CHART OF ACCOUNTS:

• Cash
• Accounts Receivable
• Accounts Receivable (Credit)
• Due from Factor
• Subscription Receivable
• Refundable Contract Deposit
• Claims Receivable
• Advances to Employees
• Advances to Affiliates
• Notes Receivable Discounted
• Unearned Sales Revenue
• Sales Revenue
• Unearned Interest Income
• Interest Income
• Loss on Discounting of Notes Receivable
• Loss on Factoring
• Allowance for Doubtful Accounts
• Allowance for Sales Allowances
• Allowance for Sales Discount
• Allowance for Sales Returns

identifying Accounts Receivable Transactions

Identify if the following transactions will give rise to debit or credit to Accounts Receivable account or not. Write the word YES if it will use the Accounts Receivable account during recording in accounting books, and the word NO if not. Identify what receivable account* is appropriate to record the transaction. Write "none" if not applicable.

No.	TRANSACTIONS	YES/NO	Appropriate Account
1.	Charge sales
2.	Collection from customers
3.	Charge for goods out on consignment.
4.	Shareholders’ subscription
5.	Advance collection from customers for future shipment of goods.
6.	Deposit on contract
7.	Claims against common carrier for shipping damages
8.	IOUs from employees
9.	Cash advances to affiliates
10.	Write-off of accounts receivable
11.	Provision for doubtful accounts
12.	Debit memorandum for damaged goods
13.	Allowance to customers for shipping damages
14.	Allowance to customers for payment within the discount period
15.	Allowance to customers for return of goods sold

Answer rating: 100% (QA)

SOLUTION No TRANSACTIONS YESNO Appropriate Account 1 Charge sales Yes Sales Revenue 2 Collection fro... View the full answer