Answered: JOSH WILLOW Balance Date Post. Ref.…

JOSH WILLOW Balance Date Post. Ref. Debit Credit Debit Credit 400 Nov. 1 1,580 1,390 5.5 1,180 190 18 J.8 30 CR.9 700 690

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Date 3/May Cash Supplies Share Capital (a) 4/May Cash General Journal Account/Explanation Supplies…

A: The T-accounts are prepared by posting the transactions from Journal to specific accounts of the…

Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Purchase Journal Date Vendor Account…

Q: What are the primary stages and controls in the accounts payable transaction cycle, from receiving…

A: The accounts payable transaction cycle refers to the series of processes and activities involved in…

Q: The adjusting entry to record an NSF check includes a credit to accounts payable a debit to vash…

A: Non-sufficient fund: When a checking account holder is overdrawn, that is, there isn't enough cash…

Q: Match the definition to the term. The answer choices are : 1. Controlling account 2. Schedule of…

A: Solution: Definition that best matches with term is as under:

Q: 16. A source document prepared by the seller that lists the the a. sales invoice. b. purchase…

A: solution note Dear student as per the Q&A guideline we are required to answer the first question…

Q: Which one of the four methods of payments creates an accounts receivable? Select one: a.…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: here are three types of ledgers; general ledger, payables ledger, and receivables ledger. Discuss…

A: Ledgers are important components of an organization's accounting system, used to record and…

Q: -What is the journal entry for recording credit sales? a. Sales Dr. and Accounts Receivable Cr b.…

A: Journal entry is an important and attentive process of accounting cycle through the help of journal…

Q: Detailed information about the individual accounts for all creditors is provided by Multiple Choice…

A: Detailed information about the individual accounts for all creditors is provided by the ''accounts…

Q: A journal O debit to Accounts Payable. O credit to Accounts Payable. O debit to Accounts Receivable.…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Give what is required, For the Classification: (Classify the account if it is current/noncurrent…

A: The different accounts in the business are classified as asset, liabilities, revenue, expenses and…

Q: The Ledger related to expenses is entered in which one of the ledger? Sales Ledger Purchase return…

A: Expenses are not recorded in a specific ledger.

Q: Describe the nature of the following documents and records andexplain their use in the sales and…

A: Bill of lading: Bill of lading refers to the written contract between the carrier and the seller for…

Q: What are the normal balances of the various sales-related accounts?

Q: Prepare a trial balance for the selected general ledger accounts and prove the accuracy of…

A: Trial Balance -:A trial balance is a simple schedule of all the common ledger accounts (both income…

Q: Deposits other than customer payments are entered using: a. Receive Payments b. Pay Bills c. Bank…

A: A bank account is an account with a bank that is used to deposit money and withdraw money. The…

Q: Assume the following information for Tamarisk Corp. Accounts receivable (beginning balance)…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Which should be recorded in accounts receivable? a. receivables from officers b. receivables from…

A: Accounts Receivable refers to the amount owed by the customers to a business for purchase of goods…

Q: Which of the following types of transactions can be uploaded into QBO using the Receipt action.…

A: QBO : It stands for QuickBook Online, an online platform for recording the business transactions.…

Q: The debits and credits from three related transactions are presented in the following creditor's…

A: June 6: In this transaction goods are purchased or services are received on account; and the source…

Q: On a sales receipt, the account selected in the Deposit to field results in Sales Receipt Payment…

Q: Indicate whether the general ledger accounts will be debited or credited when recording the…

A: Answer:- Accounts payable meaning:- A liability on a firm's balance sheet is represented by…

Q: ______best describes the classification and normal balance of the accounts receivable account?

A: The Answer :

Q: Debit postings to the individual accounts in an accounts receivable subsidiary ledger generally come…

A: 1. Cash payments journal: Records outgoing payments made by the business.2. Sales journal: Logs…

Q: A "receipt on account" results in a credit to: An A/P account Bank An A/R account Capital

A: Receipt on account means, cash received from previously made credit sales.

Q: The accounts receivable are sold to company known as a. Broker b. Factor c. Accounting service…

A: Factoring is a type of service offered by finance companies in which the entity or company sells all…

Q: Explain the importance of the date of service as it relates to Days in Accounts Receivable.

A: The date of service holds significant importance when calculating Days in Accounts Receivable for…

Q: What is the journal entry for recording credit sales? a. Cash Dr. and Sales Cr b. Sales Dr. and…

A: Journal entry for Recording credit sales: Accounts Receivable [Debit] Sales [ Credit]

Q: Accounting information systems have five generic elements . Which of the following pairs includes…

A: Accounting information systems are tools/softwares used by entities to collect, record and Storge…

Q: A sales on account transaction is recorded: a. in the general journal after it has been recorded in…

A: The question is asking about the correct procedure for recording a sales on account transaction in…

Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Name the four basic components of an AIS.

A: Accounting Information System (AIS) seems to be a mix of technologies and accounting principles…

Q: Check All That Apply Invoice Receive Payment Pay Bills

A: Invoice and Receive payment refers to the "Customers and Sales" transaction.

Q: between a balance on a receivable ledger contro account and the total list of accounts receivable…

A: Accounts Receivables: as each customer's a/c balance cannot be shown in financials, the Accounts…

Q: When a customer returns a product to Hartville Equipment that the customer purchasedon account,…

A: When a customer returns a product to Hartville Equipment that the customer purchased on account,…

Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: For each transaction indicate whether it should:

A: Note: Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…

Question

Identifying transactions in the accounts receivable subsidiary ledger

A customer account in the accounts receivable subsidiary ledger of Leger Old Company follows:

Describe the three posted transactions.

JOSH WILLOW
Balance
Date Post. Ref. Debit Credit
Debit
Credit
400
Nov. 1
1,580
1,390
5.5
1,180
190
18
J.8
30
CR.9
700
690

Definition Definition Act of publishing journal entries in their respective general ledger accounts to create a consolidated view of an account. At the end of the fiscal year, ledger accounts are balanced and account balances in every ledger are consolidated together to create the trial balance.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

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

Suggest Four reasons why there might be difference between the balance on the receivable ledger control account and the total list of the list of accounts receivable ledger balances?
Please help with the following question COMPLETION STATEMENTS 1.Notes and accounts receivable that result from sales transactions are often called______________ receivables. 2.Two accounting problems associated with accounts receivable are (1) ______________ and (2) ______________ accounts receivable. 3.The net amount expected to be collected in cash from receivables is the _____________. 4.When credit sales are made, _________________ Expense is considered a normal and necessary risk of doing business on a credit basis. 5.The two methods used in accounting for uncollectible accounts are the ____________ method and the ______________ method. 6.Allowance for Doubtful Accounts is a_____________ account which is ______________ from Accounts Receivable on the balance sheet. 7.When the allowance method is used to account for uncollectible accounts, ____________ is debited when an account is determined to be uncollectible. 8.The _________________ basis of…
Multiple choice
Complete the statement: closing entries ________ A. Reflect the net income for the accounting period B. Are also posted in the subsidiary ledgers C. Involve all ledger accounts D. Are recorded in the special journals The process wherein transactions are recorded in the journal are transferred to the appropriate accounts in the general ledger and subsildiary ledgers, if appropriate, is called ___________ A. Ledgering B. Analyzing C. Posting D. Journalizing
a list of each customer account and thre balance owed is a:
Develop a flowchart for revenue cycle of 7-Eleven retail store containing their cash disbursement, payroll and fixed asset
Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."): • Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., or Ref. And using the accounts listed below, complete the journal headings and record the journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Cost of Goods Purchase Returns and Sales Tax Payable Sold Allowances PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" or if no information is provided, please use…
An “Accounts Receivable Customer Balances” report shows revenues by customer for a specified date range customer balances owed as of a specific date cash payments to creditors for a specific date range sales by customer as of a specific date
Match each of the numbered descriptions with the term, title, or phrase that it best reflects. Indicate your answer by entering the letter A through J in the blank provided. A. General journal B. Special journal C. Subsidiary ledger D. Accounts receivable ledger E. Accounts payable ledger F. Controlling account G. Sales journal H. Cash receipts journal I. Purchases journal J. Cash payments journal 1. Used to record all cash payments. 2. Used to record all credit purchases. 3. Used to record all receipts of cash. 4. Used to record sales of inventory on credit. 5. Stores transaction data of individual customers. 6. Stores transaction data of individual suppliers. 7. Account that is said to control a specific subsidiary ledger. 8. Contains detailed information on a specific account from the general ledger. 9. Used to record and post transactions of similar type. 10. All-purpose journal in which any transaction can be recorded.
Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."): Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None And using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Purchase Returns and Cost of Goods Sold Sales Tax Payable Allowances PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" or if no information is provided, please use "None" - no quotation marks. • On Jun.…
Multiple choice
Explain what factors a company consider to manage their accounts receivable.