Chapter 2.3, Problem 1AYU

Which among the following are transactions that are settled by immediate cash payment and cash receipts. a. credit transactions b. cash transactions c. accounts d. financial statements What is the amount to be collected by the business from customer who receive the product or services with a promise to pay after some time? a. Supplier b. Creditor c. Accounts payable d. Accounts Receivable Expenses unpaid at the end of a given accounting period is known as _______. a. Bank overdrafts b. Accounts payable c. Unearned revenues d. Outstanding expenses When banks allowed the business to withdraw money even when the account has no funds is known as _______. a. Outstanding expenses b. Accounts payable c. Bank overdrafts d. Unearned revenues Which of the following basis of accounting realises revenue for part of the work completed ? a. Non Cash basis b. Cash Basis c. Production Basis d. Accrual Basis

Which account is debited if a client pays 5,000 by check? A cash of 875 is taken from the bank account of the business and placed into petty cash, which account is credited?

The business makes payments to suppliers for goods purchased on account. Which account is the debit posted to? Should the P90,000 entry to the Cash account be a debit? (yes/no) What is the accounting entry to record a cash sale?