|
A cash payments journal would include |
Cash credit column, Accounts payable debit, other Accounts debit column |
|
At the end of the month, the total of the amount column of the revenue journal is posted as a |
debit to Accounts Receivable and a credit to Fees earned |
|
A computerized accounting system will not allow which of the following types of naturalizing errors |
processing a transaction that has unequal debit and credits |
|
The phase of accounting system installation in which the information needs of people in the organization are taken into account is |
analysis |
|
A owner transfer a personal automoblile to the company with a fair market value of $12,000. The entry will be made in the |
General Journal |
|
A cash purchase of supplies should be recorded in the |
Cash Payments Journal |
|
Each individual enry in the revenue journal is posted |
The accounts receivable subsidiary ledger |
|
correct order for processing a sale on account with Quick-books. |
1. Record collection of payment by completing a receive payment form. 2. Record the sale by completing an electron invoice form. 3. prepare reports. |
|
Services performed for cash should be recorded |
cash receipts journal |
|
which journal would adjusting entries be found |
general journal |
|
which journal would you find cash revenues recorded |
cash receipts journal |
|
which journal would an adjustment for an overcharge by creditor be recorded |
general journal |
|
some of the more common subsidiary ledgers are |
accounts receivable and accounts payable subsidiary ledgers |
|
Affter Accounting system has been set up, what is the next step |
obtain input from users to analyze and improve the sytem |
|
A purchase of supplies on account is recorded in the |
Purchases journal |
|
A recent trend in which the accounting system and data are stored and distributed over the internet by third party is called |
cloud software solutions |
|
Subsidiary ledgers |
may be used for various general ledger accounts |
|
which of the following is always recorded in the general journal |
correction of error in billing client |
|
which journal is the return of supplies purchased on account recorded |
general journal |
|
In which journal would an adjustment for an overcharge by creditor be recorded |
general journal |
|
which journal would you find cash revenues recorded |
cash receipt journal |
|
company uses special journals |
quantity and design depend on the needs of the company. |
|
what is meant by the term B2C |
business to consumer |
|
which of the following transactions is recorded in the purchases journal |
purchase of store supplies on account |
|
which of the following is recorded in the cash payments journal |
payments of employees salaries |
|
which of following is always recorded in the general journal |
closing entries |
|
salaries will be posted in what journal |
cash payments journal |
|
In which journal would adjusting entries be found |
general journal |
|
The means by which the accounting system collects, summarized and reports accoutning information is called information |
processing methods |
|
E- commerce |
can improve the speed and efficiency of transactions |
|
business may be segmented by all except |
time period |
|
withdrawal of cash made by the owner will be found in the |
cash payment journal |
|
The three phases of setting up an accounting system are in order |
analysis, design, implementation |
|
When Richard Miler purchases a fishing pole through Amazon.com, he is utilizing |
B2C e-commerce |
|
If title to merchandise purchases passes to the buyer when the good are shipped form the seller, the terms are |
FOB shipping point |
|
Merchandise is sold for cash. The selling price of merchandise is $6,000 and the sale is subject 7% state sales tax. The Journal entry to record the sale would include a credit to |
Sales tax payable for $420 |
|
Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a |
debit to merchandise inventory |
|
Merchandise is purchased for $6,000 on September 2 subject to terms of 2/10,n/30, FOB destination. Freight costs paid by the seller totaled 200. What is the cost of the merchandise if paid on September 12, assuming the discount is taken. |
$5,880 |
|
which of the following accounts have a debt balance |
Merchandise inventory |
|
The primary difference between a periodic and perpetual inventory systems that a |
periodic system determine the inventory on hand only at the end of t accounting period |
|
President salaries, depreciation of office furniture, and office supplies are |
administrative expenses |
|
The arrangements between buyer and seller as to when payments for merchandise are to e made are called |
credit terms |
|
Generally, the revenue account for a merchandising business is entitled |
Sales |
|
Dollar Co. sold Merchandise to Pound Co. on account, $25,000, terms 2/15 net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales form the above transactions? |
$24,990 |
|
If the buyer is to pay the freight cost of delivering merchandise, delivery terms are stated as |
FOB shipping point |
|
If the seller is to pay the freight cost of delivering merchandise , the delivering merchandise the delivery terms are stated as |
FOB destination |
|
A chart of accounts for merchandising business |
usually required more accounts than does the chart of accounts for a service business |
|
which of the following has a normal credit balance |
sales |
|
The revenue account for a merchandising business is entitled |
sales |
|
Dollar Co. sold Merchandising to Pound Co. on account, $25,500, terms 2/15 net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales from the above transactions |
$24,990 |
|
Using a Perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a |
debit to Merchandise Inventory |
|
Merchandise is ordered on November 10; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on Nonmember 13; the merchandise is received by the buyer on November 18; the entry is made in the buyers accounts on November 20. The credit period begins with what date |
November 13 |
|
Merchandise is purchased for $6,000 on September 2 subject to terms of 2/10, n/30 FOB destination. Freight cost paid by the seller totaled $200. What is the cost of the merchandise if paid on September 12, assuming the discount is taken. |
5,880 |
|
The Accounts Receivable should be________ in the journal headings. |
debit |
|
A cash investment made by the owner should be recorded in the |
cash receipts journal |
|
Subsidiary ledger |
large number of individual accounts with common characteristic can be grouped together in a separated ledger |
|
Purchase of items on account ——-> |
Purchase Journal |
|
Payment of cash for any purpose cash payments —> |
Cash Payment Journal |
|
Providing service account —–> |
Revenue journal |
|
Receipts of Cash from any source cash receipts —-> cash receipts |
Cash Receipt Journal |
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