COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 4, Problem 4MF
To determine
Explain the importance of maintenance of both the journals as well as ledgers.
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It is very important to record business transactions correctly. If the recording of transactions in the book of original entry is erroneous, their posting to the book of final entry will also be erroneous. The error committed will definitely be reflected in the final process of bookkeeping. Now let us recall the processes in simple bookkeeping before we proceed to the lesson this week which is the preparation of financial statements.
What are the Bookkeeping processes prior to the preparation of financial statements? Identify each process and describe them in your own words.
A firm purchased telephone equipment for cash. By mistake, the accountant debitedUtilities Expense instead of Office Equipment. The error was discovered after the dataposted. The correcting entry should contain:
Determine whether the following statements are True or False and provide an essay worthy explanation.
A user who logs in to the computer-based accounting system to enter invoices should also have access to the portion of the system that would allow her/him to order goods.
It is necessary that managers remember that they are stewards of funds expended by a business - that the funds are not owned by the managers.
Chapter 4 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 4 - The part of the journal entry to be recorded first...Ch. 4 - A general journal is like a(n): a. address book....Ch. 4 - Why are check and invoice numbers included in the...Ch. 4 - Prob. 1.4SRQCh. 4 - Prob. 1.5SRQCh. 4 - Prob. 1.6SRACh. 4 - Prob. 2.1SRQCh. 4 - Prob. 2.2SRQCh. 4 - What is entered in the Posting Reference column of...Ch. 4 - Prob. 2.4SRE
Ch. 4 - Prob. 2.5SRECh. 4 - Prob. 2.6SRACh. 4 - What is recorded in the Posting Reference column...Ch. 4 - Prob. 2CSRCh. 4 - Prob. 3CSRCh. 4 - Prob. 4CSRCh. 4 - Prob. 5CSRCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - What is a ledger?Ch. 4 - What is posting?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - What is a compound journal entry?Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - Prob. 11DQCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Prob. 3ECh. 4 - Compound journal entries. The following...Ch. 4 - Prob. 5ECh. 4 - Recording a correcting entry. On August 22, 2019,...Ch. 4 - Prob. 1PACh. 4 - On October 1, 2019, Helen Kennedy opened an...Ch. 4 - The following journal entries were prepared by an...Ch. 4 - Prob. 4PACh. 4 - Prob. 1PBCh. 4 - Prob. 2PBCh. 4 - Prob. 3PBCh. 4 - Prob. 4PBCh. 4 - Prob. 1CTPCh. 4 - Prob. 2CTPCh. 4 - Prob. 1MFCh. 4 - Prob. 2MFCh. 4 - Prob. 3MFCh. 4 - Prob. 4MFCh. 4 - Prob. 1ED
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- What Would You Do? A new bookkeeper cant find the errors that are causing the companys month-end trial balance to be out of balance. The bookkeeper is too shy to ask for help at the office, so she takes the financial records home and asks her uncle, a retired bookkeeper, to help her locate the errors. Even with the help of her uncle, the trial balance is still out of balance, and now she is too embarrassed to return to the office and ask for help. The bookkeeper decides to show the trial balance is in balance and hope no one notices. Explain if there is anything wrong with this practice.arrow_forwardThe bookkeeper has completed a work sheet and has journalized and posted the closing entries, but he forgot to journalize and post the adjusting entries from the work sheet. What are the effects of these actions and omissions? How would these actions and omissions affect the accounting records and the resulting financial statements?arrow_forwardYou are preparing a post-closing trial balance for the company where you work, but it doesnt balance. You are tired, and besides, you dont think the company pays you for this much hassle and extra time. You decide to increase the balance of an asset account to make the totals balance. Discuss this action and explain whether it is ethical or illegal.arrow_forward
- Mabel, an accountant, discovers that an analyzed transaction has not been entered into the books. At what step in the accounting cycle is she most likely to make this discovery?arrow_forwardIndicate which principles are violated: The owner-manager bought a computer for personal use. The invoice was given to the accountant who recorded it as an asset of the business.arrow_forwardYou are a public accountant with many small business clients. During a recent visit to a client’s business, the bookkeeper approached you with a problem. The columns of the trial balance were not equal. You helped the bookkeeper find and correct the error, but believe you should go one step further. Write a memo to all of your clients that explains the purpose of the double-entry framework, the importance of maintaining the equality of the accounting equation, the errors that might cause an inequality, and suggestions for finding the errors.arrow_forward
- The ledger and journal entries are part of the posting process. Explain how an accountant would realize that an entry, or entries, are incorrect. Consider the role of the trial balance in your discussion and provide details on how would you locate the errors.arrow_forwardWhat is an example of a financial transaction? A firm purchases a fire insurance policy. An internal auditor discovers an error in a firm's inventory valuation. A potential customer accesses a firm's web page. A manager reviews the financial statements prepared by an accountant.arrow_forwardSome argue that having various organizations establish accounting principles is wasteful and inefficient. Rather than mandating accounting rules, each company could voluntarily disclose the type of information it considered important. In addition, if an investor wants additional information, the investor could contact the company and pay to receive the additional information desired.arrow_forward
- Describe the steps involved in closing the books. What is the most important output of the accounting cycle? What would happen if the books were never closed?arrow_forwardIn your opinion, why would an accountant be interested in adjusting some transactions before the Final Accounts are prepared? In financial accounting, if a supplier has sold you goods on credit, take us through the process you would go through to get it recorded in the Trial balance.arrow_forwardIndicate which principles are violated. The owner manager bought a computer for personal use. The invoice was given to the accountant who recorded it as an asset of the buy.arrow_forward
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