B. Making the entries in the ledger.
Q: What the diffence between t- accounts, general ledger, journal entries, trial balance, and chart of…
A: Accounting is the process of recording financial transactions in an organized manner in order to…
Q: What is the difference between a ledger and a trial balance?
A: A Ledger Is Described Often, a ledger is referred to as a ledger book. Today, the roster and its…
Q: Le fol berio
A: Ledger or General Ledger is a secondary book of entry. From General…
Q: (using the above information) how do you fill out the general ledger?
A: All of the Accounts that have been established based on transactions recorded in various journals…
Q: Summary account will showa balance of
A: It is pertinent to note that nominal accounts that is income , expense , losses and profit accounts…
Q: What are the accounts written off? Explain with example?
A: Accounts written off means those debtors or accounts receivables from which money can no longer be…
Q: How do you start a new ledger with the reversing entries?
A: The reversing entries are prepared to cancel the adjustment entries made at the year end.
Q: Describe how debits and credits impact assets, liabilities , owner,s equity
A: The books of accounts are prepared as per the double accounting system. All the debits shall be…
Q: What is the ledger? How to make a ledger out of the trial balance given below?
A: Ledgers are prepared in form of T accounts, which shows classification of journal entries posted.…
Q: What is a ledger?
A: Accounting: Accounting can be defined as the process of identifying the business transaction,…
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 Debit balance and Credit balance in ledger?
A: Introduction: A ledger account is a record of commercial transactions. It is a discrete record…
Q: Describe a ledger and a chart of accounts
A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…
Q: line items of the ledger
A: Option B is wrong because adjusting entries are not the only items in ledger. Option C is wrong…
Q: What is an account and how is it related to the ledger?
A: Accounting is the process of identifying, recording, classifying and summarising accounting…
Q: Prepare a ledger, trial balance, and prepare adjusting entries
A: The following points are to be kept in mind while preparing entries, ledger and trial balance: 1.…
Q: how you will use accounting information both as an internal and an external user?
A: The accounting is a process to classify and record the business transactions and prepare the…
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: en posting transactions to the general ledger, use the transaction
A: After posting each journal entry in respective ledgers, we will get closing balance of all the…
Q: What columns are included in a typical ledger format?
A: Ledger indicates the posting of entries from the journals in their respective categorized accounts…
Q: What document is the source for (a) debiting the accounts in the materials ledger and (b) crediting…
A: a.
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: What is the relationship between an account and item?
A: it is important to understand the difference between item and account . the accounts are used to…
Q: Performing services on account:
A: Performing services on accounts means amount is to be received in future for the services rendered…
Q: The outputs of a computerized accounting information system are called a. reports. b. software. c.…
A: Computerized accounting includes using the computers and accounting software for recording, storing…
Q: Journals and Ledgers
A: A journal is a book in which all financial transactions are recorded for a particular period.…
Q: The process of transferring the debits and credits from the journal entries to the accounts is…
A: Accounting cycle: Accounting cycle is a step by step process of analysing, classifying, and…
Q: Should a transaction be first recorded in a journal or ledger? Why?
A: Transaction: In business, a transaction is an agreement between a buyer and a seller to exchange an…
Q: What is the first step in the accounting processing cycle? What role do source documents fulfill in…
A: Accounting Processing Cycle: Accounting processing cycle refers to the process of recording a…
Q: ARRANGE AND PREPARE A BALANCE SHEET Use a Separate Sheet an
A: Balance Sheet- Balance sheet accounts are permanent accounts, and their balances carry over to the…
Q: Describe how accounts are used to record information about the effects oftransactions?
A: Firstly the transaction are recorded in the original books i.e. Journal, when the transactions are…
Q: journal entry of the transaction
A: Journal entry is the primary entry to record a transaction.
Q: How to identify the debit and credit amount for the general ledger
A: In order to balance the journal ledger both the debit and credit accounts to be balanced that is…
Q: ect of each transaction and the balances after each transaction:
A:
Q: What is the purpose of a journal? What is the purpose of a general ledger?
A: Journal entries: A journal entry is recorded for every business transaction. It is the first step in…
Q: A grouping of the entry's accounts is referred to as a ledger.
A: The accounting is process to record the transactions, post the transactions, prepare the trial…
Q: What is ledger account? Explain using illustrations.
A: There are many accounting journals maintained in a business to record all the transactions done in a…
Q: An accounting clerk would take first which of the following steps? A. Post individual amounts to the…
A: Option B is correct.
Q: transactions into ledger.
A: Meaning of Ledger All the transactions which are recorded on journal are posted into the ledger…
B.)
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- Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Building and Equipment were recently purchased, so there is neither depreciation expense nor accumulated depreciation. Adjustments needed: Physical count of supplies inventory remaining at end of period, $3,300 Customer fees collected in advance (payments were recorded as Fees Earned), $18,500The trial balance for Wilson Financial Services on January 31 is as follows: Data for month-end adjustments are as follows: a. Expired or used-up insurance, 750. b. Depreciation expense on equipment, 300. c. Wages accrued or earned since the last payday, 1,055 (owed and to be paid on the next payday). d. Supplies used, 535. Required 1. Complete a work sheet for the month. (Skip this step if using CLGL.) 2. Journalize the adjusting entries. 3. If using CLGL, prepare an adjusted trial balance. 4. Prepare an income statement, a statement of owners equity, and a balance sheet. Assume that no additional investments were made during January.The trial balance of The New Decors for the month ended September 30 is as follows: Data for the adjustments are as follows: a. Expired or used-up insurance, 425. b. Depreciation expense on equipment, 2,750. c. Wages accrued or earned since the last payday, 475 (owed and to be paid on the next payday). d. Supplies remaining at end of month, 215. Required 1. Complete a work sheet. (Skip this step if using GL.) 2. Journalize the adjusting entries. If you are using CLGL, use the year 2020 when recording transactions.
- At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker Jacobs, an attorney: In preparing the financial statements, adjustments for the following data were overlooked: Unbilled fees earned at August 31, 31,900. Depreciation of equipment for August, 7,500. Accrued wages at August 31, 5,200. Supplies used during August, 3,000. Instructions 1. Journalize the entries to record the omitted adjustments. 2. Determine the correct amount of net income for August and the total assets, liabilities, and owners equity at August 31. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table similar to the following. The first adjustment is presented as an example.At the end of April, the first month of operations, the following selected data were taken from the financial statements of Shelby Crawford, an attorney: In preparing the financial statements, adjustments for the following data were overlooked: Supplies used during April, 2,750. Unbilled fees earned at April 30, 23,700. Depreciation of equipment for April, 1,800. Accrued wages at April 30, 1,400. Instructions 1. Journalize the entries to record the omitted adjustments. 2. Determine the correct amount of net income for April and the total assets, liabilities, and owners equity at April 30. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table similar to the following. The adjustment for supplies used is presented as an example.Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. amount due for employee salaries, $4,800 B. actual count of supplies inventory, $ 2,300 C. depreciation on equipment, $3,000
- The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066The trial balance of Clayton Cleaners for the month ended September 30 is as follows: Data for the adjustments are as follows: a. Expired or used-up insurance, 800. b. Depreciation expense on equipment, 2,700. c. Wages accrued or earned since the last payday, 585 (owed and to be paid on the next payday). d. Supplies remaining at the end of month, 230. Required 1. Complete a work sheet. (Skip this step if using CLGL.) 2. Journalize the adjusting entries. If you are using CLGL, use the year 2020 when recording transactions.The trial balance for Game Time on July 31 is as follows: Data for month-end adjustments are as follows: Expired or used-up insurance, 480. Depreciation expense on equipment, 850. Depreciation expense on repair equipment, 120. Wages accrued or earned since the last payday, 525 (owed and to be paid on the next payday). Supplies used, 70. Required Complete a work sheet for the month. (Skip this step if using CLGL.) Journalize the adjusting entries. If using CLGL prepare an adjusted trial balance. Prepare an income statement, a statement of owners equity, and a balance sheet. Assume that no additional investments were made during July. If you are using CLGL, use the year 2020 when recording transactions and preparing reports.
- The trial balance of Hadden Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab.Merchandise Inventory at December 31, 64,742.80. c.Store supplies inventory (on hand), 420.20. d.Insurance expired, 738. e.Salaries accrued, 684.50. f.Depreciation of store equipment, 3,620. Required Complete the work sheet after entering the account names and balances onto the work sheet.The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. The data needed for adjustments on January 31 are as follows: ab.Merchandise inventory, January 31, 55,750. c.Insurance expired for the year, 1,285. d.Depreciation for the year, 5,482. e.Accrued wages on January 31, 1,556. f.Supplies used during the year 1,503. Required 1. Prepare a work sheet for the fiscal year ended January 31. Ignore this step if using QuickBooks or general ledger. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. Ignore this step if using CLGL. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. Check Figure Net loss, 1,737Supplies were purchased on January 1, to be used throughout the year, in the amount of $8,500. On December 31, a physical count revealed that the remaining supplies totaled $1,200. There was no beginning of the year balance in the Supplies account. Based on the information provided: A. Create journal entries for the original transaction B. Create journal entries for the December 31 adjustment needed to bring the balances to correct C. Show the activity, with ending balance