Companies recognize revenue as earned and record the revenue when __________. A. the customer's order is received B. the return period is over C. the order is delivered D. the order is shipped

Q: iven a bill, and the customer mails in a cheque for payment on December 5th. he dress shop receives…

A: Under the accrual basis of accounting, revenues and expenses are recognized in the period in which…

Q: The following procedures are used by Complete Wholesale Incorporated.a. All sales are made on…

A: a. Strength: the company is following correct procedure. b. Weakness: the receptionist is not…

Q: Consider the following statements as you answer the next question: i. Felix, a cash receipts clerk,…

A: In the above case, in the first point where F clerk, applied A's payment to the invoice indicated on…

Q: 1. Home Appliances allows customers to pay for merchandise with cash, debit cards, bank credit…

A: The procedure of entering business transactions for the first time in the books of accounts is known…

Q: Record the following transactions in the cash receipts journal. Jun. 12 Your company received…

A: The cash receipt journal is one of the accounting records where only cash receipts are recorded. It…

Q: Hunt Company enters all cash payments in the cash payments journal. On February 21, the company…

A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within ten days. And if…

Q: Identify the source document for NDX Company in each of the following accounting processes.…

A: It is a document in which transaction is recorded for the first time. It is the basis for…

Q: 2. Prepare any necessary entries. Use Miscellaneous Expenses, for any bank charges. Use Interest…

A: Journal entries are required to be passed in cash book where transactions are reflecting in bank…

Q: A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.…

A: In case of payment of any expenses the entry is Debit Accounts payable account and Credit Cash…

Q: Suppose that Lena, who has an account at SunTrust Bank, writes a check for $140 to Jose, who has an…

A: Assets : Reserves = -$140Liabilities : Chekable deposits = -$140

Q: Prepare the following journal entries. a. customer is given an allowance of $ 425.       b. A…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Sales taxes collected from customers are sent to the state at the end of each month. What journal…

A: Sales tax is that amount which is charge  by the seller from his customer. It is charge on every…

Q: Johnson Hardware Supply, Inc., sells on account. When a customer account becomes four months old,…

A: Interest revenue=Sales revenue×9%×60360=$24,000×9%×60360=$360

Q: Coca Cola Corp. received an order from a customer on October 1. The toys were shipped on October 15.…

A: The income statement is prepared to record the revenues and expenses of the current period.

Q: 1.How do you consider post-dated check in the statement of financial position?  A.cash and cash…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Identify the DFD in the following narrative: Hemant buys a new scooter at a local shop and pays…

A: DFD refers to Data Flow Diagram which is used in the accounting management system. Data Flow Diagram…

Q: A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.…

A: Entry for recording payment: Accounts payable A/c   To Cash A/c ( Being record of accounts payable )

Q: Luna Company accepted credit cards in payment for $7,100 of services performed during July Year 1.…

A: A journal entry is a record of a business transaction in double- entry secretary. It's the first…

Q: Coasters Co. issued a note receivable to a customer. The customer made payment, principal and…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: On January 31, Jema hardware received a check from a customer for payment of an invoice. The 6,000…

A: A cash receipts journal refers to a journal in the books of accounts that records all the receipts…

Q: Which one of the following documents is used to record notes receivable? Register Voucher Promissory…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: 10. In Exhibit 3.6, you see a credit sale to G. H. Allen that is recorded in a paper-based…

A: Cash receipts prelist is a document that records all the receipts of cash but is separate from…

Q: Record the following transactions in the cash receipts journal. Jun. 12 Your company received…

A: This journal is used for the treatment of receipts only.

Q: A customer issued a note for an overdue account. Which of the following procedures is correct? A.…

A: Notes payable: Notes payable is a promissory note issued by the debtor or borrower in which the…

Q: How should this collection of cash be recorded by Jonathan Harker Soaps Company?

A: Any organization or a person should recognize revenue when they render their services or when they…

Q: You are working as an Accounts Receivable Officer in Super Mart Store. Your Store manager asked you…

A: Data flow Diagram of the transaction as below…

Q: check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What…

A: A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.…

Q: Emporium bank lends money to a customer on a six month note. What journal entry does the bank…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: s the answer to this question correct If you received a check from Mr. Jones for $500 for work you…

A: Cash Receipts Journal is one of the special journal under which all cash received by the business is…

Q: Date Account title $ May5 Dr.________ ___ Cr.______ ___ Date Account title $ May 8 Dr.________ ___…

A: Journal Entry is the Primary recording of business transactions in the books of accounts.

Q: The final step when receiving customer checks by mail is for the​ ________ to compare two different…

A: The controller is responsible for verifying the accuracy of the financial records, including the…

Q: A customer purchased P5,000 of goods on credit

A: The sale revenue is recognized when right to receive payment in respect of the sale is established.

Q: Record the following transactions in the cash receipts journal. Jun. 12 Your company received…

A: Sales discount = Sales x discount rate = $1,715 x 2% = $34.30 Cash received = Sales - Sales…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is