1. How would this transaction be journalized by the seller? Identify the accounts, the amounts and whether the entry is a debit or credit. 2. What journal should the seller use for this transaction? EXPLAIN Use the photo to answer.

Q: ntify and discuss the steps in the recording process. Be sure to discuss what each step does and how…

A: The business transactions cannot be directly posted into the ledger account. All the transaction…

Q: What is the posting procedure for the sales journal?

A: Sales journal is used to record the entries related to only credit sales includes goods and services…

Q: Describe how debits and credits are used to analyse transactions.

A: Debits and credits are used to analyse transactions for changes in accounts made by one business…

Q: Identify if the two statements are either true or false. 1. The bill of lading is a document…

A: The given statement answer is given in the below step.

Q: If a credit is issued to a Vendor, how will this affect the General Ledger Account?

A: General ledger account: It implies to the main component or part of general ledger maintained by the…

Q: What is the correct source documents for direct deposit by customer of business.

A: Disclaimer:“Since you have asked multiple question, we will solve the first question for you. If you…

Q: The San Bernardino County Fair hires about 100 people during fair time. Their hourly wages range…

A: Deductions are the diminution in the amount of tax payable due to exemptions.

Q: If merchandise purchased on account is returned, the buyer may inform the seller of the details by…

A: Given, Goods are purchased by-merchandise is returned.

Q: How to record a credit invoice when the business has issued it but has not recorded it

A: Adjusting entries are recorded at the end of the accounting period to maintain the accrual base…

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: How are sales to customers using credit cards recorded?

A: Net sales means the amount of revenue earned and cost of goods sold means the cost of goods which…

Q: When a customer (buyer) returns merchandise purchased on credit,what is to be done?

A: Sales Returns: It is the merchandise returned by a buyer to a seller due to many reasons like excess…

Q: How would a business record a sale of services on account in QuickBooks?

A:

Q: Which of the following documents is issued by a customer to provide information about the  nature of…

A: Every transaction that takes place in a business should be recorded appropriately in the books of…

Q: If a journal entry includes a debit or credit to the Cash account, it is most likely which of the…

A: Answer:  If a journal entry includes a debit or credit to the Cash account, it is most likely an…

Q: Multiple choice: A sale is recognized and recorded in the accounting records at the time:…

A: Accounting records: The accounting records refer to the recording of assets, liabilities, equity…

Q: Which of the following documents will not be prepared by the seller in a transaction? Invoice Bill…

A: Buyer and Seller - Buyer is a person or an organization which buys goods from the company on credit…

Q: Explain what what four steps to be taken in a purchase /account payble process to insure there is…

A: Step 1: Authorization and ApprovalPurchase Requisitions and Orders:Ensure that all purchase…

Q: what is the entry for purchase of supplies on account? * O debit supplies, credit cash O debit…

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

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: Documentary evidence of transaction is called as O a. voucher O b. chart of accounts O c. invoice O…

A: Invoices is commercial document issued by a seller to the buyer in connection with a sale…

Q: Is it a credit memo issued by a vendor or a debit memo issued by a purchaser? What's the difference?

A: The difference will be explained:

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: How would you find the invoice amount of merchandise that was returned in

A: When the merchandise is returned, The invoice amount of return will be credited to the customer's…

Q: What is a T-account? On which side is the debit? On which side is the credit? Where does the account…

A: Debits are recorded on the left and credits are recorded on the right side of a T-account with the…

Q: When passing a journal entry for this transaction what would be debited? Received cash delivery…

A: A journal entry is a recording of a business transaction in a company's accounting system. It…

Q: What is the journal entry for recording credit sales? a. Cash Dr. and Sales Cr b. Sales Dr. and…

A: Journal entry for Recording credit sales: Accounts Receivable [Debit]          Sales [ Credit]

Q: which two accounts are used to recognize shipping charges for a buyer assuming the buyer purchases…

A: Shipping cost depends upon the terms of the contract. Generally, there are two types of conditions.…

Q: If the owner of the business wants to see both the debit and credit entry for a specific…

A: Accounting refers to system which summarize as well as reports the financial and the business…

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: In a sales transaction, which of the following is an assertion of existence or occurrence: a. All…

A: Existence or occurrence deals with whether assets or liabilities exist at a given date and whether…

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: Should a transaction be first recorded in a journal or ledger? Why?

A: Transaction: In business, a transaction is an agreement between a buyer and a seller to exchange an…

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: When does a company recognize revenue for a sale of a gift card?

A: Gift card: Prepayment which is made by the customer for the future purchase is known as a gift card.…