Q1. A supermarket based in Hounslow pays a supplier, Patel Wholesale Ltd, the amounts owed in cash. The entries in the supermarket account should be: A. Debilt: Purchases, Credit: Cash B. Debit: Cash, Credit: Patel Wholesale Ltd C. Debit: Patel Wholesale Ltd, Credit: Cash D. Debit: Cash, Credit: Purchases
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- The business makes payments to suppliers for goods purchased on account. Which account is the debit posted to? Should the P90,000 entry to the Cash account be a debit? (yes/no) What is the accounting entry to record a cash sale?1-Saifi halwa shop sold RO 200 worth of halwa to customers for cash. Which of the following statement is Correct to record the above transaction? a. Debit Cash Credit Accounts receivable in cash receipt journal b. Debit Cash Credit Sales in cash receipt journal c. Debit Accounts receivable Credit Cash in cash disbursement journal d. Debit Accounts receivable Credit Sales revenue in Sales journal 2-An item of merchandise was sold for RO 800 cash by a business using the perpetual inventory system. The product sold cost the business RO 600. After the sale entry has been recorded, a second entry will a. debit Merchandise Inventory RO 800 and credit Cost of Goods Sold RO 800 b. debit Cost of Goods Sold RO 600 and credit Merchandise Inventory RO 600 c. debit Cash RO 800 and credit Sales for RO 800 d. debit Sales RO 600 and credit Merchandise Inventory for RO 600 3-Which of the following is an example of Source document? a. Sales Ledger b. Invoice c. Assets Ledger d.…1-A Merchandise business paid cash for Travelling expenses of OMR 30. But it was recorded as Debit Cash OMR 30 and Credit Travelling expenses OMR 30. Which of the following rectification entry will be correct? a. Debit Cash OMR 60 Credit Travelling expenses OMR 60 b. Debit Travelling expenses OMR 60 Credit Cash OMR 60 c. Debit Travelling expense OMR 15 Credit Cash OMR 15 d. Debit Travelling expense OMR 30 Credit Cash OMR 30
- 2nd - The business has drawn a check of the same amount on the deposit account of Bank “A” in return for its debt of TL 28,000 to the seller. Which of the following accounts is correct to use in the journal entry to be made according to this information? a) Checks and payment orders given account is owed 28.000 TL B) Banks account credited 28.000 TL NS) Received checks account is credited 28.000 TL D) Sellers account credited 28.000 TL TO) Sellers account owed 28.000 TLWhich one of the following is a use of cash?Group of answer choices (A).payment to a supplier (B).payment received from a customer on his or her account (C).decrease in accounts receivables (D).sale of common stock (E).sale of inventory to a cash customer. Need typed answer.Please give answer within 45 minutesWhich one of the following is a use of cash?Group of answer choices (A).payment to a supplier (B).payment received from a customer on his or her account (C).decrease in accounts receivables (D).sale of common stock (E).sale of inventory to a cash customer. Need typed answer only.Please give answer within 45 minutes
- Which of these transactions requires a debit entry to Cash? A. paid balance due to suppliers B. sold merchandise on account C. collected balance due from customers D. purchased supplies for cashFor each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance billFrom the following list, identify which items are considered original sources: A. prepaid insurance B. bank statement C. sales ticket D. general journal E. trial balance F. balance sheet G. telephone bill H. invoice from supplier I. company sales account J. income statement
- 1. You were hired by Mr. Agosto to prepare his sari-sari store’s Statement of Financial Position. In order to prepare the statement, you were given the following: a. His sari-sari store has cash deposited in a bank account amounting to P53,000 b. His sari-sari store had a lot of uncollected sales from customers amounting to P72,510 c. The total amount of merchandise left inside the store is P30,025 d. He already paid six month’s rent in advance amounting to P12,350 e. The value of all the sari-sari store’s equipment amounted to P110,000 f. He bought merchandise from his supplier amounting to P23,120 and the supplier agreed that payment can be made 3 months after year-end g. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,160 h. The sari-sari store had outstanding liabilities to PLDT and water district amounting to P3,159 i. The store had a loan from the bank amounting to P55,000 to be paid in 3 years Required: Prepare a Statement of Financial Position for the…choose the correct answer If the ending balance of accounts payable is ₱100,000 and the total debits and credits to that account during the period were ₱60,000 and ₱40,000, respectively, the beginning balance must be A. 0 B. 20,000 C. 80,000 D. 120,000' What is the normal balance of the purchase returns account? a. debit b. credit c. zero d. none of these A business sells goods on cash basis. This transaction is most likely recorded in which of the following special journals? a. Sales journal b. Purchases journal c. Cash receipts journal d. Cash disbursement journalQuestion: 1. what is the correct source documents for Business X sold goods for cash. option a) invoice received by the business X. b) invoice issued by the business X. c) Receipts received by business X. d) Receipts issued by business X. e) Bank Debit advice. f) Bank credit advice. g) internal memo h) cash sales slip i) Cheque butt. j) credit note issued by business X. reqiured: please answer this question by choosing the correct source documents. e)