Chapter 2:Analyzing Transactionsc. Cash, debit; Fees Earned, creditd. Accounts Receivable, debit; Fees Earned, credit130.Which of the following abbreviations is correct? Show Get answer to your question and much more 131.Which of the following isnota correct rule of debits and credits?a. Assets, expenses, and dividends are increased by debits.b. Assets are decreased by credits and have a normal debit balance.c. Liabilities, revenues, and stockholders' equity are increased by credits.d. The normal balance for revenues and expenses is a credit. 132.Gently Laser Clinic purchased laser equipment for $8,500 and paid $2,250 down, with theremainder to be paidlater.The correct entry would be Get answer to your question and much more 133.Theis where a transaction can first be found in the accounting records. Get answer to your question and much more 134.The process of recording a transaction in the journal is called Get answer to your question and much more 31. Which of the following entries records the collection of cash from cash customers?a.Fees Earned, debit; Cash, creditb.Fees Earned, debit; Accounts Receivable, creditc.Cash, debit; Fees Earned, creditd.Accounts Receivable, debit; Fees Earned, credit 32. Which of the following entries records the receipt of cash for two months' rent? The cash wasreceived in advance of providing the service. 33. A patient has a physical examination and asks the bookkeeper to mail the bill.Thebookkeeper should: We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Survey of Accounting Warren Expert Verified 34. Proof that the dollar amount ofdebits equals the dollar amount of credits in the ledger means: 35. A trial balance is prepared to:a.prove that there were no errors made in recording transactions into the journal.b.prove that no errors were made in posting to the ledger.c.prove that each account balance is correct.d.summarize the account balances as a help to preparing financial statements. 36. An overpayment error was discovered in computing and paying the wages of a Bartson RepairShop employee.When Bartson receives cash from the employee for the amount of theoverpayment, which of the following entries will Bartson make? 37. When a transposition error is made on the trial balance, the difference between the debit andcredit totals on the trial balance will be: 38. Which of the following errors, each considered individually, would cause the trial balancetotals to be unequal? Which of the following entries records the collection of cash from cash customers? Question 9 options:
Q: The cash balance is calculated by subtracting cash disbursements from cash receipts Select one: O… A: Click to see the answer Q: Which of the following is a method to generate cash from accounts receivable? a. Assignment b.… A: Assignment of accounts receivable refers to the process where the account receivables are assigned… Q: 26. This is used to record cash payments. A. cash disbursement journal B. cash receipts journal C.… A: Cash received and cash disbursement journal are used to record the cash transactions. Purchase… Q: Which of the following transactions will be recorded in cash payment journal? a. Receipt of income… A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in… Q: a. Prepare the journal entry to record the write-off. b. What is the cash realizable value of the… A: Click to see the answer Q: In which voucher from the accounting documents the money entering the cash of the business A)… A: Accounting Voucher: These are used to record all account related transactions. They are of 2 types:… Q: Which one of the following is considered as cash? a. Post Dated Cheques. b. Certified Cheques. c.… A: Cash and cash equivalent is the part of current assets which are reported on the balance sheet of a… Q: The entry to record collection of trade receivables under cash basis of accounting is* debit to… A: Following is the answer to the given question 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 entry to record collection of trade receivables under cash basis of accounting is A. debit to… A: Accounts Receivables are those receivables from customers to whom the company has made credit sales… Q: The entry to record collection of trade receivables under cash basis of accounting is: a. debit to… A: Trade receivables / Accounts receivables is the amount yet to be received from the customers . It is… Q: Indicate with Yes or No whether each of items should be included in the cash balance presented on… A: 1. NFS check means check returned for Insufficient Funds. After returned form bank it no longer… Q: When posting the column totals of a cash payments journal, a debit should be posted to a.Unearned… A: answer c Account Payable is right answer. Q: The time between cash disbursement and cash collection is which of the following? A- accounts… A: Solution- The cash to cash cycle is the fundamental quantity between once a business… Q: When cash is drawn from bank for business use the entry type will be? Select one: a. Contra entry b.… A: a. Contra Entry - These are the transactions that involves cash and bank account. b. Compound Entry… Q: ournal entry that would be necessary for each of the following situations. (a) Sales per cash… A: Click to see the answer Q: ce revenue that are not yet received in cash are recorded as follows: Group of answer choices Debit… A: Click to see the answer Q: How to calculate balance c/d when preparing an adjusted cash book? A: Cashbook adjustments are used to correct input errors or adjust miscellaneous debits or credits in… Q: When reporting cash on the balance sheet, companies: O A. combine cash and cash equivalents. O B.… A: Companies make analysis of cash inflows and outflows in the cash flow statement Q: Which of the following is recorded in the cash payments journal? a. adjusting entry for accrued… A: Cash payments result in reduction or decrease in cash balance. Therefore, cash payments journal… Q: Which of the following is recorded in the cash payments journal? a. adjusting entry for accrued… A: Cash payments journal is a special journal. It records all the payments that the company has made by… Q: When the amount of cash in the cash register exceeds the amount in the cash register tapes, the… A: Cash Over and Short account is used to record the discrepancy between firms' reported sales figures… Q: what is the entry for collection of receivable * O debit cash, credit accounts payable O debit cash,… A: Account’s receivables can be defined as the payment which is yet to be received by the business in… Q: The measure of a company’s ability to collect cash from its customers who purchase onaccount is… A: Accounts receivable form a part of current assets of the company and comprises of the dues that are… Q: In which of the following transaction, bank account will be debited? O a. Purchased goods on cash O… A: SOLUTION- Cash Deposit In To Bank is Simply Transfer the Cash From Location to Another , The Asset… Q: Consider the following information taken from the cash account. Assume cash payments were 80% of… A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily… Q: Regarding sources of cash, is granting credit to a customer considered a source of cash? A: The companies prepare fund flow statements to ascertain the sources and application of cash for the… Q: Consider the following information taken from the cash account. Assume cash payments were 80% of… A: Beginning balance Add: Collections Less: Disbursements Ending balance Q: A cash paid for a borrowing made earlier affects which of the following accounts? a. Cash and Notes… A: Increase in cash = Cash received = Debit to cash account Decrease in cash = Cash paid = Credit to… Q: A cash paid for a borrowing made earlier affects which of the following accounts? a. Cash and Notes… A: Borrowing means where business taken loan from outsider to be used in business and repaid later. Q: A cash paid for a borrowing made earlier affects which of the following accounts? a. Cash and Notes… A: Solution- Once you pay the full amount due, your account is paid in full. You have effectively… Q: Which of the following entries records receiving the cash payment from a customer for previous… A: When a service is performed and the cash is receivable on such service from customer then such… Q: Total cash inflow in the operating section of the statementof cash flows should include which of the… A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and… Q: Required a. Complete the schedule of cash receipts by filling in the missing amounts. b. Determine… A: Given is: Accounts receivable on July 1 = $330,000 100% accounts receivables are collected in the… Q: Why are cash receipts required to be deposited the same day they are received A: This question explains about cash receipts required to be deposited the same day they are received. Q: What was the balance of the cash account after these transactions were posted? A: Change in cash account, transaction wise. 1. Cash balance when shop was started = $41,900 2. No cash… Q: Identify the correct journal entry when cash is received from customers - periodic inventory system… A: Click to see the answer Q: In which of the three activity categories of a statement of cash flows would each of the following… A: Cash flow statements are the statements that determines the inflow and outflow of cash from three… Q: Make a cash receipts journal using the following transactions and also include the total debits and… A: A cash receipts journal is a special type of accounting journal which records all the transactions… Q: Multiple Choice Questions Which of the following items decreases the balance in the accounts… A: Accounts receivable: It can be defined as an asset on the company’s balance sheet that reflects the… Q: Please calculate the amount for cash and Accounts payable A: Cash = Total Assets - (Accounts Receivable + Buildings + Equipment + Fixtures + Inventory + Land +… Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? 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Rittenberg Publisher:Cengage Learning Principles of Accounting Volume 1 ISBN:9781947172685 Author:OpenStax Publisher:OpenStax College Century 21 Accounting General Journal ISBN:9781337680059 Author:Gilbertson Publisher:Cengage Which of the following entries records a collection of cash from cash customers?Answer choice: b.
The collection of cash from cash customers requires an increase to the cash account and an increase to the revenue account called fees earned. This transaction indicates that the customer paid cash for the services at the time the services were performed.
What is the journal entry for collected cash?In the case of a cash sale, the entry is: [debit] Cash. Cash is increased, since the customer pays in cash at the point of sale. [debit] Cost of goods sold.
What entries record the receipt of cash from clients on account?Account receivable:
Account receivable shows the amount to be received by the company's customers after a specified period. Credit sales are represented by accounts receivable.
What is the journal entry to collect from a customer on account?Accounts receivable are amounts owed to a business by customers for credit sales invoiced to them on account. When a customer pays an invoice, an account receivable collection journal entry is required to clear the amount on their account.
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Which of the following entries records the collection of cash from cash customers
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