BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

Solutions

Chapter
Section
BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
1 views

Can accounting transactions be direction recorded in the general ledger? If so, why do most companies initially record transactions in the journal?

To determine

Recording the transactions in Journal

Journal is a records which contains the record of each transactions in a chronological sequence containing the effect each transactions is having on various elements of financial statements.

The recording of transactions in Journal instead of recording directly in General ledger.

Explanation

Transactions can be recorded in two ways i.e. recording the transactions directly in Ledgers accounts or recording the transactions firstly in Journal and then post them in to ledger.

Most of the companies follow the procedure of recording the transactions through Journal and then posting them to the ledger for the convenience of showing the effect of all these transactions on total debit and total credits at a single place...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

What is the benefit of the lean philosophy?

Financial And Managerial Accounting

How is a blade server different from a regular server?

Principles of Information Systems (MindTap Course List)

List three types of screwdriver tips.

Precision Machining Technology (MindTap Course List)

Explain what is meant by metabolic rate.

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

Calculate the reactions at the built-in support at C, neglecting the weights of the members.

International Edition---engineering Mechanics: Statics, 4th Edition

CPU

Enhanced Discovering Computers 2017 (Shelly Cashman Series) (MindTap Course List)

EAPoL is primarily used with what kind of transmission?

Network+ Guide to Networks (MindTap Course List)