Particulars Rs Opening balance: Cash in Hand 5000 Cash at Bank 25000 Subscriptions 165000 Donations 35000 Investment Purchased 80000 Rent Paid 20000 General Expenses 21500 Postage and stationery 2000 Courier charges 1000 Sundry Expenses 2500 Closing Cash in Hand 12000

Q: Discuss the importance of sales journal in managing accounts receivable.

A: The sales journal is a very important tool in managing accounts receivable. It is used to record all…

Q: Discuss what each ledger is used for and when it is used: 1. General Ledger 2. Payables ledger 3.…

A: The ledgers are prepared as posting the transactions from the journal book.

Q: in managing accounts receivables, objectives must be achieved?

A: Working capital is calculated as the difference between the value of current assets and current…

Q: All accounts in the subsidiary ledger of accounts receivable should be summed up

A: This question explains the subsidiary ledger of accounts receivable should be summed up.

Q: Describe how to report and analyze receivables.

A: Receivables are the assets for the company and may include trade receivables, other debtors or bills…

Q: The general ledger or subsidiary ledger should be indicated for each account

A: This question deals with the general ledger or subsidiary ledger should be indicated for each…

Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…

A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…

Q: Distinguish between sales book and sales account.

A: Sales book: Sales book is one of the subsidiary book of accounting in which all the transactions…

Q: accounts receivable,

A: Account receivable :- When Company Goods sold or tendered service on Credit to customer and Company…

Q: The subsidiary ledger that includes customer account activity is called the a. asset ledger b.…

A: Under subsidiary ledger, all activities related to customer is recorded.

Q: What is the name of the document used for recording credit sales

A: Credit sales means when goods and services are being sold to customers on credit basis and customers…

Q: rice of the common stock was $42 per s tion of the stock options, exercise of th 221. 2022 and 2023…

A: journal entries to record issuance of the stock options, termination of the stock options, exercise…

Q: Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service…

A: All expenses, losses, and assets should be debited and all revenue, income, gain, and liabilities…

Q: What should be in the credit file

A: Following is the contains in credit file

Q: Describe accounts receivable and how they occur and are recorded.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Define the ECL model for accounts receivable. How does it differ from the CECL model?

A: Accounts receivable (AR) is the amount of cash yet to be received by a firm for products or services…

Q: what is Debit balance and Credit balance in ledger?

A: Introduction: A ledger account is a record of commercial transactions. It is a discrete record…

Q: How a General Ledger Works With Double-Entry Accounting

A: The Double Entry Accounting basically consists of a cycle that starts with recording and ends till…

Q: Which of the following types of transactions can be uploaded into QBO using the Receipt action.…

A: QBO : It stands for QuickBook Online, an online platform for recording the business transactions.…

Q: Describe a ledger and a chart of accounts

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: Distinguish between accounts receivable and account payable.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Are purchasing and receiving functions separate from invoiceprocessing, accounts payable, and…

A: Invoice processing: It is a procedure to maintain the invoices of the organisation to ensure timely…

Q: How many account management in accounts

A: The accounting process includes the bookkeeping process which involves the journal entry of the…

Q: ow to record credit sale in an entrie?

A: Credit sales mean the amount which is delayed to paid but agreed to pay in future by the consumer.

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Income and expenditure account to determine the surplus or deficit of income over…

Q: Sales made to person on credit should be credited to which of following ledger accounts

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: Define financial assets, trade and other receivables and financial liabilities Thanks tutor

A: Financial assets and trade and other receivables are different types of assets that are part of…

Q: Record a transaction money charged on a account

A: A transaction is the amount of value for a product or service. Regardless of when money is received…

Q: Identify and explain the techniques and methods to manage receivables.

A: Accounts receivable management is critical for any firm, as day-to-day operations rely heavily on…

Q: Briefly explain the methods used for valuing accounts receivables.

A: In the given question, we need to briefly explain the methods used for valuing accounts receivables.…

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Non-trading entities prepare the income and expenditure account to determine the…

Q: Sunland Company has the following portfolio of investment securities at September 30, 2025, its most…

A: A journal entry is the act of recording any transaction, whether one that is economic or not. An…

Q: Explain the posting process of the cash payments journal.

A: Cash payment Journal: A journal which is used to record cash payments by check and cash for the…

Q: How to write a ledger

A: An accounting ledger is a bookkeeping account or record that keeps track of activities on the…

Q: what is procedure to posting account receivable ledger and inventory system . Explain with entry

A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.…

Q: The Sum of all the accounts in the accounts receivable subsidiary ledger should?

A: Accounts Receivable means amount due from customers on account of credit sales.  General ledger…