I. Answer the following questions related to the source document onthe next page.A. What business document is it?B. What is the purpose of the document?C. Where does the information come from to prepare the list?D. Why is a list prepared?E. In the list, what does on account mean, compared to Inv. 4502?CP194 Chapter 6F. Give the journal entry that would be made as a result of the list.G. Who is G. Smalley?SAYERS AND ASSOCIATESCASH RECEIPTS DAILY SUMMARYMARCH 14, 20-Degagne Machine ShopKivella Bake ShopMolner Paints$ 500.00on accountInv. 4502Inv. 3909315,43214.60Robitaille Taxion account200.00G. SmalleyTotal$1 230.03

The original document containing the specifics of a commercial transaction is referred to as a…

1. Answer the following questions related to the source document on the next page. A. What business document is it? B. What is the purpose of the document? C. Where does the information come from to prepare the list? D. Why is a list prepared? E. In the list, what does on account mean, compared to Inv. 4502?

1. Answer the following questions related to the source document on the next page. A. What business document is it? B. What is the purpose of the document? C. Where does the information come from to prepare the list? D. Why is a list prepared? E. In the list, what does on account mean, compared to Inv. 4502?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 40MC: Which of the following accounting records is the main source of information used to prepare the...

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Similar questions

Which of the following statements are true? A journal provides a chronological record of a transaction. A journal entry contains the complete effect of a transaction. The first step in preparing a journal entry involves analyzing the transaction. I and II I and III II and III All of these are true.
Posting: involves transferring the information in journal entries to the general ledger. is an optional step in the accounting cycle. is performed after a trial balance is prepared. involves transferring information to the trial balance.
The following information pertains to Crossroads Consulting, Inc. Match each of the following parts of Crossroads accounting information system in the left-hand column with the appropriate item(s) from the right-hand column. You may use items in the right-hand column more than once or not at all. There may be several answers for each item in the left-hand column. You may choose items in the right-hand column more than once.
Arrange the following steps in the posting process in correct order: a. Write the ledger account number in the Post. Ref. column of the journal. b. Write the amount of the transaction. c. Write the date of the transaction. d. Write the page number of the journal in the Post. Ref. column of the ledger account.
Transferring information from the journal to the ledger is called a. preparing the financial statements. b. journalizing. c. posting. d. tracking.
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.
Which of the following accounting records is the main source of information used to prepare the financial statements? A. journal entries B. T-accounts C. trial balance D. chart of accounts
A __________ is a book in which business transactions are recorded. a. journal b. ledger c. trial balance d. balance sheet
Prepare a trial balance using the journal entries in PB3.
Decor Services completed the following transactions. Journalize the transactions in general journal form, including brief explanations.
For a journal entry to be complete, it must contain a. the date. b. a debit entry. c. a credit entry. d. an explanation. e. all of the above.
It is the process of transferring the entries recorded in the journal to the respective accounts opened in the general ledger. a. Bookkeeping b. Posting c. Accounting d. Journalizing