if cash is involved in a business transaction the transaction should be recorded in either the_______?
if cash is involved in a business transaction the transaction should be recorded in either the_______?
Homework Answers
Solution:
This transaction should be recorded in either the Cash payments journal or general journal.
Because all cash transactions are covered under both these journals, and we further do not need to record them under general journal.
Add Answer to:
if cash is involved in a business transaction the
transaction should be recorded in either the_______?
If there is cash involved in a business transaction, the transaction should be recorded in either...
If there is cash involved in a business transaction, the transaction should be recorded in either the ________. A. sales journal or purchases journal B. cash payments journal or cash receipts journal C. cash payments journal or cash receipts journal and in general journal D. cash payments journal or general journal
Question 16 Which of the following is not a business transaction that would be recorded as...
Question 16 Which of the following is not a business transaction that would be recorded as a journal entry in the accounting records? pay for supplies sell goods for cash make a sales offer receive cash for services to be rendered later
When a company pays $1,900 dividends to its stockholders, the transaction should be recorded as: Multiple...
When a company pays $1,900 dividends to its stockholders, the transaction should be recorded as: Multiple Choice O Debit Dividends; Credit Cash. Debit Dividends, credit Accounts Payable. o o Debit Cash, credit Dividends. Debit Retained Earnings, credit Dividends.
Transaction 1.) Frost Business started operations on December 1, 2018 with an initial issue of common...
Transaction 1.) Frost Business started operations on December 1,
2018 with an initial issue of common stock of 64,770 after you
record this transaction: The check formula should return TRUE, show
impact on cash flow if any, choose an account name if appropriate
revenue, salary, rent.
Transaction 2.) Frost Business performed services for one month
on account for 54,000. Even though no cash was received revenue
must be recorded since the revenue recognition rules have been met
(it has been...
Use the following to answer questions 12-15 Transaction Cash involved? (Yes or No) Type of CASH...
Use the following to answer questions 12-15 Transaction Cash involved? (Yes or No) Type of CASH FLOW Operating, Investing, Financing, or None Use the first letter ,,F,N) 12. Paid dividends to stockholders 13. 14. Paid interest on the loan Provided services to customers on account Paid for equipment purchased for the company 15. Use the following to answer questions 16-20 Following are the transaction of TAR Inc., which provides consulting services related to mining of precious metals. Transaction Amount of...
Transaction Cash involved? (Yes or No) Type of CASH FLOW Operating, Investing, Financing, or None Use...
Transaction Cash involved? (Yes or No) Type of CASH FLOW Operating, Investing, Financing, or None Use the first letter (O, I, F, N) 12. Paid dividends to stockholders 13. Paid interest on the loan 14. Provided services to customers on account 15. Paid for equipment purchased for the company Use the following to answer questions 16-20 Following are the transaction of TAR Inc., which provides consulting services related to mining of precious metals. Transaction Amount of Transaction $345,000 Cash used...
Use the following to answer questions 12 – 15 Transaction Cash involved? (Yes or No) Type...
Use the following to answer questions 12 – 15 Transaction Cash involved? (Yes or No) Type of CASH FLOW Operating, Investing, Financing, or None Use the first letter (O, I, F, N) 12. Issue common stock Purchased building and land 13. 14. Provide services to customers on account 15. Paid utilities used in the manufacturing plant
The following transaction has been recorded in the general Journal entry:? 1,200 Accounts payable Cash 1,200...
The following transaction has been recorded in the general Journal entry:? 1,200 Accounts payable Cash 1,200 Which of the following could be an explanation for this transaction? Multiple Choice Provided services on account Pald cash to settle accounts payable Collected cash from customers Which of the following could be an explanation for this transaction? Multiple Choice Ο Provided services on account Ο Paid cash to settle accounts payable Ο Collected cash from customers Ο Borrowed money to support operating activities
The following transaction has been recorded in a particular accounting period. Determine the effect of this...
The following transaction has been recorded in a particular accounting period. Determine the effect of this transaction on the Accounting Equation Please note: do not overthink the scenario. Instead, deal only with the facts provided. The Accounting Equation effects being requested in any given scenario are for the current period only A business purchases Inventory for $5,000 cash. Increase in Asset Increase in the No Efecto Shareholders Equity Increase in increase in Libis Decrease in Shareholders Equity Increase in As...
A firm purchased telephone equipment for cash. By mistake, the person who recorded the transaction debited...
A firm purchased telephone equipment for cash. By mistake, the person who recorded the transaction debited Utilities Expense instead of Office Equipment. The error was discovered after the data posted. without using numbers what is the incorrect entry, correct entry and correcting entry.
Question 16 Which of the following is not a business transaction that would be recorded as a journal entry in the accounting records? pay for supplies sell goods for cash make a sales offer receive cash for services to be rendered later
When a company pays $1,900 dividends to its stockholders, the transaction should be recorded as: Multiple Choice O Debit Dividends; Credit Cash. Debit Dividends, credit Accounts Payable. o o Debit Cash, credit Dividends. Debit Retained Earnings, credit Dividends.
Transaction 1.) Frost Business started operations on December 1,
2018 with an initial issue of common stock of 64,770 after you
record this transaction: The check formula should return TRUE, show
impact on cash flow if any, choose an account name if appropriate
revenue, salary, rent.
Transaction 2.) Frost Business performed services for one month
on account for 54,000. Even though no cash was received revenue
must be recorded since the revenue recognition rules have been met
(it has been...
Use the following to answer questions 12-15 Transaction Cash involved? (Yes or No) Type of CASH FLOW Operating, Investing, Financing, or None Use the first letter ,,F,N) 12. Paid dividends to stockholders 13. 14. Paid interest on the loan Provided services to customers on account Paid for equipment purchased for the company 15. Use the following to answer questions 16-20 Following are the transaction of TAR Inc., which provides consulting services related to mining of precious metals. Transaction Amount of...
Transaction Cash involved? (Yes or No) Type of CASH FLOW Operating, Investing, Financing, or None Use the first letter (O, I, F, N) 12. Paid dividends to stockholders 13. Paid interest on the loan 14. Provided services to customers on account 15. Paid for equipment purchased for the company Use the following to answer questions 16-20 Following are the transaction of TAR Inc., which provides consulting services related to mining of precious metals. Transaction Amount of Transaction $345,000 Cash used...
Use the following to answer questions 12 – 15 Transaction Cash involved? (Yes or No) Type of CASH FLOW Operating, Investing, Financing, or None Use the first letter (O, I, F, N) 12. Issue common stock Purchased building and land 13. 14. Provide services to customers on account 15. Paid utilities used in the manufacturing plant
The following transaction has been recorded in the general Journal entry:? 1,200 Accounts payable Cash 1,200 Which of the following could be an explanation for this transaction? Multiple Choice Provided services on account Pald cash to settle accounts payable Collected cash from customers Which of the following could be an explanation for this transaction? Multiple Choice Ο Provided services on account Ο Paid cash to settle accounts payable Ο Collected cash from customers Ο Borrowed money to support operating activities
The following transaction has been recorded in a particular accounting period. Determine the effect of this transaction on the Accounting Equation Please note: do not overthink the scenario. Instead, deal only with the facts provided. The Accounting Equation effects being requested in any given scenario are for the current period only A business purchases Inventory for $5,000 cash. Increase in Asset Increase in the No Efecto Shareholders Equity Increase in increase in Libis Decrease in Shareholders Equity Increase in As...
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