Which of the following items is considered external transactions? a. Payment of janitors’ wages b. Payment of fuel c. Internet service d. Collections

Q: A law firm has billed their clients for services performed. They subsequently received payments from…

A: The journal entries are prepared to record the monetary transactions of the company.

Q: Which of the following is always recorded in the general journal? a. services rendered for cash b.…

A: General journal means a book of prime entry where entry is recorded at first point in chronological…

Q: In which journal would the payment of salaries be posted? a.cash receipts journal b.special journal…

A: Journal entry for Payment of salaries:   Salaries A/c   To Cash A/c ( Being salaries paid )   As per…

Q: Which of the following is expensed under the principle of systematic and rational allocation a.…

A: Systematic and rational allocation: In systematic and rational allocation, some of the expenses are…

Q: What is the normal balance for each of these accounts? equipment cash advertising expeense accounts…

A: All assets and expenses normally have debit balance and all liabilities and income have credit…

Q: Ms. Andrews is a customer of the Edsell Company. In the object-oriented design approach   A. Ms.…

A: Object-oriented design approach - The same tool used to integrates accounting structures and…

Q: Which account is debited when the net wages of the employees are paid? Select one: A. Wages B. Bank…

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

Q: True Or False?  The entry to record a cash receipt from a customer when the service is to be…

A: The assets are debited and liabilities are credited.

Q: Expenses related to office maintenance will be called as a. Sales Discount expense b. Selling…

A: (A) Sales Discount Expense: It is expense given to buyer of goods to incentivize his purchases. It…

Q: Which of these is NOT a list of revenue expenditures? Rent, insurance, machine repair expense…

A: Revenue expenditure are those which are debited to the income statement & expensed off in the…

Q: Calculate Receipts from customers, payments to suppliers, payments for expenses, drawing

A: Cash received from customers shows how total amount has been received from the customers in the…

Q: company that receives money in advance of performing a service:   Group of answer choices:

A: Money received in advance for performing a service : Money received from a customer for services to…

Q: The accountant of South Boot Company recorded a transaction by debiting Accounts Payable and…

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

Q: Which of the following documents is issued by a customer to provide information about the  nature of…

A: Every transaction that takes place in a business should be recorded appropriately in the books of…

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: When a customer eventually pays for items that have been purchased on credit, the transaction will…

A: Here, Customer is our Debtor.  Company usually sales its goods on credit and that customer who…

Q: Identify the entry below that records the purchase of office supplies on account. debit Office…

A: Office supplies refers to small items used by office of a company such as staples, paper, files etc.…

Q: e of an office building B. Depreciation of vehicles C. Maintenance of machinery D. Sales discount…

A: Income statement records income and expenses. It shows the net income or loss of a company for a…

Q: Which of the following pairs of accounts are impacted the same with debits and credits?A. Cash and…

A: There are two sides of account in accounting. One is debit side and other is credit side. For all…

Q: Which of the following accounts will be used in equation, if the goods are sold on * ?credit to Mr.…

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…

Q: Under what circumstances would accounts receivable be posted as a credit balance : A. When the…

A: The different accounts in the business have different balance as debit and credit.

Q: salary to an employee just hired b. Setting up of chart of accounts c. Payment of rent in advance

A: The correct answer is  b). Setting up of chart of accounts

Q: Tomi See, CPA, has billed her clients for services performed. She subsequently receives payments…

A: Journal Entry to be passed on receipt of payment against services provided on account   Account…

Q: Which of the following accounts will be used in equation, if the goods are sold on * ?credit to Mr.…

A:

Q: For each of the following items, identify whether the item is considered current or noncurrent, and…

A: When the item is with the organisation for the 12 months or less than one accounting period then it…

Q: Harvest Catering is a local catering service. Conceptually, when should Harvest recognize revenue…

A: Revenue recognition is a process to record revenue. Revenue is to be recognized only when the…

Q: Compute the balance of the Home Office account

A: In order to calculate balance of home office account we will do assets-liabilities.

Q: Which of the following describes the transaction resulting in a journal entry with a debit to…

A: Salaries payable are debited when previously incurred salaries expenses are being paid now.…

Q: Which one of the following accounts is the most liquid? Select one: a. Building. b. Inventory. c.…

A: Liquid accounts signify the short term assets or current assets.

Q: Revenue is earned when ​ ________.   A. the business has received cash from the customer   B. the…

A: The revenue recognition concept says that the business should recognize the revenue when the…

Q: Which of the following is an example of Current Asset of a Mobile shop Merchandise Business? a.…

A: A current asset is the assets that only include those assets that can be easily converted to money…

Q: Which of the following is a business event that is not considered a recordable transaction? O A…

A: Transaction means any events which is denoted in money terms and which can be recorded in books of…

Q: How do you journalize the purchase of office equipment into credit?

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

Q: Using the double entry system, together with the accounting equation, determine what debits and…

A: Double entry system is one of the system used in accounting process. This system that for every…

Q: yment for a company’s office building?

A: Operation related checking account. Rent payment is an expense for company. Rent expense treated as…

Q: What does the phrase "Revenue is recognized at the point of sale" mean? (Assume the company reports…

A: Accrual Basis of Accounting: The accrual basis of accounting is a method of accounting where the…

Q: Which of these transactions requires a credit entry to Revenue? A. received cash from services…

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

Q: st page of the chapter. 2. Which of the following would result in the recognition of revenue? a. A…

A: Revenue : Revenue is the income generated from normal business operations. In other words it is the…

Q: Which of the following is not a revenue account? a. Professional fee b. Interest income c. Cost…

A: A revenue account is classified as an equity account and shall have a credit normal balance.

Q: hich of the following transactions is recorded in the revenue journal? a. sale of excess office…

A: Revenue Journal- Revenue journal is also known as a sales journal. All the credit sales of goods…

Q: external event that would be recorded as a transaction, an internal event that would be recorded as…

A: For the above transactions it would be classified as below :

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 best describes an application of the entity concept?

A: The business entity concept states that the transactions associated with a business must be…

Q: Which of the following best describes an application of historical cost? A.Property is exchanged…

A: historical cost is the original cost of the asset as recorded in the entities accounts record this…