Provide some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts journal.

Q: Which of the following entries records the receipt of cash from clients on account? a.Accounts…

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

Q: What is the purpose of the cash receipts journal?

A: MEANING : PURPOSE: It is used to track the sales of items while cash is being received, by…

Q: ________are used to measure the speed in which various accounts are converted into sales or cash.

A: Activity ratios are the metric used to measure how efficiently a company can use its assets. They…

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: Describe and use the cash receipts journal. List theree items of information about each cash receipt…

A: Cash Receipts Journal:   It is a special book where only cash receipts transactions that are…

Q: Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal,…

A: Special Journals are used by the accountants to record the journal entries into the specific…

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: Show the adjustments that would be required in the cashbooks by completing the following tables in…

A: A bank reconciliation statement refers to the statement that matches the balance as per the bank…

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: If a journal entry includes a debit or credit to the Cash account, it is most likely which of the…

A: Answer:  If a journal entry includes a debit or credit to the Cash account, it is most likely an…

Q: Identify the type of activity by choosing the best answer for each question. Select each item listed…

A: Introduction:- first we need to understand the following basic terms as follows under:-…

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: "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: ash rece

A: cash receipts journal ought to have a history of your money transactions. exploitation your sales…

Q: are used to measure the speed in which various accounts are converted into sales or cash.

A: In finance we use different types or kinds of ratios. These ratios, called financial ratios, are…

Q: Define cash receipts journal.

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: al work and

A: The cash receipts journal is the primary book maintained to keep the record of the cash received by…

Q: Review the following transactions Requirements Prepare headings for a cash receipts journal.…

A: Cash receipt journal is the recording of the monetary transactions using a cash receipt journal…

Q: Prepare a flowchart of a cash receipts procedures described in the problem.

A: Definition: Accounts receivable can be referred to as the amount which is due from the customers of…

Q: Accompanying the bank statement was a debit memo for an NSF check received from a customer. What…

A: Correct option is (b) Debit Accounts Receivables and Credit Cash

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

A:

Q: Match the transactions below with the journal or ledger in which it would be entered.   Clear All…

A: Cash receipt journal: All cash receipts should be recorded in this journal Cash payment journal: All…

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: . A cash remittance from the branch to the home office is recorded by the home office as a. Debit…

A: Cash Remittance from branch to home Office is recorded by the Home office as   Journal Entry will be…

Q: dure described pre

A:

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: Which of the following items is known as the base for preparing the trial balance; Cash Account…

A: Trial balance includes both temporary accounts and permanent accounts. All expenses, losses, and…

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: If a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal are…

A: There are various ledgers in a book which help in recording transactions of various nature, such…

Q: Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The…

A: Accounts payable forms a part of current liabilities of the business and represent the amount due to…

Q: A cash sale is recorded in the: A sales journal B purchase journal c) cash receipts journal D cash…

A: Cash book is maintained by the firms to record all the cash transactions. These may be cash sales,…

Q: what are the entries for the cash receipt journal and general journal.

A: Cash receipt journal is the journal which has been used by the company which are used to record as…

Q: what is procedure to posting account payable ledger in cash disbursements system

A: Accounts payable forms a part of current liabilities and represents the amount that the entity owes…

Q: Record the transactions in the cash receipts and cash payments journals. Foot and crossfoot the…

A: Cash receipt and cash payment journals are the specific types of journals prepared during the entire…

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

A: (1) Cash receipts journal can also be called as the accounting journal that is considered as the…

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: After posting is completed in the accounts receivable ledger and the g ledger, the total of the…

A: Solution: Accounts receivable ledgers are subsidiary ledgers where all credit sales with respective…

Q: Cash Beginning Balance Cash Sales Disbursements Collections -Other Receipts Ending Balance

A: Cash is the asset for the company. The normal balance is the debit balance of cash account. It shows…

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: cash receipt journal

A:

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: Required Prepare the CASH RECEIPTS JOURNAL  Prepare the CASH DISBURSEMENTS JOURNAL

A: Accounting cycle. It can be defined as the process which involves identification, analysis,…

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