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CHART OF ACCOUNTS: Cash Accounts Receivable Accounts Receivable (Credit) Due from Factor Subscription Receivable Refundable Contract Deposit Claims Receivable Advances to Employees Advances to Affiliates

CHART OF ACCOUNTS:

  • Cash
  • Accounts Receivable
  • Accounts Receivable (Credit)
  • Due from Factor
  • Subscription Receivable
  • Refundable Contract Deposit
  • Claims Receivable
  • Advances to Employees
  • Advances to Affiliates
  • Notes Receivable Discounted
  • Unearned Sales Revenue
  • Sales Revenue
  • Unearned Interest Income
  • Interest Income
  • Loss on Discounting of Notes Receivable
  • Loss on Factoring
  • Allowance for Doubtful Accounts
  • Allowance for Sales Allowances
  • Allowance for Sales Discount
  • Allowance for Sales Returns
    1. Identifying Accounts Receivable Transactions 15 POINTS
  • Identify if the following transactions will give rise to debit or credit to Accounts Receivable account or not. Write the word YES if it will use the Accounts Receivable account during recording in accounting books, and the word NO if not. Identify what receivable account* is appropriate to record the transaction. Write "none" if not applicable.

No.

TRANSACTIONS

YES/NO

Appropriate Account

1.

Charge sales

2.

Collection from customers

3.

Charge for goods out on consignment.

4.

Shareholders subscription

5.

Advance collection from customers for future shipment of goods.

6.

Deposit on contract

7.

Claims against common carrier for shipping damages

8.

IOUs from employees

9.

Cash advances to affiliates

10.

Write-off of accounts receivable

11.

Provision for doubtful accounts

12.

Debit memorandum for damaged goods

13.

Allowance to customers for shipping damages

14.

Allowance to customers for payment within the discount period

15.

Allowance to customers for return of goods sold

please answer correctly po I'm having confusion with the instruction, it's part of our quizzes hehe thank you

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