Questions

Dashboard Unit 7 Quiz (Test your knowledge on Unit 7 concepts)

Multiple dropdown selections

Select the missing source documents and journals for each type of transaction in the table below. [table] Transactions | Source documents | Journals Any cash received | Blank 1 Question 3 ReceiptCheque | Blank 2 Question 3 Cash Receipts JournalCash Payments Journal Any cash paid | Blank 3 Question 3 ReceiptCheque | Blank 4 Question 3 Cash Receipts JournalCash Payments Journal [/table] Select the missing accounts in the posting of the journals below. Cash Receipts Journal Dr Blank 5 Question 3[select: , Cash at Bank, Discounts Allowed, Accounts Receivable, Accounts Payable] Dr Blank 6 Question 3[select: , Cash at Bank, Discounts Allowed, Accounts Receivable, Accounts Payable] Allowed Cr Blank 7 Question 3[select: , Cash at Bank, Discounts Allowed, Accounts Receivable, Accounts Payable] Cr relevant revenue accounts Cash Payments Journal: Dr relevant expense accounts Dr Blank 8 Question 3[select: , Cash at Bank, Discounts Allowed, Accounts Receivable, Accounts Payable] Cr Blank 9 Question 3[select: , Cash at Bank, Discounts Allowed, Accounts Receivable, Accounts Payable] Cr Blank 10 Question 3[select: , Cash at Bank, Discounts Allowed, Accounts Receivable, Accounts Payable] Received

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Step-by-Step Analysis

We begin by restating the task in our own words to set the context: there is a table with transactions and missing source documents and journals, followed by a separate part asking to select missing accounts to be posted in various journals. The provided answers fill in each blank, so we will evaluate each blank choice and explain why it fits or not, building up a coherent justification for every item in the sequence. First section: missing sources and journals for each type of transaction - Blank 1 corresponds to the source document for the row described as 'Any cash received' with an implied option among 'Receipt' or 'Cheque'. The chosen answer is 'Receipt'. A receipt is a formal document that acknowledges cash received from a customer or other party and is commonly used for cash receipts in accounting records. This aligns with standard bookkeeping practice where a cash receipt document accompanies cash inflows and the journal entry that records cash received. - Blank 2 is tied t......Login to view full explanation

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