The entry to record the granting of credit to a customer for a sales return is posted to     the accounts receivable subsidiary ledger only.   the general ledger only.   both the accounts receivable subsidiary ledger and the general ledger.   both the accounts payable subsidiary ledger and the general ledger.

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: Which of the following is classified as current non-trade receivabke? A. Advances to affiliates B.…

A: Solution : Which of the following is classified as current non-trade receivable? A. Advances to…

Q: An account that is classified as a contra-revenue: O a. may include sales discounts and credit card…

A: Solution: A contra revenue account is reverse of revenue account i.e. contra revenue accounts is…

Q: If a customer pays with a credit card and the service has been provided, which of the following…

A: When a customer pays at a shop by Credit card, there incur Credit Card Expenses. The company of the…

Q: When a company makes a sale and accepts a credit card payment from a customer, the company: Multiple…

A: Increase in debits should be debited and increase in expenses should be debited. Increase in…

Q: -What is the journal entry for recording credit sales? a. Sales Dr. and Accounts Receivable Cr b.…

A: Journal entry is an important and attentive process of accounting cycle through the help of journal…

Q: When a company extends credit directly to a customer for a purchase, the sale is recorded as a debit…

A: Customer record: It is the record of customers of company which contains details like name, address,…

Q: How to record a credit invoice when the business has issued it but has not recorded it

A: Adjusting entries are recorded at the end of the accounting period to maintain the accrual base…

Q: Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the…

A:

Q: When goods are sold on credit the account of a customer is called : Select one: a. Purchases Return…

A: Lets start one by one to understand the all the terms, Purchase return:- It is a type of transaction…

Q: Accounts receivable arise from credit sales to customers by both retailers and wholesalers. True or…

A: Accounts Receivables includes Debtors and Bills Receivables.

Q: What is the correct journal entry to record when transfer the total of the purchase daybook the…

A: Option:: Payables ledger control account Dr:::XXX..         To purchases account XXXX....

Q: What is the name of the document used for recording credit sales

A: Credit sales means when goods and services are being sold to customers on credit basis and customers…

Q: Proving the postings of a one-column purchases journal would involve comparing the…

A: General Ledger: A general ledger is a bookkeeping ledger of the company that is a central repository…

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: A Credit Note would be issued by a business: A. as evidence of goods sold on credit. B. as reference…

A: Accounting refers to the process of recording, summarizing, interpretation the financial information…

Q: Which of the following documents is issued by a customer to provide information about the  nature of…

A: Every transaction that takes place in a business should be recorded appropriately in the books of…

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: The credit memoranda creates a(n) __ in the accounts receivable file of a customer. A. note…

A: Accounting is the process of documenting a business's financial transactions. These transactions are…

Q: the customer of the details by issuing a sales invoice a. b. purchase invoice credit memorandum С.…

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: Which of the following is not a true statement about the daily posting of the sales journal?…

A: Sales Journal: Sales journal is one form of special journal book, which records all the sales…

Q: A credit note is used as documentation in a business for  journal entry that requires a debit to…

A: B is the correct option

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: Under what circumstances would accounts receivable be posted as a credit balance : A. When the…

A: The different accounts in the business have different balance as debit and credit.

Q: 1. Which of the following accounts are used when recording the sales entry of a sale on credit?e A.…

A: Sales is a revenue account and all revenues increase when credited.  Accounts receivable is an Asset…

Q: Receivables arising from sales to customers are best described as Select the correct response: Notes…

A: Revenue earned from sales to customers is a trading activity. Hence, the receivables from this…

Q: Match the transactions below with the journal or ledger in which it would be entered.   Clear All…

A: Cash receipt journal: All cash receipts should be recorded in this journal Cash payment journal: All…

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: Each time an entry is recorded in the purchases journal, the credit would be entered in the A.…

A: Option B is correct.

Q: If merchandise purchased on account is returned, the buyer can inform the seller of the details by…

A: An invoice refers to a bill that is issued by a seller to the buyer. It specifies details related to…

Q: When a customer returns merchandise previously purchased on credit, the entry for the seller to…

A: Journal entry:- Customer Ac Dr to Sales A/C

Q: In a sales transaction, which of the following is an assertion of existence or occurrence: a. All…

A: Existence or occurrence deals with whether assets or liabilities exist at a given date and whether…

Q: For a Credit Invoice Received, which entry should be made?   debit to sales returns and…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: 1. Draw up a) Sales journal and Cash Receipt Journal b) Accounts Receivable Subsidiary Ledgers c)…

A: Cash receipt journal is the journal which records and shows how cash been received by the business…

Q: Which of the following accounts has a normal debit balance. (Choose all that apply)

A: Assets, expenses, losses, and the owner's drawing account will normally have debit balances. Their…

Q: From the general​ journal, record to the accounts receivable subsidiary ledger and post to the…

A: Step 1 Journal and ledger posting is the part of book keeping and in the given case we post the…

Q: What accounts are used to recognize a retailer’s purchase from a manufacturer on credit?A. accounts…

A: Purchase of goods on credit means inventory has been purchased but payment has not been made yet.…

Q: Which of the following journal entry is correct for the transactions of goods returned by a…

A: When we make a sales to customer, we pass the following entry:- Trade receivables  Dr           To…

Q: What does the phrase "Revenue is recognized at the point of sale" mean? (Assume the company reports…

A: Accrual Basis of Accounting: The accrual basis of accounting is a method of accounting where the…

Q: Explain the two methods of recording account receivables and credit sales and the PFRS 15…

A: *Two method of recording  account receivable  are: 1. record receivables and sales gross 2 .record…

Q: What is the totals credits and total debits? Also answer the following questions: Answer the…

A: Total credits= sales credit+ sales tax payable credit =6398.82+311.18 =6710 Total debit=Account…

Q: hen the seller advances the transportation costs and the terms of sale are FOB shipping point, the…

A: Solution: When the seller advances the transportation costs and the terms of sale are FOB shipping…

Q: If a customer pays with a credit card and the service has been provided, which of the following…

A: Credit card is like a physical card which are used as a postpaid, in which customer or card holder…

Q: The journal entry to record the sale of services on credit should include: a debit to Cash and a…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: The following information pertain= Credit sales Accounts payable Accounts receivable Allowance for…

A: The amount that will not be collected is referred to as bad debt.  The factors that contribute to…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is