After journalizing entries, information can be entered into T-Accounts and/or the four-column ledger. Enter the information from the T- Account and calculate the running balance in the appropriate place in the four-column ledger to review the similarities between the two formats. Nov. 1 Nov. 8 Nov. 22 Dec. 21 Dec. 28 Cash 41,000 17,500 29,200 15,100 14,000 6,100 Nov. 2 3,600 Nov. 15 3,900 Nov. 21 8,000 Nov. 25 3,300 1,500 Dec. 1 Dec. 3 Cash Date 2016 Nov. 1 Nov. 2 Nov. 8 Item Post. Ref. J1 J1 J1 Debit Credit Account No. 101 Balance Debit Credit

After journalizing entries, information can be entered into T-Accounts and/or the four-column ledger. Enter the information from the T- Account and calculate the running balance in the appropriate place in the four-column ledger to review the similarities between the two formats. Nov. 1 Nov. 8 Nov. 22 Dec. 21 Dec. 28 Cash 41,000 17,500 29,200 15,100 14,000 6,100 Nov. 2 3,600 Nov. 15 3,900 Nov. 21 8,000 Nov. 25 3,300 1,500 Dec. 1 Dec. 3 Cash Date 2016 Nov. 1 Nov. 2 Nov. 8 Item Post. Ref. J1 J1 J1 Debit Credit Account No. 101 Balance Debit Credit

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter4: Journalizing And Posting Transactions

Section: Chapter Questions

Problem 3SEA: GENERAL LEDGER ACCOUNTS Set up T accounts for each of the general ledger accounts needed for...

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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.
Identify whether ongoing transactions posted to the following accounts would normally have only debit entries (Dr), only credit entries (Cr), or both debit and credit entries (both). Table 3.9
GENERAL LEDGER ACCOUNTS Set up T accounts for each of the general ledger accounts needed for Exercise 4-2A and post debits and credits to the accounts. Foot the accounts and enter the balances. Prove that total debits equal total credits.
1. Record the April 1, 20Y3, balance of each account in the appropriate balance column of a four-column account, type Balance in the item section, and select a check mark in the Posting Reference column. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. Post in chronological order. For transactions occurring on the same day, post in the order presented in the instructions. Insert the appropriate posting references in both the journal and the ledger as each item is posted. How does grading work? LEDGER Score: 28/510 Account: Cash11Account No. DATE ITEM POST. REF. DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 ✔ 3 4 5 6 7 ✔ 8 9…
ME14When a trial balance balances, it is an indication that:Page 4|9 a) All journal entries have been posted. b) The account balances are correct.c) Debits equal credits.d) All transactions have been journalized
2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the account balances after all posting is complete. Accounts containing only a single entry do not need a balance.
16) When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts receivable balances with an entry to the:A) Uncategorized Expenses accountB) Uncategorized Income accountC) Opening Balance Equity accountD) Capital Stock account Group of answer choices A B C D
E2-16 AND E2-17 PLEASE JOURNALIZE AND POST TO THE LEDGERS.
Required: 1. Journalize each transaction, in chronological order, in a two-column journal starting on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. If there is more than one entry on the same date, be sure to enter the transactions in the exact order as presented in the data. (Do not insert the account numbers in the journal at this time.) For a compound transaction, if an amount box does not require an entry, leave it blank. 11 Cash 31 Jeff Horton, Capital 12 Accounts Receivable 32 Jeff Horton, Drawing 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Supplies Expense 18 Office Equipment 53 Rent Expense 19 Accumulated Depreciation 54 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees You will use the attached spreadsheet to complete several of the remaining…
1. Post the general journal entries to the general ledger accounts. If no amount is required, leave the entry box blank. For same date transactions, post the entries in the order of the transaction information.
1c. Journalize the entries to record the 203 transactions. Refer to the Chart of Accounts for exact wording of account titles. Round all amounts to the nearest dollar.
The T-Account and the Four-Column Ledger Account Remember: The t-account provides the basic account title, date, debit amount, credit amount, and ending balance for each account. The four-column ledger provides the same information as the t-account but adds additional detail of a running total and post reference information. The ending balance should always be the same value for both the t-account and four-column ledger for a specific account.