Name four accounts that would normally appear in the chart of accounts of a merchandising business but would not appear in the chart of accounts of a service business.

Q: Record the business transactions listed below in the journal entry format( debit and credit),…

A: Introduction: Common stock: Common stock is a type of security issued by the company to share its…

Q: The Statement of Owner's Equity for a merchandising company for a sole proprietor is prepared the…

A: True, The Statement of Owner's Equity for a merchandising company for a sole proprietor is prepared…

Q: Review the chart of accounts in Ch 2.  In Excel, create a four column chart of accounts for a…

A: 4 Column chart of account for a service company – Assets

Q: In Chapter 11, the first step of the computer accounting cycle is to:   Question 26 options:…

A: The steps in computer Accounting cycle is as follows 1. Set up a business and select a chart of…

Q: All the following companies is most likely to accounting system, EXCEPT: O a. Kellogg's Cornflakes…

A: Process Accounting system is the system which records amounts of different processes separately and…

Q: dentify the true statement from the ones given below: a. Financial accounting shows the cost and…

A: Management accounting means an field of accounting where accounting information is used in such a…

Q: Difference in the income statement of a service and a merchandising business

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Listed below are several terms and phrases associated with the measurement process for external…

A:

Q: Determine what Accounting principle is applied  1. The business continues to render serviced to his…

A: Accounting principles are those rules, regulations and guidelines that helps the accountants all…

Q: e specific asset, liability, and stockholder’s equity accounts that you will need to record business…

A:

Q: Before posting business transactions to the ledger, we first enter the business transaction in a…

A: The accounting is a process to classify the transactions, record the transactions of the business,…

Q: elp 1) know the difference between a service business and a manufacturing business. 2) What does…

A: Note: As per our guidelines, we will solve the first three subparts.   1) Service business: These…

Q: Which of the following is a manufacturing business? a.Facebook b.General Motors c.Target d.American…

A: Manufacturing business means where raw material has been converted in to finished goods.

Q: Directions: Identify whether the given is a process or nature of accounting. Write your answers on a…

A: The accounting process includes: Collecting & analyzing documents Journalization Posting to…

Q: a) Briefly explain the “going concern” and “accrual” concepts which are the assumptions and concepts…

A: Accounting principles are the norms and criteria that businesses must adhere to when reporting…

Q: Provide two examples of transactions that affect a service business. Explain b. Provide two…

A: Financial transaction: Any event incurred in the business operation and can be converted into…

Q: INSTRUCTIONS The six steps for recording a business transaction in the general journal are shown…

A: A business transaction is an activity where two or more parties exchange goods, money, or services.…

Q: 3. It refers to the number of days from date of purchase that the supplier has given the busıness to…

A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random…

Q: Office salaries, depreciation expense on office equipment, and office supplies expense are examples…

A: Under functional expense classification, expenses are aggregated and reported by the activities for…

Q: Prepare two T accounts for each transaction. On each T account, select the account title of one of…

A: After maintain of journal entry the accounts are posted to T-accounts. It is an important part of…

Q: Creating a chart of accounts Raymond Autobody Shop has the following accounts: Accounts Payable…

A: Chart of Accounts: The purpose of chart of accounts is to identify the particular account with the…

Q: Internal users of accounting information include all of the following except- (a) Store Manager (b)…

A: Accounting is the process of recording, classifying and summarising accounting information in order…

Q: The list of accounts maintained by a company is called the O Chart of accounts O general ledger O…

A: Solution 1: The list of accounts maintained by a company is called the "Chart of accounts". hence…

Q: 18) If any revenues and expenses which are not related to the sale of products or services…

A: Revenues: These are the inflows on sale of products or provision of service in the ordinary course…

Q: Enter the number for the item that best completes each of the descriptions below. 1. Chart 2.…

A:

Q: 2. What is the Chart of Accounts? A. The list of accounts for each transaction in the accounting…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: What is a list of the accounts the company uses that includes the account numbers called with the…

A: The accounting equation shows company assets are equal to the sum of Liabilities & capital.…

Q: The income statement and balance sheet homes below are from the worksheet of a merchandising firm…

A: A closing entry means a journal entry made toward the finish of bookkeeping periods that includes…

Q: 7-Which of the following would normally be classified as a Selling expense of Merchandising…

A: Selling expenses are the expenses that are incurred to increase the sales of company.

Q: 4/3         Paid the Gazette $200 to place an employment advertisement for an accounting clerk. how…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Identify the revenue and expense accounts from the following list of accounts. If the account is a…

A: Categorization of the given items to identify, whether it is a Revenue or Expense item…

Q: 5. "Revenue is recognized when a sale transaction is made or when services are rendered. Cost is to…

A: Some adjustment need to be done at the end of the year because we are following ACCURAL system of…

Q: What accounts would appear in all companies? What accounts would be specific to each business?

A: Introduction: Every organisation/ company prepared the business accounts as per the nature of…

Q: The owner of the business wants to know the operations of the business. You are tasked to compute…

A: Income statement is one of the financial statement of the business which shows profitability of the…

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.