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: Which of the following is an agent in a purchases and payments structure model? Question 6Answer…

A: The objective of the question is to identify the agent in a purchases and payments structure model…

Q: Name the special journal which is used to record the credit sales transactions of a merchandising…

A: Correct answer is ( d )Sale daybook Explanation A sales book is also known as sales day book is a…

Q: -What is the journal entry for recording credit sales? a. Sales Dr. and Accounts Receivable Cr b.…

A: Journal entry is an important and attentive process of accounting cycle through the help of journal…

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: Distinguish between sales book and sales account.

A: Sales book: Sales book is one of the subsidiary book of accounting in which all the transactions…

Q: Multiple choice

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

Q: Demonstrate, using practical example how to prepare accounts from the Sales day book and Sales…

A: The sales day book is a manually-maintained ledger in which is recorded the key detailed information…

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: Fiona sporty uses to purchases journal a cash payment journal ,a sale journal and a general journal…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Q: Rent A/c Debit; Cash A/c Credit. For this Journal, which item will appear on the Credit side of Cash…

A: Ledgers are used for classifying the recorded general journal entries into separate account like…

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: hich of the following accounts is a contra account?   Select one: a. Drawing b. Transportation In c.…

A: Solution: A contra account is related to a main account and used in a general ledger to reduce the…

Q: On a sales receipt, the account selected in the Deposit to field results in Sales Receipt Payment…

A:

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: 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: BEJ-4 Indicate whether each of the following debits and credits is included in the cash receipts…

A: The cash receipts journal is the special journal to record the cash receipts transactions. The…

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 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: Accounting information systems have five generic elements . Which of the following pairs includes…

A: Accounting information systems are tools/softwares used by entities to collect, record and Storge…

Q: A sales on account transaction is recorded: a. in the general journal after it has been recorded in…

A: The question is asking about the correct procedure for recording a sales on account transaction in…

Q: DMMC INSTITUTE OF HEALTH SCIENCES FUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2 FINAL…

A:

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

A: The journal entries are prepared to keep the record of day to day transactions of the business.

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

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Return of merchandise sold on account is recorded in the: A purchases journal B either sales or…

A: Merchandise is very important asset for the business. Purchase and sale of merchandise is recorded…

Q: Could you answer the question through this journal I'm confused on where to input the information

A: Cash Receipt Journal Cash Receipt Journal which are deal with the cash received transaction which…

Q: COMPLETION STATEMENTS ​1.​Notes and accounts receivable that result from sales transactions are…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

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