Prepare a trial balance for the selected general ledger accounts and prove the accuracy of subsidiary ledgers by preparing schedules of accounts receivable and accounts payable.
Q: A trial balance with equal debit and credit totals proves that all transactions have been correctly…
A: Answer 31) Journal entry is a process of recording the business transactions in the books of…
Q: When auditing the revenue and collection cycle, auditors normally select balances to confirm from…
A: Revenue and collection cycle: The revenue cycle records all the transactions that originate from…
Q: The total of the amounts on the accounts receivable listing agrees with the general ledger balance…
A: Accounts receivable refers to the amount that is owed by the customer for the goods purchased from…
Q: An auditor's techniques for examining the balance sheet's accounts receivable account are most…
A: Answer: Concept Balance sheet are the financials of the company. They are expected to be true and…
Q: All accounts in the subsidiary ledger of accounts receivable should be summed up
A: This question explains the subsidiary ledger of accounts receivable should be summed up.
Q: a. Prepare the entries to record sales and collections during the period b. Prepare the entry to…
A: Increase in assets and expense is recorded by debiting them and a decrease is recorded by crediting…
Q: accounts receivable,
A: Account receivable :- When Company Goods sold or tendered service on Credit to customer and Company…
Q: Match the following form (transaction type) with the appropriate transaction description: Рayment…
A: Transactions: A business transaction is a financial transaction that takes place between two or more…
Q: The subsidiary ledger that includes customer account activity is called the a. asset ledger b.…
A: Under subsidiary ledger, all activities related to customer is recorded.
Q: Describe the nature of the following documents and records andexplain their use in the sales and…
A: Bill of lading: Bill of lading refers to the written contract between the carrier and the seller for…
Q: Describe the responsibilities of an accounts payables specialist.
A: Accounts payable specialists ensures vendors get paid for services and products rendered. They play…
Q: Identify which of the following accounts would be included in a post-closing trial balance. Accounts…
A: Post-closing trial balance: Post-closing trail balances are showing balance after closing entries…
Q: To test whether debits to accounts receivable represent valid transactions, the auditor should trace…
A: Account receivable are shown in BALANCE sheet and it is important for business to know the the…
Q: Which duties should be segregated? a. matching purchase requisitions, receiving reports, and…
A: Cash Disbursement System: The cash disbursement system carries out the responsibility of…
Q: Which statement about Revenue Cycle is correct?
A: The revenue cycle begins with providing a product or service and ends when the invoice is paid in…
Q: How is Accounts Receivable audited?
A: Accounts receivable is one of the largest assets that a company has; therefore auditors tend to…
Q: Drawing from your basic accounting knowledge, list the relevant data attributes that constitute the…
A: Accounting Information system: The Accounting Information System is a system that a business uses…
Q: According to the Revenue Cycle Flowcharting Process, the "Pure Credit Sales" portion of the credit…
A:
Q: Explain additional accounting issues related to accounts and notes receivable.
A: Accounts receivable refers to the amount that is owed to the company as a result of providing goods…
Q: Describe and use the sales journal. What steps are followed in posting from the sales journal to the…
A: Sales Journal: A journal is a book of original entry where all journal entries are recorded on the…
Q: Compare and contrast a manual accounting system for processing customer transactions. Include an…
A: A manual accounting system is a bookkeeping system for recording business activity transactions,…
Q: ______best describes the classification and normal balance of the accounts receivable account?
A: The Answer :
Q: What are the goals of dual-direction testing regarding an audit of the accounts receivable andcash…
A:
Q: Identify and explain the techniques and methods to manage receivables.
A: Accounts receivable management is critical for any firm, as day-to-day operations rely heavily on…
Q: Discuss, using practical example the effect of prepayment figures on the preparation of a financial…
A: Note: As per the policy we are supposed to solve one question at a time, Kindly repost the further…
Q: What document is the source for (a) debiting the accounts in the materials ledger and (b) crediting…
A: a.
Q: The payables clerk obtains and matches the purchase order, receiving report, and vendor's invoice…
A: Clerk: A clerk refers to an individual who is an employee of a company or a bank and is responsible…
Q: An auditors would vouch copies of sales invoices to shipping documents in order to determine that:…
A: The auditing is a process to analyze the financial statements of the business.
Q: Explain, on what criteria or by what internal controls in place, where Billing could be responsible…
A: It is the process followed by the organization in order to ensure the reliability of the financial…
Q: Discuss the relationship between the balance in the accounts payable general ledger control account…
A: Definition: General ledger: General ledger is a record of all accounts of assets, liabilities, and…
Q: The Sum of all the accounts in the accounts receivable subsidiary ledger should?
A: Accounts Receivable means amount due from customers on account of credit sales. General ledger…
Q: V
A: trainee in an audit firm and you have been assigned to Sales
Q: The individual amounts in the “Accounts Payable" column of the purchases journal are posted to the…
A: Answer: Option C Accounts Payable Subsidiary ledger is Correct.
Q: Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The…
A: Accounts payable forms a part of current liabilities of the business and represent the amount due to…
Q: between a balance on a receivable ledger contro account and the total list of accounts receivable…
A: Accounts Receivables: as each customer's a/c balance cannot be shown in financials, the Accounts…
Q: Prepare the accounts payable subsidiary ledger, and determine that the total agrees with the ending…
A:
Q: Suggest Four reasons why there might be difference between the balance on the receivable ledger…
A: A control account is a general ledger that contains a single debit or credit balance which is the…
Q: Identify the cycle to which each of the following general ledgeraccounts will ordinarily be…
A: General ledger: A general ledger is also referred to as a nominal ledger which is a book keeping…
Q: what steps are followed in posting from the purchases journal to the accounts payable ledger?
A: Purchase journal indicates the account corresponding to the orders or purchase initiated or made on…
Q: Accounts receivable's subsidiary ledger should have a total of all accounts
A: Solution:- Introduction:- The accounts receivable subsidiary ledger includes an account balance for…
Q: The Vendor Ledgers report displays the
A:
Q: Describe and put the sales notebook to use. What procedures are involved in submitting sales journal…
A: The Answer
Q: State the purpose of footing the total column in the client’saccounts receivable trial balance,…
A: A necessary audit procedure is to test the information on the client's trial balance for detail…
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- Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
- Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On December 10, Lands Inc. contracts with a supplier to purchase 450 plants for its merchandise inventory, on credit, for $12.50 each. Credit terms are 4/15, n/30 from the invoice date of December 10. B. On December 28, Lands pays the amount due in cash to the supplier.Air Compressors Inc. purchases compressor parts for its inventory from a supplier. The following transactions take place during the current year: A. On April 5, the company purchases 400 parts for $8.30 per part, on credit. Terms of the purchase are 4/ 10, n/30, invoice dated April 5. B. On May 5, Air Compressors does not pay the amount due and renegotiates with the supplier. The supplier agrees to $400 cash immediately as partial payment on note payable due, converting the debt owed into a short-term note, with a 7% annual interest rate, payable in three months from May 5. C. On August 5, Air Compressors pays its account in full. Record the journal entries to recognize the initial purchase, the conversion plus cash, and the payment.The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
- Pepper Company completed the following selected transactions and events during March of this year. (Terms of allcredit sales for the company are 2/10, n/30.) Mar. Sold merchandise on credit to Jennifer Nelson, Invoice No. 954, for P16,800 (cost is P12,200). 4 6 Purchased P1,220 of office supplies on credit from Mack Company. Invoice dated March 3, termsny30. Sold merchandise on credit to Dennie Hoskins, Invoice No. 955, for P10,200 (cost is 6 P8,100). Purchased P52,600 of merchandise, invoice dated March 6, terms 2y10, ny30, from 11 Defore Industries. 12 Borrowed P26,000 cash by giving Commerce Bank a long-term promissory note payable. Received cash payment from Jennifer Nelson for the March 4 sale less the discount (Invoice No. 954). 14 16 Received a P200 credit memorandum from Defore Industries for unsatisfactory merchandise Pepper purchased on March 11 and later returned. Received cash payment from Dennie Hoskins for the March 6 sale less the discount 16 (Invoice No. 955). Purchased…Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). Apr. 2 Purchased $14,300 of merchandise on credit from Noth Company, terms 2/10, n/60. 3 Sold merchandise on credit to Page Alistair, Invoice No. 760, for $4,000 (cost is $3,000). 3 Purchased $1,480 of office supplies on credit from Custer, Inc., terms n/30. 4 Issued Check No. 587 to World View for advertising expense of $899. 5 Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $8,000 (cost is $6,500). 6 Returned $80 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces Accounts Payable by that amount. 9 Purchased $12,125 of store equipment on credit from Hal’s Supply, terms n/30. 11 Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $10,500 (cost is $7,000). 12 Issued Check No. 588 to Noth Company in payment of its April 2 purchase less the discount of $286. 13 Received payment from Page Alistair for the April 3 sale…Can I please get help with this practice with a short description of how it was done? Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). April 2 Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60. April 3 (a) Sold merchandise on credit to Page Alistair, Invoice Number 760, for $7,000 (cost is $6,000). April 3 (b) Purchased $1,470 of office supplies on credit from Custer, Incorporated, terms n/30. April 4 Issued Check Number 587 to World View for advertising expense of $859. April 5 Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $17,000 (cost is $15,500). April 6 Returned $70 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. April 9 Purchased $12,025 of store equipment on credit from Hal’s Supply, terms n/30. April 11 Sold merchandise on credit to Nic Nelson, Invoice Number 762, for…
- Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. 1 Purchased $43,600 of merchandise from Van Industries, terms 2/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,800 (cost is $8,400). 3 Purchased $1,230 of office supplies on credit from Gabel Company, terms n/30. 3 Sold merchandise on credit to Linda Witt, Invoice No. 855, for $10,200 (cost is $5,800). 6 Borrowed $82,000 cash from Federal Bank by signing a long-term note payable. 9 Purchased $21,850 of office equipment on credit from Spell Supply, terms n/30. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $5,600 (cost is $2,900). 12 Received payment from Min Cho for the March 2 sale less the discount of $336. 13 Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount of $872. 13 Received payment from Linda Witt for the March 3 sale less the discount of $204. 14…Can I please get help with this question? (4) Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). April 2 Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60. April 3 (a) Sold merchandise on credit to Page Alistair, Invoice Number 760, for $7,000 (cost is $6,000). April 3 (b) Purchased $1,470 of office supplies on credit from Custer, Incorporated, terms n/30. April 4 Issued Check Number 587 to World View for advertising expense of $859. April 5 Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $17,000 (cost is $15,500). April 6 Returned $70 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. April 9 Purchased $12,025 of store equipment on credit from Hal’s Supply, terms n/30. April 11 Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,500 (cost is $18,000). April 12…Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). April 2 Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60. April 3 (a) Sold merchandise on credit to Page Alistair, Invoice Number 760, for $8,000 (cost is $7,000). April 3 (b) Purchased $1,490 of office supplies on credit from Custer, Incorporated, terms n/30. April 4 Issued Check Number 587 to World View for advertising expense of $904. April 5 Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $15,000 (cost is $13,500). April 6 Returned $90 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. April 9 Purchased $12,225 of store equipment on credit from Hal’s Supply, terms n/30. April 11 Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,600 (cost is $18,100). April 12 Issued Check Number 588 to Noth Company in payment…