MULTIPLE CHOICE 1. The entries in a purchases journal are posted to which of the following subsidiary ledger? A. Accounts Receivable B. Sales C. Purchases D. Accounts payable

Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Purchase Journal Date Vendor  Account…

Q: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Purchase Journal in accounting and book keeping is a log book to record transactions related to the…

Q: Which document would be used to support the recording of  a sale on account?   Question 49 options:…

A: Invoices or bills are used to record the credit transactions related to purchases and sales.

Q: 42. Sale of inventory on credit Debit Credit a. Cost of sales b. Cash Sales Accounts receivable c.…

A: >Sales of inventory can also be in cash or on account. Sales is a revenue element. If sales are…

Q: Business incurred travelling cost of OMR 50. Which of the following specialized journals will record…

A: The answer is option (d.) [ cash payment journal] Refer step 2 for explanation

Q: The journal entry to record the purchase of supplies on accounta. credits Supplies and debits…

A: Journal entries Journal entries are the transactions that are recorded in the primary book. They are…

Q: ow, record journal entries for the following transactions, which uses the perpetual inventory…

A: Perpetual Inventory System:   A perpetual inventory system is a method of inventory management that…

Q: When goods are sold on credit the account of a customer is called : Select one: a. Purchases Return…

A: Lets start one by one to understand the all the terms, Purchase return:- It is a type of transaction…

Q: The Ledger related to expenses is entered in which one of the ledger? Sales Ledger Purchase return…

A: Expenses are not recorded in a specific ledger.

Q: When preparing the invoices, the prices come from the A. packing slips B. shipping notices C.…

A: Answer: Invoice is one of the most important document to identify the actual sales or purchases…

Q: Entries in the purchases journal are posted to the a. general ledger only. b. accounts payable…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: A cash payment is journalized in the cash account as Group of answer choices neither a debit nor a…

A: Lets understand the basics. Journal entry is required to make to record event and transaction in…

Q: In the expanded purchases journal, debits are made in which columns? A) Accounts Payable,…

A: Expanded Purchases Journal is also called ' Multi-column Purchases journal in which merchandise or…

Q: The journal entry to be recorded by the seller upon receiving payment from a customer who had…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Question 4 Explain briefly on the following: i) ii) iii) iv) Sales Journal Purchase journal Cash…

A: Briefly explanation about sales journal, purchase journal, cash receipt journal cash , payment…

Q: BEJ-6 Identify the special journal(s) in which the following column headings appear. (a) Sales…

A: Companies use special journals to record repetitive transactions that affect the same set of…

Q: In a perpetual system, what would be the journal entry for a sales return. (a) Dr. Sales return and…

A: Journal entry is a process of recording the business transactions in the books of accounts for the…

Q: Fiona Sportyuses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: Everyday businessman performs large number of transactions. These transactions cannot be remembered…

Q: The purchase journal is____. Select one: A. all of the above B. used to record all purchases C.…

A: Correct option is C i.e. used only to record credit purchases

Q: Sale of goods for cash would be recorded in the _______________ Select one: A. purchase journal B.…

A: Correct option is D i.e. cash receipts journal

Q: Which statement about the Expenditure Cycle is correct? The blind copy of the purchase order goes…

A: Step 1 The expenditure cycle is the flow of activities related to the acquisition of and payment for…

Q: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Journal entry record the transaction by using double entry system and affects both debit and credit…

Q: which two accounts are used to recognize shipping charges for a buyer assuming the buyer purchases…

A: Shipping cost depends upon the terms of the contract. Generally, there are two types of conditions.…

Q: The journal entry to record a Purchase of Merchandise Inventory from Supplier for cash under…

A: As per the periodic inventory method, all the inventory related transactions are recorded through…

Q: 6. An example of a contra-revenue account found on the Income Statement is the M O A. Sales Returns…

A: A revenue account that is anticipated to have a debit balance is referred to as a contra revenue…

Q: A bill or a statement issued by the seller to the buyer giving details of goods sold. a. chart of…

A: The seller issues a bill containing all the details about the sales to the buyer.

Q: Using a perpetual system, the entry to record the sale of merchandise on account includes a  a.…

A: Step 1: The sale of merchandise on account simply means that the goods have been sold on credit.…

Q: A purchases journal is used to record: O a. purchases of merchandise on account for resale. O b.…

A: Journal: It is often defined as a primary accounting book that is used by the business to record all…

Q: hich of the following accounts is closed by debiting the account

A: Nominal Accounts are closed at the end of the period by transferring the balances to profit and loss

Q: 3. Give at least one example of each Merchandise transaction for a) Receipt b) Sales Invoice…

A: Merchandise transaction means transaction related to purchase and sale of inventory.

Q: For a Credit Invoice Received, which entry should be made?   debit to sales returns and…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: credit terms are terms for a. when the payments for merchandise are to be made b. when inventory is…

A: Credit terms refers to the agreement made between the seller and the buyer which defines the timing…

Q: From the general​ journal, record to the accounts receivable subsidiary ledger and post to the…

A: Step 1 Journal and ledger posting is the part of book keeping and in the given case we post the…

Q: What accounts are used to recognize a retailer’s purchase from a manufacturer on credit?A. accounts…

A: Purchase of goods on credit means inventory has been purchased but payment has not been made yet.…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is