College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 7, Problem 5TF
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Identify whether the given statement is true or false.
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6. Record structures for receipt of cash on account
Refer to figure 2-30 and the discussion about updating master files from transaction files. The discussion presents the record structures for a sales transaction.
Prepare a diagram (similar to 2-30) that presents the record structures for the receipt of cash from customers who are paying their outstanding accounts receivable. Assume a cash receipts file exists, which contains the transaction records to be processed. Show the subsidiary and general ledger files. Explain each step in the update process.
Define the following concepts?
a. Petty cash funds.
b. Escrow payment.
c. Chart of accounts.
What is included in the journal entry necessary to record the collection of the cash for a previously recorded credit sale?
Chapter 7 Solutions
College Accounting, Chapters 1-27
Ch. 7 - Prob. 1TFCh. 7 - Prob. 2TFCh. 7 - Prob. 3TFCh. 7 - Prob. 4TFCh. 7 - Prob. 5TFCh. 7 - Prob. 1MCCh. 7 - Prob. 2MCCh. 7 - Prob. 3MCCh. 7 - Prob. 4MCCh. 7 - When the cash short and over account has a debit...
Ch. 7 - Match the following words with their definitions...Ch. 7 - Prob. 2CECh. 7 - Prob. 3CECh. 7 - Prob. 4CECh. 7 - Why must a signature card be filled out and signed...Ch. 7 - Prob. 2RQCh. 7 - Prob. 3RQCh. 7 - Prob. 4RQCh. 7 - What are the most common reasons for differences...Ch. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - Name five common uses of electronic funds...Ch. 7 - Prob. 9RQCh. 7 - What should be prepared every time a petty cash...Ch. 7 - At what two times should the petty cash fund be...Ch. 7 - Prob. 12RQCh. 7 - At what two times would an entry be made affecting...Ch. 7 - What does a debit balance in the cash short and...Ch. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEACh. 7 - Prob. 3SEACh. 7 - Prob. 4SEACh. 7 - Prob. 5SEACh. 7 - Prob. 6SEACh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPACh. 7 - Prob. 9SPACh. 7 - Prob. 10SPACh. 7 - Prob. 11SPACh. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEBCh. 7 - Prob. 3SEBCh. 7 - Prob. 4SEBCh. 7 - Prob. 5SEBCh. 7 - Prob. 6SEBCh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPBCh. 7 - Prob. 9SPBCh. 7 - Prob. 10SPBCh. 7 - CASH SHORT AND OVER ENTRIES Listed below are the...Ch. 7 - Prob. 1MYWCh. 7 - Prob. 1MPCh. 7 - Prob. 1CP
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- What steps are followed in posting cash receipts from the general journal to the accounts receivable ledger?arrow_forwardHow often do we post the cash column in the cash receipts journal to the subsidiary ledger?arrow_forwardRecord the following transactions in the cash receipts journal.arrow_forward
- Accounting information systems have five generic parts. Outputs of the purchases and cash disbursements can include: A Schedule of accounts payable. B Checks. C Both schedule of accounts payable and checks. D Neither schedule of accounts payable nor checks.arrow_forwardWhich of following functions should be segregated?a. opening the mail and recording cash receipts in the journalb. authorizing credit and determining reorder quantitiesc. shipping goods and preparing the bill of ladingd. providing information on inventory levels and reconciling the bank statementarrow_forwardWhen a petty cash fund is used, which of the following is true? * A. The petty cashier’s summary of petty cash payments serves as a journal entry that is posted to the appropriate general ledger account. B. The reimbursement of the petty cash fund should be credited to the cash account. C. Entries that include a credit to the cash account should be recorded at the time that payments from the petty cash fund are made. D. The balance of the petty cash fund should be reported in the statement of financial position as a long-term investment.arrow_forward
- at the time of replenishment, why are the totals of individual expenses debited? explain the relationship of the auxiliary petty cash record to the recording of the cash payment explain how cash short and over can be miscellaneous expensearrow_forwardWhich of the following statements are true regarding the control of cash receipts and cash payments? Over-the-counter cash sales should be recorded on a cash register after each sale.arrow_forwardAn NSF check returned by the bank should be entered in the depositor's accounting records by a debit to:A. Accounts Receivable.B. An expense account.C. Cash.D. Cash Over and Short.arrow_forward
- Journal entries commonly processed as part of the purchases and cash disbursements can include: A Debits to inventory. B Credits to accounts payable. C Credits to cash. D All of these.arrow_forwardEntries are made to the petty cash account when Select one: A. establishing the fund B. recording shortages in the fund C. replenishing the petty cash fund D. making payments out of the fundarrow_forwardWhen a petty cash fund is first established and reimbursed, the journal entries to record the transactions will debit the cash account. True Falsearrow_forward
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