Answered: The adjusting entry to take up accrued…

The adjusting entry to take up accrued expenses is recorded in the: (A purchases journal B general journal (c) sales journal cash disbursements journal

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 3MC: The journal that should be used to record the return of merchandise for credit is the (a) purchases...

See similar textbooks

Related questions

Q: The general journal records the daily transactions of a business pertaining to: a. Purchases…

A: A general journal is a form of accounting entry that is used to report a business transaction in a…

Q: In which journal would the payment of salaries be posted? a.cash receipts journal b.special journal…

A: Journal entry for Payment of salaries: Salaries A/c To Cash A/c ( Being salaries paid ) As per…

Q: Record the sale of equipment. Note: Enter debits before credits. Transaction General Journal Debit…

A: Depreciation means the wear and tear by usage of assets or passage of time.

Q: When closing income statement accounts having credit balances, which of the following accounts will…

A: The accounts that are temporary in nature are to be closed at the end of a period and these are…

Q: In Quickbooks, for a purchase on account and the subsequent payment for the purchase, which business…

A: To require: In Quickbooks, for a purchase on account and the subsequent payment for the purchase,…

Q: The journal entry to record the purchase of supplies on accounta. credits Supplies and debits…

A: Journal entries Journal entries are the transactions that are recorded in the primary book. They are…

Q: If a company initially records prepaid expenses with debits to expense accounts, what type of…

Q: The Ledger related to expenses is entered in which one of the ledger? Sales Ledger Purchase return…

A: Expenses are not recorded in a specific ledger.

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source Document: A source document is a document which supports every transaction that has entered…

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source documents captures key information required for preparing books of accounts. Source documents…

Q: Multiple choice: A sale is recognized and recorded in the accounting records at the time:…

A: Accounting records: The accounting records refer to the recording of assets, liabilities, equity…

Q: Identify the group of accounts that are NOT SHOWN IN THE DEBIT COLUMN of the Trial Balance. O a.…

A: Ledger balances square measure sequestered into debit balances and credit balances. Quality and…

Q: expenses: 1. Prepare general journal entries to enter the transactions. 2. Prepare the adjusting…

A: The question is based on the concept of Financial Accounting.

Q: When using a manual accounting information system, which of the following transactions would be…

A: Journal : A journal is a book of original entry where all the monetary transactions in the form of…

Q: When purchases of merchandise are made on account and the perpetual method is used, the transaction…

A: If a business entity purchases the merchandise Inventory on account, hereunder double-entry system…

Q: Identify the journal in which each of the following transactions is recorded. Transactions Journals…

A: Every journal entry we record in journals. There are types of journals like - Cash payments journal…

Q: The questions to be answered are: Fiona Sporty uses a purchases journal, a cash payments journal, a…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: 1) Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Q: Fiona Sportyuses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: Everyday businessman performs large number of transactions. These transactions cannot be remembered…

Q: the entry to record the purchase of supplies on account includes a credit to what?

A: Journal entries are prepared to record the financial and non-financial transactions of the business.

Q: Which of the following appears in the balance sheet accounts section of a pre-adjustment trial…

A: Pre adjustment trial balance is the summary of all general ledger account balances in the business…

Q: Indicate the journal in which each of the following transactions should be recorded. Assume a…

A: Journal entry refers to the recording of transactions in the book of accounts in a double-entry…

Q: For each of the following items, identify whether the item is considered current or noncurrent, and…

A: When the item is with the organisation for the 12 months or less than one accounting period then it…

Q: The journal entry to purchase equipment on account includes a: Oa. debit to Accounts Payable. Ob.…

A: Equipment Purchase Transaction: In the purchase of equipment on account, there are two accounts that…

Q: A(n). consists of individual accounts for all creditors. O a. accounts receivable ledger O b.…

A: Creditor: It can be defined as the party that lends the money to the business or any individual.

Q: Under perpetual inventory system- what is the journal entry when payment is made on accounts payable…

A: Perpetual inventory system: It is a method of inventory management that records real-time…

Q: When converting from cash basis to accrual basis accounting, which of the following adjustments…

A: Cash receipts from customers under cash basis of accounting includes receipts collected from…

Q: A purchases journal is used to record: O a. purchases of merchandise on account for resale. O b.…

A: Journal: It is often defined as a primary accounting book that is used by the business to record all…

Q: The entry to record the purchase of supplies on account would include a: a. debit to the Retained…

A: When supplies are purchased, as per the real account rule, supplies will be debited. As supplies are…

Q: hich of the following accounts is closed by debiting the account

A: Nominal Accounts are closed at the end of the period by transferring the balances to profit and loss

Q: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…

Q: Return of merchandise sold on account is recorded in the: A purchases journal B either sales or…

A: Merchandise is very important asset for the business. Purchase and sale of merchandise is recorded…

Q: Which one of the following commences on the day inventory is purchased and ends on the day the…

A: Inventory period: It is a measure of the average number of days the inventory is held.

Q: The type of transaction that would appear in sales journal would be a sale of

A: Sales Journal is a daybook to record the sales on credit to customers

Q: Which of the following transactions will be recorded in cash payment journal? a. Receipt of income…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Identifying special journals Use the following abbreviations to indicate the journal in which you…

A: Special Journal: It is a book where only specific type of monetary transactions such as cash…

Q: Which of the following items would be recorded in the purchases journal? A. supplies purchased on…

A: Purchase journal is the journal specifically to record purchase transactions. It shows all the…

Q: a. Prepare a statement correcting the balance at 31 January 2018 on the Purchases Ledger Control…

A: The main difference between Purchase Ledger and Purchase Ledger Control a/c is that the Purchase…

Q: The journal entry to record the purchase of inventory on account is:

A: The journal entry to record the purchase of inventory on account is: Answer - A Debit…

Q: Week 6 Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash…

A: Journal: Journal is considered as a book of original entry because all the transactions that have…

Q: Which of the following accounts has a normal debit balance? A. Interest Revenue B. Inventory C.…

A: All assets and expense accounts normally have debit balance. All liabilities and incomes would…

Q: Identify which type of adjustme A. Rent paid in advance for us B. Cash received in advance f C.…

A: The following transactions are categorized with the appropriate answer

Q: Calculator Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following…

A: For payment of creditors on account, Accounts payable should be debited and cash will be credited.

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts:…

A: In Book-Keeping, all ledgers accounts have either debit or credit balance and when debit side is…

Question

The adjusting entry to take up accrued expenses is recorded in the:
A purchases journal
(B general journal
C sales journal
D cash disbursements journal

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following accounts are used when recording a purchase? A. cash, merchandise inventory B. accounts payable, merchandise inventory C. A or B D. cash, accounts payable
A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?
Allowance method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:
If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following? A. a closing entry B. an adjusting entry C. an ordinary transaction entry D. outside of the accounting cycle
The journal that should be used to record the return of merchandise for credit is the (a) purchases journal. (b) cash payments journal. (c) general journal. (d) accounts payable journal.
Record the following purchase transactions of Money Office Supplies.
From the following list, identify which items are considered original sources: A. accounts receivable B. receipt from post office for post office box C. purchase order D. general ledger E. adjusted trial balance F. statement of retained earnings G. electric bill H. packing slip I. company expense account J. statement of cash flows
Purchase-related transactions Based on the data presented in Exercise 5-16, journalize Balboa Co.s entries for (A) the purchase, (B) the return of the merchandise for credit, and (C) the payment of the invoice.
For each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account. a. Sales Returns and Allowances b. Merchandise Inventory c. Sales d. d Freight In e. Purchases Returns and Allowances f. Sales Tax Payable g. Purchases