An example of a current asset for Mertz Medical Supplies would be its a) inventory. b) building. c) trademarks. d) credit card accounts.
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- Why did you select those customer accounts? also how to use a cell reference to enterthe answer for the 1st question? ( Whatis the dollar amount of total receivables? Use a cell reference to input your answer)Identify the items from the following list that are likely to serve as source documents. Item a. Sales receipt b. Liability accounts c. Balance sheet d. Ledger e. Bank statement f. General journal g. Income statement h. Telephone bill i. Credit card receipt Is this a source document?When a customer eventually pays for items that have been purchased on credit, the transaction will affect: Select one: a. An asset and a liability b. An asset and an expense c. Two assets d. An asset and income
- If we pay our suppliers for supplies that we had previously purchased, we will need to ____ Accounts Payable. a.Debit b. CreditWhat specific accounts are recognized when a business purchases equipment on credit?Which of the following situations may give rise to unearned revenue? Select one: a. Providing trade credit to customers. O b. Providing manufacturer warranties. c. Selling magazine subscriptions. O d. Selling inventory.
- “Credit card” (with an outstanding balance) would be which type of account? a.Proprietary b.Expense c.Current asset d.Current liability e.IncomeDefine the following using your own words and give examples Account T-account To debit To credit Debit CreditPrepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills, insurance premiums, rent, and maintenance contracts are some of the transactions that result in prepaid expense account entries. Thinking about insurance, discuss the control activities, processes, and documentation that you would examine to determine the accuracy of the remaining prepaid account balance. Discuss at least two examples of those activities, processes, and documents and identify the one which you believe is the most reliable evidence to support the prepaid transactions.
- Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts c. update valid vendor file d. sale of inventoryPrepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills, insurance premiums, rent, and maintenance contracts are some of the transactions that result in prepaid expense account entries. Thinking about insurance, discuss the control activities, processes, and documentation that you would examine to determine the accuracy of the remaining prepaid account balance. Discuss at least two examples of those activities, processes, and documents and identify the one which you believe is the most reliable evidence to support the prepaid transactions. Provide an explanation of your choices using terms learned from the Live Session Lecture(s) or the textbook. No hand written and fast answer with explanationPrepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills, insurance premiums, rent, and maintenance contracts are some of the transactions that result in prepaid expense account entries. Thinking about insurance, discuss the control activities, processes, and documentation that you would examine to determine the accuracy of the remaining prepaid account balance. Discuss at least two examples of those activities, processes, and documents and identify the one which you believe is the most reliable evidence to support the prepaid transactions. Provide an explanation of your choices using terms learned from the Live Session Lecture(s) or the textbook.
