7. LO 7.3 Record the following transactions in the sales journal:Jan. 15 Invoice # 325, sold goods on credit for $2,400, to Maroon 4, account # 4501Jan. 22 Invoice #326, sold goods on credit for $3,500 to BTS, account # 5032Jan. 27 Invoice #327, sold goods on credit for $1,250 to Imagine Fireflies, account # 38968. LO 7.3 Record the following transactions in the cash receipts journal.Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,225 formerchandise purchased on June 4 for $1,250, invoice number #1032. Jolie Inc. wasoffered terms of 2/10, n/30. Record the payment.Jun. 15 Portman Inc. mailed you a check for $2500. The company paid for invoice #1027,dated June 1, in the amount of $2,500, terms offered 3/10, n/30.Jun. 17 Your company received a refund check (its check #12440) from the State PowerCompany because you overpaid your electric bill. The check was in the amount of$72. The Utility Expense account number is #450. Record receipt of the refund.9. LO 7.1 Why does a student need to understand how to use a manual, paper-basedaccounting information system since everyone uses computerized systems?10. LO 7.5 Forensic means “suitable for use in a court of law.” How does that have anythingto do with accounting?

LO 7.3 Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction?Choose one answer from the options below.A. sales journalB. purchases journalC. cash receipts journalD. cash disbursements journalE. general journal

Grade - 12 (2023) – 2023 FWC - 2 - Accounting- I04. Select the answer which contains the correct order of source documents used to be recorded the abovetransactions in the accounting books of Akilan business.(1) purchase invoice, credit note, sales invoice, receipt, journal voucher(2) purchase invoice, debit note, sales invoice, voucher, journal voucher(3) purchase invoice, credit note, receipt, journal voucher, sales invoice(4) sales invoice, debit note, purchase invoice, receipt, journal voucher(5) purchase invoice, debit note, sales invoice, receipt, journal voucher05. What is balance of VAT account after the above transactions?(1) Rs. 800 credit (2) Rs. 800 debit (3) Rs. 1 000 credit(4) Rs. 1 000 debit (5) Rs. 900 debit06. What is increase or decrease in net assets due to the above transactions?(1) Rs. 11 000 (2) Rs. 9 000 (3) Rs. 10 100(4) Rs. 5 000 (5) Rs. 12 10007. A business carries out all business transactions through bank account. Monthly bank statement of thisbusiness showed Rs. 270 000 credit balance on 30.06.2022. The values of cheques deposited but notrealized and issued but not presented on this date were Rs. 85 000 and Rs. 45 000 respectively. The cashbalance on 30.06.2022 is,(1) Rs. 225 000 debit (2) Rs. 23 000 debit (3) Rs. 270 000 debit(4) Rs. 310 000 debit (5) Rs. 355 000 debit

7. LO 7.3 Record the following transactions in the sales journal:Jan. 15 Invoice # 325, sold goods on credit for $2,400, to Maroon 4, account # 4501Jan. 22 Invoice #326, sold goods on credit for $3,500 to BTS, account # 5032Jan. 27 Invoice #327, sold goods on credit for $1,250 to Imagine Fireflies, account # 38968. LO 7.3 Record the following transactions in the cash receipts journal.Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,225 formerchandise purchased on June 4 for $1,250, invoice number #1032. Jolie Inc. wasoffered terms of 2/10, n/30. Record the payment.Jun. 15 Portman Inc. mailed you a check for $2500. The company paid for invoice #1027,dated June 1, in the amount of $2,500, terms offered 3/10, n/30.Jun. 17 Your company received a refund check (its check #12440) from the State PowerCompany because you overpaid your electric bill. The check was in the amount of$72. The Utility Expense account number is #450. Record receipt of the refund.9. LO 7.1 Why does a student need to understand how to use a manual, paper-basedaccounting information system since everyone uses computerized systems?10. LO 7.5 Forensic means “suitable for use in a court of law.” How does that have anythingto do with accounting?

he journal entry to record the purchase on account of $950 of merchandise with freight of $45 prepaid by their supplier and added to the invoice is:

Which of the following transactions would LEAST likely be recorded in the special journals? Group of answer choicesCash received from customers for returned goods.Sales made on account with terms 2/10, n/30.Cash payments for purchases previously purchased on account.Purchase of equipment through issuance of a promissory note.