College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 10, Problem 5DQ
If a cash payments journal is supposed to save time spent writing, why are there so many entries in the Other Accounts Debit column?
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Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal Why not put both types of credits in the same column and save journal space?
Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal such as the one in Exhibit. Why not put both types of credits in the same column and save journal space?
The cash payments journal only has one column because all entries recorded in this journal require a credit to the Cash account.
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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 - Describe the transaction recorded.Ch. 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 - Prob. 5PBCh. 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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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
- Describe the posting procedure for a cash payments journal with an Other Accounts Debit column and several special columns, including an Accounts Payable Debit column.arrow_forwardWhich 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.arrow_forwardWhen posting the column totals of a cash payments journal, a debit should be posted to a.Unearned Revenue b.Sales Discounts c.Accounts Payable d.Casharrow_forward
- Which 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_forwardIf a journal entry includes a debit or credit to the Cash account, it is most likely which of thefollowing?arrow_forwardA cash book is used to record ____________ Select one: a. all cash and credit sales b. all receipts and payments of cash c. all cash receipts only d. all cash payments onlyarrow_forward
- What accounts are affected when goods are sold on credit? (Check all that apply) Accounts Receivable Cash Revenue Owner's Withdrawalsarrow_forwardhello, where do payable accounts and notes, receivable accounts and cash go under t accounts after doing the journal entries of business logsarrow_forwardHow to enter that transaction into a cash receipts journal and also into a cash payments journalarrow_forward
- The cash receipts journal is used to record all transactions that include a debit to the Cash account. T/Farrow_forwardWhich 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 journalarrow_forwardWhat is incorrect here? Available Options Are: Accounts Payable, Accounts Receivable, Advertising Expense, Cash, Cash Short And Over, Collection Expense, Computer Equiptment, Delivery Expense, Discounts Lost, Intrest Earned, Janitorial Expenses, Merchandise Inventory, Mileage Expense, Micellaneous Expenses, Note Receivable, Office Supplies, Petty Cash, Postage Expense, Printing Expense, Rent Expense, Repairs Expense - Computer, Utilities Expense.arrow_forward
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