the customer of the details by issuing a sales invoice a. b. purchase invoice credit memorandum С. d. debit memorandum
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A: Sales journal is one of the kind of special journal. Special journals are used, when a company has…
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A: Credit terms are terms that indicate when payment is due for sales and discount offered.
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A: Invoices or bills are used to record the credit transactions related to purchases and sales.
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A: Option:: Payables ledger control account Dr:::XXX.. To purchases account XXXX....
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A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Required Prepare the SALES JOURNAL Prepare the PURCHASES JOURNAL
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Q: posting from a sales journal to an accounts receivable ledger?
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Q: Business documents used to keep track of sales and purchases are called _____. F.O.B. shipping…
A: The invoice is prepared by seller and buyer at the time of sale and purchase.
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Q: steps in posting from asales journal to an accounts receivable ledger
A: Sales Journal: A journal is a book of original entry where all journal entries are recorded on the…
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A: Sales Journal: A journal is a book of original entry where all journal entries are recorded on the…
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A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…
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A: Since you have asked multiple questions under a single question but as per our protocol we provide…
Q: instruction: Encircie the letter of your choice. 1. A journal designed for entering only sales on…
A: Invoice - It is the written documentary evidence issued by the seller to the buyer. Sales Journal -…
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Q: procedure will complete the purchase procedure in a company?
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Q: ledger
A: A COGS A/c Dr To Purchase A/c B A general ledger is an accounting record book in…
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A: Since you have asked a question with multiple sub parts, we will answer the first three sub parts…
Q: f merchandise sold on account is returned to the seller, the seller may inform the customer of the…
A: Answer - Correct Answer is - Credit memorandum, Because, A credit note or credit memorandum is a…
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A: Merchandise transaction means transaction related to purchase and sale of inventory.
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A: Revenue: It refers to the earnings of the business from their normal business operations. This…
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A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
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A: When a customer returns a product to Hartville Equipment that the customer purchased on account,…
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A: The Answer
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A: Since there are multi sub-parts, we will solve first three for you. To get the remaining sub-parts…
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- Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method. Prepare the related journal entries for Long.Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
- PA5. 7.4 Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct.1 Purchased inventory on account from Price Inc. for $2,000 Oct.1 Purchased inventory on account from Cabrera Inc. for $3,000 Oct.8 Returned half of the inventory to Price Inc. Oct.9 Purchased inventory on account from Price Inc. for $4,200Rent A/c Debit; Cash A/c Credit. For this Journal, which item will appear on the Credit side of Cash Account ledger? Oa. Discount received O b. Rent OC. Purchases O d. Cash receivedUsing the following cash payments journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that No posting is required. CASH PAYMENTS JOURNAL Page 46 Date Ck.No. Account Debited Post.Ref. OtherAccountsDr. AccountsPayableDr. Cash Cr. 20Y1 July 3 611 Energy Systems Co. (a) 4,000 4,000 July 5 612 Utilities Expense (b) 310 310 July 10 613 Prepaid Rent (c) 3,200 3,200 July 16 614 Flowers to Go, Inc. (d) 1,250 1,250 July 19 615 Advertising Expense (e) 640 640 July 22 616 Office Equipment (f) 3,600 3,600 July 25 617 Echo Co. (g) 5,500 5,500 July 26 618 Office Supplies (h) 250 250 July 31 619 Salaries Expense (i) 1,750 1,750 July 31 9,750 10,750 20,500 (j) (k) (l) Post reference represents: a. b. c. d. e. f. g.…
- PA4. 7.4 Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. SALES JOURNAL Page 79 DR Accts. DR COGS CR Receivable Merchandise Date Account Invoice No. Ref. CR Sales Inventory 2019 Evert Company (E123) King Inc. (K331) Martina Inc. (M132) Shriver Company (S101) Feb. 4 17433 1,000.00 Feb. 8 17434 775.30 Feb. 14 17435 2,301.99 Feb. 16 17436 500.00 SALES JOURNAL Page 102 Accounts Sales Receivable, Discounts Sales, or Other Accounts CR Date Account Invoice No. Ref. Cash DR DR 2019 Feb. 1 Cash Sales 465 465 Payment from Evert Feb. 15 Bank loan (230) Feb. 21 Payment from Shriver Co. Feb. 5 1723 980 20 1,000 2,000 2,000 1719 500 500Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. Note: Any available cash discount is taken only on the sale price before taxes. Aug. 1 Purchased $2,100 of merchandise for cash. 2 Purchased $6,900 of merchandise; terms 3/10, n/30. 5 Sold merchandise costing $3,700 for $5,300; terms 2/10, n/30. 12 Paid for the merchandise purchased on August 2. 15 Collected the amount owing from the customer of August 5. 17 Purchased $6,100 of merchandise; terms n/15. 19 Recorded $7,100 of cash sales (cost of sales $5,900). View transaction list Journal entry worksheet 6 7 8 > 1 2 3 4 Record the cash purchase. Note: Enter debits before credits.25) How is the total of the purchases daybook posted to the nominal ledger? A. Debit purchases, Credit payables control В. Debit payables control, Credit purchases С. Debit purchases, Credit cash D. Debit cash, Credit purchases
- When posting the column totals of a cash payments journal, a debit should be posted to a.Unearned Revenue b.Sales Discounts c.Accounts Payable d.Cash(To record cash purchase of premiums) Cash Sales Revenue (To record cash sales) Cash Premium Expense Inventory of Premiums (To record redemption of codes) (To adjust unearned revenue) Save for Later 3840000 000 0 Attempts: 1 of 3 used Submit Answer EEntry Required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the amounts that increase cash. Note: Enter debits before credits. Date General Journal Debit Credit October 31, 2021 Cash Record entry Clear entry View general journal