Century 21 Accounting General Journal
11th Edition
ISBN: 9781337680059
Author: Gilbertson
Publisher: Cengage
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Under what circumstances would accounts receivable be posted as a credit balance :
A. When the business provides additional credit to itscustomer
B. When the business receives additional revenue
C. when the business receives additional revenue
D. When the business pays to its suppliers
When a customer pays in advance for products or services, which of the following accounts is credited?
a.Sales Revenue
b.Cash
c.Unearned Revenue
d.Accounts Receivable
Which of the following best describes an application of historical cost?
A.Property is exchanged with another business for services received.
B.Transactions are valued in terms of the currency of the business’ country.
C.An owner uses their personal cheque account to buy milk at the grocery store.
D.A transaction is recorded based on the dollars exchanged at the time of the transaction.
E.A sales transaction is recorded from the customer sales order.
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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
- What is the effect on the accounting equation when a business purchases supplies on account?arrow_forwardWhat specific accounts are recognized when a business purchases equipment on credit?arrow_forwardFrom the following list, identify which items are considered original sources: A. prepaid insurance B. bank statement C. sales ticket D. general journal E. trial balance F. balance sheet G. telephone bill H. invoice from supplier I. company sales account J. income statementarrow_forward
- What is the effect on the fundamental accounting equation if supplies are purchased on account? How will the fundamental accounting equation change if supplies are purchased with cash? Explain how this purchase will or will not change the owners equity.arrow_forwardWhat is the effect on the accounting equation when a business pays the balance due on accounts payable?arrow_forwardWhich of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common Stockarrow_forward
- Which of the following pairs of accounts are impacted the same with debits and credits? A. Cash and Unearned Service Revenue B. Electricity Expense and Office Supplies C. Accounts Receivable and Accounts Payable D. Buildings and Common Stockarrow_forwardFor each of the following events, identify whether it is an external event that would be recorded as a transaction, an internal event that would be recorded as a transaction or not recorded. 1. A vendor for a company's supplies is paid an amount owed 2. Customer pays its open accountarrow_forwardHow does receiving a payment from a customer on account affect the accounting equation?arrow_forward
- Question: 1. What is the correct source documents for direct deposit by customer of business. 2. What is the correct source documents for owner of business takes goods from the business for his own use. reqiured: please answer this question by giving the correct source documents for this two questions.arrow_forwardWhich of the following would normally be classified as a Selling expense of Merchandising business? a. Insurance expense of the office b. Rent expense of the office c. Advertising expense d. Telephone expense of the officearrow_forwardWhich of the following is nonbusiness transaction? a. Payment of advance salary to an employee just hired b. Setting up of chart of accounts c. Payment of rent in advance d. Receipt of electricity billarrow_forward
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