On a sales receipt, the account selected in the Deposit to field results in Sales Receipt Payment method Cheste payment method A. a credit OB. a debit OC. no entry Reference no. Deposit to to that account.
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- A credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B. decrease C. Transer D. IncreaseCustomer deposits (prepayments) are recorded - Select one: a. as debits to accounts receivable for the customer b. as negative sales invoices C. as credits to accounts receivable for the customer O d. when the customer makes a partial payment on accountThe credit memoranda creates a(n) __ in the accounts receivable file of a customer. A. note decline (B) Transfer (C) D. Intensify.
- estion A "receipt on account" results in a credit to: An A/P account Bank An A/R account CapitalWhich of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. Transaction No JournalEntryNeeded JournalEntryNeeded Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank chargesAccount Titles and Explanation (To record sales on account) (To record collection of accounts receivable) Debit Credit 100
- Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written offWhich of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. No Journal Journal Entry Entry Transaction Needed Needed Debit Credit Outstanding check Interest income NES check Wire transfer by customer Deposit in transit Bank chargesWhich of the following documents will only be used for internal purposes? O Deposit Slip Bill of Lading Purchase Order Purchase Requisition A voucher is prepared before what transaction? Paying O Ordering Receiving O Requesting
- The entry to record the granting of credit to a customer for a sales return is posted to the accounts receivable subsidiary ledger only. the general ledger only. both the accounts receivable subsidiary ledger and the general ledger. both the accounts payable subsidiary ledger and the general ledger.What is the journal entry for recording credit sales? a. Cash Dr. and Sales Cr b. Sales Dr. and Accounts Receivable Cr c. Accounts Receivable Dr. and Sales Cr d. Sales Dr. and Accounts Payable CrSales made to person on credit should be credited to which of following ledger accounts?