College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 6, Problem 6QY
To determine
Find the correct option, the option that indicates the correct
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Students have asked these similar questions
A customer issued a note for an overdue account. Which of the following procedures is correct?
A. The note is credited in the general journal by a debit to accounts receivable
B. The amount will be posted to the credit side of the customer's card
C. The amount will be posted to the debit side of the customer's card
D. This will be posted to the accounts receivable general ledger on the debit side.
Which of the following is considered cash?
a. Thirty-day certificate of deposits
b. Customer’s post-dated checks
c. Six-month money market savings certificates
d. Money market checking accounts
Which of the following accounts will get affected when cash is received from sale made on account in the last month?
a.
Cash and Service Revenue
b.
Cash and Accounts Receivable
c.
Cash and Salary Expense
d.
Cash and Notes Payable
Chapter 6 Solutions
College Accounting (Book Only): A Career Approach
Ch. 6 - Prob. 1QYCh. 6 - Prob. 2QYCh. 6 - Which of the following does not explain the...Ch. 6 - What is the journal entry to record an NSF check,...Ch. 6 - Prob. 5QYCh. 6 - Prob. 6QYCh. 6 - Prob. 7QYCh. 6 - Prob. 8QYCh. 6 - Prob. 1DQCh. 6 - Prob. 2DQ
Ch. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - a. Why would a business use a Petty Cash Fund? b....Ch. 6 - Prob. 8DQCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - a. Describe the entries that have been posted to...Ch. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 5PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - Prob. 5PBCh. 6 - Prob. 1ACh. 6 - Prob. 2ACh. 6 - You work as a cashier for a service business. Some...
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- Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.arrow_forwardCatherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?arrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12B, prepare a schedule of accounts receivable for Paul Jackson as of April 30, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forward
- Maddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?arrow_forwardIn which journal is the receipt of a promissory note from a customer on account recorded ? a. revenue journal b. cash receipts journal c. general journal d. purchases journalarrow_forwardFor each receipt in the cash book, postings should be made to the . A. Credit side of the respective account. B. Debit side of the respective account C. Debit side of the cash book D. Credit side of the cash bookarrow_forward
- Notification by the bank that a deposited customer check was returned NSF requires that the company make the following journal entry: Cash Accounts Receivable No journal entry is required. Accounts Receivable Cash Miscellaneous Expense Accounts Receivablearrow_forwardWhich of the following transactions will be recorded in cash payment journal? a. Receipt of income b. Purchase of goods on credit c. Sale of goods for cash d. Payment of monthly expensesarrow_forwardWhich of the following accounts will get affected when cash is received from sale made on account in the last month? O a. Cash and Salary Expense O b. Cash and Notes Payable O c. Cash and Accounts Receivable Od. Cash and Service Revenuearrow_forward
- A $180 petty cash fund has cash of $15 and receipts of $180. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. a-debit to Cash for $15 b-credit to Cash Short and Over for $15 c-credit to Petty Cash for $180 d-credit to Cash for $180arrow_forwardCANDY'S CLEANING SERVICES Bank Reconciliation April 30, 2020 $33,452 Book balance Bank balance $28,934 Add: Deduct: Interest $47 NSF, customer Bonne 412 Error Chq #93 99 146 $29,080 Outstanding cheques: Deduct: #879 $2,600 Service Charge 40 #100 1,400 4,412 Adjusted bank balance $29,040 Adjusted book balance $29,040 In comparing the bank reconciliation to the Cash account In the general ledger, you notice a problem. You investigate further and come up with some additional Informatlon as follows: a. The Cash account in the general ledger showed the followling: Cash Acct. No. 101 Date Explanation PR Debit Credit Balance 2020 March 31 Balance 28,934 ৪4,934 21,051 April 30 CR16 56,000 30 CD21 63,883 b. The error in cheque #93, for Utilitles Expense, resulted from the bank Incorrectly debiting our account for $99; the correct amount entered in the accounting records Is $199. c. The bank statement showed interest expense of $47; there was no other Interest. d. The bank debited our account…arrow_forwardOn March 20, Vaughn's petty cash fund of $108 is replenished when the fund contains $15 in cash and receipts for postage $49, freight-out $18, and travel expense $20. Prepare the journal entry to record the replenishment of the petty cash fund. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Mar. 20 Account Titles and Explanation Petty Cash Petty Cash Debit Creditarrow_forward
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