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?
Exhibit 7-7:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
ANSWER There are a few reasons why credits to customer accounts and credits to other accounts are in...View the full answer
Answered By
Surendar Kumaradevan
I have worked with both teachers and students to offer specialized help with everything from grammar and vocabulary to challenging problem-solving in a range of academic disciplines. For each student's specific needs, I can offer explanations, examples, and practice tasks that will help them better understand complex ideas and develop their skills.
I employ a range of techniques and resources in my engaged, interesting tutoring sessions to keep students motivated and on task. I have the tools necessary to offer students the support and direction they require in order to achieve, whether they need assistance with their homework, test preparation, or simply want to hone their skills in a particular subject area.
0.00
0 Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Question Posted:
Students also viewed these Business questions
-
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...
-
Refer to Exercise 7-3 and for each of the transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash...
-
Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a cash receipts journal like the one in Exhibit 7.7. Journalize the...
-
Use the present value tables in Appendix A and Appendix B to compute the NPV of each of the following cash inflows. a. $89,000 received at the end of six years. The discount rate is 4 percent. b....
-
On May 15 of the current year, Quick Corporation distributes to its shareholder Calvin a building having a $250,000 FMV and used in Quicks business. The building originally cost $180,000. Quick...
-
Which one of the following is the correct statement? In meshing gears with involute gear teeth, the contact begins at the intersection of the (a) line of action and the addendum circle of the driven...
-
Assume you had to serve a complaint on a defendant in Los Angeles, California. Find a company that would be available for service of process.
-
Locate the 2007 financial statements for The Walt Disney Company on the Internet. Use those financial statements and consider the following questions. 1. As illustrated in Exhibit 10-10, Interbrand...
-
Problems 5.1 The table shows data from a trial run on the Utah salt flats made by an experimental turbine-powered vehicle. Time, t, s Velocity, V, m/s 10.0 15.1 20.5 32.2 30.0 63.4 40.0 84.5 50.0...
-
Following is the unadjusted trial balance for Alcorn Institute as of December 31, 2011, which initially records prepaid expenses and unearned revenues in balance sheet accounts. The Institute...
-
Refer to the information in QS 6-5 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. (Round per unit costs to...
-
Refer to Research In Motions financial statements in Appendix A to answer the following. 1. Identify the note that reports on Research In Motions business segments. 2. Describe the focus and...
-
Cagney Company sold $200,000 of bonds on June 30, 2010. A portion of the amortization table appears below. Required: 1. Indicate the stated interest rate on these bonds. 2. Calculate the effective...
-
Demand for prestige college education is generally considered to be highly inelastic. What does this suggest about tuition increases at prestige schools in the future? Why dont colleges raise tuition...
-
Price elasticity is not just a technical economic concept. It also reflects the distribution of economic powerthe bargaining power and economic opportunities of buyers and sellers. a. When suppliers...
-
What is the difference between strategic opportunism and strategic adaptability? Can you give examples of each? What is the difference between the risks of both? Can you give examples of firms that...
-
In the discussion of elasticity and raising and lowering prices, the text states that if you have an elastic demand, you should hesitate to raise your price, and that lowering price can possibly...
-
Examine a major firm and determine its philosophy blend. Where does each of its philosophies become visible?
-
Why should some software metrics be kept "private"? Provide examples of three metrics that should be private. Provide examples of three metrics that should be public.
-
Accounting policies and practices that are most important to the portrayal of the companys financial condition and results, and require managements most difficult, subjective, or complex judgments...
-
Peters Consulting completed these transactions during June 2020: Required For each transaction, (1) complete the analysis, (2) determine the journal entry analysis, and (3) record the journal entry....
-
An account is defined as a: a. Detailed record of increases or decreases in a specific asset, liability, or equity item b. Financial statement record that maintains customer information for a...
-
Stud Muffin Bakery prepares financial statements on an annual basis and has a December 31, 2020 year-end. On July 1, 2020, the bakery purchased a one-year insurance policy for $12,000 cash. The...
-
Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Direct materials Direct labor...
-
Analyze the role of narrative gaps and ellipses in constructing a compelling story. How do authors like Ernest Hemingway with his "iceberg theory" or Cormac McCarthy with his sparse prose create a...
-
A dog's owner throws a tennis ball from a point 1.5 m above the ground with an initial speed of 12.7 at an angle 31.5 above the horizontal. The dog jumps to catch the ball as it returns to the same...
Study smarter with the SolutionInn App