When a law practice receives money for fees charged to a correspondent, the transaction will be recorded in the business cash payments journal.Select one:TrueFalse

Fees are only due and payable to the attorney when the attorney has rendered a service to the client.Select one:TrueFalse

LO 7.2 A customer just charged $150 of merchandise on the company’s own charge card. Which special 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 journalBackNext

A company factored $51,000 of its accounts receivable and was charged a 3% factoring fee. The journal entry to record this transaction would include a:Multiple ChoiceDebit to Cash of $51,000, a debit to Factoring Fee Expense of $1,530, and credit to Accounts Receivable of $49,470.Debit to Cash of $51,000 and a credit to Notes Payable of $51,000.Debit to Cash of $51,000 and a credit to Accounts Receivable of $51,000.Debit to Cash of $49,470, a debit to Factoring Fee Expense of $1,530, and a credit to Accounts Receivable of $51,000.Debit to Cash of $52,530 and a credit to Accounts Receivable of $52,530.

After a business transaction has been analysed and entered in the journal, the next step in the recording process is to transfer the information to: Group of answer choices the bank. the trial balance. ledger accounts. financial statements.

The cash disbursements system processes the payment of obligations created in the purchases system.Select one:TrueFalse