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…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 21MC: You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special...

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You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
Describe the posting procedure for a cash payments journal with an Other Accounts Debit column and several special columns, including an Accounts Payable Debit column.
You just posted a credit to Accounts Receivable. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
Using the following cash payments journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that No posting is required. CASH PAYMENTS JOURNAL Page 46 Date Ck.No. Account Debited Post.Ref. OtherAccountsDr. AccountsPayableDr. Cash Cr. 20Y1 July 3 611 Energy Systems Co. (a) 4,000 4,000 July 5 612 Utilities Expense (b) 310 310 July 10 613 Prepaid Rent (c) 3,200 3,200 July 16 614 Flowers to Go, Inc. (d) 1,250 1,250 July 19 615 Advertising Expense (e) 640 640 July 22 616 Office Equipment (f) 3,600 3,600 July 25 617 Echo Co. (g) 5,500 5,500 July 26 618 Office Supplies (h) 250 250 July 31 619 Salaries Expense (i) 1,750 1,750 July 31 9,750 10,750 20,500 (j) (k) (l) Post reference represents: a. b. c. d. e. f. g.…
Use the following cash receipts journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviations used: Disc. = Discounts, Forfeit. = Forfeited; Rec. = Receivables, Rev. = Revenue, Accts = Accounts, Inv. = Inventory) A (Click the icon to view the transactions.) Cash Receipts Journal Page 3 Post. Accounts Sales Sales Disc. Other Cost of Goods Sold DR Date Account Credited Ref. Cash DR Rec. CR Rev. CR Forfeit. CR Accts CR Merchandise Inv. CR 2024 Jul. More Info Jul. 5 Sold merchandise inventory for cash, $2,300. Cost of goods, $2,000. Jul. 12 Collected interest revenue of $2,400. Jul. 18 Received cash from Hank Noll, $900, on account. There was no discount. Jul. 29 Received $5,600 from Mckenna Door in full settlement of his account receivable including sales discounts forfeited of $65. Print Done
Review the following transactions Requirements A (Click the icon to vicw the transactions ) 1. Prepare headings for a cash receipts journal. Jounalize the transactions that should be recorded in the cash receipts journal Total each column of the cash receipts journal 2. Requirements 1 & 2. Prepare headings for a cash receipts journal. Journalize the transactions that should be recorded in the cash receipts journal. Total each column of the cash receipts journal. (If a box is not used in the journal leave the box empty, do not select information and do not enter a zero. Abbreviations used Disc. = Discount, Acct = Accounts, Pay = Payable, Rec = Reccivable, Rev = Revenue, Oth = Other, COGS = Cost of Goods Sold, Mer = Merchandise, Inv. = Inventory, and Sis Dsc. Forf = Sales Discounts Forteited.) Cash Receipte Journal Page More info PR Feb. 1 Sold merchandise inventory on account, terms n/30, to Clara Co., $1,275. Cost of SpOods, $010. Invoice no. 401. Feb. Feb. 6 Sold merchandise inventory…
Use the following cash receipts journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviations used: Disc. = Discounts, Forfeit. = Forfeited; Rec. = Receivables, Rev. = Revenue, Accts = Accounts, Inv. = Inventory) i (Click the icon to view the transactions.) Jul. Date 2024 Account Credited Hannah Nell Mike Dunn Cash Receipts Journal Post. Accounts Sales Sales Disc. Other Ref. Cash DR Rec. CR Rev. CR Forfeit. CR Accts CR Interest Expense Interest Revenue Jul. 5 Jul. 12 Jul. 18 Jul. 29 Sold merchandise inventory for cash, $2,700. Cost of goods, $2,000. Collected interest revenue of $2,450. Received cash from Hannah Nell, $900, on account. There was no discount. Received $5,200 from Mike Dunn in full settlement of his account receivable including sales discounts forfeited of $25. Print Page 3 Cost of Goods Sold DR Merchandise Inv. CR Done X
Consider the following information items as you respond to the question:i. Customer master fileii. Journal entry to record the receipt of cashiii. Pre-numbered documentsiv. Schedule of accounts receivableAccounting information systems have five generic elements. Which of the following statements is most true? A. "Pre-numbered documents" can be an example of three of the five elements. B. "Schedule of accounts receivable" can be an example of all five elements. C. Both "Pre-numbered documents" can be an example of three of the five elements and "Schedule of accounts receivable" can be an example of all five elements are true. D. Neither "Pre-numbered documents" can be an example of three of the five elements nor "Schedule of accounts receivable" can be an example of all five elements is true.
Using the following cash payments journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required.
When posting the column totals of a cash payments journal, a debit should be posted to a.Unearned Revenue b.Sales Discounts c.Accounts Payable d.Cash
Complete the general ledger entries in the first picture using the transactions from the purchases and cash payments journal (in that order) in the second image. For accounts with a $0 balance after posting an event, enter a "0" on the normal side of the account. If a line is not used in the table, leave the line empty; do not select a label or enter a zero. Abbreviations used: CR = Cash Receipts Journal, CP = Cash Payments Journal, J. = General Journal, P = Purchases Journal, S = Sales Journal.
A characteristic that all entries recorded in a cash receipts journal have in common is Select one:A. that they all represent collections from customersB. that they originate from the sales of merchandiseC. a debit to the cash accountD. a credit to the cash account

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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.