DateAccount Titles and ExplanationRef.DebitCreditMay 5Accounts Receivable5,300Service Revenue5,300(Billed for services performed)12Cash4,400Accounts Receivable4,400(Received cash in payment of account)15Cash3,400Service Revenue3,400(Received cash for services performed)Post the transactions using the standard form of account. (Post entries in the order presented in the problem statement.)CashDateExplanation Ref.DebitCreditBalanceJ1J1Accounts ReceivableDateExplanation Ref.DebitCreditBalanceJ1J1Service RevenueDateExplanation Ref.DebitCreditBalanceJ1J1

Cash is an asset and normally has a debit balance. Accounts receivable is an asset and normally has…

Answered: Date Account Titles and Explanation…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 5E

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Similar questions

Account Titles and Explanation (To record sales on account) (To record collection of accounts receivable) Debit Credit 100
The debits and credits from three related transactions are presented in the following customer's account taken from the accounts receivable subsidiary ledger: Mission Design 1319 Elm Street NAME ADDRESS Post. Date Item Ref. Debit Credit Balance 20Υ7 Apr. 3 R44 740 740 J11 60 680 CR81 24 680 Describe each transaction and identify the source of each posting.
Using the following cash payments journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that No posting is required. CASH PAYMENTS JOURNAL Page 46 Date Ck.No. Account Debited Post.Ref. OtherAccountsDr. AccountsPayableDr. Cash Cr. 20Y1 July 3 611 Energy Systems Co. (a) 4,000 4,000 July 5 612 Utilities Expense (b) 310 310 July 10 613 Prepaid Rent (c) 3,200 3,200 July 16 614 Flowers to Go, Inc. (d) 1,250 1,250 July 19 615 Advertising Expense (e) 640 640 July 22 616 Office Equipment (f) 3,600 3,600 July 25 617 Echo Co. (g) 5,500 5,500 July 26 618 Office Supplies (h) 250 250 July 31 619 Salaries Expense (i) 1,750 1,750 July 31 9,750 10,750 20,500 (j) (k) (l) Post reference represents: a. b. c. d. e. f. g.…
Consider the following information items as you respond to the question:i. Customer master fileii. Journal entry to record the receipt of cashiii. Pre-numbered documentsiv. Schedule of accounts receivableAccounting information systems have five generic elements. Which of the following statements is most true? A. "Pre-numbered documents" can be an example of three of the five elements. B. "Schedule of accounts receivable" can be an example of all five elements. C. Both "Pre-numbered documents" can be an example of three of the five elements and "Schedule of accounts receivable" can be an example of all five elements are true. D. Neither "Pre-numbered documents" can be an example of three of the five elements nor "Schedule of accounts receivable" can be an example of all five elements is true.
Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The sum obtained is best described as a(n): A. financial total B. grand total C. record count D. hash total E. cross-footing total
The debits and credits from three related transactions are presented in the following creditor's account taken from the accounts payable ledger: Apex Performance Co. 101 W. Stratford Ave. NAME ADDRESS Post. Credit Balance Date Item Ref. Debit 20Y7 June 6 P49 12,000 12,000 J12 14 150 11,850 CP23 16 11,850 Describe each transaction and identify the source of each posting.
A credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B. decrease C. Transer D. Increase
In which journal is the receipt of a promissory note from a customer on account recorded ? a. revenue journal b. cash receipts journal c. general journal d. purchases journal
Debit postings to the individual accounts in an accounts receivable subsidiary ledgergenerally come from the Cash column Other Accounts column Accounts Receivable column Sales Discount column
9) When a customer deposit is recorded using the Make Deposits window, behind the screen QuickBooks converts the transactions into a journal entry that:A) Debits Checking account, Credits Undeposited FundsB) Credits Checking account, Debits Undeposited FundsC) Debits Checking account, Credits Accounts ReceivableD) Debits Accounts Receivable, Credits Checking account Group of answer choices A B C D
Give what is required, For the Classification: (Classify the account if it is current/noncurrent asset; current/non-current liabilities; equity; revenue or expense); For the normal balance (answer whether the normal balance is a debit or credit) For the presentation (Classify whether a balance sheet or an income statement account). ACCOUNT CLASSIFICATION NORMAL BALANCE PRESENTATION OWNER’S DRAWING PETTY CASH FUND ACCOUNTS RECEIVABLE NOTES RECEIVABLE (6 MOS.) NOTES PAYABLE (2 YEARS) INTEREST EXPENSE BONDS PAYABLE UNEARNED INCOME ACCRUED EXPENSE PREPAID EXPENSE SUPPLIES COST OF GOOD SOLDS MERCHANDISE INVENTORY, END MERCHANDISE INVENTORY, BEG PATENT GOODWILL ADVANCES FROM CUSTOMERS ADVANCES TO SUPPLIERS…
A customer issued a note for an overdue account. Which of the following procedures is correct? A. The note is credited in the general journal by a debit to accounts receivable B. The amount will be posted to the credit side of the customer's card C. The amount will be posted to the debit side of the customer's card D. This will be posted to the accounts receivable general ledger on the debit side.

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