A £500 cash sale was entered as a debit in the sales account and a credit in the bankaccount. What type of error is this?Select one:A. CompensatingB. OmmissionC. Reversal of entriesO D. Original entryE. CommissionO F. Principle

Lets understand the basics.Error of journal entry needs to correct through recording adjusting…

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: O A. Compensating B. Ommission C. Reversal of entries D. Original entry

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: O A. Compensating B. Ommission C. Reversal of entries D. Original entry

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 4A: Suppose we collected cash from a charge customer and the debit was to Cash and the credit to Sales....

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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
An error was made in posting of cash sales for $2 000. The both accounts were understated by the amount. What type of error is this? Error of Principle Error of Original Entry Error of Commission Reversal of Entries
Use the following cash receipts journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviations used: Disc. = Discounts, Forfeit. = Forfeited; Rec. = Receivables, Rev. = Revenue, Accts = Accounts, Inv. = Inventory) A (Click the icon to view the transactions.) Cash Receipts Journal Page 3 Post. Accounts Sales Sales Disc. Other Cost of Goods Sold DR Date Account Credited Ref. Cash DR Rec. CR Rev. CR Forfeit. CR Accts CR Merchandise Inv. CR 2024 Jul. More Info Jul. 5 Sold merchandise inventory for cash, $2,300. Cost of goods, $2,000. Jul. 12 Collected interest revenue of $2,400. Jul. 18 Received cash from Hank Noll, $900, on account. There was no discount. Jul. 29 Received $5,600 from Mckenna Door in full settlement of his account receivable including sales discounts forfeited of $65. Print Done
If a bookkeeper mistakenly recorded a $73 deposit as $37, the error would be shown on the bank reconciliation as a O A. $36 deduction from the book balance. O B. $37 addition to the book balance. O C. $36 addition to the book balance. O D. $37 deduction from the book balance.
If a bank reconciliation included a deposit in transit of $790, the entry to record thisreconciling item would includea. a credit to Cash for $790.b. a credit to Prepaid insurance for $790.c. a debit to Cash for $790.d. No entry is required
If a bookkeeper mistakenly recorded a $73 deposit as $37, the error would be shown onthe bank reconciliation as aa. $36 deduction from the book balance.b. $37 addition to the book balance.c. $36 addition to the book balance.d. $37 deduction from the book balance
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An adjusting entry is required for: Select one: a. Deposit in transit. O b.Outstanding checks. O c Bank errors. O d. Collection of a note by the bank.
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An adjusting entry is required for: Select one© a. Deposit în transit.O b. Outstanding checksO c. Bank errorsO d. Collection of a note by the bank
25) How is the total of the purchases daybook posted to the nominal ledger? A. Debit purchases, Credit payables control В. Debit payables control, Credit purchases С. Debit purchases, Credit cash D. Debit cash, Credit purchases
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…