(1) Journalize the transactions in the general journal. Provide a brief explanation for each entry (2) Post the journal entries to the general ledger accounts
Q: Write the journal entry for each transaction.
A: JOURNAL ENTRY RULE : ITEM INCREASE DECREASE ASSET DEBIT CREDIT LIABILITY CREDIT DEBIT…
Q: It is known as the Book of Original Entries General Ledger O Journal Diary O Subsidiary Ledger
A: Introduction:- Book of original means as follows:- A book of original entry refers to an…
Q: Question Required 1- Recording the flowing-mentioned operations in the journal and transferring them…
A: A journal entry is made to record the financial transaction in the books of accounts. T-account: The…
Q: Required: a. Prepare journal entries to record the transactions. b. Indicate the classification and…
A: Factoring: Factoring is a financial transaction under which the accounts receivables of the business…
Q: Posting in the ledger should include all of the following except a. the amounts b. a brief…
A: Answer - The correct Option is - d. the accounts affected. Ledger is a book which contains, in a…
Q: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account…
A: Working Note-1 Nov-03 Purchase price = 93,000 x (100% - 30%) =65,100 Working Note-2 Nov-13 Discount…
Q: der the following steps in the accounting process that focus on analyzing and recording…
A: Accounting cycle is a process of identifying, recognizing, measuring and disclosing an accounting…
Q: A chart of accounts is a(an) O Flowchart of all the transactions O Accounting procedure manual O…
A: Solution 1: A chart of accounts is a list of all the accounts in the general ledger of a company. In…
Q: a. Prepare the journal entries for the above transactions. b. Prepare general ledger by using…
A: Journal Entry It is used to account the financial transaction of the business
Q: Following is the General Journal for Hammad and Co. You are required to prepare the General Ledger…
A: The ledger contains the summary of financial transactions of the business entity and it is used to…
Q: (a) Describe the detail of the transaction being performed in the following screen. (b) Give the…
A: The description of detail of the transaction being performed in the screen is presented hereunder :…
Q: The purpose of the ledger is to: Group of answer choices a)record chronologically the day's…
A: Ledger: Ledger is the book, where the debit and credit entries recorded in the journal book are…
Q: What is the journal entry for the following business transactions without the amount?
A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…
Q: Transactions are first recorded in which book/account
A: First option is wrong because transactions are recorded in T-Accounts in the second step. Second and…
Q: Put the following steps in order so that they follow the accounting cycle. Steps: -Posting of…
A: It is the process containing steps for finalising company's bookkeeping task.
Q: The process of recording a transaction entry into the journal is called a) Journal Entry b)…
A: In Accounting, transaction refers to the activity incurred by an organization which have a certain…
Q: INSTRUCTIONS The six steps for recording a business transaction in the general journal are shown…
A: A business transaction is an activity where two or more parties exchange goods, money, or services.…
Q: Post the journal entries from part 1 to the ledger accounts.
A: Ledger Accounts is the Summarized version of individual accounts of all Assets, liabilities,…
Q: A summarized record of all the transactions relating to a particular account is called as a. balance…
A: We know, All the transactions happening are recorded in the Journal as they happen. All of these…
Q: A date-wise record of transactions expressed as debits and credits to accounts is provided by
A: The answer is Option (a.) Journal
Q: Transactions are initially recorded in the a. general ledger. b. general journal. c. trial balance.…
A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…
Q: General Ledger
A: General Ledger -: In Accounting, a general ledger, moreover realized as a nominal ledger, is a…
Q: Required: Prepare the journal entries to record above transactions.
A: Journal Entry Here to prepare the journal entry to prepare the subscription of shares issued and the…
Q: Draw the diamond rule structure that help in recording journal entries in debit and credit columns…
A: There are five parts to diamond rule structure, they are Asset Expense Income Liability Capital…
Q: al entry, t-accounts, trial balance, and balance sheet
A: Transactions are first recorded in journal entries which affect two ledgers and then transferred to…
Q: journal entry for each of the transactions
A: Journal entry is a primary entry that records the financial transactions initially.
Q: project. 1. Record transactions with journal entries in the General Journal. 2. Post journal entries…
A: Journal Entry The purpose of providing the journal entry to enter the required transaction into…
Q: You are required to prepare the journal entries to record the above transactions.
A: Preference Shares are the shares which carry preferential rights over the Equity shareholders in…
Q: Required: 1. Prepare the journal entries. 2. Post the journal entries to t-accounts.
A: Solution Concept Journal entry is the book where the transactions are initially recorded The entry…
Q: If a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal are…
A: There are various ledgers in a book which help in recording transactions of various nature, such…
Q: The book where transactions related to a particular account is summarized. a. General Ledger b.…
A: Transactions are the monetary events that are supposed to be reported in the books of accounts to…
Q: On the printed "Worksheet" page, journalize the transactions the information from the "Transactions"…
A: Date Account Name Debit Credit Jan .15 Salaries Expense $1500 FICA Tax Expense ( 7.7%) $116…
Q: journal entry of the transaction
A: Journal entry is the primary entry to record a transaction.
Q: Identify the appropriate journal to be used in each item below. Choose from the books of accounts…
A: A Special journal is used to record a specific type of transaction which occurs frequently in a…
Q: 1- Give the journal entry for each transaction. 2- Post each transaction to T accounts.
A:
Q: An invoice number is: a.added to the Post Ref. column of the ledger account. b.mentioned in the…
A: An invoice number is a unique number that is allotted to every invoice. This number is used to track…
Q: When an entry is made in the general journal, accounts to be increased should be listed first. O…
A: Introduction: General Journal: A general journal is a diary that contains all of a company's…
Q: When transactions are entered in a general journal, the asset accounts are listed first, followed by…
A: Assets- Assets are all the resources that a business anticipates using to produce future revenue.…
Q: Arrange the following steps in the posting process in correct order: a. Write the ledger account…
A: Solution:- The following steps in the posting process in correct order as follows under:-
Q: The business purchased Supplies on account. Which of the following Journal entry is Correct ?
A: A journal entry is used to record the day-to-day transactions of an organization by debiting and…
Q: Which of the following is true about journal entries? O A. They should include the name of the…
A: The accounting is a process to identify the business transactions, record the transactions and…
Q: s: Prepare the journal entry for each transaction. Use the following account numbers for posting…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: What is the journal entry and adjusting entries for the transactions?
A: Accounting is the process of recording, classifying, and summarizing accounting transactions.…
Q: . The general journal entry to record the transaction is:
A: Journal entry is recorded at every business transaction and every transactions involves minimum two…
Q: What is the purpose of posting J.F numbers that are entered in the journal at the time entries are…
A: Ledger: A ledger is a book of account utilised by the business to maintain the record the accounts…
Q: Order the following steps in the accounting process that focus on analyzing and recording…
A: Accounting process: It can be defined as the process of gathering and recording the financial data…
Q: Are debits or credits typically listed first in general journal entries? Are the debits or the…
A: Under the double entry book keeping system, every financial transaction is recorded in at-least two…
Q: Posting:a. involves transferring the information in journal entries to the general ledger.b. is an…
A: Companies maintain detailed records of their balances, whether they be revenues, costs, or…
Q: What information is entered in the Posting Reference column of the journal as an amount is posted to…
A: General ledger: General ledger is a record of all accounts of assets, liabilities, and stockholder's…
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- From the following list, identify which items are considered original sources: A. prepaid insurance B. bank statement C. sales ticket D. general journal E. trial balance F. balance sheet G. telephone bill H. invoice from supplier I. company sales account J. income statementFrom the following list, identify which items are considered original sources: A. accounts receivable B. receipt from post office for post office box C. purchase order D. general ledger E. adjusted trial balance F. statement of retained earnings G. electric bill H. packing slip I. company expense account J. statement of cash flowsIdentify the financial statement on which each of the following accounts would appear: the income statement (IS), the retained earnings statement (RE), or the Balance Sheet (BS). A. Insurance Expense B. Accounts Receivable C. Office Supplies D. Sales Revenue E. Common Stock F. Notes Payable
- Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Event External event Internal event Transaction Source document Account Chart of accounts General ledger Debit Credit Double-entry system Journal Posting Journalizing General journal Trial balance A numerical list of all accounts used by a company. A list of each account and its balance; used to prove equality of debits and credits. A happening of consequence to an entity. An entry on the right side of an account. An event occurring entirely within an entity. A piece of paper that is used as evidence to record a transaction. The act of recording journal entries. An entry on the left side of an account. The process of transferring amounts from a journal to the ledger accounts. An event involving interaction between an entity and its environment. A record used to accumulate amounts for each individual asset, liability, revenue, expense, and component of stockholders equity. A book, a file, a hard drive, or another device containing all of the accounts. A chronological record of transactions. Any event that is recognized in a set of financial statements. The journal used in place of a specialized journal. A system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance.For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance billFor the following accounts please indicate whether the normal balance is a debit or a credit. A. Sales B. Dividends C. Office Supplies D. Retained Earnings E. Accounts Receivable F. Prepaid Rent G. Prepaid Insurance H. Wages Payable I. Building J. Wages Expense
- Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. A. Accounts Receivable B. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent RevenueCASH, MODIFIED CASH, AND ACCRUAL BASES OF ACCOUNTING For each journal entry shown below, indicate the accounting method(s) for which the entry would be appropriate. If the journal entry is not appropriate for a particular accounting method, explain the proper accounting treatment for that method. 1. Office Equipment Cash Purchased equipment for cash 2. Office Equipment Accounts Payable Purchased equipment on account 3. Cash Revenue Cash receipts for week 4. Accounts Receivable Revenue Services performed on account 5. Prepaid Insurance Cash Purchased prepaid asset 6. Supplies Accounts Payable Purchased prepaid asset 7. Phone Expense Cash Paid phone bill 8. Wages Expense Cash Paid wages for month 9. Accounts Payable Cash Made payment on account Adjusting Entries: 10. Supplies Expense Supplies 11. Wages Expense Wages Payable 12. Depreciation ExpenseOffice Equipment Accumulated DepreciationOffice EquipmentIndicate whether each account that follows has a normal debit or credit balance. A. Unearned Revenue B. Office Machines C. Prepaid Rent D. Cash E. Legal Fees Earned F. Salaries Payable G. Dividends H. Accounts Receivable I. Advertising Expense J. Retained Earning
- Determine on which financial statement each account listed below is reported. Use the following abbreviations: Income Statement (IS), Statement of Owners Equity (OE), and Balance Sheet (BS). a. M. James, Capital b. Cash c. Rent Expense d. Accumulated Depreciation, Equipment e. Wages Payable f. M. James, Drawing g. Equipment h. Office Supplies i. Depreciation Expense j. Office Supplies k. Income from Services l. Accounts ReceivableNORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following accounts: 1. Cash 2. Rent Expense 3. Notes Payable 4. Owners Drawing 5. Accounts Receivable 6. Owners Capital 7. ToolsFor each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loan