What is the purpose of a journal? What is the purpose of a general ledger?

Q: What kinds of transactions can be recorded in a general journal?

A:

Q: Why are journals and ledgers not modeled in an REA diagram?

A:

Q: What information is each type of document supposed to provide?

A: Answer: There are different types of documents which provide various information.

Q: Classify and fill which type of journal does the transaction matches.

A: Introductions: Journals: Recording of a business transactions in a chronological order. First step…

Q: (using the above information) how do you fill out the general ledger?

A: All of the Accounts that have been established based on transactions recorded in various journals…

Q: Make a general ledger for this general journal below

A: General ledger is a keeping record on the basis of journal entries or transactions recorded by the…

Q: What does a ledger show? What’s the difference between a ledger and the chart of accounts?

A:

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: What is an account and how is it related to the ledger?

A: Accounting is the process of identifying, recording, classifying and summarising accounting…

Q: What is the journal entry of the following?

A: Answer: 1. Cash    Dr       P 5950       Office Supplies    Cr     P5950 2. Prepaid Insurance   Dr…

Q: What is journal? Why is it prepared?

A: Note: As per the policy, we are supposed to solve one question at a time. Kindly repost the further…

Q: What happens to the special journal in a computerized accounting system that uses electronic forms?

A: In computerised accounting system the transactions are recorded in electronic form. Almost all…

Q: What would the journal entry be?

A: A pension plan is usually an agreement between the employer and employee wherein, the employer…

Q: What columns are included in a typical ledger format?

A: Ledger indicates the posting of entries from the journals in their respective categorized accounts…

Q: What is a journal entry?

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: What is the classification of general ledger account?

A: General ledger: General ledger is a set of ledger accounts that are recorded in the journal and…

Q: Refer to the locations identified general ledger accounts.

A: General Ledger is a Second Step of Bookkeeping. It comes after completion of Recording of…

Q: What is the purpose of a bookkeeping system?

A: This question explains about the purpose of a bookkeeping system

Q: What is the relationship between an account and item?

A: it is important to understand the difference between item and account . the accounts are used to…

Q: What is Journal?

A: Journal is a primary book of account in which transactions are first recorded in a chronological…

Q: Journals and Ledgers

A: A journal is a book in which all financial transactions are recorded for a particular period.…

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 does the Genral Ledger work?

A: General ledger is the account prepared by the company for each transactions made by the company. It…

Q: How do I journalize?

A: Bonds payable are the type of long term bonds issued by the corporations. These are generated when…

Q: PREPARE THE GENERAL LEDGER

A: General ledger accounts are used to post recorded transactions into appropriate accounts. These are…

Q: What is the process of recording a transaction in the journal called? Group of answer choices…

A: Journal entries are considered the basic method for recording financial transactions in the books of…

Q: What's the difference between a chart of accounts and general ledger?

A: Charts of Accounts: Charts of accounts are the list of all the accounts which the company has. It is…

Q: How should I record transactions?

A: Recording of transactions is the first step in the accounting process.

Q: How do you create a journal entry accurately ?

A: Recording journal entry is the first step in  recording of financial trnsaction in the books of…

Q: What is Journal? Explain

A: Journal is a book in which all transactions are passed including cash , sales , purchase , expenses…

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: A grouping of the entry's accounts is referred to as a ledger.

A: The accounting is process to record the transactions, post the transactions, prepare the trial…

Q: What is ledger account? Explain using illustrations.

A: There are many accounting journals maintained in a business to record all the transactions done in a…

Q: what does a general ledger do?

A: The ledger seems to be a book of accounts that contains the categorized and summarised information…

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: What is the difference between an account and a ledger?

A: Difference between Account and Ledger: Meaning: Account: A record, that documents or records the…

Q: transactions into ledger.

A: Meaning of Ledger All the transactions which are recorded on journal are posted into the ledger…

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…

Q: What is a sub-ledger

A: Sub - ledger means as follows