Name four accounts that would normally appear in the chart of accounts of a merchandising business but would not appear in the chart of accounts of a service business.

Q: What are the similarities and differences between the Transaction Detail by Account and the General…

A: In QuickBooks, both the "Transaction Detail by Account" report and the "General Ledger" report…

Q: The entire group of accounts for a company is referred to as the: a. general ledger b. worksheet…

A: The transactions in the financial accounting are primarily reported to Journal and are then posted…

Q: Match the definition to the term. The answer choices are : 1. Controlling account 2. Schedule of…

A: Solution: Definition that best matches with term is as under:

Q: Give a description of the posting events on purchasing processes and their results in accounting…

A: Here given the details of Posting events on Purchases process and it result into the accounting…

Q: A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is…

A: Subsidiary ledger refers to the ledger that provides the detailed information of the account already…

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: and Trim Carpet Company sells and InstalIs comme arpeting for office buildings. Stre Trim Carpet…

A: A job cost sheet is a report that businesses that employ a job-order costing method to calculate and…

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: What is the account title used for revenue when goods are delivered to customers?

A: Account title: An account title is a unique name assigned to an account in an accounting system. An…

Q: Construct a Sales Ledger Control Account, using your own numerical example, with five items of your…

A: A sales ledger control account often referred also as ‘trade debtors control account,' seems to be a…

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: -Which of the following will be not be called as Source Document of a Business?

A: Answer

Q: Which of the following industries is most likely to use LIFO accounting? A. Grocery stores B.…

A: The industry that is most likely to use LIFO (Last-In, First-Out) accounting is A. Grocery…

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

A:

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: Define the following in relation to sage accounting pastel system 1. Computerized accounting system…

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: The functions of and documents generated by which of the below departments determine when a…

A: Lets understand the basics. In organization, there are various department which are inter connected…

Q: e specific asset, liability, and stockholder’s equity accounts that you will need to record business…

A:

Q: Which of the following is not a business event? Deliver goods to customer. Order raw materials. Hire…

A: The business transactions are recorded in the business books in the form of journal entries. The…

Q: The amount to be paid by the business to the supplier who supplied the material on credit is a.…

A: When Company purchased goods and services on credit from the supplier then it needs to be paid back…

Q: 41- The accounts receivable are sold to company known as a. Factor b. Broker c. Commission agent d.…

A: Introduction: Accounts receivable: Accounts receivable is a current asset item which to be shown in…

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: Provide two examples of transactions that affect a service business. Explain b. Provide two…

A: Financial transaction: Any event incurred in the business operation and can be converted into…

Q: 8 -: Which of the following is the ledger that fulfills the classification function of accounting?…

A: Accounting is a process of identifying, recording, classifying and summarising accounting…

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: Question Content Area Martin Jackson receives an hourly wage rate of $25, with time and a half for…

A: Tax means the compulsory payment made to government. Income tax is levied on the income earning…

Q: Identify and discuss three differences between accounting for service businesses and accounting for…

A: Definition: Merchandising businesses: Merchandising companies that buy goods from suppliers, or…

Q: The accounting department for Target Stores may be classified as a(n)     profit center.…

A: Accounting department is a department in the organisation which is responsible for all the…

Q: What is the difference between financial reporting information for a merchandising firm and…

A: FINANCIAL REPORTING mainly considered as a standard accounting practice that takes the help of…

Q: 15) If a merchandising business includes the accounting software, computer files, computers, and…

A: Books of accounts is to be maintained by businessmen but there are two types. Manual system where…

Q: Accounting Information System Provide an analysis/explanation of the flow of the expenses flowchart…

A: A business expenses flowchart is a visual representation of the flow of expenditures in a business.…

Q: The functions of and documents generated by which of the below departments determine when a…

A: The documents which complete sale criteria will only make able to record sale transaction. Sale can…

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: 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: Which of the following would not be used as a control account?   a. Accounts receivable   b.…

A: Control accountA Control account is an account that is a summary account for all the small or…

Q: Internal users of accounting information include all of the following except- (a) Store Manager (b)…

A: Accounting is the process of recording, classifying and summarising accounting information in order…

Q: Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied…

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

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: Explain the steps used to prepare the statement of cash flows.

A: Statement of cash flows: It is one of the financial statement that shows the cash and cash…

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.