Name the special journal which is used to record the credit sales transactions of a merchandising business? a. Purchases daybook b. General journal c. Cash payments book d. Sales daybook Clear my choice

Q: sources of input data may include all of the following business documents except : a- sales invoice…

A: Sources of input data is the the invoice or any other form of data from which data of a transaction…

Q: _2. An existing line of credit that a consumer can use at a store is called an acquisition account.

A: an existing line of credit that a consumer can use at a store is not called an acquisition account

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

A: Answer: Following is the Cash Receipts Journal:

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: If a customer pays with a credit card and the service has been provided, which of the following…

A: When a customer pays at a shop by Credit card, there incur Credit Card Expenses. The company of the…

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

A: Journal entry is an important and attentive process of accounting cycle through the help of journal…

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: Question 2 of 10 Which of the following is recorded in the purchases journal? A. orders made by the…

A: Purchases Journal: Purchase journal is a special journal that use to records all of the transactions…

Q: The operating cycle of a merchandiser with credit sales includes the following five activities.…

A: The main activities of a merchandising business is purchase, payment to the supplier, sales and…

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: 7. Mocha Coffee Shop has asked the accountant to keep track of the purchases for beverage, food, and…

A: Purchases journal refers to the special journal used by business entity to keep a track of all…

Q: 14-Which of the following document will be given by the supplier at the time of receipt of cash for…

A: Please see the next step for the solution

Q: Proving the postings of a one-column purchases journal would involve comparing the…

A: General Ledger: A general ledger is a bookkeeping ledger of the company that is a central repository…

Q: The obligatory books that should be maintained by merchants are the following except for: * Credit…

A: Bookkeeping can be defined as the recording of monetary transactions on a regular basis. It consists…

Q: Which of the following transactions does the journal entry above belong to?      a) Purchase…

A: goods purchased are always debited. Liability account are always credited VAT to be deducted is to…

Q: Design a report to assist in managing credit sales and cash collections. d) What types of journals,…

A: c.  Design a report to assist in managing credit sales and cash collections To assist with managing…

Q: On a journal entry with a debit to Cost of Goods Sold you would expect a credit to…

A: option (d)Merchandise Inventory

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: 33.This is the type of special journal where sales invoice from a supplier may be found.    A. sales…

A: There are various types of journals which are being maintained as part of books of accounts.…

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

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

Q: Using the following invoice answer the following questions. 1. How would this transaction be…

A: Since you have asked multiple questions under a single question but as per our protocol we provide…

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: instruction: Encircie the letter of your choice. 1. A journal designed for entering only sales on…

A: Invoice - It is the written documentary evidence issued by the seller to the buyer. Sales Journal -…

Q: Sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

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: Q1: Explain all details in the figure below: All business transactions Classify - put same types of…

A: All the details of items given in the figure are explained hereunder : The figure suggests the Sub -…

Q: 1 Ava maintains a full set of books of prime en a State one advantage of maintaining purchases and…

A: 1(a) Both sales/purchases journal summarises all the sales/ purchase transactions that has occurred…

Q: Sales Documents Select whether each of the following documents or procedures is for a retail…

A:

Q: Muscat Supplies LLC is trading wholesale and retail merchandise business in Sohar. The business have…

A: Suppliers sells the goods to Muscat Supplies LLC. So it is purchases for Muscat Supplies LLC.…

Q: 50) dentify the special journal is to be used to record the credit purchases of a merchandising…

A: Special journals are the main books in which business transactions are recorded first, then they got…

Q: Select a description for each transaction recorded in the following T accounts: Cash (c) 5,042.10…

A: (a) Sold merchandise on account.

Q: sources of input data may include all of the following business documents except : a- sales invoice…

A: Source document refers to the document of original record, that is recorded when it is collected for…

Q: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible…

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

Q: Q1. Underline/highlight the correct answer. 1. Where are the accounts of credit suppliers found? a.…

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

Q: A. cash column B. sales discount column C. sundry amount column D. sales column 2. Each time an…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

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: Wilcox Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash…

A: Sales journal records sales on credit. Cash receipt journal records all cash receipt transactions.…

Q: 1) What is the difference between a debit memorandum and a credit memorandum? 2) What is the…

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

Q: Which of the following transactions does the above journal entry belong to?      a) Goods…

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

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: The journal entry to record a credit sale ignoring cost of goods sold is ANSWER: Accounts…

A: Journal Entry for Credit sale : Account Name                            Debit     Credit Accounts…

Q: 1. A special journal contains columns for Cash, Purchases Discounts and Accounts Payable. This…

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

Q: Which of the following transactions does the above journal item belong to?    a) Goods Sales…

A: All options are discussed as under: 1) Goods Sales Return Record: In this record, all the sales…

Q: Question 2 Credit Sales, Credit Purchases & Returns You are to enter the following items in the…

A: Every business would have a certain amount of purchases and sales. These transactions are the…

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