are used to measure the speed in which various accounts are converted into sales or cash.

Q: Discuss the importance of sales journal in managing accounts receivable.

A: The sales journal is a very important tool in managing accounts receivable. It is used to record all…

Q: Design a report to assist in managing credit sales and cash collections.

A: Managing credit sales The term "credit sales" refers to the transfer of ownership of goods and…

Q: Which accounts are typically in debit?

A: As per double entry accounting system, one account will be Debit. and Other account will be…

Q: ________are used to measure the speed in which various accounts are converted into sales or cash.

A: Activity ratios are the metric used to measure how efficiently a company can use its assets. They…

Q: How might clustering be used to describe customers who owe money (accounts receivable)

A: Accounts Receivable account shows the list of customers of the business who have amount due to the…

Q: In trade receivable account do we debit or credit cash received from sales

A: The objective of the question is to understand the treatment of cash received from sales in the…

Q: Explain two methods that an organization could use to monitor its balances of : Cash Accounts…

A: Current assets - These are those assets that the company owns and expects to convert into cash…

Q: The time between cash disbursement and cash collection is which of the following? A- accounts…

A: Solution-              The cash to cash cycle is the fundamental quantity between once a business…

Q: If a company debits Cash and credits Sales Revenue, it is recording the.

A: Real accounts are those assets and liabbilties whose balance is carried forward from one accounting…

Q: Which of the following account will be least likely involved in the purchasing sub-process of the…

A: Purchasing and Disbursement Cycle is the whole process which starts with purchase of inventory and…

Q: Define the following concepts? a. Petty cash funds. b. Escrow payment. c. Chart of accounts.

A: a. Petty cash funds:A petty cash fund is a special fund operated by a petty cash custodian to pay…

Q: accounts receivable,

A: Account receivable :- When Company Goods sold or tendered service on Credit to customer and Company…

Q: Journal entries commonly processed as part of the purchases and cash disbursements can include:   A…

A: Purchases of the business includes goods and services purchased for the business. It can be on cash…

Q: where would borrowed cash go on transaction worksheet

A: The borrowed cash is the amount of cash received by the entity through many ways - like from banks,…

Q: What accounts are affected when goods are sold on credit? (Check all that apply)…

A: The objective of this question is to identify which accounts are affected when goods are sold on…

Q: For each receipt in the cash book, postings should be made to the   . A. Credit side of the…

A: In accounting, a cash book is a type of ledger that records all cash receipts and payments,…

Q: What is the accounts receivable turnover, and what typeof information does it provide?

A: Ratio analysis, horizontal analysis and vertical analysis are the analytical tools used by the…

Q: Give an example of accounts receivable.

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: 1. What is a compensating balance?

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

Q: What steps are followed in posting from the cash payments journal to the general ledger?

A: Cash payments journal:   Cash payments journal refers to the journal that is used to record the all…

Q: Why should cash receipts be deposited on the same day they are received?

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: If a journal entry includes a debit or credit to the Cash account, it is most likely which of the…

A: Answer:  If a journal entry includes a debit or credit to the Cash account, it is most likely an…

Q: The cash receipts journal is used to record all transactions that include a debit to the Cash…

A: A cash account is a trading account that mandates the account holder to pay for all securities…

Q: "recorded cash sales" what accounts are used

A: When we sell anything to the customer in cash then cash account debits and revenue of an entity will…

Q: A journal designated for entering only sales on account is called cash receipts journal cash…

A: A journal designated for entering cash receipt is called cash receipts journal A journal designated…

Q: What was the balance of the cash account after these transactions were posted?

A: Change in cash account, transaction wise. 1. Cash balance when shop was started = $41,900 2. No cash…

Q: Why should cash receipts from credit clients and sales to them be instantly documented and posted?

A: Introduction: Accounting focuses on recognizing, documenting, measuring, and summarizing…

Q: Distinguish between accounts receivable and account payable.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: The time between the acquisition of inventory and the collection of cash from receivables is called…

A: Options given are:Cash cycleOperating cycleAccounts receivable periodInventory period

Q: Sales made to person on credit should be credited to which of following ledger accounts

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: Define cash receipts journal.

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: What are receivables credits? Please explain.

A: Receivable refers to the assets of the company created due to sale of goods and service on credit to…

Q: Record a transaction money charged on a account

A: A transaction is the amount of value for a product or service. Regardless of when money is received…

Q: A cash book is used to record

A: A cash book contains all cash receipts and payments transactions in detail, including bank deposits…