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Accounting quiz 5 hccs

Accounting quiz 5 hccs - Chapter 5 Quiz Started 9:16 AM...

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Chapter 5 Quiz Started: June 16, 2010 9:16 AM Questions: 35     1.  (Points: 3)      The cash receipts journal will be used for 1. cash received from customers on account and cash sales. 2. all cash received. 3. only cash received from customers on account. 4. only cash received from cash sales.   Save Answer     2.  (Points: 3)      If the individual subsidiary ledger accounts of Accounts Receivable and Accounts Payable contained  the following data:     Cadence Company - Vendor - $125 credit balance     Franklin Enterprises - Customer - $75 debit balance     Marcelo Construction - Client - $375 - debit balance     Peyton Supplies - Supplier - $275 - credit balance The Accounts Receivable (A/R) controlling account balance and the Accounts Payable (A/P)  controlling account balances would be: 1. A/R - $200, A/P - $650
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2. A/R - $400, A/P - $450 3. A/R - $75, A/P - $775 4. A/R - $450, A/P - $400   Save Answer     3.  (Points: 3)      Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a  Cash Receipts Journal in its operation.  What would be recorded as the Post Ref for the total Cash  column, and where on the journal would it appear? Cash Receipts Journal Date Account Credited Post Ref Cash Dr Bev Revenue Cr Food Revenue Cr Sales Tax  Pay. Cr Other Cr 3/31/09     5,444 3,089 1,907 55 393                                                                                                                 General Ledger Acct: Customer Acct  Cash 10 CCC 345  Acct Receivable 12 FFF 367  Retail Supplies 15     Sales Tax Payable 23     Beverage Revenue 41     Food Revenue 42     Retail Revenue 43     1. (10) under the amount on the cash column 2. (10), on the Post Ref. Column
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3.  (√29 under the amount on the cash column 4. ( ), Post Ref for the total of the Cash column   Save Answer     4.  (Points: 3)      Which of the following explains why there is no month-end posting to controlling accounts in a  computerized accounting system? 1. the computer does not make posting and mathematical errors 2. controlling accounts are the sum of the balances in the subsidiary 3. computerized accounting keeps a "running balance" on all accounts; therefore, posting is not  necessary. 4. when transactions are entered, they are posted immediately to all affected accounts   Save Answer     5.  (Points: 3)      A new curve to e-commerce is that 1. consumers are researching prices and features online, becoming more informed consumers.
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