When are the only times the Petty Cash account is used in a journal entry?

Q: Question Description Lincoln Company accepted a check for $1.675 from a customer for a cash purchase…

A: The bank reconciliation statement is prepared to adjust the bank balance and cash book balance to…

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: 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: 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: Requiring an employee who does not handle accounting records to open the mail is an example of…

A: Accounting is the process of recording, classifying and summarising accounting information. After…

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: 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: Why should cash receipts be deposited on the day of receipt?

A: Cash receipts refers to the money received in the form of cash on a specific date or during a…

Q: where would borrowed cash go on transaction worksheet

A: The borrowed cash is the amount of cash received by the entity through many ways - like from banks,…

Q: An adjusting entry is required for: Select one: a. Deposit in transit. O b.Outstanding checks. O c…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

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: Why should cash receipts be deposited on the same day they are received?

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

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: Which of the following transactions will require a journal entry? Indicate if it will be a debit or…

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

Q: In sap, Which of the following outgoing payments will not require manual entry of bank account? a.…

A: A financial transaction is an agreement or communication between a buyer and a seller to exchange…

Q: ash rece

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

Q: Which statement is not true?

A: The Journal is the Part of the Recording of the Transactions and it is considered first step of the…

Q: Why should cash receipts from credit clients and sales to them be instantly documented and posted?

A: Introduction: Accounting focuses on recognizing, documenting, measuring, and summarizing…

Q: Which record is not usually maintained under the single entry bookkeeping system? a. cash book b.…

A: Single entry bookkeeping is the method of bookkeeping where every transaction effects single side of…

Q: Which of the following transactions will require a journal entry? Indicate if it will be a debit or…

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

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: The cash payments journal only has one column because all entries recorded in this journal require a…

A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…

Q: why is a note receivable moved to accounts receivable prior to being written up and sent to…

A: Notes receivable indicates the promissory notes issued by the client for making due payment on a…

Q: A customer issued a note for an overdue account. Which of the following procedures is correct? A.…

A: Notes payable: Notes payable is a promissory note issued by the debtor or borrower in which the…

Q: What is the adjusting entry for Bank Reconciliation: Debit Memo- Cost of Checkbook

A: A debit memo issued to customer for cost of checkbook will reduce the account balance of the…

Q: Explain book debits and book credits, bank debits, and bank credits. What is proof of cash and its…

A: In books, all the debits and credits are related to assets, liabilities, revenue, and expenses.…

Q: Instructions: 1 Prepare a bank reconciliation as of June 30. If errors in recording deposits or…

A: Bank reconciliation statement is prepared to reconcile the differences in the balance as per books…

Q: Name the four basic components of an AIS.

A: Accounting Information System (AIS) seems to be a mix of technologies and accounting principles…

Q: Transactions for petty cash, cash short and over

A: Petty cash fund:   Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: Why does a bank credit a customer's account when the customer makes a deposit and debit the account…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Which is not a key element of internal control over cash receipts? a. Daily recording of all cash…

A: Internal control in an organisation means compliance of rules and regulations for the achivement of…

Q: Describe and use the cash receips journal. What steps are followed in posting from the cash receipts…

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

Q: Which of the following states the entries required to account for a reimbursement to the petty cash…

A: Journal is a primary book where transactions are originally recorded. Further, a journal entry is…

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: Which of the following statements is TRUE? a. a customer's postdated check (dated December 28) was…

A: Posted check is the check with the date which is later than the present date and it is not…

Q: Once an accounts receivable is written off does the company still pursue collection or is the…

A: Accounts receivables refer to the amount that is not yet received by the company from their…

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: With regard to the journal, state whether each of the following transactions is true or false? A The…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Why should sales to and receipts of cash from credit customers be recorded and posted immediately?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Provide some examples of transactions that would be recorded in the Other Accounts CR column of the…

A: Cash receipts journal: A cash receipts journal is a special kind of journal book that only records…

Q: The debit recorded in the journal to reimburse the petty cash fund is to Oa. Petty Cash Оb. Сash Oc.…

A: The debit recorded in the journal to reimburse the petty cash fund is to : Various accounts for…

Q: What's the entry for the cash receipt journal?

A: Journal entry is the entry which the business records normally on the journal but as there are…

Q: Which adjustments need to be recorded in the accounting records? Those that affected the bank…

A: Introduction: Accounting records include all paperwork and books used to generate financial…

Q: Which of the following is a book reconciling item? a.notes receivable collected by the bank b.cash…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Why should cash receipts and sales to credit clients be documented and reported immediately

A: The Answer: