Activity 1. Classify MeInstruction: Identify each element or account title if it can be found on a service ormerchandising business. Complete the table by putting a (v) check mark or (X) crossmark in the corresponding columns.ACCOUNTSSERVICEMERCHANDISINGBUSINESSBUSINESSEx. Professional FeesSalesConsulting RevenuePurchasesCost of SalesInventory BeginningReferral RevenueFreight-InPurchase Returns andAllowancesAdvertising RevenuePurchase DiscountFreight-outUnearned RevenueUtilities ExpenseDepreciation ExpenseAllowance for Bad debtsSales discountSuppliesSales Returns and allowancesAdvances to suppliersAdvertising Expense

Service business means the business of earning revenue by providing services. Merchandising business…

Answered: Activity 1. Classify Me Instruction:…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 4CYBK

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Similar questions

Compare and contrast a manual accounting system for processing customer transactions. Include an explanation of how the accounts receivable subsidiary ledger compares with the Customer Center.
which of the following actions update/ record is: a master file, transactions file, special journal, general journal, general ledger or subsidiary ledger: a. record sales transactions on a manual accounting system. b. record adjusting journal entry on a manual accounting system
Using the following revenue journal for Bowman Cleaners Inc., identify each of the postingreferences, indicated by a letter, as representing (1) posting to general ledger accounts or(2) posting to subsidiary ledger accounts:
A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?B. Who creates the Sales order?C. Who gets copies of the Sales Order?In the space below, please answer parts A, B, and C.
Drawing from your basic accounting knowledge, list the relevant data attributes that constitute the record types below. Identify which attribute is the primary key for the record. Accounts Payable record Inventory record Customer Sales Orders record Purchase Orders to vendors Cash Receipts (checks) from customers Employee Payroll Earnings records
Define the following in relation to sage accounting pastel system 1. Computerized accounting system 2. Transaction processing system 3. Stock taking 4. Ageing 5. Supplier remittance 6. Bill of material
Master data store Reason(s) for checking Master data store Customer Accounts receivable Inventory
Describe and use the sales journal. What steps are followed in posting from the sales journal to the accounts receivable ledger?
Which of the following types of transactions can be uploaded into QBO using the Receipt action. Select all that apply. Select one or more: a. Credit card receipts b. Bills c. Checks d. Invoices e. Deposits
1. Which of the following procedure will complete the purchase procedure in a company? a. Approving suppliers invoice b. Checking the invoice c. Receiving the material by stores department d. Making the payment
Which of the following will be not be called as Source Document of a Business? a. Debit note raised by the business b. Sales invoice issued by the business c. Purchase invoice received by the business d. List of suppliers are kept under Purchase ledger by the business
Indicate the order in which the following onscreen Vendors and Expenses transaction forms typically should be prepared. Expense > Pay Bills Check > Pay Bills Bill > Pay Bills Invoice > Pay Bills

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