Question 11 of 11 - Practice Pre-Quiz_ Chapter 6

Using the sales and cash receipts journals The sales and cash receipts journals of Caverly Office Products include the following entries: Identify the missing information in the cash receipts journal for those transactions listed. All credit sales are terms n/30. Assume all the accounts are paid in full. Also, total the columns in the cash receipts journal and show that total debits equal total credits.

A company that records credit purchases in a purchases journal and records purchases returns in a general journal made the following errors. Enter A, B, or C indicating when each error should be discovered. A. When preparing the schedule of accounts payable. B. When crossfooting the purchases journal. C. When preparing the trial balance. 1. Made an addition error in totaling the Office Supplies column of the purchases journal. 2. Made an addition error in determining the balance of a creditor’s subsidiary account. 3. Posted a purchases return to the Accounts Payable account and to the creditor’s subsidiary account but did not post the purchases return to the Inventory account. 4. Correctly recorded an $8,000 purchase in the purchases journal but posted it to the creditor’s subsidiary account as an $800 purchase. 5. Posted a purchases return to the Inventory account and to the Accounts Payable account but did not post to the creditor’s subsidiary account.

Identifying errors in special journals For each transaction listed, identify the recording error and indicate the journal that should have been used.

Answer the balance column of the general ledg

Indicate the missing posting reference and amount in the control account, and the missing ending balance in the subsidiary ledger. GENERAL LEDGER Accounts Payable Feb. 15 General journal 1,400 Feb. 1 Balance 26,005 Feb. 28                                                                       General journal cash receipts cash paymentsSalespurchases   Feb. 5 General journal 270       Feb. 11 General journal 530       Feb. 28 Purchases 13,350       Feb. 28 Balance 9,430   ACCOUNTS PAYABLE LEDGER Benton      Feb. 28       Bal. 4,520 Dooley      Feb. 28       Bal. 2,210 Parks      Feb. 28       Bal.   Indicate the amounts in the control account that were dual-posted (i.e., posted to the control account and the subsidiary accounts). Amounts in the control account (Dr.)   $ (Cr.)   $ (Cr.)   $

Customer deposits (prepayments) are recorded - Select one: a. as debits to accounts receivable for the customer b. as negative sales invoices C. as credits to accounts receivable for the customer O d. when the customer makes a partial payment on account

A £500 cash sale was entered as a debit in the sales account and a credit in the bank account. What type of error is this? Select one: A. Compensating B. Ommission C. Reversal of entries O D. Original entry E. Commission O F. Principle

Enter a credit balance of $38,400 as of September 1, 20Y4 in the Accounts Payable general ledger account. Place a check mark (✓) in the Posting Reference column. Post the September 18, 20Y4, transaction to the account. For those boxes in which no entry is required, leave the box blank. Account Accounts Payable Account No. 21 DATE ITEM POST.REF. DEBIT CREDIT BALANCEDEBIT CREDIT Sept. 1, 20Y4 Balance           Sept. 18, 20Y4

he internal control questionnaire for purchases and accounts payable includes the following questions. Next to each of the questions, indicate the letter of the related transaction assertion.A. OccurrenceB. CompletenessC. AccuracyD. ClassificationE. Cutoff_______ 1. Are vendor's monthly statements reconciled with individual accounts payable accounts?_______ 2. Are all purchases made only on the basis of approved purchase requisitions?_______ 3. Are vendors' invoices listed immediately upon receipt?_______ 4. Are vendors' invoices matched against purchase orders and receiving reports before a liability is recorded?_______ 5. Is the accounts payable customer ledger balanced periodically with the general ledger control account?_______ 6. Does the accounting manual give instructions to date purchase entries on the date of receipt of goods?_______ 7. Are shipping documents authorized and prepared for goods returned to vendors?_______ 8. Is the accounts payable department notified of goods…

Using 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.

The following cash receipts journal headings have been suggested for a small service firm. List the errors you find in the headings. CASH RECEIPTS JOURNAL Page 12 Fees Earned Other Accounts Accts. Rec. Account Post. Cash Date Credited Ref. Cr. Cr. Cr. Dr.

In detail please

Find all the mistakes in the following general ledgers using the information from the general journal provided.

a. At the stage of recording a credit sale transaction, please state the potential misstatements 3) Accounts receivable collection period can occur! Give examples of control risk corsiderations in credit sales transactions! 4) Uncollectible accounts receivable expense against net credit sales b. According to information taken from the accounting records of the manufacturing company PT. 5) Uncollectible Accounts Receivable Fee against the write-off of accounts receivable Hozutama b. In your opinion what are the implications of the ratio results for auditors in the audit strategy is as follows : done in year 5 Sth Year 4th Year 3rd Year 2nd Year 1st Year Unaudited Unaudited Unaudited Unaudited Unaudited Business Opportunities (Gross) Allowance for (14,150) IDR 535,000 IDR 295,000 IDR 265,000 IDR207,500 IDR175,000 (6,400) (5,275) (5,900) (5,400) Losses on Accounts Total Assets 2,200,000 2,700,000 1,800,000 2,050,000 1,500,000 1,750,000 1,200,000 1,400,000 1,000,000 1,200,000 Total Sales…

In detail please

Using 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.…

Required information [The following information applies to the questions displayed below.] Required: 1. Create a calculated field to calculate the Days Past Due for each invoice. 2. Summarize the accounts receivable by customer. 3. Get the detailed receivables for the customer "Taste of Thai". Ask the Question: How can we use Tableau on the total detailed late accounts receivables balance to get specific detail on invoices due by customer? Master the Data: To begin, we have a list of 200 receivables that are all past their due date as of today's date of 12/31/2021. This is shown in the Excel file Lab 2-2 Data.xlsx, which will be imported into Tableau. Software needed ⚫ Tableau • Screen capture tool (Windows: Snipping Tool; Mac: Cmd+Shift+4) Data: Excel File Lab 2-2 Alt Data.xlsx. Perform the Analysis: Refer to Lab 2-2 Alternative in the text for instructions and Lab 2-2 steps for each of the lab parts. Share the Story: Required: 1. What is the grand total amount owed in past due…

Jan. 23 -----Allowance Method----- Writing Off Bad Debts Bal. Allowance for Doubtful Accounts...... Accounts Receivable-J. Kent To write off an uncollectible account. Accounts Receivable Dec. 31 20,000 19,480 Jan. 23 520 Jan. 23 520 Allowance for Doubtful Accounts Dec. 31 1,500 520 520 Bal. 980 Payment not Expected Knowledge Check 01 On December 1, after making a concerted effort, management determines that it will be unable to collect $1,200 owed to it by one of its customers. This company uses the allowance method to account for uncollectible accounts. Prepare the necessary December 1 journal entry to write off this $1,200 uncollectible account journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

1. The column in the cash receipts journal that will always be debited is A. cash column B. sales discount column C. sundry amount column D. sales column 2. Each time an entry is recorded in the purchases journal, the credit would be entered in the A. purchase column B. accounts payable column C. accounts receivable column D. none of the above 3. Infrequent sales returns would appear in which journal? A. sales B. general C. cash receipts D. cash disbursements 4. The controlling account in the general ledger that summarizes the debits and credits to the individual accounts in the customer's ledger is entitled A. Accounts Receivable B. Accounts Payable C. Sales D. Purchases 5. The individual amounts in the “Accounts Payable" column of the purchases journal are posted to the appropriate account in the A. general ledger B. general journal C. accounts payable ledger D. accounts receivable ledger

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