College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 6, Problem 7QY
To determine
Find the correct option, the option that indicates the correct
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The entry to establish the Change Fund includes which of the following?
Select one:
Debit to Change Fund
Credit to Petty Cash
Debit to Petty Cash
Credit to Change Fund
A cash discount on purchases should be debited to ______________
Select one:
A. a revenue account
B. a creditor account
C. a debtor account
D. an expense account
what is the entry for collection of
receivable *
O debit cash, credit accounts payable
O debit cash, credit accounts receivable
debit accounts receivable, credit cash
O debit accounts payable, credit cash
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Chapter 6 Solutions
College Accounting (Book Only): A Career Approach
Ch. 6 - Prob. 1QYCh. 6 - Prob. 2QYCh. 6 - Which of the following does not explain the...Ch. 6 - What is the journal entry to record an NSF check,...Ch. 6 - Prob. 5QYCh. 6 - Prob. 6QYCh. 6 - Prob. 7QYCh. 6 - Prob. 8QYCh. 6 - Prob. 1DQCh. 6 - Prob. 2DQ
Ch. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - a. Why would a business use a Petty Cash Fund? b....Ch. 6 - Prob. 8DQCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - a. Describe the entries that have been posted to...Ch. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 5PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - Prob. 5PBCh. 6 - Prob. 1ACh. 6 - Prob. 2ACh. 6 - You work as a cashier for a service business. Some...
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- What does a debit balance in the cash short and over account represent? What does a credit balance in this account represent?arrow_forwardRecord the following transactions in the cash receipts journal.arrow_forwardThe sum of all the accounts in the accounts receivable subsidiary ledger should ________. A. equal the accounts receivable account balance in the general ledger before posting any amounts B. equal the accounts payable account balance in the general ledger before posting any amounts C. equal the accounts receivable account balance in the general ledger after posting all amounts D. equal the cash account balance in the general ledger after posting all amountsarrow_forward
- a. Describe the entries that have been posted to the following accounts after the Change Fund was established. b. How will the balance of Cash Short and Over be reported on the income statement?arrow_forwardWhich of the following is an electronic funds transfer system (EFTS) service? Group of answer choices a. Overdraft protection b. Automatic transfer program c. Preauthorized payments d. Stop payment e. Cashier's checksarrow_forwardwhich of the following account will be least likely involved in the purhasing sub-process of the purchasing and disbursement cycle? a. inventory b. prepaid expenses c. accounts payable d. cash in bankarrow_forward
- Transactions involved in the purchases and cash disbursements cycle include: A Debit inventory, credit cash B Debit inventory, credit accounts payable C Debit accounts payable, credit cash D All of thesearrow_forwardVoucher is prepared for:(i) Cash received and paid(ii) Cash/Credit sales(iii) Cash/Credit purchase(iv) All of the abovearrow_forwardDistinguish between cash book and bank balance.arrow_forward
- What is “Deposit in transit” in bank reconciliation? Select one: A. Subtracted From the Cash Book Balance B. Added to Bank Balance C. Subtracted From Bank Balance D. Added to Cashbook Balancearrow_forwardWhat are the step(s) when using the Sales with Payment customer workflow? A. Create sales receipts deposited to the Undeposited Funds account > Create Bank Deposit B. Create Sales Receipt deposited to the checking account C. Create Bank Deposit D. Create Invoice > Receive Payment deposited to the Undeposited Funds account > Create Bank Depositarrow_forwardWhich one of the following documents is used in the control of cash receipts?a. Purchase requisitionsb. Receiving reportsc. Canceled checks from customersd. Bank deposit slipsarrow_forward
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