The purpose of the ledger is to: Group of answer choices a)record chronologically the day's transactions. b)keep a record of documentation to support each transaction. c)keep in one place all information about changes in specific account balances. d)make sure that all assets and liability accounts have normal balances at all times.

The purpose of the ledger is to: Group of answer choices a)record chronologically the day's transactions. b)keep a record of documentation to support each transaction. c)keep in one place all information about changes in specific account balances. d)make sure that all assets and liability accounts have normal balances at all times.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter3: The General Journal And The General Ledger

Section: Chapter Questions

Problem 5E: Arrange the following steps in the posting process in correct order: a. The amount of the balance of...

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For a journal entry to be complete, it must contain a. the date. b. a debit entry. c. a credit entry. d. an explanation. e. all of the above.
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.
The step-by-step process to record business activities and events to keep financial records up to date is ________. A. day-to-day cycle B. accounting cycle C. general ledger D. journal
Why are transactions recorded in the journal? Group of answer choices To ensure that total debit equal total credits To help prepare the financial statements To ensure that all transactions are posted to the ledger To have a chronological record of all transactions
A date-wise record of transactions expressed as debits and credits to accounts is provided by a. journal. b. ledger. c. balance sheet. d. trial balance.
Posting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.
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
A worksheet is a journal used to record transactions. is a financial statement that reports net income during the period. is an internal document that helps summarize data for the preparation of financial statements. is a ledger listing the account balances and changes in those accounts?
Posting from the journal to the ledger does NOT involve which of the following steps? a.Enter the amount of each transaction in the accounts. b.Enter the page of the journal from which each transaction is posted in the accounts. c.Enter the date of each transaction in the accounts. d.Enter the description of the entry.
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?
Journalized the transactions and prepare a ledger of each account
A trial balance represents the: Multiple Choice Chronological record of all transactions affecting the company. Process of transferring debit and credit information from the journal to the accounts in the general ledger. List of all accounts and their balances at a particular date to ensure that debits equal credits. Source documents used to determine the effects of transactions on the company's accounts.