Which of the following entries for world records this transaction?

Q: Which of the following accounts will get affected when cash is received from sale made on account in…

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

Q: True Or False?  The entry to record a cash receipt from a customer when the service is to be…

A: The assets are debited and liabilities are credited.

Q: TeleComm customer ADR circuits paid off an $9500 balance on its accounts receivable. TeleComm should…

A: Accounts receivable is the revenue that has been earned but the payment for the same has not been…

Q: The following selected transactions were completed during October of the current year: 1. Billed…

A: Journal entries are the daily transactions which are recorded in the books of accounts. These are…

Q: company that receives money in advance of performing a service:   Group of answer choices:

A: Money received in advance for performing a service : Money received from a customer for services to…

Q: [The following information applies to the questions displayed below.] Del Gato Clinic's cash account…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Presented below are three receivables transactions. Indicate whether these receivables are reported…

A: Accounts receivable occur from credit sales. Notes receivable occur upon receiving a note. Other…

Q: Required information [The following information applies to the questions displayed below.] Required:…

A: The objective of the question is to use Tableau to analyze the accounts receivable data and answer…

Q: True Or False? The entry to record a cash receipt from a customer when the service is to be provided…

A: This statement is False The entry to  a record a cash receipt from a customer when the service is to…

Q: Coasters Co. issued a note receivable to a customer. The customer made payment, principal and…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Which one of the following would NOT be considered as a substantive procedure? O a. Estimating…

A: Substantive Procedure:- Substantive procedure is a process or a step that is used as evidence…

Q: salary to an employee just hired b. Setting up of chart of accounts c. Payment of rent in advance

A: The correct answer is  b). Setting up of chart of accounts

Q: Working It Out Ann Kerrigan mistakenly recorded the collection of a $1,000 receivable as a debit to…

A: The correcting entries are prepared to correct the error made in recording transactions.

Q: If the direct write-off method of accounting for uncollectible receivables is used, what general…

A: A direct write-off method is a method for recognizing bad debt expenses arising from credit sales.

Q: A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430.…

A: Date Accounts Titles and Explanation Debit Cedit   Cash ($430 - $340) $90…

Q: For the following accounts please indicate whether the normal balance is a debit or a credit. Wages…

A: ACCOUNT NORMAL BALANCE ASSET DEBIT EXPENSE DEBIT LIABILITY CREDIT INCOME CREDIT

Q: The amount reported on the balance sheet for accounts receivable (gross accounts receivable minus…

A: The Trade Accounts Receivable are indeed an highly liquid assets that can be easily converted into…

Q: A customer issued a note for an overdue account. Which of the following procedures is correct? A.…

A: Notes payable: Notes payable is a promissory note issued by the debtor or borrower in which the…

Q: How would each of the following items be reported on the balance sheet? a.   Accrued vacation pay.…

A: Current liabilities are short-term obligations payable within a fiscal year or an operating cycle.…

Q: When converting from cash basis to accrual basis accounting, which of the following adjustments…

A: Cash receipts from customers under cash basis of accounting includes receipts collected from…

Q: Donner's customer, Blitzen, paid off an $8,300 balance on its account receivable. Blitzen should…

A: According to the principles of accounting, all assets and expenses have a normal debit balance,…

Q: 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages…

A: Payroll Journal Entry It is mandatory for the business entity to prepare the payroll expenses which…

Q: IDENTIFY THE EFFECT OF THE FOLLOWING TRANSACTION TO THE RISK OF MATERIAL MISSTATEMENT TO FINANCIAL…

A: Material misstatements are errors or frauds that are being made in the financial statements to show…

Q: Customer deposits (prepayments) are recorded - Select one: a. as debits to accounts receivable for…

A: Customer deposits decreases the accounts receivable.

Q: Transaction:   Possible source document:   Business sells goods or services for cash…

A: GIVEN     Transaction:   Possible source document:   Business sells goods or services for…

Q: The adjusting entry for unearned service revenue as bellow Unearned service revenue debit, service…

A: Since you have asked multiple questions, we will solve the first question for you . If you want any…

Q: K. L. Dearborn owns a department store that has a $45,500 balance in Accounts Receivable and a…

A: 1. Net realizable value of the accounts receivable = accounts receivable - Allowance for Doubtful…

Q: Which of the following entries records receiving the cash payment from a customer for previous…

A: When a service is performed and the cash is receivable on such service from customer then such…

Q: Presented below are three receivables transactions.Indicate whether these receivables are reported…

A: Accounts receivable:Accounts receivable refers to the amounts to be received within a short period…

Q: _____ is the example of Liabilities.     Sales     Supplies in Hand     Account Receivables…

A: The Question has covered the concept of Liabilities. Liability means which have an obligation to…

Q: Suppose a co-worker has recorded a cash disbursement twice (Supplies Expense was debited twice for…

A: Rectification entries are the entry made by the management to correct the mistake or error noticed…