A credit memo received from the branch is recorded by the home office as
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2. A credit memo received from the branch is recorded by the home office as
a. Credit to home office account
b. Credit to allocated expense
c.Credit to investment account
d. Debit to investment account
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- What is the accounts receivable ledger? a. A record of credit customers and their balances b. A record of vendors and their balances c. Part of the sales journal d. Part of the general journal e. Part of the general ledgerThe schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledgerUse the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.
- You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal. The branch records a debit memo received from the home asA. Debit to home office accountB. Debit to allocated expenseC. Debit to investment accountD. Credit to home office accountThe controlling account in the general ledger that summarizes the debits and credits to the individual accounts in the customer's ledger is entitled A. Accounts Receivable B. Accounts Payable C. Sales D. Purchases
- A debit to the Income Summary ledger account and a credit to the Home Office account appear in: A. The accounting records of the Home office to record the net income of the home office. B. Some other manner. C. The accounting records of the Home office to record the net income of the branch. D. The accounting records of the branch to record the net income of the branch.If the branch receives credit memo from the home office, the branch shall record it in its separate statement of financial position by Disclosure Debiting the home office account Crediting the home office account Increasing the home office accountIn which journal is the receipt of a promissory note from a customer on account recorded ? a. revenue journal b. cash receipts journal c. general journal d. purchases journal
- A credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B. decrease C. Transer D. IncreaseS1: An expense item allocated by the home office to a branch is recorded by thebranch by a debit to an expense ledger account and a credit cash-home office.S2: A debit to Home Office ledger account and a credit to the Trade AccountsReceivable account in the accounting records of a branch indicate that the homeoffice collected accounts receivable of the branch. A. Only S1 is correct.B. Both statements are incorrect.C. Only S2 is correct.D. Both statements are correct.What is the GL entry when a company receives a payment from a customer? Debit revenue, credit customer Debit customer, credit revenue Debit bank, credit customer, credit accounts reconciliation account Debit accounts reconciliation account, credit bank Debit accounts reconciliation account, debit customer, credit bank
