Business, 22.07.2020 05:01 keilajohnson810

Match the transactions below with the journal or ledger in which it would be entered. Monthly adjustment for supplies used Cash receipt posting to an individual customer account Record sale on account to customer Record purchase on account from vendor Record payment received from customer Record payment made to vendor Cash payment posting to an individual vendor account General journal Accounts receivable subsidiary ledger Revenue journal Purchases journal Cash receipts journal Cash payments journal Accounts payable subsidiary ledger Group of answer choices Monthly adjustment for supplies used

Answers: 3

Show answers

Answers

Answer from: kasper04

Matching transactions to journal or ledger:

1. Monthly adjustment for supplies used = General Journal

2. Cash receipt posting to an individual customer account = Accounts Receivable subsidiary ledger

3. Record sale on account to customer = Revenue Journal

4. Record purchase on account from vendor = Purchases journal

5. Record payment received from customer = Cash Receipts Journal

6. Record payment made to vendor = Cash Payments Journal

7. Cash payment posting to an individual vendor account = Accounts Payable subsidiary ledger

Explanation:

a. The general journal is used to record all kinds of transactions that occur on a daily, especially if the entity does not operate specialized journals like the Cash receipts, cash payments, purchases, and revenue journals. It records both adjusting and non-adjusting entries.

b. Accounts receivable and payable subsidiary ledgers are used to record individual customers and suppliers transactions which had been recorded in total to the Accounts Receivable and Accounts Payable accounts (as controls) respectively and then enable individual records to be kept.

c. Revenue journal is a specialized journal for recording revenue on account for customers who buy on credit from the entity. As a specialized journal, it usually have one amount column while the total is periodically posted to a control account in the general ledger with individual transactions posted to the subsidiary accounts receivable ledger.

d. Cash Receipts and Payments Journals are also specialized journals for recording receipts from customers and payments to suppliers of merchandise and services. They are similar in outlook like the Revenue Journal.

e. Accounts Payable subsidiary ledger is a secondary ledger for recording individual suppliers' transactions, with their totals already posted to the general ledger (control account). This ledger ensures the maintenance of individual suppliers' records in order to extract their individual balances.

Answer from: Quest

im confused need to go into details plz thx

Answer from: Quest

i would get some file cabnitsits to store all my documents and paper work, then i would make sure to always keep my desk clean and organzed by using sticky notes to mark a stack of papers. and etc. but mainly i would just stay clean and organized because it will make lfe alot eaisier trust me. hope this !

Other questions on the subject: Business

Business, 21.06.2019 23:00, rosie20052019

Which of the following statements about the relationship between economic costs and accounting costs is true? multiple choice accounting costs are equal to or greater than economic costs. accounting costs must always equal economic costs. accounting costs are always greater than economic costs. accounting costs are always less than or equal to economic costs.

Answers: 2

continue

Business, 22.06.2019 11:00, ilovecatsomuchlolol

Down under products, ltd., of australia has budgeted sales of its popular boomerang for the next four months as follows: unit salesapril 74,000may 85,000june 114,000july 92,000the company is now in the process of preparing a production budget for the second quarter. past experience has shown that end-of-month inventory levels must equal 10% of the following month’s unit sales. the inventory at the end of march was 7,400 units. required: prepare a production budget by month and in total, for the second quarter.

Answers: 3

continue

Business, 22.06.2019 11:10, Emmaxox715

Yowell company granted a sales discount of $360 to a customer when it collected the amount due on account. yowell uses the perpetual inventory system. which of the following answers reflects the effects on the financial statements of only the discount? assets = liab. + equity rev. − exp. = net inc. cash flow a. (360 ) = na + (360 ) (360 ) − na = (360 ) (360 ) oa b. na = (360 ) + 360 360 − na = 360 na c. (360 ) = na + (360 ) (360 ) − na = (360 ) na d. na = (360 ) + 360 360 − na = 360 na

Answers: 1

continue

Business, 23.06.2019 02:50, greg777

Dakota company experienced the following events during 2016. 1. acquired $30,000 cash from the issue of common stock. 2. paid $12,000 cash to purchase land. 3. borrowed $10,000 cash. 4. provided services for $20,000 cash. 5. paid $1,000 cash for utilities expense. 6. paid $15,000 cash for other operating expenses. 7. paid a $2,000 cash dividend to the stockholders. 8. determined that the market value of the land purchased in event 2 is now $12,700

Answers: 1

continue

You know the right answer?

Match the transactions below with the journal or ledger in which it would be entered. Monthly adjust...