Century 21 Accounting Multicolumn Journal
11th Edition
ISBN: 9781337679503
Author: Gilbertson
Publisher: Cengage
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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?
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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
- Which one of the following is a use of cash?Group of answer choices (A).payment to a supplier (B).payment received from a customer on his or her account (C).decrease in accounts receivables (D).sale of common stock (E).sale of inventory to a cash customer. Need typed answer.Please give answer within 45 minutesarrow_forwardWhat accounts are affected when goods are sold on credit? (Check all that apply) Accounts Receivable Cash Revenue Owner's Withdrawalsarrow_forwardWhich one of the following is a use of cash?Group of answer choices (A).payment to a supplier (B).payment received from a customer on his or her account (C).decrease in accounts receivables (D).sale of common stock (E).sale of inventory to a cash customer. Need typed answer only.Please give answer within 45 minutesarrow_forward
- When does the business maintain Petty cash? a. Shortage of cash in business b. Business purchased on credit c. Payment which cannot be made by cheque d. Business don’t have bank accountarrow_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_forwardFor each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loanarrow_forward
- Why is an accounts receivable ledger or an accounts payable ledger necessary for a business with large numbers of credit customers or large numbers of vendors/suppliers?arrow_forwardIdentify which one of the following is a document issued by an individual to his or her bank, directing them to pay the person whose name is mentioned in the document the sum specified in it? a. Cheque b. Demand draft c. Bill of exchange d. Credit cardarrow_forwardWhat are some benefits to a business in accepting credit cards and debit cards?arrow_forward
- If a customer buys good or services amounting to R3 000 from a business thatuses only traditional cash registers, would a cash slip be appropriate as asource document?arrow_forwardThe bank statement would function as the primary source document for which two of the following transactions? Select more than one: a. Monthly bank fees b. Sale made to a customer, using his debit card c. Interest received on current account balance d. Purchase from a supplier, by chequearrow_forwardA cash receipt that the business has added to its cash account,but that the bank has not added to the business's account is a: A.NSF cheque B.pending payment C.deposit in transit D.deposit made directly by the bankarrow_forward
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