The periodic total of sales return journal is posted to :(i) Sales account(ii) Goods account(iii) Purchases return account(iv) Sales return account

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: 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: Journalizing Sales Returns and Allowances Selected transactions are shown: June 1   John B.…

A: Journal is first book where any business transaction is entered in books with relevance of source…

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: er uses a perpetual inventory system, and it purchases merchandise on terms of FOB shipping point.…

A: In perpetual inventory system updates inventory on a continuous basis . Transactions  related to…

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: 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: Describe the flow of data in the purchasing process that is initiated when the purchasing…

A: Purchasing process refers to the process of procurement of goods or inventory. It starts with the…

Q: Which of the following journal entries is appropiate when a credit sales is made under a perpetual…

A: Under the perpetual inventory method, we need to record sales and also the cost of goods sold.

Q: Describe the nature of the following documents and records andexplain their use in the sales and…

A: Bill of lading: Bill of lading refers to the written contract between the carrier and the seller for…

Q: Fiona sporty uses to purchases journal a cash payment journal ,a sale journal and a general journal…

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

Q: The entry to record the return of merchandise from a customer would include a  debit to Sales…

A: Sale return means when goods sold to customer returned back because of any reson. When we sold goods…

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

Q: When purchases of merchandise are made on account and the perpetual method is used, the transaction…

A: If a business entity purchases the merchandise Inventory on account, hereunder double-entry system…

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: Explain “Sales Returns and Allowances”. Why does this account have a normal debit balance?

A: Sales Returns and Allowances Sales Return and Allowances is actually a contra revenue account (i.e.…

Q: According to the Revenue Cycle Flowcharting Process, the "Pure Credit Sales" portion of the credit…

A:

Q: 1. Which of the following accounts are used when recording the sales entry of a sale on credit?e A.…

A: Sales is a revenue account and all revenues increase when credited.  Accounts receivable is an Asset…

Q: In a perpetual system, what would be the journal entry for a sales return. (a) Dr. Sales return and…

A: Journal entry is a process of recording the business transactions in the books of accounts for the…

Q: Summary posting from the sales journal normally would be completed which of the following orders?…

A: Sales journal is one type of special journal, which is used for recording of all sales which is made…

Q: The journal entry to record a merchandise sold to customers on credit under periodic inventory…

A: Periodic inventory system is an inventory system in which all purchase and sale transactions related…

Q: Which of the following accounts is closed by debiting the account? Purchases Purchase Returns and…

A: For purchases(cash) entry will be  Purchases A/C Dr        Cash A/c.  Cr

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: The entry to record the return of merchandise from a costumer would include a  credit to sales…

A: Given: To determine the entry to record the return of merchandise from a costumer that would include…

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

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

Q: If merchandise purchased on account is returned, the buyer can inform the seller of the details by…

A: An invoice refers to a bill that is issued by a seller to the buyer. It specifies details related to…

Q: Enter the letter for each term in the blank space beside the definition that it most closely…

A: Sales discount : The discount given by the seller of goods and services to the buyer for promoting…

Q: Infrequent sales returns would be recorded in which journal?

A: Sales returns refer to goods returned by the customers and journal is the first book of entry to…

Q: The individual amounts in the “Accounts Payable" column of the purchases journal are posted to the…

A: Answer: Option C Accounts Payable Subsidiary ledger is Correct.

Q: If merchandise sold on account is returned to the seller the seller may inform the customer of the…

A: Concept introduction:   An organization can be manufacturing, servicing of merchandising type. For a…

Q: Each time an entry is recorded in the purchases journal, the credit would be entered in the accounts…

A: Introduction:- The act of recording or keeping track of any financial or non-financial action is…

Q: Journalize the transactions shown below in the two-column general journal that follows. Calculate…

A: Answer:

Q: Which of the following accounts has a normal debit balance. (Choose all that apply)

A: Assets, expenses, losses, and the owner's drawing account will normally have debit balances. Their…

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: What accounts are used to recognize a retailer’s purchase from a manufacturer on credit?A. accounts…

A: Purchase of goods on credit means inventory has been purchased but payment has not been made yet.…

Q: Using the accounts listed below, review the following transactions for Birdy Birdhouses and record…

A: INTRODUCTION PERPETUAL INVENTORY SYSTEM Perpetual inventory system is the method of recording…

Q: Journalizing Sales Transactions

A: Journal entries is given bellow,

Q: Using the accounts listed below, review the following transactions for April Anglers and record any…

A: Journal entry records the financial transaction in the accounting of an organization.

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

A: Perpetual Inventory System : (1) Unlike Periodic Inventory System, the Perpetual inventory system…

Q: The periodic total of purchases return journal is posted to :(i) Purchase account(ii) Profit and…

A: Answer: Purchase returns account.

Q: Prepare the journal entries to record these transactions on the books of Geeslin. Jan. 1…

A: When an event occurs in the business and it can be measured and expressed in terms of money, it…

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: 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…

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