Review the transactions, and then complete the table to give Chloe instructions on how to enter the transactions in her accounting system,using the following abbreviations. The transactions should be entered without considering end-of-month posting of totals, adjusting entries, orclosing entries.Subsidiary Ledger/Special Journal NameAbbreviation for TableGeneral JournalGJRevenue JournalRCash Receipts JournalCRPurchases JournalPCash Payments JournalCPGeneral LedgerGLARAccounts Receivable Subsidiary LedgerAPAccounts Payable Subsidiary Ledger Post toMonthDateAmountTransactionJournalizeLedgerAug.17$1,500Issued Invoice No. 405 to Functional Fitness CompanyGJGLAug.19$550Paid Invoice No. 22 from Sudsy's LaundryGLAug.22$1,700Ordered supplies from Cleaning Supplies Warehouse and receivedGLinvoiceAug.23$2,000Received payment on account from Central Medical Offices, Inc.GLAug.31$3,600Paid wages to employeesGL11

Subsidiary Ledger shows the transaction and payment history of each customer to whom the business…

Answered: Review the transactions, and then…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11PB: Prepare journal entries to record the following transactions. Create a T-account for Unearned...

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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.
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.
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.
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.
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.
Leanders Landscaping Service maintains the following chart of accounts: The following transactions were completed by Leander: Required 1. Journalize the transactions in the general journal. Prepare a brief explanation for each entry. 2. If you are using working papers, write the name of the owner on the Capital and Drawing accounts. 3. Post the journal entries to the general ledger accounts. (Skip this step if you are using CLGL.) 4. Prepare a trial balance dated April 30, 20. If you are using CLGL, use the year 2020 when recording transactions and preparing reports.
Prepare journal entries to record the following transactions. Create a T-account for Unearned Revenue, post any entries that affect the account, tally ending balance for the account (assume Unearned Revenue beginning balance of $12,500). A. May 1, collected an advance payment from client, $15,000 B. December 31, remaining unearned advances, $7,500
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.
The debits and credits from two transactions are presented in the following customer account: Describe each transaction and the source of each posting.
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:

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