Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 7, Problem 11MC
Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this?
A. sales journal
B. purchases journal
C. cash receipts journal
D. cash disbursements journal
E. general journal
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Students have asked these similar questions
The end-of-the month balance in Igado’s cash disbursement journal “Sundry Account” column is P19,870. How will the column be posted and what is the posting reference will be entered?
Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded.
Purchased inventories on credit
Sales of inventory on credit
Received payment of a customer’s account
Payment of monthly rent by cheque
End of period closing entries
Week 7
Below is information about Lisa Ltd’s cash position for the month of June 2019.
The general ledger Cash at Bank account had a balance of $21,200 on 31 May.
The cash receipts journal showed total cash receipts of $292,704 for June.
The cash payments journal showed total cash payments of $265,074 for June.
The June bank statement reported a bank balance of $41,184 on 30 June.
Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and no. 3462, $410.
Cash receipts of $10,090 for 30 June were not included in the June bank statement.
Included on the bank…
Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded.
Purchased inventories on credit
Sales of inventory on credit
Received payment of a customer’s account
Payment of monthly rent by cheque
End of period closing entries
Week 7
Below is information about Lisa Ltd’s cash position for the month of June 2019.
The general ledger Cash at Bank account had a balance of $21,200 on 31 May.
The cash receipts journal showed total cash receipts of $292,704 for June.
The cash payments journal showed total cash payments of $265,074 for June.
The June bank statement reported a bank balance of $41,184 on 30 June.
Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and no. 3462, $410.
Cash receipts of $10,090 for 30 June were not included in the June bank statement.
Included on the bank…
Chapter 7 Solutions
Principles of Accounting Volume 1
Ch. 7 - So far, computer systems cannot yet ________. A....Ch. 7 - Any device used to provide the results of...Ch. 7 - Source documents ________. A. are input devices B....Ch. 7 - All of the following can provide source data...Ch. 7 - A document that asks you to return an identifying...Ch. 7 - Which of the following is false about accounting...Ch. 7 - An unhappy customer just returned $50 of the items...Ch. 7 - A customer just charged $150 of merchandise on the...Ch. 7 - A customer just charged $150 of merchandise using...Ch. 7 - The company just took a physical count of...
Ch. 7 - Your company paid rent of $1,000 for the month...Ch. 7 - On January 1, Incredible Infants sold goods to...Ch. 7 - Received a check for $72 from a customer, Mr....Ch. 7 - You returned damaged goods you had previously...Ch. 7 - Sold goods for $650 cash. Which journal would the...Ch. 7 - Sandren Co. purchased inventory on credit from...Ch. 7 - Sold goods for $650, credit terms net 30 days....Ch. 7 - You returned damaged goods to C.C. Rogers Inc. and...Ch. 7 - The sum of all the accounts in the accounts...Ch. 7 - AB Inc. purchased inventory on account from YZ...Ch. 7 - You just posted a debit to ABC Co. in the accounts...Ch. 7 - You just posted a credit to Stars Inc. in the...Ch. 7 - You just posted a debit to Cash in the general...Ch. 7 - You just posted a credit to Accounts Receivable....Ch. 7 - You just posted a credit to Sales and a debit to...Ch. 7 - An enterprise resource planning (ERP) system...Ch. 7 - Which of the following is not a way to prevent...Ch. 7 - Big data is mined ________. A. to find business...Ch. 7 - Artificial intelligence refers to ________. A....Ch. 7 - Blockchain is a technology that ________. A. is in...Ch. 7 - Which of the following is not true about...Ch. 7 - Why does a student need to understand how to use a...Ch. 7 - Provide an example of how paper-based accounting...Ch. 7 - Why are scanners better than keyboards?Ch. 7 - Why are there so many different accounting...Ch. 7 - Which area of accounting needs a computerized...Ch. 7 - The American Institute of Certified Public...Ch. 7 - Which special journals also require an entry to a...Ch. 7 - What is a schedule of accounts receivable?Ch. 7 - How often do we post the cash column in the cash...Ch. 7 - The schedule of accounts payable should equal...Ch. 7 - Which amounts do we post daily and which do we...Ch. 7 - Why are special journals used?Ch. 7 - Name the four main special journals.Ch. 7 - A journal entry that requires a debit to Accounts...Ch. 7 - The purchase of equipment for cash would be...Ch. 7 - Can a sales journal be used to record sales on...Ch. 7 - When should entries from the sales journal be...Ch. 7 - We record a sale on account that involves sales...Ch. 7 - We record purchases of inventory for cash in which...Ch. 7 - Should the purchases journal have a column that is...Ch. 7 - Forensic means suitable for use in a court of law....Ch. 7 - For each of the following, indicate if the...Ch. 7 - All of the following information pertains to...Ch. 7 - Match the special journal you would use to record...Ch. 7 - For each of the transactions, state which special...Ch. 7 - Catherines Cookies has a beginning balance in the...Ch. 7 - Record the following transactions in the sales...Ch. 7 - Record the following transactions in the cash...Ch. 7 - Maddie Inc. has the following transactions for its...Ch. 7 - For each of the following, indicate if the...Ch. 7 - The following information pertains to Crossroads...Ch. 7 - Match the special journal you would use to record...Ch. 7 - For each of the following transactions, state...Ch. 7 - Catherines Cookies has a beginning balance in the...Ch. 7 - Record the following transactions in the purchases...Ch. 7 - Record the following transactions in the cash...Ch. 7 - Piedmont Inc. has the following transactions for...Ch. 7 - On June 30, Oscar Inc.s bookkeeper is preparing to...Ch. 7 - Evie Inc. has the following transactions during...Ch. 7 - Use the journals and ledgers that follow. Total...Ch. 7 - Brown Inc. records purchases in a purchases...Ch. 7 - On June 30, Isner Inc.s bookkeeper is preparing to...Ch. 7 - Use the journals and ledgers that follows. Total...Ch. 7 - Why must the Accounts Receivable account in the...Ch. 7 - Why would a company use a subsidiary ledger for...Ch. 7 - If a customer owed your company $100 on the first...
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