d. Machinery e. Accounts Payable f. Furniture g. Notes Payable h. Owner, Capital i. Utilities Expense a. Advertising Expense b. Rent Revenue c. Rent Receivable

Q: period is: a.) debit Supplies; credit Stockholders' Equity b.) debit Supplies Expense; credit…

A: Cost of supplies is an expense when expense increases debit which is in turn accounted in profit and…

Q: Identifying accounts, increases in accounts, and normal balances? Interest Revenue Accounts Payable…

A: 1.Identify each account as an asset , liability or equity.

Q: Posting in the ledger should include all of the following except a. the amounts b. a brief…

A: Answer -  The correct Option is - d. the accounts affected.   Ledger is a book which contains, in a…

Q: A chart of accounts usually starts with asset accounts expense accounts

A: Solution 1: A chart of accounts usually starts with "asset accounts". hence first option is correct.…

Q: When preparing a worksheet, real accounts in the a trial balance are extended to the a. Balance…

A: Solution: Real accounts are those accounts which are related to the material assets and liabilities…

Q: Accounts are classified in the ledger a.chronologically b.with the accounts used most often listed…

A: Accounts are classified into ledgers from the Journal. Journal is always maintained in chronological…

Q: 1. The chart of accounts is a listing of the accounts presently having general ledger. 2. Some…

A: 1. Incorrect   Reason : Chart of Accounts also include the accounts having zero value.   2.  Correct…

Q: Which one of the following is used to prepare ledger account? a. Transactions b. Events c. Income…

A: The right answer is option d.   Journal is the primary book of accounting  which recognizes all…

Q: Instruction: Indicate on the space provided,(1)(X)on the element where the account belong (2) BS if…

A: The income statement and balance sheet are the financial statements of the business.

Q: The purpose of the ledger is to: Group of answer choices a)record chronologically the day's…

A: Ledger: Ledger is the book, where the debit and credit entries recorded in the journal book are…

Q: Indicate the financial statement on which each of the following items appears. income…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: The detailed record of the changes in a particular asset, liability, or stockholders’ equity is…

A: An account consists of detailed record showing the changes in particular asset, liability or…

Q: Complete this question by entering your answers in the tabs below. General Analyze Taccounts Joumal…

A: Effect of the transactions are given below:

Q: The ____ is where a transaction can first be found in the accounting records. Group of answer…

A: please give a like, your response matters Answer :- (B) Journal

Q: A summarized record of all the transactions relating to a particular account is called as a. balance…

A: We know, All the transactions happening are recorded in the Journal as they happen. All of these…

Q: The following account titles were drawn from the general ledger of Holt Food Supplies, Incorporated…

A: Assets can be current and non-current that include  items that can be converted to cash. Liabilities…

Q: Which of the following accounting records is the main source of information used to prepare…

A: Financial statements seem to be a set of high-level reports that summarize a company's monetary…

Q: general ledger accounts are temporary or permanen

A: The above ledger account balances are classified into temporary and permanent are shown below :

Q: Directions: Give at least two (2) examples for each major account. Write your aiswers on a separate…

A: The major accounts in the business includes assets, liabilities, owners' equity, revenue and…

Q: When an entry is made in journal:(a) Assets are listed first.(b) Accounts to be debited listed…

A: As per general conventions, While writing journal entries. Accounts which are debited are listed…

Q: Match the accounting terms with the corresponding definitions. A (Click the icon to view the…

A: The first step in book keeping is to record transactions in journal. The journal entry are then…

Q: Transactions are first recorded in a O A. ledger O B. journal O C. trial balance O D. chart of…

A: The transaction, which is measurable in monetary terms, is an economic event with a third party…

Q: hich of the following is the correct order of an accounting cycle?   Select one: A. Posting to the…

A: solution concept there are the steps to the accounting cycle at first we journalize all the…

Q: Which of the following statements is true of a trial balance? O A. A trial balance is the first step…

A: Trial balance means the statement prepared from ledger account where all debit and credit balance…

Q: summarized statement of transactions relating to a particular person, item expense or income. a.…

A: An account is a summarized statement of transactions relating to a particular person, item expense…

Q: Enter the number for the item that best completes each of the descriptions below. 1. Chart 2.…

A:

Q: Which one of the following accounts is the most liquid? Select one: a. Building. b. Inventory. c.…

A: Liquid accounts signify the short term assets or current assets.

Q: After transaction information has been recorded in the journal, it is transferred to the Select…

A: The accounting cycle is often defined as a collective process consisting of determining, analyzing,…

Q: Indicate whether each account is an asset, liability or a stockholders' equity account and whether…

A: a. Accounts Receivable is a asset account and have a debit balance

Q: II. Classify the following whether it is an Asset (A), Liability (L), Capital (C), Income (), or…

A: Accounting equation is given as under:   ASSETS = EQUITY  + LIABILITIES

Q: The book where transactions related to a particular account is summarized. a. General Ledger b.…

A: Transactions are the monetary events that are supposed to be reported in the books of accounts to…

Q: Complete the table below by indicating for each account if the balance will be debit or credit and…

A: Current assets are assets that can be converted into cash and for sale easily within 1 year.…

Q: Consider the following accounts and identify each account as an asset (A), liability (L), or equity…

A: Equity = Total assets - Total liability

Q: The individual accounts find a place in a summarised manner which is called a. Financial statements…

A: Answers

Q: Required: a) Journalize the above transactions in the general journal. b) T-account c) Make a trial…

A: Journal is a financial book in which all business financial transactions are recorded first,…

Q: When transactions are entered in a general journal, the asset accounts are listed first, followed by…

A: Assets- Assets are all the resources that a business anticipates using to produce future revenue.…

Q: A company's account is: O A. A journal in which transactions are first recorded. A list of all…

A: Account means the systematic record of various transactions entered by businesses.

Q: Identify each of the following accounts of Dispatch Services Co. as asset, liability, owner’s…

A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. a.…

A: Asset accounts means all tangible and intangible resources of the business, which the business has…

Q: Identify the financial statement on which each of the following accounts would appear: the income…

A: Financial statement means the trading and profit and loss account and balance sheet of the company…

Q: Which among the following is considered as the book of original entry? a. Trial Balance b. Balance…

A: Book of original entry means where the transaction is recorded at first at the time of it happened.…

Q: An accounting entry that is characterized by having multiple debits and/or multiple credits is…

A: A journal entry has always been utilized to disclose a business deal in a company's accounting…

Q: For each account listed, identify whether the account would appear in either the income statement…

A: Accounts are Recorded in the Income statement section or balance sheet section depending on their…

Q: Identify the type of account (Asset, Liability, Equity, Revenue, Expense), normal balance (Debit,…

A: Equity: It is the amount of money that would be returned to a company's shareholders if all the…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.