Explain the posting process of the cash payments journal.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 46% (15 reviews)
Entries in the cash payments journal are posted to both the accounts payable subsidiary ...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Accounting questions
-
Explain the posting process of the sales journal.
-
When is the Sundry column of the cash payments journal posted?
-
Posting purchases and cash payments transactions. GENERAL LEDGER ACCOUNTS 101 Cash, $12,500 Dr. 502 Freight In 201 Accounts Payable 503 Purchases Returns and Allowances 501 Purchases 504 Purchases...
-
Refer to the bolt strength problem 17.47. Assume = 6,050 and 5 100. Use the following 24 individual bolt strength observations to answer the questions posed. (a) Prepare a histogram and/or normal...
-
Briefly explain three ways lawyers bill their clients. Which of the three is most commonly used?
-
The data in the following table present expenditures by object category for the School of Public Affairs at Enormous State University. As with most elite programs at state universities, the school...
-
Mendels peas. Gregor Mendel used garden peas in some of the experiments that revealed that inheritance operates randomly. The seed color of Mendels peas can be either green or yellow. Suppose we...
-
Sean McNamee was the owner of an accounting firm, W. F. McNamee & Co., LLC (WFM), which he founded and formed in Connecticut as a limited liability company (LLC). For federal tax purposes, an LLC can...
-
Majorn Auto Parts Store had net income of $ 8 1 , 0 0 0 for the year just ended. Majorn collected the following additional information to prepare its statement of cash flows for the year: \ table [ [...
-
Frank Petronick decided to start an accounting practice after graduation from university. The following is a list of events that occurred concerning Franks practice during June 2021, the first month...
-
David Dennison, majority stockholder and president of Dennison, Inc., is working with his top managers on future plans for the company. As the companys managerial accountant, youve been asked to...
-
Explain the two components of a computerized accounting information system.
-
An adiabatic turbine is designed to take stream of steam fl owing at 10 kg/s from an inlet at 10 bar and 500C to an outlet at 1 bar. It is reported that at steady-state, this turbine can deliver...
-
MATA 31 Calculus 1 winter 2024 Problem Set 2 Feb 11 Feb 18 on Crowdmark Each question is 25 points. 1. (25) (a) (15) Given that lim 3 2x + 3 for = 0.1 = 3, find the largest & that works (b) (10) Find...
-
A retailer has product demand 9600 units a year. The carrying cost of one unit of the product is $3.50 per year. Ordering costs are $28 per order. a. What is the Economic Order Quantity (EOQ)? (2...
-
How do I key in this into journal entries Crest Pte Ltd Trial Balance Cash Accounts receivable, Augusta Office Equipment Opening Bal as at 1 Mar 2021 Debit (5) Credit ($) 15,000 5,000 13,000...
-
If an atomic layer is approximately 0.1nm thick, how fast are the protein synthesis machines working in atomiclayers/satomiclayers/s?
-
Consider the 4 sets of data shown below for v(t) the velocity of an object in freefall with the corresponding linear curve fits. The slope of the best fit line gives the acceleration, and for...
-
A tank with openings 1,2 , and 3 is moving to left at a speed of \(25 \mathrm{~km} / \mathrm{h}\). Knowing that \(D_{1}=D_{2}=20 \mathrm{~cm}\) and \(D_{3}=10 \mathrm{~cm}\), find the volume flow...
-
Havel says the grocer doesnt believe what is on the sign and indeed, he says the grocers customers will barely notice it. But Havel maintains that the sign serves a specific function. How would you...
-
Find the normal modes of the two-story building shown in Fig. 5.32 when \(m_{1}=3 m\), \(m_{2}=m, k_{1}=3 k\), and \(k_{2}=k\), where \(k_{1}\) and \(k_{2}\) represent the total equivalent...
-
Match each example with a component of a computerized accounting information system. Components may be used more than once.
-
For each transaction listed, identify the recording error and indicate the journal that should have been used.
-
McCormick & Company Incorporated, is a global leader in flavor that manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products. The companys brands...
-
Comfort Golf Products is considering whether to upgrade its equipment Managers are considering two options. Equipment manufactured by Stenback Inc. costs $1,000,000 and will last five years and have...
-
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 71,000 shares of $10 par common stock. 8,500 shares of $60 par, 6 percent, noncumulative preferred stock. On...
-
Read the following case and then answer questions On 1 January 2016 a company purchased a machine at a cost of $3,000. Its useful life is estimated to be 10 years and then it has a residual value of...
Study smarter with the SolutionInn App