College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 10, Problem 4QY
Which of the following is not an advantage of the cash receipts journal?
- a. Transactions do not have to be posted on a regular basis.
- b. Transactions can be recorded on one line.
- c. Transactions involving debits to Cash are recorded in one place.
- d. Repetition in posting is eliminated.
- e. Special columns can be used for similar transactions.
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(Give the explanation of why the sentence is true or false.and do not provide ai based solution)
The cash receipts journal is used to record all sales transactions.TrueFalse
Which statement is NOT correct for an expenditure system with proper internal controls?a. Cash disbursements maintain the check register.b. Accounts payable maintains the accounts payable subsidiary ledger.c. Accounts payable is responsible for paying invoices.d. Accounts payable is responsible for authorizing invoices.
Which record is not usually maintained under the single entry bookkeeping system?
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Chapter 10 Solutions
College Accounting (Book Only): A Career Approach
Ch. 10 - What do credit terms of 2/10, n/30 mean? 210 days...Ch. 10 - What is the entry to record the cash received on a...Ch. 10 - Prob. 3QYCh. 10 - Which of the following is not an advantage of the...Ch. 10 - Prob. 5QYCh. 10 - What is the normal balance for each of the...Ch. 10 - What does an X under the total of a special...Ch. 10 - Prob. 3DQCh. 10 - In a cash receipts journal, both the Accounts...Ch. 10 - If a cash payments journal is supposed to save...
Ch. 10 - Describe the posting procedure for a cash payments...Ch. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - For the following purchases of merchandise,...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Record the following transactions in general...Ch. 10 - Prob. 5ECh. 10 - Record general journal entries to correct the...Ch. 10 - Label the blanks in the column heads as either...Ch. 10 - Prob. 8ECh. 10 - Prob. 9ECh. 10 - Indicate the journal in which each of the...Ch. 10 - The following transactions were completed by...Ch. 10 - Preston Company sells candy wholesale, primarily...Ch. 10 - MacDonald Bookshop had the following transactions...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by Yang...Ch. 10 - C. R. McIntyre Company sells candy wholesale,...Ch. 10 - Prob. 3PBCh. 10 - The following transactions were completed by Yang...Ch. 10 - The following transactions were completed by...Ch. 10 - Prob. 1ACh. 10 - You are the manager of the Accounts Receivable...Ch. 10 - Prob. 3ACh. 10 - Suppose we collected cash from a charge customer...Ch. 10 - Prob. 1CP
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- In a cash receipts journal, both the Accounts Receivable Credit column and the Cash Debit column were mistakenly underadded by 700. How will this error be discovered?arrow_forward1. The entries to adjust, close and reverse the books of accounts are appropriately recorded in which of the following journals? A. cash receipts journal B. cash disbursements journal C. sales journal D. general journal 2. A check mark below the columnar totals of any special journal is an indication that A. no posting is necessary anymore B. totals are posted already C. posting is optional D. the total is correct 3. Which of the following statements is correct? A. Special journal are designed for business with large volume of transactions. B. Special journals are costly and time-consuming to maintain C. Special journals are used simultaneously with general journals D. Choices a and c. 4. Purchase of merchandise on account with downpayment shall be recorded in A. SJ and CRJ В. GJ C. PJ and CDJ D. GJ and PJ 5. Which of the following is not a special-purpose journal? A. SJ В. GJ С. CRJ D. CDJarrow_forward7. What is the purpose of double entry bookkeeping system? A. To avoid careless mistakes. B. To prepare the books of prime entry accurately. C. To ensure that every transaction is recorded on the debit and credit sides with the same amount in at least two accounts. D. To record cash received and paid from business transactions. Reset Selectionarrow_forward
- Which of the following errors will be detected by a trial balance? a. Posting a credit to Sales instead of the Accounts Payable b. Incorrecty computing the balance of the cash account c. Not journalizing a complete sales transaction d. Forgetting to post a complete purchase transactionarrow_forwardIt is inefficient to record all cash receipts in a general journal. true falsearrow_forwardThe same bookkeeper should avoid contact with BOTH Accounts Receivable AND cash receipts. Explain the reason for this statement.arrow_forward
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