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3 years ago

8

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?

1 answer:

Nadusha1986 [10]3 years ago

4 0

Answer:

Please see attachment

Explanation:

Please see attachment

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The current sections of Whispering Winds Corp.’s balance sheets at December 31, 2019 and 2020, are presented here. Whispering Wi

storchak [24]

Answer:

The amount of cash provided by operating activities is $155,000

Explanation:

The net cash provided by operating activities is shown below by the cash flow statement extract:

Net income $152,000

depreciation expense $24,900

increase in accounts receivable($109700-$77900)($31,800)

Decrease in inventory($171,900-$157,000) $14,900

increase in prepaid expenses($26,700-$25,100) ($1,600)

increase in accrued expenses($14,600-$8400) $6,200

decrease in accounts payable($95,100-$85,500) ($9,600)

net cash provided by operating activities $155,000

Note:

An increase in liability means depriving the other party some cash,hence it is positive and vice versa.

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2 years ago

When deleting a check all of the following is true except: Multiple Choice It is better to delete the check than void the check

schepotkina [342]

Answer: It is better to delete the check than void the check in order to erase all records of the transaction

Explanation:

When a check is deleted, it should be noted that such check is being removed entirely from the system and also the transaction of the check will no longer be visible anywhere in the system.

Voiding a check mean that the amount of the transaction on the check will be changed to zero but it should be ited that a record of such transaction will still be kept in QuickBooks but deleting it will help remove the transaction in QuickBooks.

When a check is voided, the check details like the check number, account, payee, memo and date will be unchanged, even though the amount will change to zero.

Therefore, the option that says that it is better to delete the check than void the check in order to erase all records of the transaction isn't true.

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3 years ago

Traditions and beliefs form an intrinsic part of any __________. For example, Hanukkah, a Jewish festival celebrated by Jewish f

dimulka [17.4K]

Answer:

1st blank: society

2nd blank: culture

Explanation:

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3 years ago

When you friend sells your car to make money, he is using it as a

Bess [88]

Maybe for comission? <span />

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3 years ago

What is the purpose of the owner capital account in the closing process? a.Owner capital is where the period's net income or los

Setler [38]

Answer:

The correct answer is a.Owner capital is where the period's net income or loss is transferred.

Explanation:

The income and expense accounts are canceled and closed at the end of each accounting period, transferring their balances to a summary bridge account entitled "profit and loss", where the balances are summarized. The amounts of the profit and loss account, which reflect the net profit or loss for the period, are transferred to the owner's capital account. These operations are necessary because:

Revenues really increase stockholders' equity, while expenses decrease it.
Through the accounting period these increases and decreases are accumulated in income and expense accounts, not within the owner's capital account.
Closing entries at the end of each accounting period transfer the net effect of these increases and decreases, from the income and expense accounts to the owner's capital account.

In addition, closing entries allow income and expense accounts to start each of the new accounting periods with zero balances. This is also necessary because:

The income statement reflects the income and expenses incurred during an accounting period and is prepared based on the information recorded in the income and expense accounts.
These accounts must begin each new accounting period with a zero balance, if it is desired that the end-of-period balances accurately reflect the income and expenses of said period.

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3 years ago