Transactions are first journalized and then posted to ledger accounts. In this exercise, however, ' your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the joumal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company. Prepare a journal entry (including a written explanation) for each transaction. Cash Vehlcles Nov. 1 120,000 Nov. 8 33,600 Nov. 30 9,400 Nov. 25 12,000 Nov. 30 1,400 Land Notes Payable Nov. 8 70,000 Nov. 25 12,000 Nov. 8 95,000 Nov. 30 8,000 Bullding Accounts Payable Nov. 8 58,600 Nov. 21 480 Nov. 15 3,200 Office Equlpment' Capital Stock Nov. 15 3,200 Nov. 21 480. Nov. 1 120,000

Transactions are first journalized and then posted to ledger accounts. In this exercise, however, ' your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the joumal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company. Prepare a journal entry (including a written explanation) for each transaction. Cash Vehlcles Nov. 1 120,000 Nov. 8 33,600 Nov. 30 9,400 Nov. 25 12,000 Nov. 30 1,400 Land Notes Payable Nov. 8 70,000 Nov. 25 12,000 Nov. 8 95,000 Nov. 30 8,000 Bullding Accounts Payable Nov. 8 58,600 Nov. 21 480 Nov. 15 3,200 Office Equlpment' Capital Stock Nov. 15 3,200 Nov. 21 480. Nov. 1 120,000

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 5DQ: Arrange the following steps in the posting process in correct order: a. Write the ledger account...

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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.
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.
Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit, and to which account the entry will be recorded. Table 8.4
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.
Which of the following statements are true? A journal provides a chronological record of a transaction. A journal entry contains the complete effect of a transaction. The first step in preparing a journal entry involves analyzing the transaction. I and II I and III II and III All of these are true.
Transactions are first journalized and then posted to ledger accounts. In this exercise, however,your understanding of the relationship between the journal and the ledger is tested by asking you tostudy some ledger accounts and determine the journal entries that probably were made to producethese ledger entries. The following accounts show the first six transactions of Avenson InsuranceCompany. Prepare a journal entry (including a written explanation) for each transaction. Cash VehiclesNov. 1 120,000 Nov. 8 33,600 Nov. 30 9,400Nov. 25 12,000Nov. 30 1,400Land Notes PayableNov. 8 70,000 Nov. 25 12,000 Nov. 8 95,000Nov. 30 8,000Building Accounts PayableNov. 8 58,600 Nov. 21 480 Nov. 15 3,200Office Equipment Capital StockNov. 15 3,200 Nov. 21 480 Nov. 1 120,000
Jensen Cleaning Service uses the listed accounts. Prepare two T accounts for each transaction. On each T account, select the account title of one of the accounts affected by the transaction. Enter the debit or credit amount in each T account to show the transaction’s effect.
Post these transactions from each General Journal into the General Ledger accounts. When posting transactions to the general ledger, use the transaction letters a, b, c, d, or e as the description for each entry. Also, the dates must be entered in the format dd/mmm (ie, 15/Jan).
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.
Studypug.com Recliner Company wants to verify that all of its accounts are in balance. Which of the following will be prepared for this purpose? a.Balance sheet b.General ledger c.Trial balance d.Chart of accounts
The following comments each relate to the recording of journal entries. Which statement is true? Question 1 Select one: a. Journalization is the process of converting transactions and events into debit/credit format. b. For any given journal entry, debits must exceed credits c. The chart of accounts reveals the amount to debit and credit to the affected accounts d. It is customary to record credits on the left and debits on the right
on the photo provided, these are the journalized entries. provide their ledger accounts. use T accounts.