The accounts receivable are sold to company known as a. Broker b. Factor c. Accounting service company d. Commission agen

Q: 11-Which of the following is an example of Expense of a Merchandise Business? a. Accounts receivable…

A: Expenses means the amount spent on running the business.

Q: 8. Customers' individual accounts are included in a subsidiary ledger referred to as the accounts…

A: The subsidiary ledgers are the collections of individual accounts that are of similar nature.

Q: The general journal records the daily transactions of a business pertaining to: a. Purchases…

A: A general journal is a form of accounting entry that is used to report a business transaction in a…

Q: Which of the following is an example of Expense of a Merchandise Business? a. Salary and Wages paid…

A: Introduction: Expense: Amount spent on for running the day to day activities of the business called…

Q: A subsidiary ledger is used for accounts receivable and accounts payable. Thus, transactions that…

A: Subsidiary ledger Subsidiary ledger refers to the ledger that provides the detailed information of…

Q: Use the following abbreviations to indicate the journal in which you would record transactions a…

A: The general journal is maintained for recording the transactions which do not fall under sales,…

Q: The sales journal records the daily transactions of a business pertaining to: O a. Sales…

A: Sales journal  records revenue from sale of  goods or services.

Q: Identifying general and subsidiary ledgers C2 For each account, indicate whether it appears in the…

A: Solution: Classification of each account in general ledger or subsidiary ledger is as under:

Q: The controlling account in the general ledger that summarizes the individual accounts with creditors…

A: A chart of accounts is a in every accounting system which shows all available accounts that can be…

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source Document:   A source document is a document which supports every transaction that has entered…

Q: Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service…

A: All expenses, losses, and assets should be debited and all revenue, income, gain, and liabilities…

Q: What is the normal balance for each of the following accounts? (i) Accounts Receivable. (ii) Cash.…

A: (i) Normal balance of account receivables is debit because when we are to receive somthing from some…

Q: Accounts receivable are best described as a. Liabilities of the company that represent the amount…

A:

Q: The entry to record collection of trade receivables under cash basis of accounting is A. debit to…

A: Under cash basis of accounting only cash transections are recorded such as cash collection, Cash…

Q: The amount to be paid by the business to the supplier who supplied the material on credit is a.…

A: When Company purchased goods and services on credit from the supplier then it needs to be paid back…

Q: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the…

A: Solution: Introduction: Accounts Receivable means the amount of money payable(owe) to the company…

Q: 41- The accounts receivable are sold to company known as a. Factor b. Broker c. Commission agent d.…

A: Introduction: Accounts receivable: Accounts receivable is a current asset item which to be shown in…

Q: nventories, cash and equivalents, and accounts receivables are listed as Select one: a.  Payments on…

A: Income statement consist of revenue and expenses summary. Balance sheet consist of assets and…

Q: 1) Analyze the following transactions. Indicate which accounts are affected and whether they will…

A: The balance sheet represents that assets are equal to the sum of liabilities and stockholders'…

Q: Complete the table below.   Item Classification of item  (A, L, OE, R, E) Income Statement (IS)…

A: L= Liabilities A = Assets OE = Owner's equity R = Revenue E = Expense IS = income statement BS =…

Q: A credit note is used as documentation in a business for  journal entry that requires a debit to…

A: B is the correct option

Q: Accounts receivable is the amount payable by the customer to the company for the goods delivered and…

A: Bad debts are considered to be estimated based on 2.5% of total credit sales. Therefore, the bad…

Q: What is the name of the system of accounting for recording transactions, based on recording…

A: Solution: Double entry accounting system is a system of accounting that ensures that every financial…

Q: Using the double entry system together with the accounting equation, determine what is debits and…

A: Accounting equation of business has three important elements. These are assets, liabilities and…

Q: Match the best answer to each question/ The ledger that contains the financial statement accounts of…

A: The question is related to Match the following. Required  Match the best answer to each question

Q: The accounts receivable are sold to company known as a. Commission agent b. Accounting service…

A: Factoring is a financial transaction and a type of debtor finance in which a business sells its…

Q: The consignee maintains an account called Consignment In. The following transactions will require a…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Identifying accounts Consider the following accounts: a. Notes Receivable b. Common Stock c. Prepaid…

A: Particulars Category a. Notes Receivable Assets b. Common Stock Equity c. Prepaid Insurance…

Q: A(n). consists of individual accounts for all creditors. O a. accounts receivable ledger O b.…

A: Creditor: It can be defined as the party that lends the money to the business or any individual.

Q: Which of the following is true about accounts payable? Accounts payable are also called trade…

A:

Q: debit to the Income Summary ledger account and a credit to the Home Office account appear in: A.…

A: Branch accounting indicates a process of bookkeeping where the accounts of the branch will be…

Q: 4. Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts…

A: Sales revenue means the income generated from sales made by the firm. This amount is shown at the…

Q: The accounts of customers who have not yet made payment for the goods or services provided by the…

A: The payment that is not paid yet by the customers, is called an asset for the business.

Q: 1. Draw up a) Sales journal and Cash Receipt Journal b) Accounts Receivable Subsidiary Ledgers c)…

A: Cash receipt journal is the journal which records and shows how cash been received by the business…

Q: Which of the following situations has to .5 ? do with account payable )2 نقطة( Sales on credit…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: What does the phrase "Revenue is recognized at the point of sale" mean? (Assume the company reports…

A: Accrual Basis of Accounting: The accrual basis of accounting is a method of accounting where the…

Q: Directions: Fill in the blanks with the correct accounting term/s. Choose the answern from the box…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: THE AC AFFECTE Instructions: Identify the ACCOUNTS TITTLES that are affected by the transactions…

A: Solution: Given problem have a list of transactions and we have to write account title affected in…

Q: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the…

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

Q: Debit and Credit Procedures A list of accounts for Montgomery Inc. appears below. Required: Complete…

A: Completion of the accounts  in the table by classifying them with type of accounts, normal  balance…

Q: The Vendor Ledgers report displays the

A:

Q: Which of the following needs an adjustment to the accounts receivable account of AB Company? a. a…

A: The freight cost  is paid by the seller till the goods have reached their destination and then the…

Q: The accountant for Tom's Tax Preparation, Inc. recorded a transaction by debiting Accounts Payable…

A: The question is based on the concept of business accounting.

Q: Match each of the numbered descriptions with the term, title, or phrase that it best reflects.…

A:

Q: The account that appears in the chart of accounts for a merchandising entity but not for service…

A: Merchandise Entity - In this type of entity corporation is mainly generate revenue through sale of…

Q: What is the normal balance for the following accounts? (Highlight the answer) (For example:…

A: Financial Statement Items: Financial Items means, for the Relevant Period, the aggregate amount of…

Q: hen the seller advances the transportation costs and the terms of sale are FOB shipping point, the…

A: Solution: When the seller advances the transportation costs and the terms of sale are FOB shipping…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.