How are sales to customers using MasterCard and VISA (credit/debit cards) recorded?

Q: 39) The payables ledger control account includes separate account for each supplier and helps to…

A: The question is multiple choice question.The payables ledger control account includes separate…

Q: Following is data relative to the 12/31/21 inventory of Jenner: Item A B с D E Original Cost Per…

A: Journal entry to record reduction of inventory. The last three columns in the 12/31/21 schedule.

Q: Name the special journal which is used to record the credit sales transactions of a merchandising…

A: Correct answer is ( d )Sale daybook Explanation A sales book is also known as sales day book is a…

Q: 61. Which of the following statements about a Sales journal is/are false? *

A: Sales journal is a special journal to record the sales that are made on account during the period.

Q: What is the correct source documents for direct deposit by customer of business.

A: Disclaimer:“Since you have asked multiple question, we will solve the first question for you. If you…

Q: Accounting Information System   Prepare a payment flowchart for a bookstore business, who's…

A: ANSWER:- An Accounting Information System (AIS) is a system of collecting, storing, and processing…

Q: Which of the following is recorded in a sales account?  A.Goods sold for cash B.Goods sold on credit…

A: In accounting, a sales account is a general ledger account that is used to record the revenue…

Q: Business incurred travelling cost of OMR 50. Which of the following specialized journals will record…

A: The answer is option (d.) [ cash payment journal] Refer step 2 for explanation

Q: Ms. Ameena makes the following journal entry in her business: Debit Accounts receivable Credit Sales…

A: Accounts receivable Dr. To Sales is the entry passed at time of selling the goods.

Q: -Which of the following will be not be called as Source Document of a Business?

A: Answer

Q: The sales journal records the daily transactions of a business pertaining to: O a. Sales…

A: Sales journal  records revenue from sale of  goods or services.

Q: The functions of and documents generated by which of the below departments determine when a…

A: Lets understand the basics. In organization, there are various department which are inter connected…

Q: Multiple choice: A sale is recognized and recorded in the accounting records at the time:…

A: Accounting records: The accounting records refer to the recording of assets, liabilities, equity…

Q: The amount to be paid by the business to the supplier who supplied the material on credit is a.…

A: When Company purchased goods and services on credit from the supplier then it needs to be paid back…

Q: Question 2: Identify the most appropriate source document to use for each of the transactions listed…

A: A source document is the primarily documents which indicates a certain transaction has occurred or…

Q: hich of the following accounts is a contra account?   Select one: a. Drawing b. Transportation In c.…

A: Solution: A contra account is related to a main account and used in a general ledger to reduce the…

Q: Under what circumstances would accounts receivable be posted as a credit balance : A. When the…

A: The different accounts in the business have different balance as debit and credit.

Q: The questions to be answered are: Fiona Sporty uses a purchases journal, a cash payments journal, a…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: 1) Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Q: Match each phrase with its definition. 1. The amount of time allowed by a seller before payment is…

A: Discount is the amount of deduction or allowance that is being given to the buyer for purchasing…

Q: The accounts receivable are sold to company known as a. Broker b. Factor c. Accounting service…

A: Factoring is a type of service offered by finance companies in which the entity or company sells all…

Q: Match the best answer to each question/ The ledger that contains the financial statement accounts of…

A: The question is related to Match the following. Required  Match the best answer to each question

Q: Trade discount is allowed at the time of sale of goods. (A) is recorded in sales book (B) is…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: procedure will complete the purchase procedure in a company?

A: Option a is wrong because approving suppliers invoice is usually done at the beginning stage of…

Q: The functions of and documents generated by which of the below departments determine when a…

A: The documents which complete sale criteria will only make able to record sale transaction. Sale can…

Q: Computerized Accounting Systems Most computerized accounting systems use electronic forms to record…

A: Computerized accounting systems have transformed the way firms manage their financial data and…

Q: You are working for a company and process a credit memo. This indicates that: merchandise was…

A: A credit memo is issued by a seller to the buyer indicating that amount due from the buyer has been…

Q: In e-commerce accounting, what is the appropriate treatment for recognizing revenue from the sale of…

A: The appropriate treatment for recognizing revenue from the sale of goods when using the accrual…

Q: Fiona Sportyuses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: Cash payment journal, cash receipt journal, sales journal and purchase journal are special journal…

Q: hat is the correct source documents for owner of business X took goods from the business for his own…

A: Source Document - Source documents act as an audit trail and are a crucial audit tool. Government…