CREATE AN EXAMPLE OF CHART OF ACCOUNTS. (SHOULD BE ARRANGED FROM ASSETS TO EXPENSES) The entries in the general journal are classified in the general ledger. Allthe account titles to be used in the recording process are assigned pagesin the general ledger. Ledger accounts are listed in a chart of accounts. Thechart of accounts is a listing of titles that are to be used for the accountingperiod, which is usually a calendar year or a fiscal year.Here is an example of a chart of account:AccountNumberAccount TitleAccountCash on HandAccount TitleA1NumberA2Cash in BankD1Service Income/SalesАЗAccounts ReceivableOffice SuppliesExpensesE2E1АЗаAllowance for Bad DebtsDepreciation ExpenseRent ExpenseLight, Water, andTelephoneRent ExpenseSalaries ExpenseBad Debts ExpenseRepair ExpenseA4aSupplies InventoryE3A4Merchandise InventoryE4Office EquipmentAccumulated DepreciationOffice EquipmentA5E5A5aE6E7E8Accounts PayableLoans PayableJose Hilario, CapitalJose Hilario, DrawingsB1B2C1C2The account titles and account numbers may vary depending on thenature, form, and size of the business. The general ledger has a table ofcontents with the names of accounts and their pages.

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Description: CREATE AN EXAMPLE OF CHART OF ACCOUNTS. (SHOULD BE ARRANGED FROM ASSETS TO EXPENSES) The entries in the general journal are classified in the general ledger. Allthe account titles to be used in the recording process are assigned pagesin the general l

A chart of accounts is a list of all financial accounts in a corporation's general ledger. In a…

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Business

Accounting

CREATE AN EXAMPLE OF CHART OF ACCOUNTS. (SHOULD BE ARRANGED FROM ASSETS TO EXPENSES)

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter3: The General Journal And The General Ledger

Section: Chapter Questions

Problem 5E: Arrange the following steps in the posting process in correct order: a. The amount of the balance of...

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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 first step in posting the sales journal to the general ledger is to total and verify the equality of the amount columns. enter the date in the Date column of the ledger account. enter the new balance in the Balance columns of the ledger account. enter the ledger account number below the column totals in the journal.
Use the journals and ledgers that follows. Total and rule (draw a line under the column of numbers) the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of Accounts Payable.
Arrange the following steps in the posting process in correct order: a. The amount of the balance of the ledger account is recorded in the Debit Balance or Credit Balance column. b. The amount of the transaction is recorded in the Debit or Credit column of the ledger account. c. The ledger account number is recorded in the Post. Ref. column of the journal. d. The date of the transaction is recorded in the Date column of the ledger account. e. The page number of the journal is recorded in the Post. Ref. column of the ledger account.
Using the following revenue journal for Zeta Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts:
Of all the events that occur each day, how would you describe those that are recorded in a firms accounting records?
Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.
________ takes all transactions from the journal during a period and moves the information to a general ledger (ledger). A. Hitching B. Posting C. Vetting D. Laxing
The __________ represents the sequence of steps in the accounting process. a. fiscal year b. fiscal period c. accounting cycle d. work sheet
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.
List by account classification the order of the accounts in the general ledger.
Piedmont Inc. has the following transactions for its first month of business: A. What are the individual account balances, and the total balance, in the accounts payable subsidiary ledger? B. What is the balance in the Accounts Payable general ledger account?