Infrequent sales returns would be recorded in which journal?

Q: he type of transaction that would appear in the sales journal would be a sale of equipment for cash…

A: Solution: The sales journal is an accounting journal which keeps records of all of the credit sales…

Q: Which is false concerning use of special journals? Select one: a. Purchase of any items on account…

A: Cash disbursement journal contains the record of all payments made for incurring any cash…

Q: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Periodic inventory system: Under this system, the inventories are updated periodically. At the end…

Q: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Answer: Following is the Cash Receipts Journal:

Q: The "Sales discount" account will show up on which of the following financial statements? O…

A: Sales discount: Generally goods sold on credit. If the buyer pays amount with in the discount period…

Q: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Purchase Journal in accounting and book keeping is a log book to record transactions related to the…

Q: Which one of the following columns in a cash receipts journal is not posted in total to an account…

A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…

Q: The purchases journal is used to record O Credit sales O Cash sales O Cash receipts O Cash purchases…

A: Subsidiary books are maintained in order to support the primary book of entries. Subsidiary books…

Q: Journal entries commonly processed as part of the purchases and cash disbursements can include:   A…

A: Purchases of the business includes goods and services purchased for the business. It can be on cash…

Q: What effects on a retail store's accounting equation occur when merchandise returned by customers is…

A: Introduction:- The following Accounting Equation used for preparation of balance sheet as follows…

Q: Distinguish between cash discounts and trade discounts for purchases. Is the amount of a trade…

A: Discounts are given to attract customers and increase sales revenue. Discounts can be given as cash…

Q: We record a sale on account that involves sales tax in which journal?     cash disbursement…

A: Sales on account are generally recorded in the sales journal,but it only record sales on account not…

Q: The purpose of recording an allowance for uncollectible accounts is to:   Multiple Choice   Report…

A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…

Q: The entry to record collection of trade receivables under cash basis of accounting is A. debit to…

A: Under cash basis of accounting only cash transections are recorded such as cash collection, Cash…

Q: Which of the following would not be an appropriate heading for a column in the cash receipts…

A: Cash receipt journal records the receipt of cash from sales to customers. Cash receipt journal…

Q: What type of accounts are Sales Returns and Allowances and Sales Discounts?

A: Sales return and allowance accounts refers to the good returned to the business that were sold. This…

Q: One-column sales journal may be used to record collection on account sales of goods for cash sales…

A: Sales Journal records all the entries related to the sales made to customers both for cash and on…

Q: "recorded cash sales" what accounts are used

A: When we sell anything to the customer in cash then cash account debits and revenue of an entity will…

Q: The entry to record the return of merchandise from a customer would include a  debit to Sales…

A: Sale return means when goods sold to customer returned back because of any reson. When we sold goods…

Q: A journal designated for entering only sales on account is called cash receipts journal cash…

A: A journal designated for entering cash receipt is called cash receipts journal A journal designated…

Q: Sales on account Cash purchases Credit purchases Expenses paid

A: In cash basis of accounting, only cash inflows and outflows are recorded. In accrual basis of…

Q: Which two accounts are used to recognize shipping charges for a buyer, assuming the buyerpurchases…

A: The term "free on board" (FOB) relates to whether the vendor or customer is liable for damaged or…

Q: Using the five journals as named here: . Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: In periodic system of accounting, the cost of goods sold and inventory adjustment is done at the end…

Q: Explain “Sales Returns and Allowances”. Why does this account have a normal debit balance?

A: Sales Returns and Allowances Sales Return and Allowances is actually a contra revenue account (i.e.…

Q: 32.This is the type of special journal makes use of sales invoices issued by companies.    A.…

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: 31.This type of special journal makes use of official receipts issued by companies.    A. cash…

A: All the transactions of the company that are happened during the year will be recorded first in the…

Q: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Journal entry record the transaction by using double entry system and affects both debit and credit…

Q: What is the journal entry for recording credit sales? a. Cash Dr. and Sales Cr b. Sales Dr. and…

A: Journal entry for Recording credit sales: Accounts Receivable [Debit]          Sales [ Credit]

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: when a buyer returns merchandise purchased for cash, the buyer will record the transaction as a…

A: The purchase return in the books of the buyer under the perpetual inventory is to debit the accounts…

Q: Identify whether each of the following transactions, which are related to revenue recognition, are…

A: Revenue means the amount earned by selling the goods or services. Revenue is recognized in books of…

Q: which of the following account will be least likely involved in the purhasing sub-process of the…

A: The journal entries are prepared to keep the record of day to day transactions of the business.  The…

Q: credit terms are terms for a. when the payments for merchandise are to be made b. when inventory is…

A: Credit terms refers to the agreement made between the seller and the buyer which defines the timing…

Q: The receipt of cash arising from sales transaction would be recorded in the cash payments journal…

A: The special journal include cash receipts Journal, cash payments journal, sales Journal and…

Q: Which of the following journal entry is correct for the transactions of goods returned by a…

A: When we make a sales to customer, we pass the following entry:- Trade receivables  Dr           To…

Q: Chen Company uses a two-column sales journal and a six-column cash receipts journal. For each of…

A: A journal entry is making and keeping of any transaction related to the business. It consist of date…

Q: Where are cash equivalents disclosed in the financial statements?The _____________ account on the…

A: The Cash account on the balance sheet. Option B. is correct answer.

Q: Goods purchased on cash are recorded in the :(i) Purchases (journal) book(ii) Sales (journal)…

A: Option 3 cash book is the answer.

Q: The type of transaction that would appear in sales journal would be a sale of

A: Sales Journal is a daybook to record the sales on credit to customers

Q: Why should sales to and receipts of cash from credit customers be recorded and posted immediately?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Journalizing Sales Transactions

A: Journal entries is given bellow,

Q: 6. Indicate whichjoumal would be used to record the following transactions. Select from the…

A: Sales Journal – For all credit sales of inventory Purchase Journal – For all credit purchase of…

Q: ich of the following account will be least likely involved in the purchasing sub-process of the…

A: Solution: Purchasing and disbursement cycle is the cycle in which purchasing needs of a business are…

Q: Why should cash receipts and sales to credit clients be documented and reported immediately

A: The Answer:

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…

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