Chapter 2, Problem 1MP

Cash receipts journal The following cash receipts journal headings have been suggested for a small firm. List the errors you find in the headings. CASH RECEIPTS JOURNAL Page 12 Date Account Credited Post. Ref. Fees Earned Cr. Accts. Rec. Cr. Cash Cr. Other Accounts Dr.

Accounts Receivable Turnover and Number of Days Sales in Receivables Analyze and compare Amazon.com to Best Buy Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Best Buy, Inc. (BBY) is a leading retailer of consumer electronics and media products in the United States. Amazon and Best Buy compete in similar markets; however, Best Buy sells through both traditional retail stores and the Internet, while Amazon sells only through the Internet. Sales and accounts receivable information for both companies for a recent period follows (in millions): Amazon Best Buy Sales 135,987 39,528 Accounts receivable: Beginning of year 5,654 1,280 End of year 8,339 1,162 a.Determine the accounts receivable turnover for each company. Round all calculations to one decimal place. b.Determine the number of days sales in receivables for each company. Round all calculations to one decimal place. c. Evaluate the relative efficiency in collecting accounts receivables between the two companies. d. What might explain this difference?

Completing requirement 3. There are three choice for the first black:  a. Converting some accounts receivables to long-term note receivable b. Just continuing to use of credit cards c. Offering discount for early payments There are three choices for the second blank: a. Decreasing penalties for late payment b. Emphasising credit cards for sales  c.

Comprehensive Problem 3Part 3: Note: You must complete parts 1 and 2 before completing part 3 of this comprehensive problem. Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Kornett Company. Use the Miscellaneous Administrative Expense account to record bank service charges. If an amount box does not require an entry, leave it blank.   Date Description Debit Credit Dec. 31

EM6.11 Pay Credit Card Mookie the Beagle Concierge makes a payment on the VISA credit card on 01/31/2023 in the amount of $800. Required: To record the payment on the VISA credit card: From the Navigation Bar, select Expenses > select Expenses tab From the New transaction drop-down menu, select Pay down credit card For Which credit card did you pay?, select 2100 VISA Credit Card For How much did you pay?, enter 800.00 For Date of payment, enter 01/31/2023 For What did you use to make this payment?, select 1001 Checking Select Save and close What is the balance of the VISA Credit Card account after the credit card payment is recorded? Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount.

7) When recording a customer credit card payment on account using QuickBooks, select:A) Create Invoice > Customer Payment > Customer & Job NameB) Create Sales Receipt > Record DepositsC) Receive Payment > Select Customer & Job Name > Select Payment Method and enter credit card informationD) Make Deposit > Select Customer & Job Name > Select Payment Method and enter credit card information Group of answer choices A B C D

0.              The journal in which invoices for services provided are recorded is the revenue journal0. ____ 1.              The ledger which contains all of the financial statement accounts is called th 1. ____ 2.              Each transaction in the cash receipts journal will have an amountentered in the debit column entitled2. ____ 3.              Each subsidiary ledger is represented by a summarized account in thegeneral ledger, called a(n)3. ____ 4.              The accounts in the accounts payable ledger have a normal balance of(debit or credit)4. ____ 5.              E-commerce performs transactions over the  5. ____ 6.              The special journal designed for recording sales on account is the 7.              The special journal designed for recording cash receipts is the 6. ____ 8.              The subsidiary ledger containing information on the amounts due from individual customers is the               7. ____ 9.              Entries to adjust depreciation expense at…

EX.06.206.ALGO On March 4, Micro Sales makes $8,400 in sales on bank credit cards that charge a 3% service charge. Funds are deposited net of credit card expenses into Micro Sales' bank account at the end of the business day. Journalize the sales and recognition of expense as a single journal entry. If an amount box does not require an entry, leave it blank. Mar. 4   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6     fill in the blank 8 fill in the blank 9

Question 1 Catherine’s Cookies has a beginning balance in the Accounts Payable control total account of RO 8,200. In the cash disbursements journal, the Accounts Payable column has total debits of RO 6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of RO10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger? Question 2 Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of RO1,225 for merchandise purchased on June 4 for RO1,250, invoice number No.1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for RO2500. The company paid for invoice No.1027, dated June 1, in the amount of RO2,500, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check No.12440) from the State…