Laoshan Company Uses a Cash Payments Journal for All Its

question 54

Multiple Choice

Laoshan Company uses a cash payments journal for all its payments by cheque. At the end of December, the journal shows the following information: $\begin{array} { | r | r | l | r | r | r | } \hline \text { Date } & \text { Cheque \# } & \text { Account Debited } & \begin{array} { c } \text { Other } \\\text { Accounts } \\\text { Debit }\end{array} & \begin{array} { c } \text { Accounts } \\\text { Payable } \\\text { Debit }\end{array} & { \begin{array} { c } \text { Cash } \\\text { Credit }\end{array} } \\\hline \text { Dec 3 } & 4022 & \text { Supplies } & \$ 460 & & \$ 460 \\\hline 9 & 4023 & \text { Adams Co. } & & \$ 1,200 & 1,200 \\\hline 15 & 4024 & \text { Repair expense } & 145 & & 145 \\\hline 19 & 4025 & \text { Inventory } & 2,400 & & 2,400 \\\hline 21 & 4026 & \text { Misc. expense } & 75 & & 75 \\\hline 23 & 4027 & \text { McDermott Co. } & & 3,600 & 3,600 \\\hline & & \text { Total } & \$ 3,080 & \$ 4,800 & \$ 7,880 \\\hline\end{array}$ When this journal is posted, what entry will be made to the accounts payable control account?

• A)credit $4,800
• B)debit $4,800
• C)credit $7,880
• D)debit $7,880

Identify different roles and terms related to financial transactions, including payer, payee, agent, and endorser.

Recognize the security features and precautions related to check acceptance and banking procedures.

Describe the different payment options available in medical practices, including the pros and cons of accepting credit and debit cards.

Understand the concepts and functions of digital financial instruments, including cryptocurrency and electronic checks.

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Definitions:

Albinism

A genetic disorder characterized by a lack of melanin pigment in the skin, hair, and eyes, resulting in a very pale appearance and sensitivity to sunlight.

Melanin

A pigment that gives human skin, hair, and eyes their color and offers protection against UV radiation.

Keratin

A type of structural protein that is a key component of the skin, hair, nails, and the outer layer of cells.

Protein

Large biological molecules, or macromolecules, consisting of one or more long chains of amino acid residues, functioning in various roles within organisms.