Which of the following documents is issued by a customer to provide information about the  nature of a payment made for goods or services?  a) A Remittance advice  b) A Credit Note c) An Invoice d) A Quotation

Q: Which of the following will be the Correct source document assuming that your business received…

A: The various documents are prepared to be provided to customer or received from supplier.

Q: If a customer pays with a credit card and the service has been provided, which of the following…

A: When a customer pays at a shop by Credit card, there incur Credit Card Expenses. The company of the…

Q: How to record a credit invoice when the business has issued it but has not recorded it

A: Adjusting entries are recorded at the end of the accounting period to maintain the accrual base…

Q: Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the…

A:

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: What is the account title used for revenue when goods are delivered to customers?

A: Account title: An account title is a unique name assigned to an account in an accounting system. An…

Q: Match the following form (transaction type) with the appropriate transaction description: Рayment…

A: Transactions: A business transaction is a financial transaction that takes place between two or more…

Q: What is the name of the document used for recording credit sales

A: Credit sales means when goods and services are being sold to customers on credit basis and customers…

Q: What is the nature of (a) a credit memo issued by the seller of merchandise, (b) a debit memo issued…

A: (a) A credit memo issued by the seller of merchandise.A credit memo is a commercial document that is…

Q: When should revenue from the sale of merchandise normally be recognized? (Assume the company reports…

A: The revenue should be recognized in the following conditions. 1.When the amount realized or received…

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source Document:   A source document is a document which supports every transaction that has entered…

Q: Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service…

A: All expenses, losses, and assets should be debited and all revenue, income, gain, and liabilities…

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source documents captures key information required for preparing books of accounts. Source documents…

Q: Multiple choice: A sale is recognized and recorded in the accounting records at the time:…

A: Accounting records: The accounting records refer to the recording of assets, liabilities, equity…

Q: The entry to record collection of trade receivables under cash basis of accounting is A. debit to…

A: Under cash basis of accounting only cash transections are recorded such as cash collection, Cash…

Q: A company that provides a service or product to a customer on credit has an __________ from that…

A: A goods or service sold on credit is treated as assets of the business as these are customer…

Q: Sales are normally recorded on the date of thea. Customer purchase order.b. Bill of lading.c. Sales…

A:

Q: the customer of the details by issuing a sales invoice a. b. purchase invoice credit memorandum С.…

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

Q: Why should purchases to credit customers and cash receipts from credit customers be quickly…

A: sales can be either cash sales or credit sales. Credit sales will have accounts receivables or…

Q: Is it a credit memo issued by a vendor or a debit memo issued by a purchaser? What's the difference?

A: The difference will be explained:

Q: Briefly state the rules of debiting and crediting accounts classified on the basis of accounting…

A: Accounting equation: Accounting equation represents the mathematical relationship between assets,…

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

A: Solution:- If merchandise sold on account is returned to the seller, the seller may inform the…

Q: ow to record credit sale in an entrie?

A: Credit sales mean the amount which is delayed to paid but agreed to pay in future by the consumer.

Q: which two accounts are used to recognize shipping charges for a buyer assuming the buyer purchases…

A: Shipping cost depends upon the terms of the contract. Generally, there are two types of conditions.…

Q: When a cxompany extends credit directly to a customer for a purchase, the sale is recorded as a…

A: Sales can be in cash or credit. Cash sales amount is received immediately and credit sales amount is…

Q: Identify the items from the following list that are likely to serve as source documents. Is this a…

A: >Analyzing and recording the transaction is the first stem in the Accounting…

Q: Question 36 is used to settle an obligation arising from purchase of goods or services as a…

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

Q: Goods returned by customer will be debited to which account?

A: When a customer returns the goods sold to him it is called sales return i.e. it reduces the income…

Q: The following source document is used to support the transactions related to returns outwards to…

A: The company is in constant interaction with its suppliers and customers and there are many…

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: Reflect upon accounting  as debits and credits information system

A: Accounting is a method of recording business transactions so as to ascertain the financial positions…

Q: For a Credit Invoice Received, which entry should be made?   debit to sales returns and…

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

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: How do you determine the invoice of merchandise returned?

A: Merchandise return refers to the inventory that is returned by the customer to the seller for their…

Q: Debit telephone bill, credit ACcounts payable is

A: Correct Answer :- C Business Received telephone bill and it will be paid later.

Q: Does the sender (maker) of a debit memorandum record a debit or a credit in the recipient’s account?…

A: Debit memorandum or debit note is a type of document used by the customer or buyer of goods to…

Q: the following w

A: the correct answer is  d. SALES INVOICES

Q: A purchase of supplies on account is recorded in the ? Please explain with full explanation. a.…

A: Supplies: These are the general purpose consumables used for the purpose of business operations.…

Q: The type of transaction that would appear in sales journal would be a sale of

A: Sales Journal is a daybook to record the sales on credit to customers

Q: Customer deposits (prepayments) are recorded - Select one: a. as debits to accounts receivable for…

A: Customer deposits decreases the accounts receivable.

Q: How does receiving a payment from a customer on account affect the accounting equation?

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…

Q: Which of the following entries records receiving the cash payment from a customer for previous…

A: When a service is performed and the cash is receivable on such service from customer then such…

Q: how to bill customer using accrual-basis accounting

A: in Accruals accounting of income or revenue they are billed when goods or services are given but…

Q: Using accrual accounting, what journal entry will Almost the Best Buy record when a customer…

A: When the customer purchases the gift card  To be transferred to unearned revenue  When sales is…

Q: Which of the following transaction will be correct in regards to Source document of a Business? a.…

A: The source documents the main place where transactions are recorded.

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.