When transferring money from the regular checking account to a special purpose payroll account which of the following accounts would be debited? Cash Wage expense Payroll Cash Net Pay

Q: Identify which one of the following is a document issued by an individual to his or her bank,…

A: Instrument issued by the pay for operating the payment and receiving settlement. There are many…

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: Which ones have a credit balance? Bills in arrears Promissory notes receivable in advance

A: The different accounts in the business have normal Debit and credit balance. The assets and expenses…

Q: Which of the following results to the recognition, in the books of accounts, expenses classified as…

A: Personnel expenses means the amount paid to employee for the services rendered. It is an expenses to…

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: Why should cash receipts be deposited on the day of receipt?

A: Cash receipts refers to the money received in the form of cash on a specific date or during a…

Q: rue or False. All payments by cheque are recorded in the cash payments journal. Any  GST/HST paid on…

A: Cash payment journal is a accounting book, which records all type of payments such as payment for…

Q: Deposits other than customer payments are entered using: a. Receive Payments b. Pay Bills c. Bank…

A: A bank account is an account with a bank that is used to deposit money and withdraw money. The…

Q: Notification by the bank that a deposited customer check was returned NSF requires that the company…

A: Bank A/c    Dr     To Account receivables A/c 1. here bank balance will increase when cheque is…

Q: When a company earns interest on a note receivable or on a bank account, the debit and credit are as…

A: Note Receivable:-It is a promissory note where the written promise to pay the amount at some future…

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: Which is the correct action to reconcile the bank statement for a Bank service charge? OA) Add to…

A: Explanation of each item are provided as below : A. Added to Book Balance :  In Bank reconciliation,…

Q: what is type of this account? General reserve Outstanding Salaries Provision for Taxation office…

A: General Reserve is an account created out of profit earned by a company for its business needs like…

Q: he amount of cash that is actually expected to be collected on accounts receivable is referred to…

A: The balance sheet represents the financial position of the business with assets, liabilities and…

Q: Employee purchases of supplies with a company-issued credit card is typically recorded with a credit…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: why is a note receivable moved to accounts receivable prior to being written up and sent to…

A: Notes receivable indicates the promissory notes issued by the client for making due payment on a…

Q: What is the adjusting entry for Bank Reconciliation: Debit Memo- Cost of Checkbook

A: A debit memo issued to customer for cost of checkbook will reduce the account balance of the…

Q: what is procedure to posting account payab

A: Answer : The cash disbursement Journal is an  Accounting Form used to record all the cash outflow.…

Q: Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers…

A: Oct.  Nov. Dec Total sales   105000 131000 192000

Q: Why are cash receipts required to be deposited the same day they are received?

A: Cash receipts represent the revenue received for the sale of goods or services.

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: What is included in the journal entry necessary to record the collection of the cash for a…

A: The journal entries are the first step of accounting that are prepared to record the transactions in…

Q: Why would a company have a separate bank account designated for paying payroll-related expenses?

A: Payroll related expenses are generally the salary and wages expenses that are paid out to employees,…

Q: What are the principal reasons for using a special payroll bank account?

A: Definition:

Q: Prepare Cash Disbursement for  purchases

A: Cash disbursement can be defined as the outflow of cash from the business. It arises due to…

Q: What are the principal reasons for using a special payroll bank account

A: A payroll account is a separate bank account for your business that is exclusively used to pay…

Q: Which of the following states the entries required to account for a reimbursement to the petty cash…

A: Journal is a primary book where transactions are originally recorded. Further, a journal entry is…

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: What's the entry for the cash receipt journal?

A: Journal entry is the entry which the business records normally on the journal but as there are…

Q: What is the adjusting entry for a customer NSF check? Debit cash and credit accounts receivable O No…

A: Note: while preparing the bank reconciliation statement, NSF check are deducted from the balance as…