Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. No Journal Journal Entry Entry Transaction Needed Needed Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank charges
Q: ssued by business X. c) Bank credit advice. d) internal memo. e) cash sales slip. f) Cheque butt. g)…
A: Source Document - Source documents provide unmistakable proof that any financial transaction…
Q: In a system like QuickBooks Online, when should you create an invoice? a. When a customer…
A: There are two ways recording sales Transaction in Quick books. 1. If customer Do not pay at time…
Q: Indicate whether each transaction would require an adjustment to the bank balance or the book…
A: Amounts that are omitted in the bank statement but appear in the books requires to be adjusted in…
Q: The bank statement lists a deposit of $675 which correctly reflects that cash deposit and the…
A: The bank reconciliation is a process of comparing the company's records (book balance) with the bank…
Q: Whispering Winds Corp. uses a perpetual inventory system. The company had the following inventory…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: What account is credited when you record a credit memo for uncollectable receivables? A. Accounts…
A: A credit note is issued the reduce the amount of accounts receivable. Credit note reduce the…
Q: 3. Prepare journal entries for items (a)-() from the bank reconciliation. (If no entry ls required…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: Morgan had net sales of $1,041,105 and average accounts receivable of $157,000. Its competitor,…
A: Accounts Receivable Turnover is the ratio between net sales and average accounts receivable. It is…
Q: All of the following are fees for using a credit card except
A: In the given problem we need to identify the fee which is not charged by the Credit Card Companies.
Q: If you have reconciled an account before, you need all of this information except _____ to reconcile…
A: Meaning of account reconciliation:It is a process where two sets of records are compared to check…
Q: Presented below is information for Jones Company. Beginning -of-the-year Accounts Receivable balance…
A: Accounts Receivable -The money owed to a company for the sale of products or services that have…
Q: Match the following in the correct order.
A: Check- reminder of what the check was payment for Numerical amount- written number in box Written…
Q: Account Balancing Match your balance Next are the outstanding transactions which you didn't check…
A: I am you are asking about, An accounting or financial task where you need to reconcile your account…
Q: No. Account Titles and Explanation 1. (To record NSF check.) (To record bank service charge.) Debit…
A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…
Q: Briefly described the differences between a credit, charger , debit & smart card
A: Credit card is the types of plastic cards which are generally issued by the banks for purchasing…
Q: Multiple choice
A: Hi student Since there are multiple questions, we will answer only first question.
Q: A bank statement ☐ is a bill from the bank for services rendered ☐ lets a depositor know the…
A: Bank statement:Bank statement refers to a printed record of the bank account balance. It consists of…
Q: Prepare a trial balance for the selected general ledger accounts and prove the accuracy of…
A: Trial Balance -:A trial balance is a simple schedule of all the common ledger accounts (both income…
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: Which of the following types of transactions can be uploaded into QBO using the Receipt action.…
A: QBO : It stands for QuickBook Online, an online platform for recording the business transactions.…
Q: Indicate whether the general ledger accounts will be debited or credited when recording the…
A: Journal entries are the primary reporting of the business transactions in the books of accounts.…
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: The intangible assets section of Sheffield Company at December 31, 2022, is presented here. Patents…
A: Amortization - The cost of an intangible asset is written down over its usable or legal life,…
Q: Question: 1. what is the correct source documents for credit purchase by business X. option: a)…
A: Purchase of goods and services in the business can be made for cash or can be on credit basis. Under…
Q: Fill in the missing amounts in the accounts receivable subsidiary ledgers for Willis Spas and Pools.…
A: Accounts receivable is an asset and it normally has a debit balance. Accounts receivable account is…
Q: Credits to customer accounts and credits to Other Accounts are individually posted from a cash…
A:
Q: A tear-off part of a check that has a simple explanation of the reasons for the payment is called:
A: The Check has Different Features which enables the User to utilize to its best use. The Tear Off…
Q: 10. In Exhibit 3.6, you see a credit sale to G. H. Allen that is recorded in a paper-based…
A: Cash receipts prelist is a document that records all the receipts of cash but is separate from…
Q: Journalize the entries for the following transactions. Refer to the chart of accounts for the exact…
A: The question is based on the concept of Financial Accounting. When sale is made on cash basis then…
Q: please i need help with quickbooks, please tell me in quickbooks where do i supposed to records…
A: Solution: (1) Date Account Dr Cr Insurance that has been paid in advance $1,200…
Q: What are credit memos and debit memos?
A: SOLUTION- INVOICE IS A DOCUMENT SUBMITTED TO A CUSTOMER , IDENTIFYING A TRANSACTION FOR WHICH THE…
Q: Which account in the bank helps the customers to deposit and withdraw when they need it? a. Savings…
A: Introduction: Banks: Banks accepts deposits from customers and gives loans to who are needed. It…
Q: bank statement is prepared Question 1 options: to know the payment made through cheques to…
A: A bank reconciliation statement is prepared by the management at a particular time period. It helps…
Q: Name the four basic components of an AIS.
A: Accounting Information System (AIS) seems to be a mix of technologies and accounting principles…
Q: Oriole Wyatt is unable to reconcile the bank balance at January 31. Oriole's reconcilia Cash balance…
A: In this question, we will make the bank reconciliation statement for determining the adjusted cash…
Q: Q- 4211 Which journal entry recognizes that an NSF check had been deposited by a company and…
A: NSF check stands for non-sufficient funds check. It is recorded when a check is deposited by the…
Q: To deposit money in your business's bank account you should use O A cheque book O A bank statement O…
A: The Question has covered the concept of Cheque book, deposit slip, withdrawal slip, bank statement.…
Q: Items on company bank statement: 1. Bank correction of an error from posting another customers…
A: Introduction: A bank statement is a document that is generally provided by the bank to the account…
Q: An adjusting entry is required for: Select one © a. Deposit în transit. O b. Outstanding checks O…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…
Q: The fee charged for using a credit card is called O APR O Interest O late fee O credit rating
A: Credit cards are provided by banks if customer is willing to take if he/she has an account with the…
Q: Which of these is least costly for you? O a debit card O a check drawn on a bank O a credit card…
A: ANSWER : The correct option is : Cash EXPLANATION : The least costly for me is cash because there…
Q: Based on the following information, determine the true balance in your checking account. Balance in…
A: BANK RECONCILIATION Bank Reconciliation is the Statement which provides the Balance as per…
Q: Indicate whether the general ledger accounts will be debited or credited when recording the…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If…
A: A sales journal is used to keep track of credit-sold merchandise. Any transaction involving the sale…
Q: Could you answer the question through this journal I'm confused on where to input the information
A: Cash Receipt Journal Cash Receipt Journal which are deal with the cash received transaction which…
Q: Indicate whether each transaction would require an adjustment to the bank balance or the book…
A: The balance per bank and books can differ due to various reasons. Omission of a record in books or…
Q: How do you record a debit card purchase in Quickbooks? A. Use the Enter Bills window to enter the…
A: QuickBooks is accounting software that helps small businesses to manage their finances, track income…
Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting journal shows a company's debit and credit balances.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Wildhorse Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2025. Wildhorse had the following transactions related to notes payable Sept. 1 Sept. 30 Oct. 1 Oct. 31 Nov. 1 Nov. 30 Dec. 1 Dec. 31 Issued a $13,200 note to Pippen to purchase inventory. The 3-month note payable bears interest of 9% and is due December 1. (Wildhorse uses a perpetual inventory system) Recorded accrued interest for the Pippen note. Issued a $22,800, 9%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $24,000 note and paid $7,600 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and…Give typing answer with explanation and conclusion He writes a draft from his personal bank account payable to the power company. This draft is known as a(n) _____. certified check accord and satisfaction promissory note check non-negotiable instrumentGive typing answer with explanation and conclusion
- Match each item to a bank statement adjustment, a company books adjustment, or either. Question 8 options: NSF check Bank charges Outstanding checks Error in recording a check Interest revenue Deposit in transit Note collected by the bank 1. bank statement adjustment 2. company books adjustment 3. eitherJournalize the entries for the following transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers.) Mar. 1 Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000. 10 Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000. 12 17 31 Sold merchandise to customers who used MasterCard and VISA, $1,950,000. The cost of the merchandise sold was $1,250,000. Sold merchandise to customers who used American Express, $330,000. The cost of the merchandise sold was $230,000. Paid $81,500 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American…Customer deposits (prepayments) are recorded - Select one: a. as debits to accounts receivable for the customer b. as negative sales invoices C. as credits to accounts receivable for the customer O d. when the customer makes a partial payment on account
- Which account are cash receipts are recorded into as a debit entry by default? A Undeposited Funds B Bank Chequing C Funds for Deposit D Cash in Bank Which form should be used to record credit card purchases? A Enter Purchase Orders B Enter Bills C Enter Credit Card Charges D Credit Card Purchases What is the default aging interval for customer accounts? A 60 days B 180 days C 90 days D 30 daysUse the following bank statement and T-account to prepare any journal entries needed as a result of the May 31 bank recor no entry Is requlred for a transactlon/event, select "No Journal Entry Requlred" In the first account fleld.) BANK STATEMENTDirection: Match the following bank accounts to its usage or description listed below. Write your answer on the blank before the number. Choose from the following Savings Account Current Account Time Deposit UITF _________________1. The simplest form of bank account. _________________2. A bank account which cannot be withdrawn until the contract period has ended. _________________3. It is a type of bank account that pooled funds managed by experts to ensure high yield and quality returns. _________________4. It allows a limited number of withdrawals only. _________________5. It makes saving very rewarding. _________________6. It allows numerous withdrawals with a large sum of money. _________________7. The investors earn through the increase in fair value of the pooled fund. _________________8. The investors earn through interest while saving. _________________9. This bank account comes with atm or passbook. ________________10. This is evidence by a…
- 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 cashHow to entre a credit cardsIn maintaining the accounts receivable, the method that applies a customer’s payment to the account balance without consideration of which unpaid invoices the customer is paying is: TurnaroundOpen-invoice Balance-forwardCycle billingMatching