Match the transactions below with the journal or ledger in which it would be entered.   Clear All Cash receipts journal Cash payments journal Accounts payable subsidiary ledger   Record payment received from customer Record payment made to vendor Cash payment posting to an individual vendor account

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

A: Purchase Journal Date Vendor  Account…

Q: Debit postings to the individual accounts in an accounts receivable subsidiary ledgergenerally come…

A: solution concept Account receivable                 Account receivable is the balance of the…

Q: record the following transactions in their corresponding journals it could be in: -sales journal…

A: An accounting cycle refers to the different stages in the preparation of the final accounts. Final…

Q: REQUIRED: IDENTFY ONE ACCOUNT AND ONE ASSERTION FOR EACH CONDITION (IDENTIFY EITHER THE DEBIT OR…

A: Journal entries: It is the duty of the accountant to record business economic and non-economic…

Q: A subsidiary ledger is used for accounts receivable and accounts payable. Thus, transactions that…

A: Subsidiary ledger Subsidiary ledger refers to the ledger that provides the detailed information of…

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: Consider the following information items as you respond to the question: i. Customer master file…

A: The five basic elements of AIS system are: 1. Output 2. Input 3. Storage 4. Internal control 5.…

Q: How to enter that transaction into a cash receipts journal and also into a cash payments journal

A: Cash Receipt Journal: Cash receipt journal is an accounting journal, in which all cash receipts are…

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

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

Q: describe the internal control weekness in Two symbols cash disbursement system and discuss the risk…

A: Internal Control Weakness:   It refers to failure in the implementation or effectiveness of internal…

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

A:

Q: What steps are followed in posting from the cash payments journal to the general ledger?

A: Cash payments journal:   Cash payments journal refers to the journal that is used to record the all…

Q: Record structures for receipt of cash on account Refer to figure 2-30 and the discussion about…

A:

Q: Indicate which department—accounts payable, cash disbursements, data processing, purchasing,…

A:

Q: From the following list, identify those that are likely to serve as source documents.  Trial…

A: A source document refers to the original document that includes all the information of the business…

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: The cash receipts journal is used to record all transactions that include a debit to the Cash…

A: A cash account is a trading account that mandates the account holder to pay for all securities…

Q: The following is the description of cash disbursements system of Two symbols limites: Upon receipt…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Which of the following events would be LEAST likely to be modeled in an REA diagram?a. customer…

A: Definition: REA model: The graphical representation which shows the re-engineered accounting system…

Q: Describe the internal control weakness in Two Symbols’ cash disbursements system and discuss the…

A: Internal control:   Internal Control Weakness refers to failure in the implementation or…

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: 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: Drawing from your basic accounting knowledge, list the relevant data attributes that constitute the…

A: Accounting Information system: The Accounting Information System is a system that a business uses…

Q: When company uses special journal , the transaction of settling company liabilities record in.. a.…

A: Journal is the recording of financial transactions according to the dual entity concept and it helps…

Q: Credits to customer accounts and credits to Other Accounts are individually posted from a cash…

A:

Q: Question: What would be the correct system flowchart for this given process:  Accounts Payable and…

A: The question is based on the concept of preparation of flow chart. A flowchart is a  graphical…

Q: Match the best answer to each question/ The ledger that contains the financial statement accounts of…

A: The question is related to Match the following. Required  Match the best answer to each question

Q: Explain the statement: “Receipt and Payment Account is a summarisedversion of Cash Book”.

A: Receipts and payment account is a real account. It records all the cash and bank transactions made…

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: Make a cash receipts journal using the following transactions and also include the total debits and…

A: A cash receipts journal is a special type of accounting journal which records all the transactions…

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: Identify the journal (general, sales, purchases, cash receipts or cash payments journal) in which…

A: 1. The all cash receipt are recorded in cash receipts journal 2. The all cash payment are recorded…

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: All records in a file must be uniquely identifiable in at least one attribute, which is its primary…

A: The primary key is unique and cannot be the same in a table. It is a basis through which every…

Q: Match the terms with the definitions.     A journal designed for recording only certain kinds of…

A: In accounting specific journals are used for specific purposes to make the accounting process…

Q: It is the basis for the preparation of Journal Entry Voucher for the final recording in the cash…

A: The question is related to identifying the basis for the preparation of Journal Entry Voucher for…

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

A: Revenue recognition principle says that revenue should be recognised in business when it is earned.…

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: 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: All cash payments are recorded in:   Sales Journal Cash Payments Journal Cash Receipts Journal…

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

Q: Develop a flowchart for revenue cycle of 7-Eleven retail store containing their cash disbursement,…

A: Revenue cycle is the method used for recording the generation of revenue in an accounting period.…

Q: The Vendor Ledgers report displays the

A:

Q: Provide some examples of transactions that would be recorded in the Other Accounts CR column of the…

A: Cash receipts journal: A cash receipts journal is a special kind of journal book that only records…

Q: Cash payments journal Sale on account General journal Collection on account Purchases journal…

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

Q: Which of the following entries records receiving the cash payment from a customer for previous…

A: When a service is performed and the cash is receivable on such service from customer then such…

Q: Match each document in a voucher system with its description. Document 1. Purchase requisition 2.…

A: Since there are multi sub-parts, we will solve first three for you. To get the remaining sub-parts…

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