A sales on account transaction is recorded:a. in the general journal after it has been recorded in the sales journal.Ob. in the sales journal after recording the receipt of payment in general journal.c. in the sales journal after it has been recorded in the general journal.d. in the sales journal and is not duplicated in the general journal.

The question is asking about the correct procedure for recording a sales on account transaction in…

Answered: A sales on account transaction is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What is the reason for ensuring that every copy of a vendor's invoice has a receiving report? O To ascertain that merchandise billed by the vendor was received by the company. O To ascertain that merchandise received by the company was billed by the vendor. O To ascertain that the invoice was correctly prepared. O To ascertain that a check was prepared for every invoice.
When posting the column totals of a cash payments journal, a debit should be posted to a.Unearned Revenue b.Sales Discounts c.Accounts Payable d.Cash
1. Why should the function of requisitioning the purchase of goods be segregated from the function of issuing purchase orders? 2. Explain how an automated matching process works regarding the payment of accounts payable 3. What control objective is addressed by having prenumbered receiving documents
Which of the following functions is not included in the typical expenditure cycle involving goods? A. Disbursing payments to the vendors B. Placing an order for goods or services C. Posting to the accounts payable subsidiary ledger D. Processing a credit memo E. Ascertaining the validity of payment obligations
he internal control questionnaire for purchases and accounts payable includes the following questions. Next to each of the questions, indicate the letter of the related transaction assertion.A. OccurrenceB. CompletenessC. AccuracyD. ClassificationE. Cutoff_______ 1. Are vendor's monthly statements reconciled with individual accounts payable accounts?_______ 2. Are all purchases made only on the basis of approved purchase requisitions?_______ 3. Are vendors' invoices listed immediately upon receipt?_______ 4. Are vendors' invoices matched against purchase orders and receiving reports before a liability is recorded?_______ 5. Is the accounts payable customer ledger balanced periodically with the general ledger control account?_______ 6. Does the accounting manual give instructions to date purchase entries on the date of receipt of goods?_______ 7. Are shipping documents authorized and prepared for goods returned to vendors?_______ 8. Is the accounts payable department notified of goods…
Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The sum obtained is best described as a(n): A. financial total B. grand total C. record count D. hash total E. cross-footing total
Which of the following is the correct journal entry to record a sale to a customer on account? A) Debit Cash Credit Sales B) Debit Sales Credit Accounts Receivable C) Debit Accounts Receivable Credit Cash D) Debit Accounts Receivable Credit Sales
Identify the journal in which each of the following transactions is recorded. Transactions Journals a. Cash sales. Sales JournalCash Receipts JournalCash Payments JournalGeneral JournalPurchases Journal b. Owner withdrawal of cash. Sales JournalPurchases JournalCash Receipts JournalCash Payments JournalGeneral Journal c. Cash purchase of land. General JournalCash Payments JournalPurchases JournalSales JournalCash Receipts Journal d. Credit sales. Sales JournalPurchases JournalGeneral JournalCash Payments JournalCash Receipts Journal e. Purchase of merchandise on account. Sales JournalCash Receipts JournalCash Payments JournalGeneral JournalPurchases…
Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."): • Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None And using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Асcounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Purchase Returns and Cost of Goods Sold Sales Tax Payable Allowances PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" or if no information is provided, please use "None" - no quotation marks. • On…
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
Which of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledger
Instructions Adele Corp., a wholesaler of music equipment, issued $31,400,000 of 20-year, 5% callable bonds on March 1, 20Y1, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions Refer to the Chart of Accounts for exact wording of account fifles 20Y1 Mar. Sept. 20Y5 Sept. Chart of Accounts Journal 1 Issued the bonds for cash at their face amount. Paid the interest on the bonds 1 1 Called the bond issue at 103, the rate provided in the bond indenture. (Omit entry for payment of interest.) X

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