If a cash payments journal is supposed to save time spent writing, why are there so many

Question:

If a cash payments journal is supposed to save time spent writing, why are there so many entries in the Other Accounts Debit column?

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

Step by Step Answer:

Related Book For book-img-for-question

College Accounting Chapters 1-30

ISBN: 978-0077862398

14th edition

Authors: John Price, M. David Haddock, Michael Farina

See More Books

Question Posted: Aug 18, 2017 02:23 PM

See More Questions

Black Gold Tea Exploration Co. was established on March 15, 2010, to provide oil-drilling services. Black Gold Tea uses field equipment (rigs and pipe) and field supplies (drill bits and lubricants)...
Tellico Springs Water Testing Service was established on September 16, 2010. Tellico uses field equipment and field supplies (chemicals and other supplies) to analyze water for unsafe contaminants in...
Sam Santiago operates a retail variety store. The books include a cash payments journal and an accounts payable ledger. All cash payments (except petty cash) are entered in the cash payments journal....
Which one can be considered as the last stage in knowledge management system O A. Identifying O B. Disseminating O C. Capturing O D. Storing
FIFO method (continuation of 17-35). Do Problem 17-35 using the FIFO method of process costing. If you did Problem 17-35, explain any difference between the cost of work completed and transferred out...
Choosing between compensation plans, operating leverage (CMA, adapted) Marston Corporation manufactures pharmaceutical products that are sold through a network of external sales agents. The agents...
Explain the difference between EDLP and high/low pricing.
You are to construct a star schema for Simplified Automobile Insurance Company (see Kimball, 1996b, for a more realistic example). The relevant dimensions, dimension attributes, and dimension sizes...
Khobar Electrical Manufacturing Company produces and sells only two types of electrical products; Washing Machines and Dish Washers. The following information related to company's performance for...
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
In a cash receipts journal, both the Accounts Receivable Credit column and the Cash Debit column were mistakenly underadded by $700. How will this error be discovered?
What does an X under the total of a special journal's Other Accounts column signify?
How did multibank holding companies get around the McFadden Act before the passage of the IBBEA? Defend the following statement: The IBBEA did nothing more than endorse what was happening in the...
Company, a soft-drink vendor, has created a table of costs for three stocking decisions for three different states of nature: Alternatives States of Nature Low Demand Medium Demand High Demand Large...
utilizes a project scheduling software application to develop a project schedule for a construction project.
Kimi is a server or restaurant and relies on tips from a customers to make a living. She doesn't really enjoy her job and frequently think about quitting because she is constantly having 2% a happy...
What represents revenues (Inflow) and expenses (Outflow) for a healthcare organization? Your paper should include information on sources of healthcare revenue (governmental and private payers), how...
case study analysis should be a thoughtful write up including: 1.a brief case analysis 2.key questions and answers from the case from your unique perspective 3.a summary and/or recommendations...
These balances were taken from the books of Amigo CC as at 30 June 20x2: Additional information: 1. Mpho and Jansen, the only members, contributed R300 000 and R200 000 respectively during the year....
A random sample of 10 houses heated with natural gas in a particular area, is selected, and the amount of gas (in therms) used during the month of January is determined for each house. The resulting...
Bad-Debt Reporting the chief accountant for Dolly wood Corporation provides you with the following list of accounts receivable written off in the current year. Dolly wood Corporation follows the...
Bad Debts'Aging Puckett, Inc. includes the following account among its trade receivables. Age the balance and specify any items that apparently require particular attention atyear-end. Alstott Co....
Journalizing Various Receivable Transactions Presented below is information related to Sanford Corp. July 1 Sanford Corp. sold to Legler Co. merchandise having a sales price of $10,000 with terms...
Your company produces a health magazine. Its sales data for 1 - year subscriptions are as follows: Year of Operation Subscriptions Sold % Expired at Year End 2 0 2 0 $ 3 0 0 , 0 0 0 5 2 0 2 1 $ 6 4 7...
Problem 3 - 2 0 ( Static ) Calculate profitability and liquidity measures LO 3 - 3 , 3 - 4 , 3 - 6 Presented here are the comparative balance sheets of Hames Incorporated at December 3 1 , 2 0 2 3...
3 Required information [The following information applies to the questions displayed below) John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter. Samantha. In 2020,...

If a cash payments journal is supposed to save time spent writing, why are there so many

Question:

Step by Step Answer:

Many of the entr...View the full answer

College Accounting Chapters 1-30

Students also viewed these Accounting questions