Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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identify and discuss the steps in the recording process. Be sure to discuss what each step does and how it relates to the steps before and after it. Then, answer the following questions:
Should business transactions credits and debits be recorded directly into the ledger accounts?
What are the advantages of recording in the journal before posting transactions into the ledger?
Prepare a journal entries to record the above transactions.(date, account titles and explanations, debit and credit)
In Quickbooks, for a purchase on account and the subsequent payment for the purchase, which business forms are used to record the purchase and payment.
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- Arrange the following steps in the posting process in correct order: a. The amount of the balance of the ledger account is recorded in the Debit Balance or Credit Balance column. b. The amount of the transaction is recorded in the Debit or Credit column of the ledger account. c. The ledger account number is recorded in the Post. Ref. column of the journal. d. The date of the transaction is recorded in the Date column of the ledger account. e. The page number of the journal is recorded in the Post. Ref. column of the ledger account.arrow_forwardArrange 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.arrow_forwardFor a journal entry to be complete, it must contain a. the date. b. a debit entry. c. a credit entry. d. an explanation. e. all of the above.arrow_forward
- Transferring information from the journal to the ledger is called a. preparing the financial statements. b. journalizing. c. posting. d. tracking.arrow_forwardThe debits and credits from two transactions are presented in the following customer account: Describe each transaction and the source of each posting.arrow_forwardThe first step in posting the sales journal to the general ledger is to total and verify the equality of the amount columns. enter the date in the Date column of the ledger account. enter the new balance in the Balance columns of the ledger account. enter the ledger account number below the column totals in the journal.arrow_forward
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