The controlling account in the general ledger that summarizes the debits and credits to the individual accounts in the customer's ledger is entitled A. Accounts Receivable B. Accounts Payable C. Sales D. Purchases

Q: Which of these transactions requires a debit entry to Cash?A. paid balance due to suppliersB. sold…

A: Cash is one of the asset held by the business, for which normal balance is debit balance. Any…

Q: Debit postings to the individual accounts in an accounts receivable subsidiary ledgergenerally come…

A: solution concept Account receivable                 Account receivable is the balance of the…

Q: The sales journal is used to record a. Credit sales. d. Cash purchases. b. Cash sales. e. Credit…

A: Sales journal is one of the kind of special journal. Special journals are used, when a company has…

Q: record the following transactions in their corresponding journals it could be in: -sales journal…

A: An accounting cycle refers to the different stages in the preparation of the final accounts. Final…

Q: A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is…

A: Subsidiary ledger refers to the ledger that provides the detailed information of the account already…

Q: If a company debits Cash and credits Sales Revenue, it is recording the.

A: Real accounts are those assets and liabbilties whose balance is carried forward from one accounting…

Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…

A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…

Q: Match the following form (transaction type) with the appropriate transaction description: Рayment…

A: Transactions: A business transaction is a financial transaction that takes place between two or more…

Q: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

A: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

Q: The subsidiary ledger that includes customer account activity is called the a. asset ledger b.…

A: Under subsidiary ledger, all activities related to customer is recorded.

Q: In which voucher from the accounting documents the money entering the cash of the business A)…

A: Accounting Voucher: These are used to record all account related transactions. They are of 2 types:…

Q: A characteristic that all entries recorded in a cash receipts journal have in common is Select one:…

A: Correct option is C i.e.  a debit to the cash account

Q: What are the normal balances of the various sales-related accounts?

A:

Q: The controlling account in the general ledger that summarizes the individual accounts with creditors…

A: A chart of accounts is a in every accounting system which shows all available accounts that can be…

Q: Post the Journal Entries to the General Ledger and Subsidiary Ledgers. Amounts to the Accounts…

A: A general ledger is an account in which the total of all accounts are posted and the total of this…

Q: The entry to record collection of trade receivables under cash basis of accounting is A. debit to…

A: Under cash basis of accounting only cash transections are recorded such as cash collection, Cash…

Q: What is the impact on the accounting equation when an accounts receivable is collected

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…

Q: According to the Revenue Cycle Flowcharting Process, the "Pure Credit Sales" portion of the credit…

A:

Q: Sales made to person on credit should be credited to which of following ledger accounts

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: Describe and use the sales journal. What steps are followed in posting from the sales journal to the…

A: Sales Journal: A journal is a book of original entry where all journal entries are recorded on the…

Q: Which of following functions should be segregated?a. opening the mail and recording cash receipts in…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

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: the entry to record the purchase of supplies on account includes a credit to what?

A: Journal entries are prepared to record the financial and non-financial transactions of the business.

Q: The entry to record the granting of credit to a customer for a sales return is posted to…

A: Sales returns and allowances: Sometimes, customers either return goods due to manufacturing defects,…

Q: Match the best answer to each question/ The ledger that contains the financial statement accounts of…

A: The question is related to Match the following. Required  Match the best answer to each question

Q: The accounts receivable are sold to company known as a. Commission agent b. Accounting service…

A: Factoring is a financial transaction and a type of debtor finance in which a business sells its…

Q: The journal entry to purchase equipment on account includes a: Oa. debit to Accounts Payable. Ob.…

A: Equipment Purchase Transaction: In the purchase of equipment on account, there are two accounts that…

Q: Discuss the relationship between the balance in the accounts payable general ledger control account…

A: Definition:   General ledger: General ledger is a record of all accounts of assets, liabilities, and…

Q: what is procedure to posting account receivable ledger and inventory system . Explain with entry

A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.…

Q: ledger

A: A   COGS A/c    Dr        To Purchase A/c     B    A general ledger is an accounting record book in…

Q: Sales Service and Service Revenue are two income statement accounts that relate to Accounts…

A: Step 1 While reporting income from operations via statement of income, then two more accounts other…

Q: The individual amounts in the “Accounts Payable" column of the purchases journal are posted to the…

A: Answer: Option C Accounts Payable Subsidiary ledger is Correct.

Q: A cash sale is recorded in the: A sales journal B purchase journal c) cash receipts journal D cash…

A: Cash book is maintained by the firms to record all the cash transactions. These may be cash sales,…

Q: between a balance on a receivable ledger contro account and the total list of accounts receivable…

A: Accounts Receivables: as each customer's a/c balance cannot be shown in financials, the Accounts…

Q: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…

Q: How to identify the debit and credit amount for the general ledger

A: In order to balance the journal ledger both the debit and credit accounts to be balanced that is…

Q: Explain the relationship between the balance in the account payable general ledger control account…

A: Accounts Payable general ledger account is generally used to record all liabilities related to when…

Q: Customer deposits (prepayments) are recorded - Select one: a. as debits to accounts receivable for…

A: Customer deposits decreases the accounts receivable.

Q: The Vendor Ledgers report displays the

A:

Q: An “Accounts Receivable Customer Balances” report shows revenues by customer for a specified date…

A: Account receivable arises when we sell goods on credit and account receivable customer balances…

Q: Cash payments journal Sale on account General journal Collection on account Purchases journal…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: What steps are followed in posting from the sales journal to the accounts receivable ledger?

A: Sales Journal A journal is a book of original entry where all journal entries are recorded on the…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger…

A: The general ledger records all the financial accounts of a company. The general ledger includes…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.