17-Which of the following journal entry is correct for payment of loan instalment?
Q: Question 34 Which of the following is NOT an example of a source document? O Sales invoice O Journal…
A: Since there are multiple questions posted we will answer the first question for you as per the…
Q: ypes of credit extension? Which one is biggest?Writing the lending process to provide loan for…
A: Credit extension means the loans granted.
Q: 21. Open account credit is a credit facility offered by retailers or financial institutions which…
A: Open credit is a financial contract between a lender and a borrower that allows the latter to obtain…
Q: -What is the journal entry for recording credit sales? a. Sales Dr. and Accounts Receivable Cr b.…
A: Journal entry is an important and attentive process of accounting cycle through the help of journal…
Q: Classify the following into Assets and Liabilities. (i) Bank balance (vii) Premises (ii) We owe…
A: Solution- 1-Bank Balance = Assets 2-We owe for goods = Liabilities…
Q: “Credit card” (with an outstanding balance) would be which type of account? a.Proprietary…
A: Introduction: Credit card is a source of short term financing which is unsecured in nature. As these…
Q: A loan repayment to a bank would be recorded in the nominal ledger as:
A: Nominal ledger: nominal ledger is a ledger where financial transactions are recorded.
Q: QUESTION 16 Which of the following items found on a bank reconciliation does NOT require an…
A: Dear student, Since you have specified Question #16 to be answered, I am posting the answer for the…
Q: Journal Entry for Payee when giving note * to either the maker or a bank Debit Cash, Credit Notes…
A: Notes receivable is considered a negotiable instrument. It is a written promise to receive a certain…
Q: Question 10 of 18 Which of the following increases the reported receivables in the financial…
A: Financial Statements are the statements presented to provide the information about the company’s…
Q: 14- What is the main purpose of factoring in accounts receivables? a. To meet immediate cash needs…
A: The main purpose of factoring in accounts receivables is to generate cash from such assets to meet…
Q: Which of the following is normally recorded in the cash disbursement journal? a. Payment made to…
A: Cash Disbursement Journal: It is a record kept by the accountants of all the expenditures made by…
Q: Which of the following is the account where the increases are recorded to the receivable side and…
A: Company sell products on credit and these selling create customers on credit so these are to be…
Q: 22 - What is the name given to the person who is the debtor of the policy and will pay his debt with…
A: A promissory note is a promise to pay a certain amount and it is drawn by a debtor of the policy.
Q: Borrowed $89 from a bank, signing a short-term note. Note: Enter debits before credits. Transaction…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: One article regarding "Credit Transaction" issues and how it was resolved. Make a comment about…
A: To charge whatever they wish for credit. Usury laws set up a greatest pace of legitimate interest.…
Q: 18-Journal entry to record an honour of note receivable is. a. Dr Cash Cr Accounts receivable Cr…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: 34- Which one of the following is considered as cash? a. Certified Cheques. b. Letter of credit c.…
A: Accounting is essential to operating a company since it allows businesses to track income and…
Q: 23 - The cash account is debited due to the following transaction? A) CASH PURCHASE B) DEPOSITS…
A: Following is the answer to the given question.
Q: 46- which of the following source of finance comes with a line of credit ? a. Mutual Fund b.…
A: Some Sources of finance for business are equity, debt, debentures, retained earnings
Q: A "receipt on account" results in a credit to: An A/P account Bank An A/R account Capital
A: Receipt on account means, cash received from previously made credit sales.
Q: 18 - 102 debtor xx 100 creditors xx which transaction does this journal entry belong to? A) none…
A: Accounting refers to the process of recording, summarizing, interpretation and communicating the…
Q: QUESTION 16 Which of the following items found on a bank reconciliation does NOT require an…
A: Deposit in transit since the amount is already recorded in the company accounts no adjusting entry…
Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…
A: Terms that determine the responsibility of bearing of shipping cost are shipping terms.
Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…
A: When a Business transaction is executed, it is subjected to certain terms and conditions that govern…
Q: Continue using the journal and journalize the following transaction: Mar. 31. Received bank…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: 32 Which of the following accounts has a normal credit balance? a. Purchases b. Purchase Discounts…
A: Any account should have debit or credit balance. All assets and expenses should have debit balance.…
Q: 11.What is the normal balance in each of these accounts? (Use the following abbreviations to answer…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: 21. Open account credit is a credit facility offered by retailers or financial institutions vhich…
A: Open account credit is a credit facility provided by the retailers, banks or financial institutions…
Q: 21 - Which of the following forms of payment provides a high level of assurance to both the seller…
A: In case of foreign trade, goods are sold from one country to another country. Country selling the…
Q: romissory notes can be used in which of the following cases? a. Lending money b. All the given…
A: Explanation: Promissory note: A promissory note is a legal financial instrument that has a written…
Q: 25) How is the total of the purchases daybook posted to the nominal ledger? A. Debit purchases,…
A: The journal entries are used to record the financial transactions. It is also used to prepare the…
Q: Which of the following is true regarding the exact trial balance total ?
A: Total Assets = Total liabilities + Owners capital (Equity). Total Assets = Current assets…
Q: A" borrowed money from bank; this transaction involves which one of the * ?following accounts Cash &…
A: Solution: Borrowing money represents cash has been taken for a loan. It involves cash inflow and…
Q: Define each of the following terms: m. Promissory note; line of credit; revolving credit agreement
A: Promissory note: It is a financial instrument in which there is a promise by the issuer of note to…
Q: Which form of receivable financing is equivalent to an absolute sale of accounts receivable? a.…
A: Solution: "Factoring" form of receivable financing is equivalent to an absolute sale of accounts…
Q: Define each of the following terms:i. Credit policy; credit period; credit standards; collection…
A: CREDIT POLICY- ''Guidelines that spell out a way to decide which customers area unit sold-out on…
Q: 6. What is the transaction on the accounting equation to record $50 in bank service charges? Assets…
A: Total Assets = Total liabilities + Owners equity
Q: Which of the following transactions does the above journal entry belong to? a) Goods…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Question 11 of 30 In case of the party pays the money or not. the bank has to pay the money on due…
A: A bank guarantee is a promise that is made by the bank on the behalf of its customer to the clients…
Q: Documents of credit appraisal for individual loan.
A: Credit appraisal basically refers to assessing a particular loan application or proposal in a…
Q: 11-What is the main purpose of factoring in accounts receivables? a. To create an additional…
A: The account receivables are the assets that includes the amount due from the customers.
Q: 17. For the merchant, bank credit card sales are treated in a manner similar to a. sales on account.…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
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- estion A "receipt on account" results in a credit to: An A/P account Bank An A/R account Capital1-What is the journal entry for recording credit sales? a. Sales Dr. and Accounts Receivable Cr b. Accounts Receivable Dr. and Sales Cr c. Cash Dr. and Sales Cr d. Sales Dr. and Accounts Payable CrThe entry to record interest expense on a bank loan payable is a a. debit to interest expense and credit to note payable. b. debit to note payable and credit to interest revenue. c. debit to interest payable and credit to interest revenue. d. debit to interest expense and credit to interest payable.
- 9. Which accounts would be debited and credited in the entry to record accrued interest on a note payable? Debit Credit A. Interest Expense Interest Receivable B. Interest Receivable Interest Revenue C. Interest Expense Interest Payable D. Interest Receivable Interest PayablePrepare the journal entry to reconcile the bank statement in EA9.Which one of the four methods of payments creates an accounts receivable? Select one: a. cash in advance b. open account c. draft d. letter of credit
- JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Which of the following is a type of off-Balance Sheet activity? a. A demand loan. b. A Letter of credit c. A credit card account. d. A deposit account.A credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B. decrease C. Transer D. Increase
- 48.Which form of receivable financing is equivalent to an absolute sale of accounts receivable? a. Factoring b. Specific assignment of accounts receivable c. General assignment of accounts receivable d. Pledging of accounts receivableCurrent Attempt in Progress Data relating to the balances of various accounts affected by adjusting or closing entries appear below. (The entries which caused the changes in the balances are not given.) You are asked to supply the missing journal entries which would logically account for the changes in the account balances. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Interest receivable at 1/1/20 was $1,410. During 2020 cash received from debtors for interest on outstanding notes receivable amounted to $4,820. The 2020 income statement showed interest revenue in the amount of $8,950. You are to 1. provide the missing adjusting entry that must have been made, assuming reversing entries are not made. Unearned rent at 1/1/20 was $5,290 and at 12/31/20 was $8,400. The records indicate cash receipts from rental sources during 2020 amounted to $52,500, all of which was credited to the Unearned Rent Revenue account. You are to prepare…8. Writing the lending process to provide loan for customer.