Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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company A sells $1,500 of merchandise on account to company B with credit terms of 2/10, n/30. If company B remits a check taking advantage of the discount offered, what is the amount of Company B's check?? -$1,470 -$1,050 -$1,200 -$1,350
1.How do you consider post-dated check in the statement of financial position?
A.cash and cash equivalent
B accounts receivable
C accounts payable
D cash in bank
2.Which of the following describes accrual accounting?
A On September 20, the company record sales for the cash received from customers. Delivery of the items will be on October 5.
B On September 20, the company record utility expense for the Meralco bills. Payment will be made on due date October 5.
C On September 20, the company record sales for the items delivered and collected.
D On September 20, the company record rent expense for the rental paid for the current month.
3. Which of the following describes merchandise inventory?
A.Bought 5 cars for sale.
B.Bought 5 cars for delivery services.
C.Bought 5 cars for company's use.
D.Bought 5 cars for raffle.
4. Which of the following expenses is a result of association cause and effect method?
A.utility expense
B. depreciation expense
C.salaries expense
D. sales…
Ablema has provided you with the following bank statement and bank account details in respect of the month ended 31 January 2018. Statement date - 31 January, 2018. Account No 1452800
Date Particulars Debit Credit Balance
GH¢ GH¢ GH¢
01-Jan-18 Balance forward 67,580 Cr
06-Jan-18 Cheque 597 120 67,460 Cr
06-Jan-18 Direct debit 2,020 65,440 Cr
12-Jan-18 Credit transfer 4,660 70,100 Cr
13-Jan-18 Cheque 600 1,420 68,680 Cr
14-Jan-18 Cheque 601 12,028 56,652 Cr
16-Jan-18 Lodgement 9,000 65,652 Cr
19-Jan-18 Cheque 599 18,004 47,648 Cr
23-Jan-18 Bank charges for December 2017 422 47,226 Cr
25-Jan-18 Quarterly interest received 62 47,288 Cr
27-Jan-18 Dishonoured cheque 1,600 45,688 Cr
27-Jan-18 Cheque 598 26,090 19,598 Cr
30-Jan-18 Cheque 603 5,048 14,550 Cr
31-Jan-18 Lodgement 14,500 29,050 Cr
31-Jan-18 Standing order: rent first quarter 2018 27,000 2,050 Cr
The books and records of Ablema show the followings transactions through the bank account for the month of January 2018: Date Receipts…
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- Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalarrow_forwardYour company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalarrow_forwardEnter the following transactions in a cash payments journal like the one illustrated in the chapter: Aug. 2 Issued Check No. 193 in payment of August rent (Rent Expense), 2,200. 6 Issued Check No. 194 to Mason Hardware in payment of merchandise purchased on account, 1,700, less 2% discount. The check was written for 1,666. 10 Issued Check No. 195 to Augies Wholesale for cash purchase of merchandise, 2,730.arrow_forward
- Entries for notes receivable The series of five transactions, (a) through (e), recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction.arrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-11A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forwardRefer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.arrow_forward
- SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Gelph Co. as of November 30, 20--.arrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forwardTransactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.arrow_forward
- Prepare entries in general journal form to record the following: June 12Sold merchandise on account to K. Perrot; terms n/30; 1,740. July 12Received 740 in cash from K. Perrot and a 60-day, 7 percent note for 1,000, dated July 12. Aug. 17Discounted the note at the bank at 7.5 percent. Check Figure 8/17 Cash, 1006.61arrow_forwardWhat is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the payment is received within the discount period? a. Accounts Receivable 500 DR; Cash 500 CR b. Cash 500 DR; Accounts Receivable 500 CR c. Cash 495 DR, Sales Discount 5 DR; Accounts Receivable 500 CR d. Accounts Receivable 500 DR; Cash 495 CR, Sales Discount 5 CR e. Cash 500 DR; Sales Discount 5 CR, Accounts Receivable 495 CRarrow_forwardBased on the following information, prepare a check and stub: Date: January 15, 20-- Balance brought forward: $2,841.50 Deposit: $962.20 Check to: J. M. Suppliers Amount: $150.00 For: Office Supplies Signature: Sign your namearrow_forward
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