Answered: One-column sales journal may be used to…

One-column sales journal may be used to record collection on account sales of goods for cash sales of goods on account sales of supplies on account

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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One-column sales journal may be used to record collection on account sales of goods for cash sales of goods on account sales of supplies on account

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The operating cycle of a merchandiser with credit sales includes the following five activities. With merchandise acquisition as the starting point, arrange the events in the correct order. a. Prepare merchandise for sale b. Collect cash from customers on account c. Make credit sales to customers d. Purchase merchandise e. Monitor and service accounts receivable
One of the columns in the sales journal is labeled as: Oa. Debit Sales. O b. Payment Received. c. Customer's Name. Od. Sales Amount.
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., or Ref. And using the accounts listed below, complete the journal headings and record the journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Cost of Goods Purchase Returns and Sales Tax Payable Sold 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…
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Recording revenue when you have completed a sale of merchandise the way we are doing it is A. cash entry B. deferral entry C. accrual entry D. adjusting entry E. paid bill entry
Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal such as the one in Exhibit. Why not put both types of credits in the same column and save journal space?