Transactions are first journalized and then posted to ledger accounts. In this exercise, however, your understanding of the relationshipbetween the journal and the ledger is tested by asking you to study some ledger accounts and determine the journal entries thatprobably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson InsuranceCompany.CashLandBuildingNov. 1144,000Nov. 8Nov. 840,32014,4001,68084,000Nov. 870,320Nov. 25Nov. 30Office Equipment3,840VehiclesNotes PayableNov. 15Nov. 21576Nov. 3011, 280Nov. 2514,400Nov. 8114, 0009,600Nov. 30Accounts PayableCapital StockNov. 21576Nov. 153,840Nov. 1144,e00Prepare a journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in thefirst account field.)

It is prepared to record the business's financial and non-financial transactions, and it has two…

Answered: ledger is tested by asking you to study…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 3CE

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Similar questions

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.
Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The sum obtained is best described as a(n): A. financial total B. grand total C. record count D. hash total E. cross-footing total
It is prepared with an objective to test the arithmetic accuracy of the accounts a. Ledger b. Books of Prime entry c. Trial Balance d. Journal
For each of the following, indicate if the statement reflects an input component, output component, or storage component of an accounting information system. A. A credit card scanner at a grocery store. B. A purchase order for 1,000 bottles of windshield washing fluid to be used as inventory by an auto parts store. C. A report of patients who missed appointments at a doctors office. D. A list of the days cash and credit sales. E. Electronic files containing a list of current customers.
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.
Post the transactions from each journal provided, cash payments and general, into the appropriate accounts in the general ledger.
Which of the following is true about T accounts? Please explain with full explanation. a. The left side of a T account is called the debit side. b. The left side of a T account is called the credit side. c. The right side of a T account is called the debit side. d. Transactions are first recorded in T accounts and then posted to the journal.
Kindly prepare the following: Ledgers Balancing off the accounts Trial balance
From the following list, identify which items are considered original sources: prepaid insurance bank statement sales ticket general journal trial balance balance sheet telephone bill invoice from supplier company sales account income statement
identify and discuss the steps in the recording process. Be sure to discuss what each step does and how it relates to the steps before and after it. Then, answer the following questions: Should business transactions credits and debits be recorded directly into the ledger accounts? What are the advantages of recording in the journal before posting transactions into the ledger?
Match the following types of journal transactions with the journal in which they would be entered. Clear All Cash payments journal General journal Purchases journal Revenue journal Cash receipts journal Sale on account Collection on account Equipment purchased on account Adjusting entry Payment for supplies bought on account
*Required: Record the transactions using a general journal. Create your own account titles that will appropriately describe the exchanges of values. Post in T-accounts and compute the total assets, liabilities, and equity.

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