Explain how transactions recorded in the sales journal and the cash receipts journal are posted.
Question:
Explain how transactions recorded in the sales journal and the cash receipts journal are posted.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 0% (1 review)
In accounting the sales journal and the cash receipts journal are two types of special journals used to record different types of transactions related to sales and cash receipts The posting process fo...View the full answer
Answered By
Gaurav Soni
Teaching was always an area where I can pursue my passion. I used to teach my friends and junior during my school and college life. After completing my professional qualification (chartered accountancy) and before joining my job, I also joined an organization for teaching and guidance to my juniors. I had also written some articles during my internship which later got published. apart from that, I have also given some presentations on certain amendments/complex issues in various forms.
Linkedin profile link:
https://www.linkedin.com/in/gaurav-soni-38067110a
5.00+
7+ Reviews
13+ Question Solved
Related Book For
Financial Accounting Reporting, Analysis And Decision Making
ISBN: 9780730363279
6th Edition
Authors: Shirley Carlon
Question Posted:
Students also viewed these Business questions
-
The following (1 through 17) are the balance- related, transaction-related, and presentation- and disclosure- related audit objectives. REQUIRED Identify the specific audit objective (1-17) that each...
-
Each member of the team is to assume responsibility for one of the following tasks. a. Journalizing in the purchases journal. b. Journalizing in the cash payments journal. c. Maintaining and...
-
Acorn Industries completes these transactions during July of the current year (the terms of all its credit sales are 2/10, n/30). July 1 Purchased $6,500 of merchandise on credit from Teton Company,...
-
Find a minimum spanning tree for the following graph using all 3 algorithms 13 17 22- 20 15, a. Adding the shortest edge first b. Deleting the longest edge first c. Growing a tree from the node D
-
The radioactive decay of 238U produces a particles with a kinetic energy of 4.17 MeV. (a) At what speed do these a particles move? (b) Put yourself in the place of Rutherford and Geiger. You know...
-
What challenges did Sam Palmisano face as he assumed control of IBM in March 2002? Can a company like IBM be organized for both innovation and efficient operation can it be both big and small? What...
-
A sales return transaction is entered in the cash receipts journal. (True/False)
-
Lori, who is single, purchased 5-year class property for $200,000 and 7-year class property for $400,000 on May 20, 2016. Lori expects the taxable income derived from her business (without regard to...
-
A circle centered at (-1, 2) has a diameter of 10 units. Amit wants to determine whether (2,-2) is also on the circle. His work is shown below The radius is 5 units. Find the distance from the center...
-
A cash receipts journal is used for: Credit sales Cash sales Discount allowed (a) yes no (b) (c) yes (d) yes yes no yes yes yes
-
Which of the following are not disadvantages of computerised accounting systems? (a) Incompatible hardware and software. (b) Computer viruses and hackers. (c) Error reduction. (d) Loss of data due to...
-
Use the code from the Application Preview and the given encoding matrix A to decode the given message. 1. If the code matrix is decode the message 49, 59, 133, 161, 270, 327, 313, 381 2. If the code...
-
How can I make an analyses of the Value of the JPM's stock compared to my "forecasted value and free cash flow". Please step by step including exemples and an excel.
-
Before watching the video provided below, answer the following question: How do you perceive your (1) ability to stay focused, (2) to feel fulfilled by your actions in life, (3) to obtain your dream...
-
please answer all the questionss.,.within 30 minutes. make sure the explanation and reasons are explained in very detailed manner as in why the chosen option is right and why other options are wrong....
-
Welcome to Supply Chain. Touching every part of the organisation, partnering with over 75,000 suppliers, employing over 110,000 people in 190 countries, we're the backbone of the business where every...
-
For the tapered beam shown in Figure below, it shows a section at midway along its length. The web of the beam has a thickness of 2 mm and is fully effective in resisting direct stress. The beam...
-
Consider the causal LTI system with the system function Draw a signal flow graph that implements this system as a parallel combination of first-order transposed direct form IIsections. 2- - 22-2 (1-2...
-
Do public and private companies follow the same set of accounting rules? Explain.
-
on jan 21 of year 1, corinne company reissued 400 shares of treasury stock for $10 per share. the original cost of this treasury stock had been $15 per share. Corinne uses the cost method of...
-
An individual can subtract interest or dividends on obligations of counties, cities, districts, ports or other public or municipal corporations or political subdivisions of Oregon to the extent...
-
A company purchased $3,000 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned $800 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App