16   The Accounts Payable account:   Multiple Choice   has a normal credit balance.   is increased by a debit.   is an asset.   is increased when a company receives cash from customers

Provide an explanation for the following transactions: Thanks!

Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, sheearned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limitedwhere she receives director’s fees of $7,500.00 per month. She contributes 10% of her grossemoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee isexpected to contribute 3% of their gross emoluments/ salaries up to a maximum of $5,000,000.00 p.a.Calculate Ms. Berry’s MONTHLY tax deduction under the PAYE system if the annual income taxthreshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those abovepays tax at 30%.The monthly PAYE is:a. $189,748b. $162,748c. $153,061d. $164,923

ro.14 Defining common receivalles terms Metch the terms with their correct definition. Lear Definitions Terms a. The party to a credit transaction who takes on an obligation/payable. b. The party who receives a receivable and will collect cash in 1. Accounts receivable 2. Other receivables 3. Debtor the future. C. A written promise to pay a specified amount of money at a particular future date. 4. Notes receivable 5. Maturity date d. The date when the note receivable is due. e. A miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. 6. Creditor f. The right to receive cash in the future from customers for goods sold or for services performed.

Financial Accounting ‏

Accounts receivable: Multiple Choice arise from the purchase of goods or services on credit. are amounts owed to a business by its customers. will be collected within the discount period or when due. are reported on the income statement.

Which of the following journal entries is correct when a business entity uses cash to pay an account payable? Multiple Choice   Accounts Receivable xxx   Cash   xxx   Accounts Payable xxx   Cash   xxx   Cash xxx   Accounts Payable   xxx   Cash xxx   Notes Payable   xxx

Question 3 Which 3 are transaction types you can assign in a rule for money-out transactions? Transfer Journal entry Purchase order Credit memo Refund receipt Check Expense

A(n) electronic _____ is the electronic exchange of money or scrip. a. cash transfer b. array c. payment d. exchange

MULTIPLE CHOICE What is the effect of the following situations on the cost of accounts receivable financing? (A) A more thorough credit check is undertaken. (B) Receivables are sold without recourse.  A. (A) Increase; (B) DecreaseB. (A) Decrease; (B) IncreaseC. (A) Decrease; (B) DecreaseD. (A) Increase; (B) IncreaseE. (A) Increase; (B) No effect