Question 2 of 10 Which of the following is recorded in the purchases journal? A. orders made by the customer paid for with cash B. orders made by the business paid for with cash C. orders made by the customer on credit or account O D. orders made by the business on credit or account

Question 2 of 10 Which of the following is recorded in the purchases journal? A. orders made by the customer paid for with cash B. orders made by the business paid for with cash C. orders made by the customer on credit or account O D. orders made by the business on credit or account

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: ssued by business X. c) Bank credit advice. d) internal memo. e) cash sales slip. f) Cheque butt. g)…

A: Source Document - Source documents provide unmistakable proof that any financial transaction…

Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Purchase Journal Date Vendor Account…

Q: Documents and files related to initiating credit sales would be customer master file and sales…

A: Credit sales are those where the remaining balance is to be paid at a later time. Put differently,…

Q: You just posted a credit to Accounts Receivable. Which special journal did it come from? cash…

A: Sales are made on cash and credit basis. The amount to be collected from sales made on credit basis…

Q: 815. Credit note is the basis for recording a transaction in which of the following journals? O…

A: Journal being recording the business transactions for the first time are also known as books of…

Q: Unit 1 question 9

A: 1. Payment of Creditors on account- Cash Payment Journal 2. Return of Merchandise sold for credit-…

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: Fiona sporty uses to purchases journal a cash payment journal ,a sale journal and a general journal…

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

Q: In the expanded purchases journal, debits are made in which columns? A) Accounts Payable,…

A: Expanded Purchases Journal is also called ' Multi-column Purchases journal in which merchandise or…

Q: Enter the month-end totals from the Cash Receipts journal. Enter the month-end totals from the Cash…

A: There are four types of general other than general journals i.e., cash receipt journal, cash…

Q: Place the operating cycle for a merchandiser in the correct order. 1 Credit sales Definition…

A: Operating Cycle For Merchandisers Starts With The Cash Purchase Of Merchandise, Inventory Available…

Q: Recording Transactions in the Proper Journal Select the journal (sales, cash receipts, purchases,…

A: The answer for the question on recording transactions in proper Journal is presented hereunder :

Q: BEJ-4 Indicate whether each of the following debits and credits is included in the cash receipts…

A: The cash receipts journal is the special journal to record the cash receipts transactions. The…

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: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: 3. Give at least one example of each Merchandise transaction for a) Receipt b) Sales Invoice…

A: Merchandise transaction means transaction related to purchase and sale of inventory.

Q: c. A purchase requisition follows a purchase order. d. It is important for a company to verify all…

A: As per our protocol we provide solution to the one question or three sub-parts only but as you have…

Q: sources of input data may include all of the following business documents except : a- sales invoice…

A: Source document refers to the document of original record, that is recorded when it is collected for…

Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…

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

Question

A course.apexlearning.com
pugarWeb for Applicants
Mail - Kylee Willison - Outlook
Student Email | Columbus State Com..
Ap
L 1.2.7 Quiz: Accounts Payable Process
Question 2 of 10
Which of the following is recorded in the purchases journal?
A. orders made by the customer paid for with cash
B. orders made by the business paid for with cash
C. orders made by the customer on credit or account
D. orders made by the business on credit or account
SUBMIT
E PREVIOUS
FEB
TO
6.
(30)
MacBook Air

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Explanation

VIEW

Step 3 Answer

VIEW

Trending now

This is a popular solution!

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

Question 28 The sum of customers' unpaid balances that is compared to the general ledger comes from: the total of sales invoices a total of shipping orders the sales journal the accounts receivable trial balance
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
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 "$0" or if no information is provided, please use…
Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."): Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None And using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Purchase Returns and Cost of Goods Sold Sales Tax Payable Allowances PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" 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 "None" - no quotation marks. • On Jun.…
When a customer uses a credit card such as MasterCard or VISA to buy merchandise in a store, the store owner records the sale as a/an ______________________. Group of answer choices cash sale. debit to sales and a credit to cash. credit to accounts receivable. a credit sale and debits the customer's accounts receivable account.
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?