Which of the following documents is issued by a customer to provide information about the  nature of a payment made for goods or services?  a) A Remittance advice  b) A Credit Note c) An Invoice d) A Quotation

Q: ssued by business X. c) Bank credit advice. d) internal memo. e) cash sales slip. f) Cheque butt. g)…

A: Source Document - Source documents provide unmistakable proof that any financial transaction…

Q: Which of the following is classified as current non-trade receivabke? A. Advances to affiliates B.…

A: Solution : Which of the following is classified as current non-trade receivable? A. Advances to…

Q: The adjusting entry to record an NSF check includes a credit to accounts payable  a debit to vash…

A: Non-sufficient fund: When a checking account holder is overdrawn, that is, there isn't enough cash…

Q: What are some common types of receivables other than accounts receivable and notes receivable?

A: Receivables are the amount due to be received in future such as accounts receivable, notes…

Q: Identify if the two statements are either true or false. 1. The bill of lading is a document…

A: The given statement answer is given in the below step.

Q: Explain how does the trade credit is offered on open account.

A: Trade credit is the easiest and most important source of short-term finance available to businesses.…

Q: a) Write explanatory notes on the following terms as used in consignment accounts:i. Account saleii.…

A: Consignment includes two parties (consignor and consignee) wherein the consignee will be the one in…

Q: How to record a credit invoice when the business has issued it but has not recorded it

A: Adjusting entries are recorded at the end of the accounting period to maintain the accrual base…

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 following are the parties involved in a transaction that uses check as medium of exchange except…

A: >Checks are the financial instruments used to pay off entities though bank payments. >In a…

Q: How are sales to customers using credit cards recorded?

A: Net sales means the amount of revenue earned and cost of goods sold means the cost of goods which…

Q: We record a sale on account that involves sales tax in which journal?     cash disbursement…

A: Sales on account are generally recorded in the sales journal,but it only record sales on account not…

Q: 815. Credit note is the basis for recording a transaction in which of the following journals? O…

A: Journal being recording the business transactions for the first time are also known as books of…

Q: What are the normal balances of the various sales-related accounts?

A:

Q: What document signals that a company should record thepurchase of goods on account?a. Purchase…

A:

Q: Which of the following documents will not be prepared by the seller in a transaction? Invoice Bill…

A: Buyer and Seller - Buyer is a person or an organization which buys goods from the company on credit…

Q: Defining common receivables terms Match the terms with their correct definition.

A:

Q: In what way are sales to MasterCard and VISA customers recorded?

A: The Answer:

Q: Which of the following transactions will require a journal entry? Indicate if it will be a debit or…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: what is the entry for purchase of supplies on account? * O debit supplies, credit cash O debit…

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

Q: A company that provides a service or product to a customer on credit has an __________ from that…

A: A goods or service sold on credit is treated as assets of the business as these are customer…

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: Which of the following types of transactions can be uploaded into QBO using the Receipt action.…

A: QBO : It stands for QuickBook Online, an online platform for recording the business transactions.…

Q: Which of the following is considered receivables? (select all that applies)  rents   note payables…

A: Receivables are the amounts that are expected to be received by an entity either at present day or…

Q: rms: credit transfer, dishonoured cheque, standing order and give examples, the purposes, advantage

A: Credit transfer can refer to: The transfer of money from one account to another, also called a wire…

Q: Discuss, in general, what it means for the brothersto set a credit and collections policy

A: Answer: Credit and collection policy refers to the laws and regulations of the company governing the…

Q: Can you allow credit period for an unknown customer based on the report of a credit rating agency?

A: A credit rating agency report may provide some information that could be used to assess the risk of…

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

A:

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Income and expenditure account to determine the surplus or deficit of income over…

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: One article  regarding  "Credit Transaction" issues and how it was resolved. Make a comment about…

A: To charge whatever they wish for credit. Usury laws set up a greatest pace of legitimate interest.…

Q: How would you find the invoice amount of merchandise that was returned in

A: When the merchandise is returned, The invoice amount of return will be credited to the customer's…

Q: What is a receivable?  List two types of receivables and their definitions.

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: A "receipt on account" results in a credit to: An A/P account Bank An A/R account Capital

A: Receipt on account means, cash received from previously made credit sales.

Q: the entry to record the purchase of supplies on account includes a credit to what?

A: Journal entries are prepared to record the financial and non-financial transactions of the business.

Q: why is a note receivable moved to accounts receivable prior to being written up and sent to…

A: Notes receivable indicates the promissory notes issued by the client for making due payment on a…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.