Which of the following is not a special journal? a. Sales journal b. General journal c. Cash receipts journal d. Purchases journal

Q: he type of transaction that would appear in the sales journal would be a sale of equipment for cash…

A: Solution: The sales journal is an accounting journal which keeps records of all of the credit sales…

Q: Which of the following accounts is not normally part of the revenue and collection cycle?a. Sales.b.…

A: Revenue and collection cycle is business process related to the products delivery and collection of…

Q: The book of original entry that will accommodate entries which cannot be appropriately recorded in…

A: Option D is correct.

Q: Distinguish between sales book and sales account.

A: Sales book: Sales book is one of the subsidiary book of accounting in which all the transactions…

Q: Which of the following activities is not a component of the operating cycle? a.

A: operating cycle refers to the time the entity takes to buy the goods, process and sell those goods…

Q: What are the normal balances of the various sales-related accounts?

A:

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: Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts c.…

A:

Q: Which of the following is not a special journal? Which of the following is not a special journal?…

A: Special journals: A special journal helps the company to record the specific and similar…

Q: Explain the posting process of the sales journal?

A: Sales JournalThe Sales Journal is used to record the transaction when the sale of merchandise…

Q: Which of the following would not be an appropriate heading for a column in the cash receipts…

A: Cash receipt journal records the receipt of cash from sales to customers. Cash receipt journal…

Q: One-column sales journal may be used to record collection on account sales of goods for cash sales…

A: Sales Journal records all the entries related to the sales made to customers both for cash and on…

Q: What purpose is served by prenumbering sales orders, shipping documents, and sales invoices?

A: Revenue Cycle: Revenue cycle records all the transactions that originate from selling a product and…

Q: What are the columns that are typically used in the purchases journal?

A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the…

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: 33.This is the type of special journal where sales invoice from a supplier may be found.    A. sales…

A: There are various types of journals which are being maintained as part of books of accounts.…

Q: Villar Co. uses special journals and a general journal. Identify the journal in which each of the…

A: Purchases journal -A special journal in which all purchases of merchandise on account are…

Q: 32.This is the type of special journal makes use of sales invoices issued by companies.    A.…

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: A. B. C. Prepare the Sales Ledger Control Account. Prepare the Purchases Ledger Control Account.…

A:

Q: MULTIPLE CHOICE 1. The entries in a purchases journal are posted to which of the following…

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…

Q: Identify the special journal(s) in which the following column headings appear.     Column…

A: Column Headings Special Journals a. Sales discounts Dr Cash receipts journal b. Accounts…

Q: Sale of goods for cash would be recorded in the _______________ Select one: A. purchase journal B.…

A: Correct option is D i.e. cash receipts journal

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: Which of the following journals is called an all-purpose journal? Please explain with full…

A: There are two journals. One is general journal and another is special journal.

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: In a sales transaction, which of the following is an assertion of existence or occurrence: a. All…

A: Existence or occurrence deals with whether assets or liabilities exist at a given date and whether…

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: What general ledger journal entries does the purchases system trigger? From which departments do…

A: Purchasing System: The identification and procurement of the inventory needs for the organization is…

Q: Why should the function of requisitioning the purchase of goods be segregated from the function of…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Which of the following functions is not included in the typical expenditure cycle involving goods?…

A: Expenditure cycle refers to specific period related to acquisition of and payment of goods and…

Q: 1. Draw up a) Sales journal and Cash Receipt Journal b) Accounts Receivable Subsidiary Ledgers c)…

A: Cash receipt journal is the journal which records and shows how cash been received by the business…

Q: Which of the following journal entry is correct for the transactions of goods returned by a…

A: When we make a sales to customer, we pass the following entry:- Trade receivables  Dr           To…

Q: Which of the following items would be recorded in the purchases journal? A. supplies purchased on…

A: Purchase journal is the journal specifically to record purchase transactions. It shows all the…

Q: Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC.…

A: This account book transaction would be linked to certain associated accounts of a different sort.…

Q: 18-Which of the following is an example of Source document? a. Sales Ledger b. Invoice c. Assets…

A: Some common examples of source documents include sales receipts, checks, purchase orders, invoices,…

Q: Which of the following accounts has a normal debit balance? a.Accounts Payable b.Sales c.Interest…

A: Accounts Payable: Accounts Payable means money owed by a company to its creditors. It is an current…

Q: Villar Co. uses special journals and a general journal. Identify the journal in which each of the…

A: Purchases & Sales on account are recorded in Purchases Journal & Sales Journal respectively.…

Q: Journalizing Sales Transactions

A: Journal entries is given bellow,

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: 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: Identify the special journal(s) in which the following column headings appear.     Column Headings…

A: Special journal is a journal which record similar type of transactions such as sales, purchases,…

Q: 3. A one-column sales journal may be used to record a. sales of supplies on account. b. sales of…

A: solution one column sales journal One column sales journal is a journal which is used to record the…

Q: Which of the following is most likely to be a general ledger control account? Select one: O a.…

A: General Ledger control account:-Controlling accounts are the accounts that only reflect the…

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