the home office records inventory shipments to the branch by debiting the "shipments to branch account" a. true b. false

Q: The following procedures are used by Complete Wholesale Incorporated.a. All sales are made on…

A: a. Strength: the company is following correct procedure. b. Weakness: the receptionist is not…

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

A: Periodic inventory system: Under this system, the inventories are updated periodically. At the end…

Q: The sales journal is used to record a. Credit sales. d. Cash purchases. b. Cash sales. e. Credit…

A: Sales journal is one of the kind of special journal. Special journals are used, when a company has…

Q: Normally revenue is recognized when:

A: Answer

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

A: Answer: Following is the Cash Receipts Journal:

Q: 6. when a cormpany returns merchandise previously purchased on account, the entry to record the…

A: Hi student Since there are multiple questions, we will answer only first question. Whenever business…

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

A: Purchase Journal in accounting and book keeping is a log book to record transactions related to the…

Q: ow, record journal entries for the following transactions, which uses the perpetual inventory…

A: Perpetual Inventory System:   A perpetual inventory system is a method of inventory management that…

Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…

A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…

Q: Sales ledger control Account is known to have a debit balance. Explain, using numerical example why…

A: The purpose of a control account is to double check the total balances that are posted in the…

Q: Journal entries commonly processed as part of the purchases and cash disbursements can include:   A…

A: Purchases of the business includes goods and services purchased for the business. It can be on cash…

Q: 2. The entry to record the return of $25 of inventory to a supplier under the perpetual inventory…

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

Q: The home office ships merchandise to its branch above cost. What journal entry should the home…

A: A head office of a business can have other branches to carry out their operations. Branches are…

Q: Which document authorizes the purchase of the inventory from an approved vendor? the petty cash…

A: A company purchases inventory works on it and sells them as finished product. So purchase plays an…

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

A: Purchase Journal:   A purchase journal is a specialized accounting journal and it is also a prime…

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: Which of following functions should be segregated?a. opening the mail and recording cash receipts in…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: The inventory is added to the inventory records after three documents are reconciled. One of those…

A: To add the inventory to the inventory records, the documents are reconciled which records the…

Q: If both the home office and the branch of a business enterprise use the perpetual inventory system,…

A: The system of perpetual inventory is the inventory management method which records the real time…

Q: Recording Transactions in the Proper Journal Select the journal (sales, cash receipts, purchases,…

A: The answer for the question on recording transactions in proper Journal is presented hereunder :

Q: Using the flowchart of a purchases system, identify six major control weaknesses in the system.…

A:

Q: When merchandise purchased on account is returned under the perpetual inventory system, the buyer…

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

Q: The entry to record the granting of credit to a customer for a sales return is posted to…

A: Sales returns and allowances: Sometimes, customers either return goods due to manufacturing defects,…

Q: 3. When purchasing merchandise for resale on account, record the transaction in the sales journal.…

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

Q: The Accounts Receivable subsidiary ledger is updated (increased and decreased) by using which of the…

A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…

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

A: Journal entry record the transaction by using double entry system and affects both debit and credit…

Q: Office Supplies Express uses a perpetual inventory system. Journalize the following sales…

A: Meaning of Perpetual Inventory System Under the Perpetual Inventory System, the company updates its…

Q: Multiple-Choice Questions 3. Which function should the billing department NOT perform? a. record…

A: Billing department collects all the bill of the company and responsible for the profitability of the…

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

A: Following are the journal entries to be passed on the following dates

Q: what is procedure to posting account receivable ledger and inventory system . Explain with entry

A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.…

Q: A purchases journal is used to record: O a. purchases of merchandise on account for resale. O b.…

A: Journal: It is often defined as a primary accounting book that is used by the business to record all…

Q: ledger

A: A   COGS A/c    Dr        To Purchase A/c     B    A general ledger is an accounting record book in…

Q: 31. Under a perpetual inventory system, a.a physical count is required to determine cost of…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: From the general​ journal, record to the accounts receivable subsidiary ledger and post to the…

A: Step 1 Journal and ledger posting is the part of book keeping and in the given case we post the…

Q: III. IDENTIFICATION Directions: Identify the term/s being described. 1. It is the inventory system…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: In a retail business that uses a perpetual inventory system, scanning a bar code does not: O…

A: In a retail business that uses a perpetual inventory system, scanning a bar code does not: Option…

Q: Shipments of inventory to the branch may be billed at other than cost. When billing prices are above…

A: Introduction:- Branch Accounting is the different type of bookkeeping or accounting.…

Q: a. Prepare a statement correcting the balance at 31 January 2018 on the Purchases Ledger Control…

A: The main difference between Purchase Ledger and Purchase Ledger Control a/c is that the Purchase…

Q: All of the following are documents used for inventory control except Oa. a receiving report. Ob. a…

A: There are various documents that works as evidence of a transaction.

Q: True or False: The posting of purchase transactions to the general ledger is done in the same manner…

A: Purchase transactions are the transactions relating to the procurement of goods from the party…

Q: You must enter the journal names, header titles, and account names exactly as written above (or in…

A: Inventory system is defined as the part of accounting system were the value of inventory is computed…

Q: Which of the following documents associated with the purchases and cash disbursements cycle is most…

A: Answer:-  Journal entry meaning:- A journal entry is the act of recording or keeping track of any…