How should I record transactions?

Q: What kinds of transactions can be recorded in a general journal?

A:

Q: Post these transactions into ledger.

A: Ledger account: It is used to record the business transactions that were made during a financial…

Q: What is the use of payment request forms?

A: Payment request form a requisition form used for the request for payment. This request is a non…

Q: Which of the following is related to Scientific system of maintaining accounts?

A: Double entry system is the scientific system of  maintaining accounts

Q: What information is each type of document supposed to provide?

A: Answer: There are different types of documents which provide various information.

Q: Explain promissory notes?

A: Promissory note refers to a signed written document that contains an unconditional promise to pay…

Q: Explain what an account is and how it helps in the recording process

A: An account is used to record changes in the asset, liability, equity, revenue, and expense. It is…

Q: Write up a transaction analysis chart from the given transaction.

A: The Accounting equation is a statement that shows the equality between the resources and the…

Q: What is a T-account? What is it's purpose?

A: An account is Record of transactions whether cash or credit under a particular head of account like…

Q: What are management’s responsibilities related to maintaining a transaction trail?

A: A transaction tail defines the sequence of evidences which helps in reconstruction of transaction…

Q: What is a transaction?

A: Transaction refers to the business activity which brings change in the business assets, liabilities…

Q: Where are transactions initially recorded?

A: The primary point where the financial transaction, which is initiated or effected by entity during a…

Q: What is the definition of bookkeeping?

A: Bookkeeping is considered as a part of accounting. It deals with the recording of day-to-day…

Q: What's control account?

A: Accounting means the summarizing, recording and analyzing of the all business transaction during a…

Q: Importance and use of bookkeeping?

A: Double-entry bookkeeping system: The double-entry bookkeeping system by its name implies that there…

Q: What is journal? Why is it prepared?

A: Note: As per the policy, we are supposed to solve one question at a time. Kindly repost the further…

Q: needed, state the registr ts where the transaction ed.

A: The journal entries in the given question are made as follows:

Q: jorunalize the transactions

A: Journal entries recording is the first step in accounting cycle process, in which atleast one…

Q: What would the journal entry be?

A: A pension plan is usually an agreement between the employer and employee wherein, the employer…

Q: Provide the proper format for recording a transaction.

A: Journal: Recording of a business transactions in a chronological order is called journal.

Q: What is the Permanent File?

A: Permanent file is file which contains information and documents of a company which are to be used by…

Q: What is involved in the posting process?

A: Posting: Posting process means posting of all transactions of business into general ledgers. Every…

Q: What is the purpose of a bookkeeping system?

A: This question explains about the purpose of a bookkeeping system

Q: What is account?

A: The account is a very important term that is used in the accounting process. It includes assets,…

Q: What are reverse journal entries? Are these required by GAAP?

A: Reversing entries are journal entries made at the beginning of an accounting period to reverse or…

Q: How do I journalize?

A: Bonds payable are the type of long term bonds issued by the corporations. These are generated when…

Q: What is an internal exchange transaction, and how is it reported?

A: Internal exchange transactions are those reciprocal exchange transactions that occur between funds…

Q: What is bookkeeping

A: Book Keeping is one of the functions of accounting.

Q: For each transaction indicate whether it should:

A: Note: Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: briefly, what is the role of the clearinghouse, and is it important?

A: Clearance is very important to meet buyers with sellers and to make transactions possible between…

Q: What transaction is covered by Maceda Law?

A: MACEDA LAW is also known as REALTY INSTALLMENT BUYER ACT, was approved in 26th August 1972 to…

Q: what are checks and balances ?

A: Checks and Balances:-It is a system where each branch of government has power and helps in…

Q: What is journal proper? State what are the entries used to record it?

A: Journal proper was used to make original record of the transactions where there is no special…

Q: How do reversing entries simplify recordkeeping?

A: Reversing Entries   Reversing entries are the journal entries that are made in the beginning of the…

Q: Write down the Types of a transaction according to the Following: Application Structures Action

A: Types of transaction - 1)Based on application  a) non distributed vs distributed transactions b)…

Q: What is the purpose of a check digit?

A: A check digit is a form of control check which is used for the purpose of error detection on…

Q: e journal entry to record this transaction i

A: Cost $72,000 Less    Accumulated depreciation ($48,000) Sales proceeds ($8,500) Loss on sale…

Q: List the steps we use to measure external transactions.

A: Measurement process of external transactions: