Activity 2 Use the information in the sum following General Ledger acco systems
Q: Describe the basic accounting information system.
A: Definition: Accounting information system: An accounting information system is a system that is…
Q: The entire group of accounts for a company is referred to as the: a. general ledger b. worksheet…
A: The transactions in the financial accounting are primarily reported to Journal and are then posted…
Q: cial/accounting information in terms of ALSE
A: The given statement is FALSE .
Q: two methods of acquiring accounting information sysytem, and list there disdvantages and advantages
A: Accounting information systems is a system of collection, processing and storage of accounting and…
Q: Le fol berio
A: Ledger or General Ledger is a secondary book of entry. From General…
Q: Explain the accounting processing cycle.
A:
Q: Describe the steps in accounting processing cycle.
A: The accounting cycle is the holistic process of recording and processing all financial transactions…
Q: Name the two types of ledgers.
A: Two types of ledgers are: General ledger Subsidiary ledger
Q: how to make accounting eqution grid?
A: Accounting equation says that total assets should always be equals to total liabilities and…
Q: DEFINITIONS 1. Open position 2. Transaction exposure report 3. Hedging 4. Transaction
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: describe the fl ow of information in an accounting system
A:
Q: Journalize
A: Journal entries of the Nour ceramic as under.
Q: Define registration statement (S-1)
A: For public organizations situated in the US, SEC Form S-1 is the underlying enrollment structure for…
Q: Found 3 accounting system controls.
A: An accounting system is a set of interconnected accounting procedures and controls. The goal of an…
Q: 1. Differentate the juornal from the ledger. (description and function)
A: I am answering the first question as per bartleby guidelines that requires an expert to answer only…
Q: xplain the accounting process in det
A: Answer: Accounting process is the process which involves maintaining books of accounts and record…
Q: What is meant by Accounts 2
A: A record of cash got and cash paid out. 2 : a course of action with a bank to hold cash and track…
Q: Give its general ledger and financial statements
A: General Ledger
Q: Describe the purpose of caash receipts journal.
A: The cash receipts journal is a special section of the general journal specifically used to record…
Q: List the chart of account numbers and major categories used in DPSystems’accounting system.
A: The chart of the account numbers and major categories used in DP accounting system are given below…
Q: Required: i. Identify book of prime entries. Prepare the specialized journal Prepare the…
A: i)Journal is called a book of prime entry because all the business transactions are recorded first…
Q: Th e collection of all business transactions sorted by account in an accounting system is referred…
A: A general ledger alludes to the record-keeping framework of debit and credit accounts checked by a…
Q: List the DPSystems accounting system's account number and category charts
A: The DP accounting system account numbers and primary categories are listed as follows: A list of…
Q: Th e collection of all business transactions sorted by account in an accounting system is referred…
A: Financial Accounting Financial accounting is that branch of accounting which is associated with…
Q: Define accounting equation
A: Financial Accounting: It refers to the process of recording the financial transactions of the…
Q: b) What does the operations involving “AP Dept”, “PO”, “Rec Rept”, and “Invoice” and “T” depict
A: AP Dept: The account payable keeps an account of all the creditors of the company to which the…
Q: A typical ledger format includes what columns?
A: Ledgers: The transactions after being posted in journal and journal voucher are shown in the…
Q: ubject: accounting information system (a) Discuss REA modelling in accounting information systems.…
A: REA Modelling REA was originally projected in 1982 by William E. McCarthy as a generalized…
Q: source document of each transaction_
A: Source document is the document used for making a transaction into effect. t is used as a primary…
Q: What is a Ledger?" An account An accounting journal A group or file of accounts AT-account
A: T- Account - T-Account is the representation of ledgers in the tabular form. It includes debit and…
Q: PREPARE THE GENERAL LEDGER
A: General ledger accounts are used to post recorded transactions into appropriate accounts. These are…
Q: Transaction analysis for each letter
A: Transaction Analysis Transaction analysis which describes as detailed analysis of the transactions…
Q: A typical ledger format includes columns for?
A: Ledger: It is a record used to record bookkeeping entries for balance sheet and income statement.
Q: Range of services provided by accounting
A: Accounting is a process of identifying and recording the financial transactions of an organization…
Q: t and balance sheet info
A: Return on Assets determined by Net income and Average of Total assets. Net income can be found at…
Q: Please prepare the following reports: 1.General Journal 2.General Ledger
A: General Ledger is the ledger in which the accounts of the transactions which are involved are…
Q: A ledger shows:
A: A Ledger is a Summarized Format of the Journals Posted for all the transactions related to Business.…
Q: 13. The process of transferring the information contained in the journal to the ledger is called OA.…
A: Any transaction that happens is first recorded in the journal. Those recorded transactions are then…
Q: Recommend three controls of an accounting system
A: An accounting system is a set of accounting processes with linked procedures and controls. The goal…
Q: Complete a general ledger based on the below
A: General ledger accounts are accounts in which all journal entries are recorded in appropriate…
Step by step
Solved in 2 steps
- On September 30, Cody Companys selected account balances are as follows: In general journal form, prepare the entries to record the following: Oct. 15Payment of liabilities for FICA taxes and the federal income tax. 31Payment of liability for state unemployment tax. 31Payment of liability for federal unemployment tax.Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Codigo Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 1. Issued Check No. 815 to Aberderas Insurance Company for 2,520, in payment of the semiannual premium on the group medical insurance policy. 1. Issued Check No. 816 to Alvarez Bank for 8,131, in payment for 2,913 of social security tax, 728 of Medicare tax, and 4,490 of employees federal income tax due. 2. Issued Check No. 817 for 2,300 to Alvarez Bank to invest in a retirement savings account for employees. 12. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 1. Issued Check No. 815 to Aberderas Insurance Company for 2,520, in payment of the semiannual premium on the group medical insurance policy. 1. Issued Check No. 816 to Alvarez Bank for 8,131, in payment for 2,913 of social security tax, 728 of Medicare tax, and 4,490 of employees federal income tax due. 2. Issued Check No. 817 for 2,300 to Alvarez Bank to invest in a retirement savings account for employees. 12. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 12. Issued Check No. 822 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 12. Journalized the entry to record payroll taxes on employees earnings of December12: social security tax, 1,452; Medicare tax, 363; state unemployment tax, 315; federal unemployment tax, 90. 15. Issued Check No. 830 to Alvarez Bank for 7,938, in payment of 2,904 of social security tax, 726 of Medicare tax, and 4,308 of employees federal income tax due. 26. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 26. Issued Check No. 840 for the net amount of the biweekly payroll to fund the payroll bank account. Dec. 26. Journalized the entry to record payroll taxes on employees earnings of December 26: social security tax, 1,455; Medicare tax, 364; state unemployment tax, 150; federal unemployment tax, 40. 30. Issued Check No. 851 for 6,258 to State Department of Revenue, in payment of employees state income tax due on December 31. 30. Issued Check No. 852 to Alvarez Bank for 2,300 to invest in a retirement savings account for employees. 31. Paid 55,400 to the employee pension plan. The annual pension cost is 65,500. (Record both the payment and the unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: sales salaries, 4,275; officers salaries, 2,175; office salaries, 825. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 13,350.