Question: What is the source documents for cash collection by business X. option: a) invoice received by the business X. b) invoice issued by business X. c) Receipts received by business X. d) Receipts issued by business X. e) Bank Debit advice. f) Bank credit advice. g) internal memo. h) cash sales slip. i) Cheque butt. J) credit note issued by business X. Reqiured: please answer this question by choosing the correct answer

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: When cash is drawn from bank for business use the entry type will be? Select one: a. Contra entry b.…

A: a. Contra Entry - These are the transactions that involves  cash and bank account. b. Compound Entry…

Q: An NSF check returned by the bank should be entered in the depositor's accounting  records by a…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: How will the following items affect the pass book balance?  Direct payment by customer into the…

A: Pass book: A pass book issued by bank to its customers for the transactions carried out with bank…

Q: Question: 1. What is the correct source documents for credit purchase by business. 2. what is the…

A: Source Documents - Source Document is the document of proof for the transactions takes place.…

Q: Which of the following items on a cash reconciliation would require a journal entry by the company?…

A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…

Q: orrect source documents for direct deposit by customer of business X. option: a) invoice issued by…

A: Source Document - The existence of any financial transaction is indisputable evidence, according to…

Q: A characteristic that all entries recorded in a cash receipts journal have in common is Select one:…

A: Correct option is C i.e.  a debit to the cash account

Q: Question: What is the source documents for Business X sold goods for cash. option: a) invoice…

A: The source document is a document of the first recordation of the transaction, It is printed on…

Q: Which of the following entries records the collection of cash from cash customers?   Question 9…

A: Collection of cash from cash customers means cash is receive from sale or service.

Q: 1. During the reconciliation of the company’s cash account with its bank statement, what should the…

A: Answer: Bank reconciliation is the action performed to match cash balance as per books and cash…

Q: The main purpose of factoring accounts receivable is a. To invest accounts receivable in another…

A: Factoring is a financial transaction in which a company sells its receivable to a financial company…

Q: Accompanying the bank statement was a debit memo for bank service charges. What entry is required in…

A: Bank service charges: Bank service charges are generally directly debited by bank in the bank…

Q: A cash book is used to record

A: A cash book contains all cash receipts and payments transactions in detail, including bank deposits…

Q: Question: 1. what is the correct source documents for credit purchase by business X. option: a)…

A: Purchase of goods and services in the business can be made for cash or can be on credit basis. Under…

Q: Accompanying the bank statement was a debit memo for an NSF check received from a customer. What…

A: Correct option is (b) Debit Accounts Receivables and Credit Cash

Q: What is the source documents for Payment made by the business X

A: Documents are very much essential for every transaction of the business and with those documents…

Q: correct source documents for Business X sold goods for cash. option a) invoice received by the…

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

Q: Accompanying the bank statement was a debit memo for bank service charges. What entry is required in…

A: Step 1 Expense is the amount incurred by the organization to generate revenue. It is shown in the…

Q: A cash receipt that the business has added to its cash account,but that the bank has not added to…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

Q: Why does the bank treat an account balance as a Credit when there is money in the account, while in…

A: Every business has the bank account and business as well as the bank maintains its books of accounts…

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…

Q: Which of the following items must be added to the cash balance per ledger in preparing a bank…

A: The statement prepared to find out the discrepancies if any, in the balances of the cash as per book…

Q: correct source documents

A: Bank charges is the charge collected by the bank from the bank account of customer. Whenever the…

Q: In which of the following transaction, bank account will be debited? O a. Purchased goods on cash O…

A: SOLUTION- Cash Deposit In To Bank is Simply Transfer the Cash From Location to Another , The Asset…

Q: business cash consist of many things. Identify which one of the following will be considered as…

A: Credit card is considered as a cash Equivalent....

Q: Why should sales to and receipts of cash from credit customers be recorded and posted immediately?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: When a company records a bank deposit, it will: O A. credit the Cash account on the company's books.…

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

Q: Which one of the following documents is used in the control of cash receipts? a. Purchase…

A: Cash Receipts - Cash Receipts are the receipts which are the supporting document or evidence used by…

Q: A prenumbered document that tells the bank to pay the designated party a specific amount is a A.…

A: In financial transactions, various documents play crucial roles in facilitating payments, transfers,…

Q: What are the step(s) when using the Sales with Payment customer workflow?   A. Create sales…

A: Please find the answer to the above question below:

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.