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.

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.)   $

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

Accounts Receivable Allowance for Doubtful Accounts Sales Revenue 1. 2. 3. Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 4. 1. 2. 3. 4. No. Account Titles and Explanation (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) To obtain additional cash, Waterway factors without recourse $24,300 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored. To obtain a 1-year loan of $58,900, Waterway pledges $67,000 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. Cash Dr. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable. Based on an aging analysis, an allowance of $5,577…

Select a description for each transaction recorded in the following T accounts: Cash (c) 5,042.10        Accounts Receivable (a) 5,320  (b)    175     (c) 5,145   Sales     (a) 5,320   Sales Returns andAllowances (b) 175        Sales Discounts (c) 102.90      descriptions available: Issued credit memo for merchandise returned or as an allowance for damaged merchandise. Received check from customer for amount paid within the discount period less the return. Sold merchandise for cash. Sold merchandise on account. Sold supplies for cash.

What should the closing balance be when the errors have been corrected? A $325,200 B $350,400 C $358,800 D $376,800

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.

Classification: Classify the normal balance of each account. Write “Dr” for normaldebit balance and “Cr” for normal credit balance. Write your answer on a clean sheetof paper.1. Sales Discount2. Freight-out3. Purchases4. Allowance for doubtful Accounts5. Accounts Payable6. Unearned Sales Revenue7. Salaries Expense8. Accrued Utilities Expense9. Store Supplies Used10. Store Furniture and Fixtures

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

Prepare a trial balance for the selected general ledger accounts and prove the accuracy of subsidiary ledgers by preparing schedules of accounts receivable and accounts payable.

The debits and credits from three related transactions are presented in the following customer's account taken from the accounts receivable subsidiary ledger: Mission Design 1319 Elm Street NAME ADDRESS Post. Date Item Ref. Debit Credit Balance 20Υ7 Apr. 3 R44 740 740 J11 60 680 CR81 24 680 Describe each transaction and identify the source of each posting.

The following journal entry was found in the records of Ross Company: Debit Cash P 200; Credit Accounts Receivable P 200. Which of the following statements best describes the above transaction? A. A customer paid P 200 on account B. Cash services of P 200 were provided C. Ross Company paid a supplier P 200 D. Ross Company corrected an error in a customer’s account

Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written off

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.…

Question. Which of the following transactions has to be recorded in the journal? Specify whether the entry will be a debit or a credit and the account to which it will be applied. If "NA" is not applicable, choose it.

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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Show correction of errors when working this out

answer the balance column of the general ledger (periodic)

1. The entries to adjust, close and reverse the books of accounts are appropriately recorded in which of the following journals? A. cash receipts journal B. cash disbursements journal C. sales journal D. general journal 2. A check mark below the columnar totals of any special journal is an indication that A. no posting is necessary anymore B. totals are posted already C. posting is optional D. the total is correct 3. Which of the following statements is correct? A. Special journal are designed for business with large volume of transactions. B. Special journals are costly and time-consuming to maintain C. Special journals are used simultaneously with general journals D. Choices a and c. 4. Purchase of merchandise on account with downpayment shall be recorded in A. SJ and CRJ В. GJ C. PJ and CDJ D. GJ and PJ 5. Which of the following is not a special-purpose journal? A. SJ В. GJ С. CRJ D. CDJ

Complete the general ledger entries in the first picture using the transactions from the purchases and cash payments journal (in that order) in the second image. For accounts with a​ $0 balance after posting an​ event, enter a​ "0" on the normal side of the account. If a line is not used in the​ table, leave the line​ empty; do not select a label or enter a zero. Abbreviations​ used: CR​ = Cash Receipts​ Journal, CP​ = Cash Payments​ Journal, J.​ = General​ Journal, P​ = Purchases​ Journal, S​ = Sales​ Journal.

Journal entry