Answered: he receipt of ________ from a customer…

he receipt of ________ from a customer increases assets and liabilities. Select answer from the options below 1.cash in advance 2.cash for services performed 3.a purchase order 4.cash on acco

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: How would I figure out the adjusted trial balance sheet? cash accounts receivable equipment etc

A: Explanation: The Ending Balances of all T-Accounts Transfer to Adjusted Trial Balance.

Q: Simple interest applies when interest is earned _____________. a. on interest b. in a serious of…

A: Interest is the value provided or paid for the sum borrowed. If the company has made certain…

Q: Sales are recorded under cash basis accounting when: Multiple Choice O The goods or services are…

A: The accounting transactions can be recorded differently under accrual and cash basis accounting.…

Q: Debit and Credit Effects : Indicate the account that will be debited for each of the following…

A: A journal is a written record of transactions that indicates the individual accounts that are…

Q: Please help

A: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from…

Q: 1. Began operations by acquiring $16,000 of cash from the issue of common stock. 2. Performed…

A: T accounts are prepared by posting the amounts from the journal entries of the company.

Q: If a company debits Cash and credits Sales Revenue, it is recording the.

A: Real accounts are those assets and liabbilties whose balance is carried forward from one accounting…

Q: It is an amount owed to suppliers for goods purchased or services performed on credit. O a. Accounts…

A: Accounts payable is credited when goods are purchased on credit. Unearned revenue is when cash is…

Q: Which one of the following is a use of cash? Group of answer choices (A).payment to a supplier…

A: Solution:- Use of cash means outflow of cash by the firm.

Q: A cash payment is journalized in the cash account as Group of answer choices neither a debit nor a…

A: Lets understand the basics. Journal entry is required to make to record event and transaction in…

Q: On April 6, Year 1, Home Furnishings purchased $43,000 of merchandise from Una Imports, terms 2/10…

A: The discount is provided on purchase if payment is made within the discount period.

Q: either the word "debit" or the word "credit." A. The Bank account normally has a B. A revenue…

A: Debits and credits seem to be the opposite aspects of an accounting journal entry. Whenever accrual…

Q: Debit Cash Credit Other Financing Sources What does this journal entry mean?

A: The meanings of different journal entries are presented hereunder :

Q: secure means of storing money in which individuals or business can deposit or withdraw money as…

A: The financial institute is an institute that deals in all types of financial services and with…

Q: Amounts owed by customers on account. [ Choose ] The analysis of customer balances by the [ Choose ]…

A: As per the guidelines, only three parts are allowed to be solved. Please resubmit the remaining…

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: Match each of the transactions below with the most appropriate journal for recording that…

A: Lets understand the basics.General journal used for recording transactions which are not recordible…

Q: Revenue is properly recognized: Multiple Choice O When the customer makes an order. Only if the…

A: Revenue is the total amount of income generated by the sale of goods or services.According to the…

Q: Each of the following Independent events requires a year-end adjusting entry. a. Paid $9,100 cash in…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Question

The receipt of ________ from a customer increases assets and liabilities.

Select answer from the options below

1.cash in advance

2.cash for services performed

3.a purchase order

4.cash on account

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction:-

VIEW

Step 2: Explanations:-

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

ro.14 Defining common receivalles terms Metch the terms with their correct definition. Lear Definitions Terms a. The party to a credit transaction who takes on an obligation/payable. b. The party who receives a receivable and will collect cash in 1. Accounts receivable 2. Other receivables 3. Debtor the future. C. A written promise to pay a specified amount of money at a particular future date. 4. Notes receivable 5. Maturity date d. The date when the note receivable is due. e. A miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. 6. Creditor f. The right to receive cash in the future from customers for goods sold or for services performed.
Multiple choice: 1. The receipt of cash on account from a costumer should be recorded as A. a debit to Cash and a credit to Accounts Payable B. a debit to Cash and a credit to Income from Services C. a debit to Cash and a credit to Accounts Receivable D. a debit to Cash and a credit to Capital account 2. A cash payment on a loan affects which of the following accounts? A. Cash and accounts receivable B. Cash and notes payable C. Cash and an expense account D. Cash and a revenue account
What is the amount to be collected by the business from customer who receive the product or services with a promise to pay after some time? a. Supplier b. Accounts payable c. Creditor d. Accounts Receivable
Best choice
In business cash consist of many things. Identify which one of the following will be considered as cash? a. Post Dated Cheques. b. Credit card. c. Bank drafts. d. Travel Advance
٢٤
Your new company paid the invoice for their account with Alli's Broom Supply Company. What would your journal entry look like when you record this transaction? a) Debit Cash; Credit Accounts Payable b) Debit Cash; Credit Supplies Expense c) Debit Accounts Receivable; Credit Cash d) Debit Accounts Payable; Credit Cash
T F When you use a debit card to make a purchase,a financial institution is extending credit to youand expects to be paid in the future.
Business makes payment of Bank loan. Which of the following is the correct journal entry? a. Dr Bank Loan account Cr Cash account b. Dr Cash account Cr Loan c. Dr Cash account. Cr Capital d. Dr Bank Cr Cash account
Operating activities include all of the following except: Question 5 options: purchasing goods for resale performing services Paying employee salaries Purchasing a cash register
Receive cash from customers in settement of debts owed by them