Post these transactions into ledger.
Q: Make a Ledger
A: Based on the transactions given, the ledger accounts need to be prepared. Ledger is the second step…
Q: Customer payments received in advance of the product or service being provided is recorded in which…
A: The company can collect advance from the customer before sale of the goods. This method of…
Q: Make a trail balance using these general ledgers.
A: Preparation of trial balance is an important step in accounting cycle process. Trial balance shows…
Q: Le fol berio
A: Ledger or General Ledger is a secondary book of entry. From General…
Q: Create a Closing Ledger
A: Closing entry means the entries passed at the end of specified period where all the balances of…
Q: Post to the ledger accounts.
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Name the two types of ledgers.
A: Two types of ledgers are: General ledger Subsidiary ledger
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: create t-accounts general ledger
A: T accounts preparation is the important step of accounting cycle process. These accounts are…
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: The order of the steps in the recording process is: O post to the ledger, journalize and analyze. O…
A: In accounting, the recording process starts with analyzing the transactions about the nature, the…
Q: 1. Post the above transactions to T-accounts.
A: Required to fill the journal entries in various accounts
Q: What does a ledger show? What’s the difference between a ledger and the chart of accounts?
A:
Q: Explain an example how to record the transaction in journal.
A: While recording a journal entry, the accounting system uses double entry system. Double entry system…
Q: post them in the ledger
A: T accounts are the general ledger account balances in the business, which will be used for…
Q: Post the transactions to T-accounts
A: T-accounts is the set of record to present the transactions of the company
Q: How to post from general ledger
A: Posting is made to the general ledger and not from general ledger and the question has been answered…
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: Prepare the T-Account
A:
Q: Refer to the locations identified general ledger accounts.
A: General Ledger is a Second Step of Bookkeeping. It comes after completion of Recording of…
Q: How to write a ledger
A: An accounting ledger is a bookkeeping account or record that keeps track of activities on the…
Q: make T accounts
A: T accounts are the classified accounts under which all the recorded journal entries are posted. This…
Q: Use the information from the T account to journalize the transaction from the vendors perspective.
A: Journal means the book of prime entry where all entries are recorded in different pages. Journal…
Q: Create a Ledger.
A: Ledger is a principal book that contains all the accounts such as Assets Accounts, Liabilities…
Q: If the company has a multiple trasactions, what ledger should you post the trasaction?
A: Financial accounting involves recording of financial transactions of a firm during the accounting…
Q: dger turo
A: Explanation of Concept Ledger Posting : is the step in the process of preparing the books accounts…
Q: PREPARE THE GENERAL LEDGER
A: General ledger accounts are used to post recorded transactions into appropriate accounts. These are…
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: create a ledger
A: Bank statement: The bank passbook is only a copy of the customer's accounts in the books of bank.…
Q: What is a general ledger account?
A: Ledger: Ledger is a master account document which records all the transactions of an account at one…
Q: Define transactions balance
A: Definition: Working capital: The measure which evaluates the ability of a company to pay off the…
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: CREATE YOUR OWN FORM OF “CHART OF ACCOUNTS”
A: NATURE OF BUSINESS - GARMENTS MANUFACTURING CHART OF ACCOUNTS ACCOUNT NO. ACCOUNT TITLE 1…
Q: Need a ledger and a journal
A: Journal entries is a tool for recording business transactions into accounting records. Adjusting…
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: 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: what does a general ledger do?
A: The ledger seems to be a book of accounts that contains the categorized and summarised information…
Q: A ledger shows:
A: A Ledger is a Summarized Format of the Journals Posted for all the transactions related to Business.…
Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger.
A: General Ledger: It is a process of summarizing all the financial transactions of an account for a…
Q: Complete a general ledger based on the below
A: General ledger accounts are accounts in which all journal entries are recorded in appropriate…
Q: Post to general ledger
A: General ledger is the ledger book in which all the respective accounts of parties as well as the…
Q: What notations are entered into the Posting Reference column of a ledger account?
A: A ledger account is prepared in a T shape. It has column of debit and credit. The ledger accounts…
Q: What is a sub-ledger
A: Sub - ledger means as follows
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- On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…Donato Menorca was a service advisor in a car dealership. He supervised a team of mechanics that keeps and restores the customers’ cars to good operating condition. Tired of being an employee, he decided to put up Express Repair Shop. During the month of January 2020, Menorca completed the following transactions: Started his business by transferring Php 90,000 of his personal money to the business bank account; Paid rent for the month, Php 12,000; Purchased several equipment for Php 40,000; made a down payment of Php 20,000 and arranged to pay the balance the following month; Bought supplies for cash amounting to Php 6,000; Performed services amounting to Php 70,000 of which Php 40,000 was received in cash; Paid the following cash expenses: wages, Php 20,000; utilities, Php 6,000. REQUIRED: Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; D. Menorca, Capital; Service Revenue; Wages Expense; Rent Expense; Utilities Expense Record the…
- 01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(i) general journal for the transactions;01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.TASK : FIND A MISTAKE IN THE BALANCE SHEET AND CORRECT IT
- 01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(i) general journal for the transactions;(ii) ledger accounts showing descriptions and balances;(iii) a trial balance;Ena Sharples opened a retail shop on January 1. She invested $10,000 of her own money. She rented a store for $2,000 per month, paying first and last month’s rent on January 1. She bought store fittings for $5,000 in cash. She bought goods for resale at a cost of $10,000, on credit, payable on February 15. She incurred other expenses of $1,000 in January, all of which were paid for in cash. Her cash sales were $15,000, and she also sold $2,000 on credit, which she expects to collect by the end of February. At the end of January her inventory had a cost of $3,000. Amortization on the store fittings is estimated at $100 for the month. The sales revenue recognized in January was?Ena Sharples opened a retail shop on January 1. She invested $10,000 of her own money. She rented a store for $2,000 per month, paying first and last month’s rent on January 1. She bought store fittings for $5,000 in cash. She bought goods for resale at a cost of $10,000, on credit, payable on February 15. She incurred other expenses of $1,000 in January, all of which were paid for in cash. Her cash sales were $15,000, and she also sold $2,000 on credit, which she expects to collect by the end of February. At the end of January her inventory had a cost of $3,000. Amortization on the store fittings is estimated at $100 for the month. What is The operating profit as % of sales for January?
- Oct 1: Owner contributes 80,000 cash. 5: Buy machine for 15,000 on account. 8: Buy supplies for 3,500 cash 12: Pay 13,300 towards the machine purchase 15: Perform services of 14,000 on account 20: Collect 6,000 of the 14,000 21: Receive telephone bill of 350 (will pay next month) 24: Machine depreciates by 4,700 28: Supplies of 850 get used up 30: Owner withdraws 12,000 cash Prepare three financial statements: Income Statement Owner’s Equity Statement Balance SheetV1801 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;(v) a statement of financial position (balance sheet).14. Carla is not happy with her present job, she resigned and started her own business. The business requires her to travel so she used her car for the purpose. Assume that A started her business on April 1 and that the uses the car for business 70% of the time. Assuming total expenses for the year for the use of the car is P300,000, the deductible expense is:* a. 210,000 b. 225,000 c. 300,000 d. 157,500