The transactions completed by Franklin Company during January‚ its first month of operations‚ are listed below. Assume that Franklin Company uses the following journals: Cash Receipts (CR)‚ Cash Payments (CP)‚ Revenue (R)‚ Purchases (P)‚ and General (G). Assume that it uses Accounts Receivable and Accounts Payable Subsidiary Ledgers as well as a General Ledger. Indicate by letters which journal would be used for each transaction. Also indicate if the entry requires a posting to a subsidiary ledger
Premium Accounts receivable Invoice General ledger
PERSONAL COPY/ NOT FOR SALE OR CIRCULATION (Session 2012-13) INTRODUCTION HISTORY OF INCOME-TAX: 1. India’ trust with income tax dates back to 1859 when James Wilson‚ Finance member in the Council of India‚ came to the country to establish the tax structure‚ a new paper currency and to remodel the finance system. 2. A bill imposing tax on profits from property‚ professions‚ trades and offices was passed by the Legislative Council of India. It received the assent of the Governor General on July
Premium Taxation Tax
230-10-45-16 As stated in ASC 230-10-45-12‚ “All of the following are cash inflows from investing activities: a. Receipts from collections or sales of loans made by the entity and of other entities’ debt instruments (other than cash equivalents and certain debt instruments that are acquired specifically for resale as discussed in paragraph 230-10-45-21) that were purchased by the entity b. Receipts from sales of equity instruments of other entities (other than certain equity instruments carried in a trading
Premium Money Cash flow statement Cash flow
Southeast Shoe Distributor‚ Inc.: Identification of Tests of Controls for the Revenue Cycle (Sales and Cash Receipts) LEARNING OBJECTIVES After completing and discussing this assignment you should be able to • Recognize common documents and records used to record transactions in the revenue cycle • Recognize common control activities used to process transactions in the revenue cycle • Identify client control activities that reduce the likelihood of material misstatements
Premium Marketing Management Strategic management
receipt | | | | | | | | 30 | P.O. release | | | | | | 30 | | | | | | | | | | |
Premium Harshad number Mathematics Problem solving
Yes_____No_____ 4. Do cashiers endorse checks with a “UC Regents” stamp immediately upon receipt? Yes_____No_____ 6. Mail Remittances: a. Are checks received through the mail documented‚ restrictively endorsed‚ and deposited with Cashiers weekly or when receipts exceed $500‚ whichever comes first? Yes_____No_____ b. Are all remittances recorded in a listing upon receipt? Yes_____No_____ c. Are mail remittances handled in an area separate and secure from
Premium Deposit account Cash register Cheque
includes the activities involved in the exchange of goods and services with customers and the realization of the revenue in cash. b. The classes of transactions in this cycle for a merchandising company are sales‚ sales adjustments‚ and cash receipts. The primary accounts affected by these transactions are sales‚ accounts receivable‚ cost of sales‚ inventory‚ cash‚ sales discounts‚ sales returns and allowances‚ bad debts expense‚ and allowance for uncollectible accounts 14-2. a. Specific
Premium Accounts receivable Invoice Revenue
1. Calculate economic order quantities for each of the three types of toys. MASTER SCHEDULE FORECAST INPUT SEP26 OCT3 OCT10 OCT17 OCT24 OCT31 ----- ----- ----- ----- ----- ----- TOY AUTO 1100 1150 1200 1300 1400 1500 TOY TRUCK 500 450 400 350 300 300 TOY ROBOT 700 650 650 625 625 600 ------ ------ ------ ------ ------ ------ TOTAL UNITS 2300 2250 2250 2275 2325 2400 AVERAGE WEEKLY DEMAND (CALCULATED) TOY AUTO 1275 TOY TRUCK 383 TOY ROBOT 642 MASTER
Premium 3rd millennium Years in the future
of cash receipts and disbursement is to be prepared monthly 2. Receipts should be issued or all cash received. These receipts are to be recorded in the cash receipts journal. 3. Vouchers should be prepared for every disbursement. All vouchers should be numbered consecutively and used chronologically. Vouchers should be recorded in the cash disbursements journal and supported by official receipts. 4. The basis of the statement of cash receipts and cash disbursement is the cash receipt book and
Premium Generally Accepted Accounting Principles Cash Money
funds of the depositor should not be attached towards satisfaction of the dues of the creditor. On receipt of Order Nisi‚ the bank is bound to stop operation in the depositors account. The bank must immediately inform the customer about the receipt of the order. Order Absolute – On receipt of order absolute‚ the bank should pay the amount to the court. The production of pass book or deposit receipt is not necessary for making such payment. Amount to be attached: Garnishee order usually does
Premium Cheque Money Bank