal. Paid a creditor on account.   Bought merchandise on account.   Sold merchandise for cash.   Adjusted for insurance expired.   Received payment on account from a charge customer.   Received a credit memo for merchandise returned.   Bought equipment on credit.   Sold merchandise on account.   Recorded a customer's NSF check.   Invested personal noncash assets in the business.   Withdrew cash for personal use.   options:  Cash Payments Cash Receipts General Journal Purchases Sales

Q: Prepare general journal entries to record the transactions below for Spade Company by using the…

A: We have the following information: Kacy Spade, owner, invested $100,750 cash in the company. The…

Q: The general journal records the daily transactions of a business pertaining to: a. Purchases…

A: A general journal is a form of accounting entry that is used to report a business transaction in a…

Q: Identify the accounts and the debit/credit entries to be made in the ledger to record each of the…

A: Rules of debit and credit says that which accounts needs to be debited and which accounts to be…

Q: Prepare general journal entries to record the transactions below for Spade Company by using the…

A: Record the entries as below:

Q: Debit note issued by the business will be entered in a ________ Select one: A. returns outwards…

A: Correct Option is C i.e.  returns inwards journal

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: A company  purchase supplies and pays  OMR 1,300 in cash , the journal entry will include. a. Debit…

A: Solution: Purchase of supplies for cash results in increase in supplies and decrease in cash.

Q: Write the type of journal to be used for each of the following transactions: (general journal, sales…

A: Write the type of journal to be used for each of the following transactions: (general journal, sales…

Q: Which of these transactions requires a credit entry to Revenue? O received cash from bank loan…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Identify the accounts and the debit/credit entries to be made in the ledger to record each of the…

A: Rules of debit and credit in accounting says that which accounts needs to be debited in which…

Q: Johnson Company maintains four special journals and a general journal to record its transactions.…

A: Solution- 1-Mr. Johnson invested cash in the business                            = CR 2-Purchased…

Q: Instructions: Identify each of the following accounts as an asset, Liability or Equity. ACCOUNTS…

A: Asset : An asset is something which is owned ( possession ) by the company.  Liability : A liability…

Q: Which among the following are transactions that are settled by immediate cash payment and cash…

A: Which among the following are transactions that are settled by immediate cash payment and cash…

Q: Instructions: ldentify each of the following accounts as an asset, Liability or Equity. ACCOUNTS…

A: Assets refer to the properties helf by the business and includes advance payments and debtors.…

Q: NTIFYING THE ACCOUNT TITLES ctions: Identify the account titles present in the Transactions 1.…

A: Journal entry is the part of book keeping, which helps in records the accounting transaction. It is…

Q: Fiona sporty uses to purchases journal a cash payment journal ,a sale journal and a general journal…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Q: A company purchase supplies and pays OMR 1,300 in cash, the journal entry will include. O a. Debit…

A: Journal entries is the first step of recording the transaction. We record journal entries by using…

Q: Identify the DFD in the following narrative: Hemant buys a new scooter at a local shop and pays…

A: DFD refers to Data Flow Diagram which is used in the accounting management system. Data Flow Diagram…

Q: Indicate in the table below where each of the following transactions would be posted by ticking (V)…

A: Sales journal records all credit sales. Purchases journal records all credit purchases. Cash…

Q: Identify the correct classification of each of the accounts listed. Put a check mark in the…

A: Assets means the resources which is owned by business. Liability means the amount which is to be…

Q: Identify the journal in which each of the following transactions is recorded. Transactions Journals…

A: Every journal entry we record in journals. There are types of journals like -  Cash payments journal…

Q: Which of the following journal entry is Correct when the business paid cash for the machine which…

A: The following transactions are journalized as per the information given.

Q: The questions to be answered are: Fiona Sporty uses a purchases journal, a cash payments journal, a…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Do the following events represent business transactions?Explain your answer in each case.(a) A…

A: Business transaction: It is an activity that is measured through the medium of money, which affects…

Q: Recording Transactions in the Proper Journal Select the journal (sales, cash receipts, purchases,…

A: The answer for the question on recording transactions in proper Journal is presented hereunder :

Q: Wilcox Electronics uses sales journal, purchases journal, cash receipts journal, cash payments…

A: Given information is:  Wilcox Electronics uses sales journal, purchases journal, cash receipts…

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

A: Everyday businessman performs large number of transactions. These transactions cannot be remembered…

Q: When using a manual accounting information system, which of the following transactions would be…

A:

Q: Sales invoices are first entered in The Sales Account The Purchases Journal O The Cash Book O The…

A: 1) Correct option is 'The sales journal' Reason :- Sales invoices are first entered in the sales…

Q: Donner's customer, Blitzen, paid off an $8,300 balance on its account receivable. Blitzen should…

A: According to the principles of accounting, all assets and expenses have a normal debit balance,…

Q: Assuming the use of a two-column general journal,  a purchases journal, and a cash payments journal…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: The journal entry Debit telephone bill, credit Accounts payable is correct for which of the…

A: The journal entry for debit telephone bill and credit account payable is the business has received…

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

A: Cash payment journal, cash receipt journal, sales journal and purchase journal are special journal…

Q: Broadmor Industries collected $7,500 from a customer on account. What journal entry will be prepared…

A: Given that, Cash collected from customer on account = $7,500  Customer on account are those…

Q: When posting the column totals of a cash payments journal, a debit should be posted to a.Unearned…

A: answer  c    Account  Payable is right answer.

Q: For each transaction, indicate whether it would normally be recorded in a cash receipts journal,…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: The following selected transactions were completed during August of the current year: Transactions…

A: Journal entry is the primary entry that records the transactions initially after that it would have…

Q: 1. Customer sent in cash to settle an account receivable. 2. Purchased merchandise for cash. 3.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The following transactions occurred at Chicken King Restaurant:   a.  Purchased new fryer…

A: Solution: For each of the transactions, affect on accounts and their normal balances are as under:

Q: Which item will appear on the credit side of ledger account?

A: General ledger:   General ledger is a book of original entry which records the accounting data in…

Q: Identifying special journals Use the following abbreviations to indicate the journal in which you…

A: Special Journal: It is a book where only specific type of monetary transactions such as cash…

Q: Identify the accounts and the debit/credit entries to be made in the ledger to record each of the…

A: Each transaction as per the double entry system has two effects; Debit and Credit.

Q: The business is using special journals aside from the general journal. The general journal is used…

A: Special journals are used to record entry for cash disbursement journal, purchase journal, sales…

Q: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

A: Solution: Classification of transaction in journal and Subsidiary ledger are as under:

Q: Equipment; Accounts Payable; Michael Short, Capital; Michael Short, Drawing; Fees Earned; Rent…

A: The ledger accounts will be created after the journalizing the transactions. Ledger is the second…

Q: Calculator Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following…

A: For payment of creditors on account,  Accounts payable should be debited and cash will be credited.

Q: The business paid cash for the goods which was purchased on credit last month. Which of the…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is