Homework Answers
1. Option (b) is correct
A credit note is sent to the customer when goods are returned by him. Credit note indicates that the account of the customer is credited by the amount of goods returned in the books of vendor.
2. Option (b) is correct
In order to maintain controls over cash receipts, cash is typically deposited daily while a bank reconciliation is performed monthly.
3. Option (e) is correct
Vendor invoice is marked paid when a check is issued in order to avoid duplicate payment of the invoice.Once the invoice is marked as paid, then it will not be presented again for payment.
4. Option (c) is correct
A sales journal is the only journal that is used to post a credit sale.
5. Option (e) is missing in the question.
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1. What document does a customer receive when goods are returned? a. purchase order d. receiving...
What document is prepared to request goods or services from a vendor? Select one: a. Remittance...
What document is prepared to request goods or services from a vendor? Select one: a. Remittance advice b. Bill of lading c. Purchase order d. Vendor invoice e. Return request e
What does Symbol C most likely depict? 5. Sales Order a. b. Original Purchase Order Receiving...
What does Symbol C most likely depict? 5. Sales Order a. b. Original Purchase Order Receiving Report Vendor Invoice Your Answer: What does Symbol D most likely depict? 6. Sales Order а. b. Original Purchase Order Receiving Report C. Vendor Invoice d. Your Answer: What does Symbol E most likely depict? 7. Matching of documents а. Approval of recording of purchase and payment of payable b. Data entry of purchase data C. Update of accounts payable file d. Your Answer:...
PROBLEM #2 (2 points each; 20 points) The Jamian Company uses special journa of entries made...
PROBLEM #2 (2 points each; 20 points) The Jamian Company uses special journa of entries made to the general ledger. Company uses special journals to record like transaction to reduce the de to the general ledger. For each transaction below indicate which jou should be used by placing the correct letter in the space provided before each he space provided before each transa type. D. Cash disbursements journal E. General journal A. Sales journal B. Purchase journal C. Cash receipts...
soods have been returned the mes the adjustment of the customer's account 37) Upon notification from the receiving...
soods have been returned the mes the adjustment of the customer's account 37) Upon notification from the receiving department that the goods and manager issues an) _.which authorizes the adjustment of the cus A) debt memo B) credit mcmo C) adjusting entry D) bill of lading 38) Which of the following is not one of the controls when customer payments are com with other mail? A) preparing a remittance list as mail is opened B) restrictively endorsing checks when received...
16) Portia Grant is an employee who is paid monthly, For the month of January of...
16) Portia Grant is an employee who is paid monthly, For the month of January of the current year, she carned a total of 8988. The FICA tax for social security is 6.2% of the first $127,200 of employee earnings each calendar year and the FICA tax rate for Medicare is 1.45 % of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4 % are applied to the first $7000 of an employee's pay....
chapter 12 series B exercises PLEASE andise on account from Sillas avice No 12,53,100, terms 1/10,...
chapter 12 series B exercises
PLEASE
andise on account from Sillas avice No 12,53,100, terms 1/10, a Company 5 Returned merchandive purchased from Tang's Toys, receiving a credit wmemo on the amount owed, $500 s Parchased merchandise on account from Daisy's Dolls, Invoice No. 139, $1,900, terms 2/10, /30. 11 Issued Check No.415 t0 Tang's Toys for merchandise parchased on account, less return of luly 5 and less 2% dincount 13 Issoed Check No. 416 to Sillas & Company for...
At Kingston Industries, the revenue processes are conducted by five employees. The five employees are the...
At Kingston Industries, the revenue processes are conducted by five employees. The five employees are the sales clerk, warehouse clerk, accountant 1, accountant 2, and the collection clerk. A description of their duties is as follows: A. The sales clerk receives customer orders by phone. She prepares a four-copy sales order form. She files one copy, one copy goes to the warehouse clerk, one copy goes to accountant 1, and one copy is mailed to the customer. B. After receiving...
QUESTION 1 10 points Save Answer Match transactions with suitable and applicable primary source documents. -...
QUESTION 1 10 points Save Answer Match transactions with suitable and applicable primary source documents. - The owner contributes a computer to the entity, R8 000. A. Petty cash voucher 1 - Sold merchandise to various customers and received R10 000 cash. B. Invoice (- Bought inventory on credit from a supplier, R3 000. C. Cash register roll A customer returned defective goods to us, which he has bought D. Original credit note originally for R800. E. Journal voucher Paid...
Problem: Rockford Corporation is a wholesale plumbing supply distributor. The corporation was organized in 1981, under...
Problem: Rockford Corporation is a wholesale plumbing supply distributor. The corporation was organized in 1981, under the laws of the State of Illinois, with an authorized capitalization of 10,000 shares of no-par common stock with a stated value of $30 per share. The common stock is sold over the counter in the local area. You have been hired as of Friday, December 26, 2014, to replace the controller, who has resigned. As controller, you are responsible for the corporation’s accounting...
5-86 Chapter 5 Matching a. Purchase order b. Due on receipt C. Bill d. Net 30...
5-86 Chapter 5 Matching a. Purchase order b. Due on receipt C. Bill d. Net 30 e. Item detail section f. Account detail section g. Pay Bills Check Expense J Vendor Purchases that affect inventory are recorded here An invoice sent by a vendor to a customer Purchases that don't affect inventory are recorded here Task used to record checks in the checking account Suppliers of products and services A formal means to order products from vendors Pay a bill...
What document is prepared to request goods or services from a vendor? Select one: a. Remittance advice b. Bill of lading c. Purchase order d. Vendor invoice e. Return request e
What does Symbol C most likely depict? 5. Sales Order a. b. Original Purchase Order Receiving Report Vendor Invoice Your Answer: What does Symbol D most likely depict? 6. Sales Order а. b. Original Purchase Order Receiving Report C. Vendor Invoice d. Your Answer: What does Symbol E most likely depict? 7. Matching of documents а. Approval of recording of purchase and payment of payable b. Data entry of purchase data C. Update of accounts payable file d. Your Answer:...
PROBLEM #2 (2 points each; 20 points) The Jamian Company uses special journa of entries made to the general ledger. Company uses special journals to record like transaction to reduce the de to the general ledger. For each transaction below indicate which jou should be used by placing the correct letter in the space provided before each he space provided before each transa type. D. Cash disbursements journal E. General journal A. Sales journal B. Purchase journal C. Cash receipts...
soods have been returned the mes the adjustment of the customer's account 37) Upon notification from the receiving department that the goods and manager issues an) _.which authorizes the adjustment of the cus A) debt memo B) credit mcmo C) adjusting entry D) bill of lading 38) Which of the following is not one of the controls when customer payments are com with other mail? A) preparing a remittance list as mail is opened B) restrictively endorsing checks when received...
16) Portia Grant is an employee who is paid monthly, For the month of January of the current year, she carned a total of 8988. The FICA tax for social security is 6.2% of the first $127,200 of employee earnings each calendar year and the FICA tax rate for Medicare is 1.45 % of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4 % are applied to the first $7000 of an employee's pay....
chapter 12 series B exercises
PLEASE
andise on account from Sillas avice No 12,53,100, terms 1/10, a Company 5 Returned merchandive purchased from Tang's Toys, receiving a credit wmemo on the amount owed, $500 s Parchased merchandise on account from Daisy's Dolls, Invoice No. 139, $1,900, terms 2/10, /30. 11 Issued Check No.415 t0 Tang's Toys for merchandise parchased on account, less return of luly 5 and less 2% dincount 13 Issoed Check No. 416 to Sillas & Company for...
At Kingston Industries, the revenue processes are conducted by five employees. The five employees are the sales clerk, warehouse clerk, accountant 1, accountant 2, and the collection clerk. A description of their duties is as follows: A. The sales clerk receives customer orders by phone. She prepares a four-copy sales order form. She files one copy, one copy goes to the warehouse clerk, one copy goes to accountant 1, and one copy is mailed to the customer. B. After receiving...
QUESTION 1 10 points Save Answer Match transactions with suitable and applicable primary source documents. - The owner contributes a computer to the entity, R8 000. A. Petty cash voucher 1 - Sold merchandise to various customers and received R10 000 cash. B. Invoice (- Bought inventory on credit from a supplier, R3 000. C. Cash register roll A customer returned defective goods to us, which he has bought D. Original credit note originally for R800. E. Journal voucher Paid...
5-86 Chapter 5 Matching a. Purchase order b. Due on receipt C. Bill d. Net 30 e. Item detail section f. Account detail section g. Pay Bills Check Expense J Vendor Purchases that affect inventory are recorded here An invoice sent by a vendor to a customer Purchases that don't affect inventory are recorded here Task used to record checks in the checking account Suppliers of products and services A formal means to order products from vendors Pay a bill...
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