When are adjusting entries made to the worksheet, and what is their purpose? When are the corresponding voucher entries made?

Q: Which one of the following documents is not needed to process a payment to a vendor?A. vendor…

A: Purchases of material and inventory is very important for the business. Payment for purchases can be…

Q: What is the posting procedure for the sales journal?

A: Sales journal is used to record the entries related to only credit sales includes goods and services…

Q: A. What document is used to create the Purchase Order in the Expenditure Cycle and wheredoes it come…

A: Answer a: The purchase requisition document is used to create the Purchase Order. It comes from the…

Q: Where do you post the reversing entries in the old (general) ledger or in a new ledger?

A: The reversing entries are made at the beginning of the period to cancel the adjustment entries that…

Q: Which of the following is Appraisal cost? A. Recalls and warranty repairs B. Line Inspection and…

A: Cost accounting:- Cost accounting helps to record overall cost of the firm including variable and…

Q: How are journal vouchers used as a control mechanism?

A: Journal Voucher: Journal voucher are used in providing the inputs for the general ledger. The…

Q: What is the definition and explanation of the closure procedure and closing entries

A: Entries that have been closed : When the accounting period concludes, a closing entry is a journal…

Q: How do you start a new ledger with the reversing entries?

A: The reversing entries are prepared to cancel the adjustment entries made at the year end.

Q: Distinguish between an accounts payable file and a vouchers payable file.

A: Accounts Payable system:   The accounts payable system looks over the due payments to be processed…

Q: Explain the posting process of the sales journal?

A: Sales JournalThe Sales Journal is used to record the transaction when the sale of merchandise…

Q: What is a recurring journal entry? How it affects the whole entry system?

A: REcurring journal entries are the entries which get repeated in every accounting period for example…

Q: Requirements: Draw a decision tree for the "mailing list" problem, including all probabilities and…

A:

Q: What is a schedule for accounts receiveable?

A: AR stands for Accounts Receivable which is defined as the balance of amount due to the company for…

Q: What are the columns that are typically used in the purchases journal?

A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the…

Q: How do you find invoice

A: The  question is based on the concept of Invoice and method to retrieve it. Invoice is a commercial…

Q: Describe the purpose of caash receipts journal.

A: The cash receipts journal is a special section of the general journal specifically used to record…

Q: What is the effect of not returning all client-provided documents upon request?

A: If an auditor is not returning all client provided documents upon request, then this act is an…

Q: Why is a “blind” purchase order used as a receiving report document?

A: Blind Purchase Order: Blind purchase order contains all the information related to the purchase of…

Q: What information is contained in a journal voucher?

A: Definition: Journal Voucher is a document based on which transactions are recorded. It serves as…

Q: How to make adjuting entries in journal form?

A: Adjustment entries are the type of journal entries which are prepared to rectify the transactions…

Q: Describe and use the purchase journal. What steps are followed in posting from the purchases journal…

A: Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single…

Q: Prepare a journal entry to record the purchase.

A: The cost of land purchased would be split between intangible assets of surface rights and mineral…

Q: Explain the purpose of having mail room procedures.

A:

Q: What are reverse journal entries? Are these required by GAAP?

A: Reversing entries are journal entries made at the beginning of an accounting period to reverse or…

Q: How do i adjust entries for a merchanting buisness

A: Adjusting entries are the journal entries passed at the end of the financial year to close all the…

Q: What is a prefiling conference, and why might it be helpful to a registrant?

A: Prefilling conference: A prefilling conference is requested by a company if it faces problems or…

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: What is the purpose of the blind copy of a purchase order?

A: Definition: Blind copy: The copy of purchase order (PO) which contains no information about the…

Q: an account should be referred to a professional collection agency if

A: an account should be referred to a professional collection agency in following case

Q: Define reversing entries and discuss their purpose.

A: Reversing entry: Reversing entries are made at the beginning of the accounting period when the…

Q: what steps are followed in posting from the purchases journal to the accounts payable ledger?

A: Purchase journal indicates the account corresponding to the orders or purchase initiated or made on…

Q: In the photo adjustment Journal entries are given, Post them into worksheet

A: Accounting worksheet: It is a tool in accounting to determine whether the financial statements which…

Q: Adjusting entries and error example

A: Adjusting entries are a collection of journal entries done at the completion of an accounting period…

Q: What is journal proper? State what are the entries used to record it?

A: Journal proper was used to make original record of the transactions where there is no special…

Q: Is it possible to explain the procedures that must be followed in order to close out entries

A: This is what I'm saying: A closing entry is a journal entry made after each accounting period to…

Q: Which task should the general ledger perform?a. update the general ledgerb. prepare journal…

A: General Ledger: General ledger records the summary of individual events from special journal and…

Q: How do you journalize entries on FOB shipping and FOB destination?

A: FOB shipping point: Under FOB shipping point the possession of goods are with the seller until the…

Q: Describe how to close entries properly.

A: Closing Entries - Closing entries are required to close the temporary accounts after making…

Q: Identify and explain the various stages of and parties to the collection of a check.

A: Cheque refers to a financial document which acts as an order to a bank to pay a particular amount of…

Q: Explain how to record the purchase of supplies.

A: Supplies are the consumable assets, which are ordinarily consumed in an organization. Supplies…

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…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.