romissory notes can be used in which of the following cases? a. Lending money b. All the given options c. Borrowing money d. Credit purchases or credit sales Clear my ch
Q: 21. Open account credit is a credit facility offered by retailers or financial institutions which…
A: Open credit is a financial contract between a lender and a borrower that allows the latter to obtain…
Q: The credit terms of a sale are normally indicated on a(n): a.check. b.invoice. c.bill of lading.…
A: Credit terms are terms that indicate when payment is due for sales and discount offered.
Q: Sales to customers who use bank credit cards such as MasterCard and VISA are usually recorded by a…
A: Sales: It is an activity involved in selling goods or services.
Q: Which of the following transactions will require a journal entry? Indicate if it will be a debit or…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: Identify if the two statements are either true or false. 1. The bill of lading is a document…
A: The given statement answer is given in the below step.
Q: Complete the follow table to ensure the difference between the three instruments.
A: The instruments which help in negotiating the payment according to the flexibility of time and…
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: The entry to record interest expense on a bank loan payable is a a. debit to interest expense and…
A: The adjustment entries are made at the end of the year to adjust the revenues and expenses of the…
Q: When goods are sold on credit the account of a customer is called : Select one: a. Purchases Return…
A: Lets start one by one to understand the all the terms, Purchase return:- It is a type of transaction…
Q: rue or False. All payments by cheque are recorded in the cash payments journal. Any GST/HST paid on…
A: Cash payment journal is a accounting book, which records all type of payments such as payment for…
Q: Multiple Choice Questions Which of the following items decreases the balance in the accounts…
A: Accounts receivable: It can be defined as an asset on the company’s balance sheet that reflects the…
Q: Debit is the normal balance of O loans payable O capital O prepaid rent O unearned revenue The…
A: Solution: Debit is the normal balance of "prepaid rent". Hence third option is correct.
Q: which of the following source of finance comes with a line of credit ? a. Credit card b. Mutual Fund…
A: There are various sources of finance
Q: Rent A/c Debit; Cash A/c Credit. For this Journal, which item will appear on the Credit side of Cash…
A: Ledgers are used for classifying the recorded general journal entries into separate account like…
Q: The total of settlement discount granted column in cash receipts journal will be posted to the...in…
A: Settlement discount is offered to the debtors for the prompt payment and is similar in nature as…
Q: Which of the following is considered receivables? (select all that applies) rents note payables…
A: Receivables are the amounts that are expected to be received by an entity either at present day or…
Q: ing source of finance allows the holders to withdraw more than their balance ? a. Commercial Paper…
A: Financial instruments are instruments that have some monetary value and are created due to the…
Q: xplain compounding of interest in relation to interest bearing notes receivable.
A: solution : Explain compounding of interest in relation to interest bearing notes receivable. An…
Q: Which one of the following is considered as cash? a. Post Dated Cheques. b. Certified Cheques. c.…
A: Cash and cash equivalent is the part of current assets which are reported on the balance sheet of a…
Q: I’m confused on how to enter these into the table. Specifically b & c. My table options are…
A: ACCOUNT RECEIVABLE; An account receivable is defined as it is money that has not been paid by…
Q: Complete the following table by indicating for (a) through (g) whether the proper answer is debit or…
A:
Q: A company repays its bank borrowings. The entry to record that transaction should be Group of…
A: Borrowing means where business taken loan from outsider to be used in business and repaid later.
Q: The purchase journal is____. Select one: A. all of the above B. used to record all purchases C.…
A: Correct option is C i.e. used only to record credit purchases
Q: QUESTION Westwood Corporation manufactures and sells drones; and provides high-end cinematography…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: What do you call to a document issued when you purchase or sold on account (credit basis)? 2. It is…
A: The accounting is a process to identify the business transactions, record the transactions and…
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: A note receivable bearing a reasonable interest rate is sold to a bank with recourse. The note…
A: If the notes receivable have been discounted with recourse, the contra asset would be recognized in…
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: When recording credit card or debit card sales using the net method, a. cash received equals sales.…
A: When a client or customer pays the payment with credit card or debit card usually a card processing…
Q: To intensify the collection of receivables, Kate's Trading offered 2/10, n/30 to customers. What…
A: The discount is the benefits given by reduction in the amount to be paid.
Q: Which item will appear on the credit side of ledger account?
A: General ledger: General ledger is a book of original entry which records the accounting data in…
Q: In Promissory note, Maker is the person who. a. Receives the payment b. Makes the sales c. Makes…
A: A promissory note is a shred of documentary evidence in which one party makes the promise to another…
Q: When a depositor can take out more than the amount of funds, he/she has within an account is known…
A: Solution:- Taking out more funds means withdrawing more funds than the actual balance in the bank…
Q: A cash discount on purchases should be debited to ______________ Select one: A. a revenue account…
A: The answer is provided as follows:
Q: b) Show the model of atleast one Credit Sales invoice, Purchase invoice, Debit note and Credit note.…
A: The transactions of the company will be recorded first in the company's books which is called as…
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: can you please explain the difference between Accounts Receivable, Notes Receivable and accepting…
A: Answer: The accounts receivables, notes receivables and accepting credit cards are form of the cash…
Step by step
Solved in 2 steps
- Define each of the following terms:i. Credit policy; credit period; credit standards; collection policy; cashdiscountswhich of the following source of finance comes with a line of credit ? a. Credit card b. Mutual Fund c. Commercial Paper d. Supplier creditWhich of the following is considered receivables? (select all that applies) rents note payables loans Note receivables
- Explain whati mportant information we can get from each sources of credit information to be able to make a decision whether or not we can extend credit to the loan applicant.Explain compounding of interest in relation to interest bearing notes receivable. Please give correct and consice answer. Thank you.Define the following using your own words and give examples To credit Debit Credit
- Loans backed by a simple promise to repay are known as _____ loans. open-end credit revolving credit securedu nsecuredWhat is the journal entry for recording credit sales? a. Cash Dr. and Sales Cr b. Sales Dr. and Accounts Receivable Cr c. Accounts Receivable Dr. and Sales Cr d. Sales Dr. and Accounts Payable CrDeposits other than customer payments are entered using: a. Receive Payments b. Pay Bills c. Bank Deposit d. All of the above
- When a company earns interest on a note receivable or on a bank account, the debit and credit are as follows: Group of answer choices Debit Interest revenue, credit Accounts receivable Debit Interest revenue, credit Interest receivable Debit Accounts receivable, credit Interest revenue Debit Interest receivable, credit Interest revenueMatching Select the term that best fits each of the following definitions and descriptions. a. Notes receivable b. Nontrade receivables c. Net realizable value d. Direct write-off method e. Interest-bearing note f. Maturity date g. Promissory note h. Factoring receivables i. Trade discount j. Present value k. Allowance method l. Sales discount m. Negotiable note n. Non-interest-bearing note o. Assignment of receivables p. Valuation date 11. A method of recognizing the actual losses from uncollectible accounts as expenses during the period in which the receivables are determined to be uncollectible. 12. The amount of cash expected to be received from the conversion of assets in the normal course of business. 13. The sale of receivables without recourse for cash to a third party, usually a bank or other financial institution. 14. Receivables that are evidenced by…17-Which of the following journal entry is correct for payment of loan instalment? a. DebitBank Credit Cash account b. Debit Loan account Credit Cash account c. Debit Cash account. Credit Capital d. Debit Cash account Credit Loan