is a record of financial transactions in order by date. It is often defined as the book of1.original entry.2.is a special or specialized journal is used to record sales of merchandise to customers.3.is a special journal used to record money received.4.is a record of all acquisitions made on credit during a periodis a record kept by accountants to record all financial expenditures made by a5.company.

Name: is a record of financial transactions in order by date. It is often d
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: is a record of financial transactions in order by date. It is often defined as the book of1.original entry.2.is a special or specialized journal is used to record sales of merchandise to customers.3.is a special journal used to record money received

The accounting is a process to record, classify, prepares the financial statements and prepares the…

Business

Accounting

is a record of financial transactions in order by date. It is often defined as the book of 1. original entry. is a special or specialized journal is used to record sales of merchandise to customers. 2. is a special journal used to record money received. 3. 4. is a record of all acquisitions made on credit during a period 5. is a record kept by accountants to record all financial expenditures made by a company.

is a record of financial transactions in order by date. It is often defined as the book of 1. original entry. is a special or specialized journal is used to record sales of merchandise to customers. 2. is a special journal used to record money received. 3. 4. is a record of all acquisitions made on credit during a period 5. is a record kept by accountants to record all financial expenditures made by a company.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 4EB: From the following list, identify which items are considered original sources: A. accounts...

See similar textbooks

Similar questions

0. The journal in which invoices for services provided are recorded is the revenue journal0. ____ 1. The ledger which contains all of the financial statement accounts is called th 1. ____ 2. Each transaction in the cash receipts journal will have an amountentered in the debit column entitled2. ____ 3. Each subsidiary ledger is represented by a summarized account in thegeneral ledger, called a(n)3. ____ 4. The accounts in the accounts payable ledger have a normal balance of(debit or credit)4. ____ 5. E-commerce performs transactions over the 5. ____ 6. The special journal designed for recording sales on account is the 7. The special journal designed for recording cash receipts is the 6. ____ 8. The subsidiary ledger containing information on the amounts due from individual customers is the 7. ____ 9. Entries to adjust depreciation expense at…
Topic: Accounts, Debits and Credits 1. Analyze in detail: Introduction to the study of financial statements and their main classifications of accounts: assets, debits, equity, income and expenses, as well as a review of the accounting cicle for this task. Instructions: 2. Prepare a description, compare, and contrast of accounts, debits, and credits and how they are used to record business transactions.*ImportantPlease contribute a minimum of 300 words. It must include at least 2 academic sources, formats and must be cited in accordance with current APA regulations.
Which journal entries is correct when a business entity collects an accounts receivable? A. Cash - debit. Accounts receivable - credit. B. Accounts receivable- debit. Service revenue - credit. C. Cash- debit. Accounts Payable- credit. D. Cash -debit. Notes payable - credit.
SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Opened an account with Bank and made initial deposit1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Bought Equipment on Account3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In…
Required: 1. Identify each financial transaction by using accountingequation and make journal entries of financialtransactions 2. Transfer the journal entries to the Ledger 3. Prepare the Trail Balance of the company
When a company extends credit directly to a customer for a purchase, the sale is recorded as a debit in the O A. customer record B. general ledger O C. cash flow journal D. balance sheet SUBMIT
Identify the items from the following list that are likely to serve as source documents. Is this a Item source document? a. Invoice from supplier b. Ledger c. Statement of cash flows d. Company revenue account e. Sales receipt f. General journal g. Prepaid insurance account h. Employee time clock record i. Credit card receipt
Identify which type of major accounts will cover the following and in what type of organization will such be applicable. Write your answers on the blanks. 1. Property, plant, and equipment 2. Notes payable 3. Cash 4. Accounts payable 5. Accrued expenses 6. Salaries and benefits 7. Sales 8. Inventories 9. Service income 10. Rent 11. Retained earnings 12. Accounts receivable 13. Prepaid supplies 14. Notes receivable 15. Shareholders' equity
Required information [The following information applies to the questions displayed below.] Web Wizard, Incorporated, has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $46,000 on credit. b. On January 31, the company estimated bad debts using 1 percent of credit sales. c. On February 4, the company collected $23,000 of accounts receivable. d. On February 15, the company wrote off $100 account receivable. e. During February, the company provided services for $36,000 on credit. f. On February 28, the company estimated bad debts using 1 percent of credit sales. g. On March 1, the company loaned $2,400 to an…
1. S1: An expense item allocated by the home office to a branch is recorded by the branch by a debit to an expense ledger account and a credit cash-home office. S2: A debit to Home Office ledger account and a credit to the Trade Accounts Receivable account in the accounting records of a branch indicate that the home office collected accounts receivable of the branch. Both statements are Only S2 is Both statements are Only S1 is 2. A company has an external sales agency. The company allows the sales agency to incur and pay for all its expenses and approved asset purchases. The company has never transferred any tangible assets to the agency and created the agency by simply establishing an agency working capital fund of P40,000. Whenever the sales agency needs more working capital it transmits the receipts for what it has spent back to the main office which then sends cash back to the agency to cover the remitted items. Small amounts of merchandise inventory are sent to the agency…
select the item that best completes each of the description below A____ of accounts is a list of all accounts a company uses not including account balance a____ contains a record of decreases and increases in a spefic revenue, expenses, asset, liability, or equity a___ is a record containing all accounts used by a company including account balance a___ had a complete record of every transaction recored a___ such as a bank statement is objective evidence of transaction and their amounts
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.