Answered: Which of the following is recorded in…

Business

Accounting

Which of the following is recorded in the cash receipts journal?

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter10: Accounting For Sales And Cash Receipts

Section10.4: Posting From A Cash Receipts Journal

Problem 1AYU

See similar textbooks

Related questions

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: How would I figure out the adjusted trial balance sheet? cash accounts receivable equipment etc

A: Explanation: The Ending Balances of all T-Accounts Transfer to Adjusted Trial Balance.

Q: Which of these transactions requires a debit entry to Cash?A. paid balance due to suppliersB. sold…

A: Cash is one of the asset held by the business, for which normal balance is debit balance. Any…

Q: A cash investment made by the owner should be recorded in the a. cash receipts journal b.…

A: Cash receipts journal, purchases journal, cash payments journal, and revenue journal are special…

Q: The general journal records the daily transactions of a business pertaining to: a. Purchases…

A: A general journal is a form of accounting entry that is used to report a business transaction in a…

Q: Which of the following does not appea in a statement of cash flows? * O Cash sales O Credit sales…

A: The cash flows statement shows the cash inflows and outflows during the year from operating,…

Q: REQUIRED: IDENTFY ONE ACCOUNT AND ONE ASSERTION FOR EACH CONDITION (IDENTIFY EITHER THE DEBIT OR…

A: Journal entries: It is the duty of the accountant to record business economic and non-economic…

Q: The time between cash disbursement and cash collection is which of the following? A- accounts…

A: Solution- The cash to cash cycle is the fundamental quantity between once a business…

Q: A cash paid for a borrowing made earlier affects which of the following accounts? a. Cash and Notes…

A: Solution- Once you pay the full amount due, your account is paid in full. You have effectively…

Q: Which one of the following affects cash during a period? Recording depreciation expense.…

A: The current asset and the most liquid asset is cash. It is used for monetary transactions. The…

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: The statement of cash flows reports cash receipts (inflows) and cash payments (outflows) for a…

A: Cash Flow Statement: A cash flow statement is a kind of financial statement that offers aggregate…

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: 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: In which voucher from the accounting documents the money entering the cash of the business A)…

A: Accounting Voucher: These are used to record all account related transactions. They are of 2 types:…

Q: Calculate the ending balance of the Cash account.

A: T account: T account is a T-shaped appearance of the journal entries related to a specific account…

Q: Which of the following statements about cash received prior to the recognition of revenue in the fi…

A: Cash received prior to the recognition of revenue in financial statement is prepaid income for which…

Q: How to show the change in the account and note whether this change was a source or use of cash ?…

A: Operating Activities - Under this activity all the company operation-related activities like sales,…

Q: Complete the below table indicating (a) whether each transaction increases (+), decreases (-), or…

A: Cash transaction means the transaction in which the cash payment or cash receipt is involved. It…

Q: Mary Company collected cash from an account receivable. Which of the following financial statements…

A: The transactions and events which can be measured in monetary terms are reported in the books…

Q: elow are some typical transactions incurred by Ricketts Company. or each transaction, indicate…

A: There are 5types of journals where we record all the transactions- Cash receipts journal Cash…

Q: he purchase of supplies with cash would be recorded as a. Debit Cash; Credit Supplies Expense. b.…

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

Q: Which of the following is a method to generate cash from accounts receivable? a. Assignment b.…

A: Assignment of accounts receivable refers to the process where the account receivables are assigned…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Identifying means identification of relevant transactions. Recording means recording the accounting…

Q: Is this true or false? When recording a cash transaction from a client for a service that will be…

A: Unearned revenue is a liability for which services are yet to be provided in the near future.

Q: Directions: Classify each transaction whether they are operating, financing, investing or non-…

A: 1 cash inflow from operating activities 2 cash inflow from investing activities 3 cash inflow from…

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: What is the balance in cash after these transactions are journalized and posted?

A: Only cash transactions are to be considered. We will start with the opening balance of cash. We…

Q: Explain the statement: “Receipt and Payment Account is a summarisedversion of Cash Book”.

A: Receipts and payment account is a real account. It records all the cash and bank transactions made…

Q: Which of the following entries for goods sold by cash is correct? a) Cash Dr, AR Cr b) AR Dr,…

A: Goods or services provided by the business can be sold for cash or on account. Cash sales are sales…

Q: Why are cash receipts required to be deposited the same day they are received?

A: Cash receipts represent the revenue received for the sale of goods or services.

Q: Which of the following is correct regarding cash basis of accounting? a. Sales include cash sales…

A: Under cash accounting, the incomes and expenses are recognised when they are received or paid and…

Q: Assuming the use of a two-column general journal, a purchases journal, and a cash payments journal…

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

Q: Make a cash receipts journal using the following transactions and also include the total debits and…

A: A cash receipts journal is a special type of accounting journal which records all the transactions…

Q: Which of the following items is known as the base for preparing the trial balance; Cash Account…

A: Trial balance includes both temporary accounts and permanent accounts. All expenses, losses, and…

Q: The primary purpose of the statement of cash flows is to provide information about the investing…

A: Cash flow statement: It is one of the financial statements prepared at the end of a particular…

Q: Which of the following cash activities would be listed in the Investing Activities section of the…

A: The cash flow statement shows cash inflow & outflow of cash during the year. It has three…

Q: Explain the effect of adjusting journal entries on cash.

A: Adjusting entries: Adjusting entries are the journal entries which are recorded at the end of the…

Q: what is the entry for collection of receivable * O debit cash, credit accounts payable O debit cash,…

A: Account’s receivables can be defined as the payment which is yet to be received by the business in…

Q: In which of the following transaction, bank account will be debited? O a. Purchased goods on cash O…

A: SOLUTION- Cash Deposit In To Bank is Simply Transfer the Cash From Location to Another , The Asset…

Q: Identify whether each of the following transactions, which are related to revenue recognition, are…

A: Revenue recognition principle says that revenue should be recognised in business when it is earned.…

Q: Which of the following is most likely to appear in the operating section of a cash fl ow statement…

A: Cash flows statements are financial statements which provides information about the cash inflows…

Q: Which of the following transactions will be recorded in cash payment journal? a. Receipt of income…

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

Q: Which of the following is not an example of a cash outflow? Select one: a. Purchase of…

A: Cash outflow: It can be defined as the disbursement or payment in cash for meeting the expenditures…

Q: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

A: Solution: Classification of transaction in journal and Subsidiary ledger are as under:

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: I. TOPIC: ACCOUNTING BOOKS-Journal and Ledgers III. Direction: A. Classify the transactions in the…

A: The special journals are maintained to keep the record of specific transactions.

Question

Which of the following is recorded in the cash receipts journal?

a. cash withdrawn by the owner

b. cash purchase of equipment

c. cash received on customer's account

d. adjusting entry for depreciation

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Record the following transactions in the cash receipts journal.
From the following list, identify which items are considered original sources: A. accounts receivable B. receipt from post office for post office box C. purchase order D. general ledger E. adjusted trial balance F. statement of retained earnings G. electric bill H. packing slip I. company expense account J. statement of cash flows
Which of these transactions requires a debit entry to Cash? A. paid balance due to suppliers B. sold merchandise on account C. collected balance due from customers D. purchased supplies for cash
For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance bill
You just posted a debit to Cash in the general ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
Name two situations where cash would be remitted to a customer from a retailer after purchase.
CASH, MODIFIED CASH, AND ACCRUAL BASES OF ACCOUNTING For each journal entry shown below, indicate the accounting method(s) for which the entry would be appropriate. If the journal entry is not appropriate for a particular accounting method, explain the proper accounting treatment for that method. 1. Office Equipment Cash Purchased equipment for cash 2. Office Equipment Accounts Payable Purchased equipment on account 3. Cash Revenue Cash receipts for week 4. Accounts Receivable Revenue Services performed on account 5. Prepaid Insurance Cash Purchased prepaid asset 6. Supplies Accounts Payable Purchased prepaid asset 7. Phone Expense Cash Paid phone bill 8. Wages Expense Cash Paid wages for month 9. Accounts Payable Cash Made payment on account Adjusting Entries: 10. Supplies Expense Supplies 11. Wages Expense Wages Payable 12. Depreciation ExpenseOffice Equipment Accumulated DepreciationOffice Equipment