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- Which of these transactions requires a credit entry to Revenue? A. received cash from services performed this month B. collected balance due from customers C. received cash from bank loan D. refunded a customer for a defective productFor 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 billThe revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 20Y2, balance of 625 consisting of an amount due from Aladdin Co. There were no collections during July. a. Prepare a T account for the accounts receivable customer accounts. b. Post the transactions from the revenue journal to the customer accounts and determine their ending balances. c. Prepare T accounts for the accounts receivable and fees earned accounts. Post control totals to the two accounts and determine the ending balances. d. Prepare a schedule of the customer account balances to verify the equality of the sum of the customer account balances and the accounts receivable controlling account balance. e. How might a computerized system differ from a revenue journal in recording revenue transactions?
- Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalS1: An expense item allocated by the home office to a branch is recorded by thebranch by a debit to an expense ledger account and a credit cash-home office.S2: A debit to Home Office ledger account and a credit to the Trade AccountsReceivable account in the accounting records of a branch indicate that the homeoffice collected accounts receivable of the branch. A. Only S1 is correct.B. Both statements are incorrect.C. Only S2 is correct.D. Both statements are correct.the accounts payable (A/P) clerk asked you to open an account named New Expenses. You know that an account name should be specific and well defined, and you're afraid the A/P clerk might charge some expenses to the account that are inappropriate. Why do you think the A/P clerk needs the New Expenses account? Who needs to know this information and what action should you consider?
- Hi, for the last part of this question, it says "After you prepare the schedule of accounts payable creditor balances, determine that the total agrees with the ending balance of the Accounts Payable controlling account."Outdoor Artisan LandscapingAccounts Payable(Controlling)Balance, June 1, 20Y1 $Total credits (from purchases journal)Total debits (from cash payments journal)Balance, June 30, 20Y1 $How would I solve this problem? I've attached a picture of the original questionWhich of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. Transaction No JournalEntryNeeded JournalEntryNeeded Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank chargesWhen an equipment is purchased by the branch and carries in the home office books, which of the following occurs in the books of the branch?* A. A debit to Equipment account B. A credit to Cash C. A credit to Home Office account D. None of the above
- Companies recognize revenue as earned and record the revenue when __________. A. the customer's order is received B. the return period is over C. the order is delivered D. the order is shipped Miranda Corp. received an order from a customer on October 1. The toys were shipped on October 15. The customer sent a check for full payment on November 5. Miranda received the check on November 10 and deposited it in the bank account. Miranda should record sales revenue related to this series of transactions on ____A client has a massage and asks the company bookkeeper to mail her the bill. The bookkeeper should make which entry to record the invoice? a.Accounts Receivable, debit; Fees Earned, credit b.Fees Earned, debit; Accounts Receivable, credit c.No entry until the cash is received d.Cash, debit; Fees Earned, creditThe following journal entry was found in the records of Ross Company: Debit Cash P 200; Credit Accounts Receivable P 200. Which of the following statements best describes the above transaction? A. A customer paid P 200 on account B. Cash services of P 200 were provided C. Ross Company paid a supplier P 200 D. Ross Company corrected an error in a customer’s account
