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- I. Answer the following questions related to the source document on the next page. A. What business document is it? B. What is the purpose of the document? C. Where does the information come from to prepare the list? D. Why is a list prepared? E. In the list, what does on account mean, compared to Inv. 4502? CP 194 Chapter 6 F. Give the journal entry that would be made as a result of the list. G. Who is G. Smalley? SAYERS AND ASSOCIATES CASH RECEIPTS DAILY SUMMARY MARCH 14, 20- Degagne Machine Shop Kivella Bake Shop Molner Paints $ 500.00 on account Inv. 4502 Inv. 3909 315,43 214.60 Robitaille Taxi on account 200.00 G. Smalley Total $1 230.031 ) By using FIFO method: Post Journal entries for Sales and CGS?FE4The process of recording a transaction entry into the journal is calleda) Journal Entryb) Journalizingc) Accountingd) Recording
- What information from this invoice would be entered in the Source Document column of the journal? Use the invoice below.Can assist on the following Give a brief description of the different types of source documents that are used to record journal entries. Explain why it is necessary to record the information contained in any source documents into subsidiary journals.What FASB Codification guidance would be used in writing a Accounting issue memo and an email to the client, answering the questions in the paragraph?
- Required: Prepare the journal entries to record above transactions.Which task should the general ledger perform?a. update the general ledgerb. prepare journal vouchersc. have custody of physical assetsd. have record-keeping responsibility for special journals of subsidiary ledgersPrepare the journal entries for items (a)–(j)
- What is the purpose of publishing J.F numbers that are managed to enter in the journal when accounts are posted?All records in a file must have a unique way of identifying a particular record within that file, normally referred to as a primary key. Based on your general knowledge of accounting, for each of the following types of accounting records, indicate what the most likely primary key would be to access records within that file. REQUIRED: Using the attached answer sheet, indicate the primary key that would be used to access the file for the list of files provided below. Explain your answer where appropriate. LIST OF ACCOUNTING FILES NEEDED TO BE ACCESSED WITH PRIMARY KEY Accounting File Accounts Receivable (a) (b) Accounts Payable (c) Inventory (d) Customer Sales Order (e) Purchase Orders (f) Cash Receipts From Customers (g) Payroll Earnings For Employee (h) General Ledger Primary KeyA document that asks you to return an identifying part of it with your payment is a(n) ________.A. source documentB. cloud documentC. point-of-sale documentD. turn-around document
