College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 10, Problem 4QY
Which of the following is not an advantage of the cash receipts journal?
- a. Transactions do not have to be posted on a regular basis.
- b. Transactions can be recorded on one line.
- c. Transactions involving debits to Cash are recorded in one place.
- d. Repetition in posting is eliminated.
- e. Special columns can be used for similar transactions.
Expert Solution & Answer
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Which statement is not true?
a. The general journal is still a necessity, even when special journals are used
b. If a cash payments journal is in use, postings are usually made only at the end of the month
c. All transanctions involving the receipt of cash are recorded in the cash receipts journal
d. A purchase of a desk calculator for the office should not be recorded in the purchases journal
Which of the following errors will be detected by a trial balance?
a. Posting a credit to Sales instead of the Accounts Payable
b. Incorrecty computing the balance of the cash account
c. Not journalizing a complete sales transaction
d. Forgetting to post a complete purchase transaction
The cash payments journal only has one column because all entries recorded in this journal require a credit to the Cash account.
True
False
Chapter 10 Solutions
College Accounting (Book Only): A Career Approach
Ch. 10 - What do credit terms of 2/10, n/30 mean? 210 days...Ch. 10 - What is the entry to record the cash received on a...Ch. 10 - Prob. 3QYCh. 10 - Which of the following is not an advantage of the...Ch. 10 - Prob. 5QYCh. 10 - What is the normal balance for each of the...Ch. 10 - What does an X under the total of a special...Ch. 10 - Prob. 3DQCh. 10 - In a cash receipts journal, both the Accounts...Ch. 10 - If a cash payments journal is supposed to save...
Ch. 10 - Describe the posting procedure for a cash payments...Ch. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - For the following purchases of merchandise,...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Record the following transactions in general...Ch. 10 - Prob. 5ECh. 10 - Record general journal entries to correct the...Ch. 10 - Label the blanks in the column heads as either...Ch. 10 - Prob. 8ECh. 10 - Prob. 9ECh. 10 - Indicate the journal in which each of the...Ch. 10 - The following transactions were completed by...Ch. 10 - Preston Company sells candy wholesale, primarily...Ch. 10 - MacDonald Bookshop had the following transactions...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by Yang...Ch. 10 - C. R. McIntyre Company sells candy wholesale,...Ch. 10 - Prob. 3PBCh. 10 - The following transactions were completed by Yang...Ch. 10 - The following transactions were completed by...Ch. 10 - Prob. 1ACh. 10 - You are the manager of the Accounts Receivable...Ch. 10 - Prob. 3ACh. 10 - Suppose we collected cash from a charge customer...Ch. 10 - Prob. 1CP
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- In a cash receipts journal, both the Accounts Receivable Credit column and the Cash Debit column were mistakenly underadded by 700. How will this error be discovered?arrow_forwardSuppose we collected cash from a charge customer and the debit was to Cash and the credit to Sales. How and when would this error be discovered?arrow_forwardIf a cash payments journal is supposed to save time spent writing, why are there so many entries in the Other Accounts Debit column?arrow_forward
- There are several elements to internal controls. Which of the following would not address the issue of having cash transactions reported in the accounting records? A. One employee would have access to the cash register. B. The cash drawer should be closed out, and cash and the sales register should be reconciled on a prenumbered form. C. Ask customers to report to a manager if they do not receive a sales receipt or invoice. D. The person behind the cash register should also be responsible for making price adjustments.arrow_forwardWhich one of the following columns in a cash receipts journal is not posted in total to an account in the general ledger? Other Accounts column Sales Discounts column Cash column Accounts Receivable columnarrow_forwardWhich statement is NOT correct for an expenditure system with proper internal controls?a. Cash disbursements maintain the check register.b. Accounts payable maintains the accounts payable subsidiary ledger.c. Accounts payable is responsible for paying invoices.d. Accounts payable is responsible for authorizing invoices.arrow_forward
- Match the terms with the definitions. A journal designed for recording only certain kinds of transactions. A special journal used to record only transactions involving the receipt of cash. A special journal used to record only sales on account. A special journal used to record transactions involving the payment of cash. A special journal used to record only purchases of merchandise on account. a. cash payments journal b. cash receipts journal c. sales journal d. special journal e. purchases journalarrow_forwardWhich record is not usually maintained under the single entry bookkeeping system? a. cash book b. general journal c. Accounts receivable subsidiary ledger d. property subsidiary ledger e. answer not givenarrow_forward7. What is the purpose of double entry bookkeeping system? A. To avoid careless mistakes. B. To prepare the books of prime entry accurately. C. To ensure that every transaction is recorded on the debit and credit sides with the same amount in at least two accounts. D. To record cash received and paid from business transactions. Reset Selectionarrow_forward
- Pixel Copies recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error? Cash is overstated Liabilities are overstated Expenses are overstated The trial balance will not balancearrow_forwardThe same bookkeeper should avoid contact with BOTH Accounts Receivable AND cash receipts. Explain the reason for this statement.arrow_forwardName the four basic components of an AIS.When special journals are used, where are all the cash payments by cheque recorded?How do debits and credits remain equal when credit sales to customers are posted twice (once to the Accounts Receivable controlling account and once to the customer’s account in the sub-ledger)?How do we identify the journal from which an amount in a ledger account was posted?What is the normal recording and posting procedure when using special journals and controlling accounts with sub-ledgers?7. Why does a company need a general journal when using special journals for sale, purchases, cash receipts, and cash disbursements?arrow_forward
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