Each time an entry is recorded in the purchases journal, the credit would be entered in the A. purchase column B. accounts payable column C. accounts receivable column D. none of the above
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- Should the purchases journal have a column that is a debit to Accounts Payable?Each time an entry is recorded in the purchases journal, the credit would be entered in the accounts payable column accounts receivable column purchases column supplies columnAccount Titles and Explanation (To record sales on account) (To record collection of accounts receivable) Debit Credit 100
- The individual amounts in the "Accounts Payable" column of the purchases journal are posted to the appropriate account in the A. general ledger B. general journal C. accounts payable ledger D. accounts receivable ledgerPresented below is information for Windsor, Inc. for 2017: 1. Beginning-of-the-year Accounts Receivable balance was $173,000. Net sales for the year were $1,400,000. $150,000 of the sales were cash sales. Windsor does not offer cash discounts for early payment. 2. 3. Collections on accounts receivable during the year were $1,202,000. Windsor plans to factor accounts receivable totaling $60,000 at the end of the year. Windsor will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 3% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,600.Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written off
- A credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B. decrease C. Transer D. IncreaseIn the Payments Journal window, invoices being paid will display the: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to sele a b с d Number of items sold on the invoice. The transaction due date. Credit terms. All of the above.Which of the following accounts is closed by debiting the account? a. Purchases b. Sales returns and allowances c. Transportation in d. Purchase returns and allowances
- Blossom Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Blossom uses a perpetual inventory system. June 1 Purchased 25 water tubes for $260 each terms n/30 FOB destination. 8 Returned 4 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes. 10 Freight charges of $100 for the June 1 transaction are paid by the responsible party. 11 Made a complaint about competitive pricing. Received a $400 credit for the water tubes purchased on June 1. 15 Purchased 110 water tubes for $235 each on account, terms 2/10 n/30. 18 Made payment for the amount owing for the June 1 transaction. 20 Made payment for the amount owing for the June 15 transaction.Which of the following accounts is closed by debiting the account? Purchases Purchase Returns and Allowances Sales returns and Allowances Transportation InWhat is the journal entry for recording credit sales? a. Cash Dr. and Sales Cr b. Sales Dr. and Accounts Receivable Cr c. Accounts Receivable Dr. and Sales Cr d. Sales Dr. and Accounts Payable Cr