The following cash receipts journal headings have been suggested for a small servicefirm. List the errors you find in the headings.CASH RECEIPTS JOURNALPage 12FeesEarnedOtherAccountsAccts.Rec.AccountPost.CashDateCreditedRef.Cr.Cr.Cr.Dr.

Cash receipts journal: Cash receipts journal refers to the journal that is used to record the all…

Answered: The following cash receipts journal…

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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Matching Question Match the banking term on the left with its definition on the right. Drag and drop application. Deposit ticket Deposit ticket drop zone empty. Check Check drop zone empty. Bank account Bank account drop zone empty. Remittance advice Remittance advice drop zone empty. Electronic funds transfer Electronic funds transfer drop zone empty. Lists currency, coins and checks deposited into an account Explains the reason for payment Used to deposit money for safekeeping and help control withdrawals. A document signed by the depositor instructing the bank to pay a specified amount of money Electronic transfer of cash from one party to another
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Which of the following error will be a complete reversal of entries for the purchase of stationery for cash OMR 50 by the business? a. Debit Stationery OMR 50 and Credit Cash OMR 50 b. Debit Cash OMR 50 and Credit Purchase OMR 50 c. Debit Cash OMR 50 and Credit Stationery OMR 50 d. Debit Purchase OMR 50 and Credit Cash OMR 50
32) he correcting errors, adjusting and closing entries of the business are recorded in the form of ____________________. a. Purchases daybook b. Petty cash book c. General journal d. Cash payments book
Based on the bank reconciliation THAT IS ATTACHED, journalize the entry or entries to be made by Kornett Company. If an amount box does not require an entry, leave it blank. Description Debit Credit choices: Accts Receivable, Cash, Cost of Merchandise Sold, Misc Expense, Petty Cash choices: Accts Payable, Accts Receivable, Cash short and over, Cost of Merchandise sold, Sales choices: Accts Payable, Bad debit expense, Cash, Cost of merchandise sold, Petty cash
Entry for Cash Sales; Cash Short The actual cash received from cash sales was $35,699, and the amount indicated by the cash register total was $35,731. Journalize the entry to record the cash receipts and cash sales. If an amount box does not require an entry, leave it blank. Cash fill in the blank 2 fill in the blank 3 Cash Short and Over fill in the blank 5 fill in the blank 6 Sales fill in the blank 8 fill in the blank 9
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A £500 cash sale was entered as a debit in the sales account and a credit in the bank account. What type of error is this? Select one: A. Compensating B. Ommission C. Reversal of entries O D. Original entry E. Commission O F. Principle
1.Journalize and post transactions on account to the cash payments j ournal 2.Complete the petty cash report by classifying each expense to compute the actual cash on hand. 3.Print the cash paymentsjournal and petty cash report. The cash paymentsjournal and a petty cash report for Electronic Source are given in the Worlting Papers. Instructions: Use page 9 of a cash payments journa l tojourna lize the following transactions completed during September of the cun-ent year.Source documents are abbreviated as follows check,C;purchase invoice,P.Save your work to complete Problem 9-S. Transactions: Sept 2.Paid cash for advertising, $125.00.C388. 5.Paid cash on account to Henson Audio, $2,489.00, covering P346,less 2% discount. C389. 8.Paid cash for heating bill, $240.00.C390 . 10.Paid cash on account to Peterson Electronics,$3,484.00 covering P349,less 2% discount.C391. 12.Paid cash for office supplies,$43.00.C392$. 15.Paid cash to KLP Mfg.for merchandise with a list…
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?

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The following cash receipts journal headings have been suggested for a small service firm. List the errors you find in the headings. CASH RECEIPTS JOURNAL Page 12 Fees Earned Other Accounts Accts. Rec. Account Post. Cash Date Credited Ref. Cr. Cr. Cr. Dr.