Answered: . The branch records a debit memo…

. The branch records a debit memo received from the home as A. Debit to home office account B. Debit to allocated expense C. Debit to investment account D. Credit to home office account

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 14Q: A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which...

See similar textbooks

Related questions

Q: hello, where do payable accounts and notes, receivable accounts and cash go under t accounts after…

A: General Ledger is collection of all the accounts in an accounting system. It is also known as…

Q: The journal entry to record a payment on account willa. debit Accounts Payable and credit Retained…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Debit note issued by the business will be entered in a ________ Select one: A. returns outwards…

A: Correct Option is C i.e. returns inwards journal

Q: The debits and credits from two transactions are presented in the following customer account: NAME…

A: Explanation: On August 10th the Company collected cash amounting to $103 from Mobility Products Inc.…

Q: A journal O debit to Accounts Payable. O credit to Accounts Payable. O debit to Accounts Receivable.…

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

Q: Match the following form (transaction type) with the appropriate transaction description: Рayment…

A: Transactions: A business transaction is a financial transaction that takes place between two or more…

Q: A summarized statement of transactions relating to a particular person, item expense or income. a.…

A: Solution: A summarized statement of transactions relating to a particular person, item expense or…

Q: posting from a sales journal to an accounts receivable ledger?

A: Sales journal is also referred as sales book or sales day book. All the credit sales are recorded…

Q: A Cheque Log can be printed for the cheques received from customers. Select an answer and submit.…

A: Answer:- false .

Q: steps in posting from asales journal to an accounts receivable ledger

A: Sales Journal: A journal is a book of original entry where all journal entries are recorded on the…

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

Q: According to the Revenue Cycle Flowcharting Process, the "Pure Credit Sales" portion of the credit…

Q: The process of posting is the transfer of debits and credits from the O a. T accounts to the…

A: The process of preparation of Final accounts is: Preparing Journal Entries against Transactions.…

Q: Assuming the use of a two-column general journal, a purchases journal, and a cash payments journal…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: The process of transferring the debits and credits from the journal entries to the accounts is…

A: Accounting cycle: Accounting cycle is a step by step process of analysing, classifying, and…

Q: Each time an entry is recorded in the purchases journal, the credit would be entered in the accounts…

A: Introduction:- The act of recording or keeping track of any financial or non-financial action is…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts:…

A: Account: It can be defined as a record that is maintained in the accounting system to track the…

Q: Check All That Apply Invoice Receive Payment Pay Bills

A: Invoice and Receive payment refers to the "Customers and Sales" transaction.

Q: Which of the following is the correct journal entry to record a sale to a customer on account?…

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

Q: Given the following transactions for Dumfries Company during the month of October2021. 1.…

A: Dumfries Company {During the Month of October} Date Accounts title Debit Credit 1…

Q: How do you journalize the purchase of office equipment into credit?

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Could you answer the question through this journal I'm confused on where to input the information

A: Cash Receipt Journal Cash Receipt Journal which are deal with the cash received transaction which…

Q: a. entering cash sales to customers * b. entering a customer's NSF cheque c. entering deposits from…

A: Cash receipt journal It is a journal, used to keep record of the sales items, when cash against it…

Q: One of the columns in the sales journal is labeled as: Oa. Debit Sales. O b. Payment Received. c.…

A: A sales journal, also known as a sales daybook or sales book, is a special journal used in…

Q: Match each of the numbered descriptions with the term, title, or phrase that it best reflects.…

Q: ... Copy of Module Nine Lesson Two Assignment Three G GENERAL JOURNAL PAGE 3 1. 2. DOC. POST.…

A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…

Q: QUESTION 2 Study the following transactions that occurred during August 2022 for Renwick & Co. Aug 2…

A: Journal entry: It implies to the recording of financial transactions of the company on day-to-day…

Question

. The branch records a debit memo received from the home as
A. Debit to home office account
B. Debit to allocated expense
C. Debit to investment account
D. Credit to home office account

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?
You just posted a credit to Accounts Receivable. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
You just posted a credit to Stars Inc. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
2. A credit memo received from the branch is recorded by the home office as a. Credit to home office account b. Credit to allocated expense c.Credit to investment account d. Debit to investment account
In which journal is the receipt of a promissory note from a customer on account recorded ? a. revenue journal b. cash receipts journal c. general journal d. purchases journal
If the branch receives credit memo from the home office, the branch shall record it in its separate statement of financial position by Disclosure Debiting the home office account Crediting the home office account Increasing the home office account
7
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
steps in posting from asales journal to an accounts receivable ledger?
When passing a journal entry for this transaction what would be debited? Received cash delivery rendered to customer
What is the journal entry for recording credit sales? a. Cash Dr. and Sales Cr b. Sales Dr. and Accounts Receivable Cr c. Accounts Receivable Dr. and Sales Cr d. Sales Dr. and Accounts Payable Cr
S1: An expense item allocated by the home office to a branch is recorded by thebranch by a debit to an expense ledger account and a credit cash-home office.S2: A debit to Home Office ledger account and a credit to the Trade AccountsReceivable account in the accounting records of a branch indicate that the homeoffice collected accounts receivable of the branch. A. Only S1 is correct.B. Both statements are incorrect.C. Only S2 is correct.D. Both statements are correct.