Which of the following situations has to .5 ? do with account payable )2 نقطة( Sales on credit Purchase of merchandise from a seller Purchase of raw materials on credit from a supplier .Payable from accounts of the bank

Q: Which of the following statements, if any, is O Under the cash receipts method, income is not…

A: Accrual Method of Accounting: Under this method, transactions are recorded as and when they accrue,…

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

A: The basic accounting equation is Assets = liabilities + equity   If an asset is account is…

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: When a product is sold on credit, which account should be debited for the seller? A.cash…

A: Sale of a product means to sell the goods in stock to the customer. It can be sold either on cash or…

Q: -What is the journal entry for recording credit sales? a. Sales Dr. and Accounts Receivable Cr b.…

A: Journal entry is an important and attentive process of accounting cycle through the help of journal…

Q: How are sales to customers using MasterCard and VISA (credit/debit cards) recorded?

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: When goods are sold on credit the account of a customer is called : Select one: a. Purchases Return…

A: Lets start one by one to understand the all the terms, Purchase return:- It is a type of transaction…

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

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Q: Which of the following applications of the rules of debit and credit is true?

A: Debit and credit are the left and right sides of a T-account. Depending on the type of account, the…

Q: 1. How would this transaction be journalized by the seller? Identify the accounts, the amounts and…

A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…

Q: Which of the following will be called as a Merchandising Business? a. Receives a loan from bank b.…

A: Merchandising business: A merchandising business is the most common type of business is undertaken…

Q: The amount to be paid by the business to the supplier who supplied the material on credit is a.…

A: When Company purchased goods and services on credit from the supplier then it needs to be paid back…

Q: Which of the following cannot be considered an expense for the business? O Cost of goods sold O…

A: Expenses of the business means all expenditures that are made in routine day to day activities of…

Q: What is the normal balance of the following accounts: (a) Cost of Merchandise Sold, (b) Customer…

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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: Indicate in the table below where each of the following transactions would be posted by ticking (V)…

A: Sales journal records all credit sales. Purchases journal records all credit purchases. Cash…

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: Which of the following entries records the payment of an account payable? a.debit Cash; credit…

A: Accounts payable (liability) is decreasing. Cash (asset) is decreasing.

Q: 1. Which of the following accounts are used when recording the sales entry of a sale on credit?e A.…

A: Sales is a revenue account and all revenues increase when credited.  Accounts receivable is an Asset…

Q: Complete the following table by indicating for (a) through (g) whether the proper answer is debit or…

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Q: 1) Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

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

Q: B. trial balance C. chart of accounts D. income statement   8. Sales to customers who use bank…

A: 7.(b) trial balance Trial balance is used to check that total debits equal total credits and shows…

Q: f we pay our suppliers for supplies that we had previously purchased, we will need to ____ Accounts…

A: "Accounts payable" (AP) is a general ledger account that reflects a company's obligation to pay a…

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 buyer returns merchandise purchased for cash, the buyer will record the transaction as a…

A: The purchase return in the books of the buyer under the perpetual inventory is to debit the accounts…

Q: A company sells merchandise for cash. This transaction is recorded as: Group of answer choices A…

A: Golden Rules: There are three golden rules nominal, personal, and real. All financial transactions…

Q: A credit balance to a client's accounts payable account representing right to receive payment for…

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Q: Which of the following is true about accounts payable? Accounts payable are also called trade…

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Q: Which of the following accounts is used in merchandising but not in service type of business?…

A: Service company deals with the intangible product whereas merchandise company buys tangible product…

Q: When a customer pays in advance for products or services, which of the following accounts is…

A: We have the following question: When a customer pays in advance for products or services, which of…

Q: Which of the following transactions is credited? A) WHEN CHARGED B) PURCHASE OF COMMERCIAL GOODS…

A: Credit transaction: Any transaction by the terms of which the repayment of money loaned, or loan…

Q: credit terms are terms for a. when the payments for merchandise are to be made b. when inventory is…

A: Credit terms refers to the agreement made between the seller and the buyer which defines the timing…

Q: Which of the following accounts has a normal debit balance. (Choose all that apply)

A: Assets, expenses, losses, and the owner's drawing account will normally have debit balances. Their…

Q: Match each phrase with its definition. 1. Seller's description of a cash discount granted to buyers…

A: Discount is the amount of deduction or allowance that is being given to the buyer for purchasing…

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: 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: COMPLETION STATEMENTS ​1.​Notes and accounts receivable that result from sales transactions are…

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

Q: On March 30, 2021 Ortiz LLC provided accounting reservices for Beker Law firm and sent them a bill…

A: Accrual transactions are the transaction which are recorded on happening of event without…

Q: Which of the following transactions does the above journal entry belong to?      a) Goods…

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

Q: . The bill of lading is a document prepared by the seller detailing the terms of delivery 2. the…

A: Answer: There are various types of documents that are prepared as the part of sales while shipping.

Q: What would the journal entry be for the payment of an amount owing to a supplier?    A. Dr…

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

Q: What is the totals credits and total debits? Also answer the following questions: Answer the…

A: Total credits= sales credit+ sales tax payable credit =6398.82+311.18 =6710 Total debit=Account…

Q: Explain in detail different types of documentation that the business would expect to change hands in…

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

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

A: Credit card is like a physical card which are used as a postpaid, in which customer or card holder…

Q: The journal entry to record the sale of services on credit should include: a debit to Cash and a…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…