Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal

Question:

Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal such as the one in Exhibit 7.7. Why not put both types of credits in the same column and save journal space?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamental Accounting Principles

ISBN: 978-0078110870

20th Edition

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

See More Books

Question Posted: Dec 27, 2012 01:04 AM

See More Questions

7) The market value assessment of a home is P = $400,000. The property tax rate is t=0.50% and the interest rate is i=4%. The home is occupied by the owners. a) The total property tax owed by the...
A chain such as the one in Example 9.2 (with the same parameters) of length b and mass pb is suspended from one end at a point that is a height b above a table so that the free end barely touches the...
A small electric motor such as the one in a home furnace is rated at 1/4 horsepower. Recall that horsepower (abbreviated hp) is a unit of power, with 1 hp 750 W. (a) How much work does this motor do...
How does the winner of a lawsuit enforce the judgment?
McCormick and Company, Incorporated reported the following in its 2012 Annual Report: Analyze: 1. Based on the information presented above, which categories might require adjusting entries at the end...
On January 1, 2017, Overseas Leasing Inc. (the lessor) purchased five used oil tankers from Seven Seas Shipping Company at a price of $99,817,750. Overseas immediately leased the oil tankers to...
Scientists at NASA collected data to study which forces, including both natural and human factors, are responsible for the increase in observed temperature in the last two centuries. Go to http://www...
An inexperienced accountant prepared this condensed income statement for Hight Company, a retail firm that has been in business for a number of years. HIGHT COMPANY Income Statement For the Year...
Image transcription text 1. A cylindrical specimen of cold-worked copper (see Fig. below) has experienced a ductility of 25%EL. If its cold worked radius is 10 mm, what was its radius before...
Record the following petty cash transactions of Lexite Laminated Surfaces in general journal form (explanations are not required): Apr. 1 Established a petty cash fund with a $200 balance. 30 The...
Describe the procedures involving the use of copies of a companys sales invoices as a sales journal.
Why should sales to and receipts of cash from credit customers be recorded and posted immediately?
Ask students to find three ads that contain symbolism. Examine the symbols and discuss the meaning the symbols convey. Encourage the student to identify the different types of signs used in the ads...
What is corporate restructuring?
What are the advantages and disadvantages associated with corporations operating in centralized or decentralized fashions?
In this stage of analysis, macroenvironmental forces should be applied to __________. A. the firm B. the industry C. all industries D. multiple firms
The focus-differentiation strategy emphasizes low overall costs while serving a narrow segment of the market. True or False
What is crisis management, and why is it important?
During an eight-hour work day, starting from 9am, customers of a company arrive at a Poisson rate of two per hour. (a) Assume that during the period from 10 am to 11 am, no customers arrived. Find...
Anna, a high school counselor, devised a program that integrates classroom learning with vocational training to help adolescents at risk for school dropouts stay in school and transition to work...
Estimate the heating and cooling degree-days for the base temperature, T tb = 60F, for Denver, Colorado, for the month of May. Use the data provided in Appendix B. Appendix B Country Albania Algeria...
Selected account balances from the adjusted trial balance for Halogen Corp. as of its calendar year-end December 31, 2011, follow. Required Answer each of the following questions by providing...
Refer to Research In Motion financial statements in Appendix A to answer the following. 1. Using fiscal 2008 as the base year, compute trend percents for fiscal years 2008, 2009, and 2010 for...
Key figures for Research In Motion and Apple follow. Required 1. Compute common-size percents for each of the companies using the data provided. 2. Which company retains a higher portion of...
Write an equation for the polynomial graphed below 5+ 4 + -5-4-3-2 y = 3. 2- 1 + + 2 3 4 5 -2 345 -5+
How can ethical leadership principles be leveraged to navigate the complexities of organizational dynamics and promote a culture of integrity, accountability, and social responsibility ?
Consider the 12-QAM constellation shown in Figure 2 and the baseband pulse, g(t) depicted in Figure 3. The 12 passband transmit waveforms are represented as Sm1(t) = Amig(t) cos (2fet) - Amag(t) sin...

Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal

Question:

Step by Step Answer:

Both kinds of credits must not be placed in the same column because the sum of the cr...View the full answer

Fundamental Accounting Principles

Students also viewed these Accounting questions