Which of the following transaction will be correct in regards to Source document of a Business? a. cash received from customer will be recorded in cash disbursement journal b. Credit Purchase will be recorded in Purchase day book c. Cash paid to supplier will be recorded in a cash receipt journal d. Goods returned to supplier will be recorded in sales journal

Q: Which journal entries is correct when a business entity collects an accounts receivable? A. Cash -…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: If a company debits Cash and credits Sales Revenue, it is recording the.

A: Real accounts are those assets and liabbilties whose balance is carried forward from one accounting…

Q: Consider the following information items as you respond to the question: i. Customer master file…

A: The five basic elements of AIS system are: 1. Output 2. Input 3. Storage 4. Internal control 5.…

Q: Under the realization principle, revenue from sale of products is recognized a. At date of delivery…

A: Recognition of Revenue - Recognition of Revenue is the recording of revenue in the financial year.…

Q: Journal entries commonly processed as part of the purchases and cash disbursements can include:   A…

A: Purchases of the business includes goods and services purchased for the business. It can be on cash…

Q: What accounts are affected when goods are sold on credit? (Check all that apply)…

A: The objective of this question is to identify which accounts are affected when goods are sold on…

Q: Effective internal control over accounts receivable ensures all of the following except: Select one:…

A: The question is about effective internal control over accounts receivable, which refers to the…

Q: For each receipt in the cash book, postings should be made to the   . A. Credit side of the…

A: In accounting, a cash book is a type of ledger that records all cash receipts and payments,…

Q: Which of the following is recorded in the cash receipts journal?

A: Answer:   Option C

Q: "recorded cash sales" what accounts are used

A: When we sell anything to the customer in cash then cash account debits and revenue of an entity will…

Q: A journal designated for entering only sales on account is called cash receipts journal cash…

A: A journal designated for entering cash receipt is called cash receipts journal A journal designated…

Q: Why should purchases to credit customers and cash receipts from credit customers be quickly…

A: sales can be either cash sales or credit sales. Credit sales will have accounts receivables or…

Q: ash rece

A: cash receipts journal ought to have a history of your money transactions. exploitation your sales…

Q: Sales revenue should be recognized when: a. sales are invoiced. b. payment is received from the…

A: The total amount of income created by the sale of goods or services is referred to as Sales revenue.…

Q: B. trial balance C. chart of accounts D. income statement   8. Sales to customers who use bank…

A: 7.(b) trial balance Trial balance is used to check that total debits equal total credits and shows…

Q: Which of the following statements are true regarding the control of cash receipts and cash payments?…

A: To control cash receipts and cash payments, Over-the-counter cash sales should be recorded on a cash…

Q: Which of the following balance sheet items are commonly associated with the purchases and cash…

A: The balance sheet is one of the financial statements of a company, that is, prepared at the end of…

Q: Accounting information systems have five generic parts. Outputs of the purchases and cash…

A: Accounting is the process of recording, classifying and summarising all financial information in…

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…