A client pays a firm the outstanding balance on an inv this? O General Journal O Cash Disbursements Journal Cash Receipts Journal O Trust Cash Book
Q: When cash is drawn from bank for business use the entry type will be? Select one: a. Contra entry b.…
A: a. Contra Entry - These are the transactions that involves cash and bank account. b. Compound Entry…
Q: Which of the following transactions would be recorded if using the accrual basis ofaccounting but…
A: Given: To determine the following transactions would be recorded if using the accrual basis…
Q: A cash investment made by the owner should be recorded in the a. cash receipts journal b.…
A: Cash receipts journal, purchases journal, cash payments journal, and revenue journal are special…
Q: The cash account in the company's ledger is a(n) a.liability with a normal credit balance…
A: All expenses have a debit balance and income have a credit balance. All assets such as cash,…
Q: Which of the following does not appea in a statement of cash flows? * O Cash sales O Credit sales…
A: The cash flows statement shows the cash inflows and outflows during the year from operating,…
Q: In which of the three activity categories of a statement of cash flows would each of the following…
A: Cash flow statements are the statements that determines the inflow and outflow of cash from three…
Q: Cash in bank account balance Bank statement balance Bank debits Bank credits Peol dehit
A: Reconciliation Statements-:A Reconciliation Statement is a statement that commences with a firm's…
Q: o meet immediate cash needs of the business b. To create an additional guarantee of collection c. To…
A: Factoring is a kind of financial transaction whereby the owner of the firm sells their receivables…
Q: What type of financial information are accessed by the users to make decisions? a. Composition of…
A: Accounting is essential to operating a company since it allows businesses to track income and…
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A: Every feild had its own terminology. Same is with Accounting. Accounting has its own terminology,…
Q: Debit is the normal balance of O loans payable O capital O prepaid rent O unearned revenue The…
A: Solution: Debit is the normal balance of "prepaid rent". Hence third option is correct.
Q: The Debit balance of cash book indicates? Select one: a. Net income b. Cash in hand c. Difference…
A: The cash balance increase is treated as debited and cash balance decrease is treated as credited in…
Q: what the effect to asset, liability and owner's equity if the company receives cash from a bank loan
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.
Q: REQUIREMENT: Determine the amount to be received (paid) by BB during cash settlement. (Good…
A: Given: a. BB construct the stand on the front of the lawn at a cost of P10,000;b. BB pays for…
Q: When company uses special journal , the transaction of settling company liabilities record in.. a.…
A: Journal is the recording of financial transactions according to the dual entity concept and it helps…
Q: Distinguish between the roles played by investment banks andfinancial intermediaries in exchanging…
A: The question is based on the concept of role of financial intermediaries and investment banks in…
Q: A company repays its bank borrowings. The entry to record that transaction should be Group of…
A: Borrowing means where business taken loan from outsider to be used in business and repaid later.
Q: when does a company declare a cash devidends
A: Dividends are the considerations which are paid out of the profits by the entity for the amount…
Q: When reporting cash on the balance sheet, companies: O A. combine cash and cash equivalents. O B.…
A: Companies make analysis of cash inflows and outflows in the cash flow statement
Q: Which of the following is not an operating activity shown on the Statement of Cash Flows? Cash…
A: Cash Flow statement is prepared to analyze the Cash Inflow and Outflow Activities.
Q: If a company uses accrual-basis accounting O transactions are recorded in the period they occur…
A: The cash basis of accounting works on the method that only cash-related transactions are recorded,…
Q: Which of the following items is known as the base for preparing the trial balance; Cash Account…
A: Trial balance includes both temporary accounts and permanent accounts. All expenses, losses, and…
Q: Cash paid to creditors is considered as financing activity under Cash flow statement Select one: O…
A: Cash Flow Statement is the statement which provides moment of cash inflow and outflow in the…
Q: Contribution received from shareholders will be recorded as. a. Dr Receivables Cr Cash account b. Dr…
A: Shareholders are the owners of the business. They generally invest money in the form of cash or any…
Q: a. What accounts are debited and credited to record a partner's cash withdrawal in lieu of salary?
A: Entries to record partner draws are made during the accounting period and at the end of the…
Q: A banker wants to check the details of the cash movements of the company. Which of the following…
A: Introduction: Balance sheet: All assets and liabilities are shown in balance sheet. It tells the net…
Q: Decide, what will be the effect of the following transactions on cash of the company.
A: Cash account is an asset and a real account . Any debit to cash account is cash inflow(Plus) and…
Q: Classify each of the following cash flows as operating, investing, or financing activities:
A: Cash flow from operating activities: This section of cash flow statement provides information about…
Q: business cash consist of many things. Identify which one of the following will be considered as…
A: Credit card is considered as a cash Equivalent....
Q: Which of the following journal entries is correct when a business entity uses cash to pay an account…
A: The journal entry is the initial reporting made to the books of accounts with regard to the…
Q: Which of the folowing is considereda financing activity when preparing the statement of cash flows?…
A: Introduction: Statement of cash flows: All cash in and out flows are shown in Cash flow statements.…
Q: Discuss the importance of reporting the transactions of cash flows in the correct period for a cash…
A: There are two methods of recording transactions which is cash basis and accrual basis. Cash basis…
Q: Place an X' in the appropriate columns for each of the following situations to indicate how amounts…
A: Solution: Introduction: A cash flow statement is one of the financial statements of a business…
Q: To make the assessment about future net cash in-flows. The users’ needs to select which type of…
A: To make the assessment about future net cash in-flows. The users’ needs to select which type of…
Q: What is the main purpose of factoring in accounts receivables? a. To meet immediate cash needs of…
A: Account receivable means the amount due from customer whom we sold the goods on credit. Factoring…
Q: Entity a send an employee to an official travel and gives him cash to cover his travelling expenses.…
A: A travel advance is an amount paid to the employee who is about to travel for business purposes. A…
Q: When a company records a bank deposit, it will: O A. credit the Cash account on the company's books.…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Which of the following entries records receiving the cash payment from a customer for previous…
A: When a service is performed and the cash is receivable on such service from customer then such…
Q: A bank statement
A: Bank statement is statement received from bank. Bank statement is not invoice received from bank as…
Q: Which of the following is the amount of revenue reported on the income statement of a retail…
A: Income statement is the financial statement of an entity. It is prepared to compute the gross profit…
Q: The measure of a company’s ability to collect cash from its customers who purchase onaccount is…
A: Accounts receivable form a part of current assets of the company and comprises of the dues that are…
Q: Receive cash from customers in settement of debts owed by them
A: Receive cash from customers in settement of debts owed by them. Required Journal Entry.
Q: I. TOPIC: ACCOUNTING BOOKS-Journal and Ledgers III. Direction: A. Classify the transactions in the…
A: The special journals are maintained to keep the record of specific transactions.
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- You just posted a credit to Accounts Receivable. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journalWhen passing a journal entry for this transaction what would be debited? Received cash delivery rendered to customerWhat are the step(s) when using the Sales with Payment customer workflow? A. Create sales receipts deposited to the Undeposited Funds account > Create Bank Deposit B. Create Sales Receipt deposited to the checking account C. Create Bank Deposit D. Create Invoice > Receive Payment deposited to the Undeposited Funds account > Create Bank Deposit
- Deposits other than customer payments are entered using: a. Receive Payments b. Pay Bills c. Bank Deposit d. All of the aboveIf a client is on a cash basis, how should you enter beginning Accounts Receivable? Assume that you are using the "Forms" method to enter the opening balances. ACash basis clients cannot use QuickBooks BRecord all open invoices on the original date using the original items CRecord all invoices as Sales Receipts using an item linked to Opening Balance Equity DRecord one lump sum invoice on the Start Date using an item linked to Opening Balance EquityHow will the following items affect the pass book balance? Direct payment by customer into the back account. Interest on investment collected by the bank.
- Identify which one of the following is a document issued by an individual to his or her bank, directing them to pay the person whose name is mentioned in the document the sum specified in it? a. Cheque b. Demand draft c. Bill of exchange d. Credit cardTo deposit money in your business's bank account you should use O A cheque book A bank statement O A deposit slip O A withdrawal slip O OWhen the customer pays the money to the company after the discount period, which one of the following journal entry is made by the company? Which one of the following documents is used to record notes receivable? Register Voucher Promissory note Invoice ull lis isl TOSHIBA
- You pay your business phone bill paying cash. How would you record this transaction? * O Debit Bank, Credit Phone Expense O Debit Phone Expense, Credit Bank O Debit Phone Expense, Credit 0.E.Where should you go to set up a new bank feed or link to a bank account in a client's QuickBooks Online company? A. Expenses Center B. Accounting Center C. Sales Center D. Banking CenterDescribe and use the cash payments journal. What steps are followed in posting from cash payments journal to the accounts payable ledger?