General Ledger and Jun Feedback

Reconciling all sub-ledgers to the general ledger for accurate interpretation of the business activity. For example, Accounts Payable Aging Report will be compared to the General ledger for the Accounts Payable account. The auditor must scan future payable transactions to see if they affect the current company outcome.

* Documents used: customer order, sales order, shipping document, sales invoice, sales journal, remittance advice, bank deposit list, cash receipts jornal, credit memo, sales return and allowance journal, uncollectable account authorization form, a/r master file, a/r trail balance, monthly statement

* Bii – Describe the information which needs to be shown on your pay slip/statement

8.      REQUIRED TO TURN IN (in this order): Typed multi-step income statement, Typed statement of retained earnings, Typed classified balance sheet, Typed Perpetual Inventory cards, Handwritten worksheet for uncollectible accounts expense calculations, and Handwritten June Journal Entries, the additional adjusting entries and all necessary closing entries. Be sure your name is on all pages.

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T-Accounts: This is the second step in the accounting cycle and the purpose of journalizing it in the T-accounts is to record the net change in cash caused by the business event. It also help preparing the statement of cash flow faster and could aid the management understanding the movement of cash and non-cash items.

This assignment reviews basic accounting entries for a series of transactions, emphasizes the integration of journals to the financial statements, and introduces students to these journal entries in SAP ERP

2.     (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how information from the journal entries get into the ledger accounts (15 points) and (2) provide an example of information that would be transferred. (10 points)(Points : 25)

Assume that Franklin Company uses the following journals: Cash Receipts (CR), Cash Payments (CP), Revenue (R), Purchases (P), and General (G). Assume that it uses Accounts Receivable and Accounts Payable Subsidiary Ledgers as well as a General Ledger. Indicate by letters which journal would be used for each transaction. Also indicate if the entry requires a posting to a subsidiary ledger.

In this paper I have defined accrual and cash basis accounting. Also, I have answered the following questions: Explain the difference between the accrual basis of accounting and the cash basis of accounting. What are the major reasons for using accrual accounting? What are the purpose of a journal and a ledger? Give an example of a contra-asset, and explain how it is recorded on the ledger as a transaction. Explain what a “prepaid expense” is and how it is recorded on the ledger as a transaction. What are the major differences in recording transactions for a for-profit organization versus a not-for-profit, or are there any? List and record each transaction

16. All receipts, payments, transfers of funds, and balances of money held in the trust account for a client must be identified in a separate ledger account within the trust account in the name of that client

Historically, accounting was performed in columned ledger books and required hours to record relevant information. Each transaction was recorded in

The sixth step in the accounting cycle is the adjusting entries are journalized and posted to the ledger. What this is “a spreadsheet that shows what changed happened and how on the balance sheet we correct these things. These adjustments will affect both one income sheet and one balance sheet.”

In addition to accountants providing many useful numbers that signal a company’s performance, they also prepare many useful documents and a code of ethics to make sure that all stakeholders have a clear picture on the business’s financial position. For instance, journaling is what accountants do after every transaction. These entries of what is exchanged in a business provide evidence that money deserves to be in a certain account. Especially since every journal entry needs a corresponding document that proves the record did happen, journals can be used by executives to see what really occurred in case a number in an account looks wrong (Schneider). It is also used when a government official suspects that the company is unfairly representing itself to either indict the business or prove its innocence. Journaling illustrates the importance of accounting since everything is documented and has proof for existence in the case of errors. One thing that journals go hand-in-hand with is the general ledger. This is the document that actually lists each individual account and the amount in it. It organizes the overall picture of every entity a business comes in contact with so that every important number can be put neatly into a financial statement.

According to PCAOB Auditing Standard No. 5 paragraphs 26 & 27, the top-side adjusting journal entries are when the executives record the entries, or when the accountants are asked by the executives to record the entries. A valid use of top-side journal entries is to allocate income or expenses from a parent company to its