Transactions are recorded in a journal then posted to financial statements posted to ledgers post to...
Transactions are recorded in a journal then
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posted to financial statements |
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posted to ledgers |
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post to the chart of accounts |
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posted to the cost of sales report |
Homework Answers
Answer
* The correct answer is Option #2, Transactions are POSTED TO LEDGER accounts after they are recorded in Journal.
* Ledger posting is the second main step in an accounting cycle.
* A conceptual accounting cycle goes like this:
Transaction -> Journal --> Ledger posting --> Trial
Balances and adjustments --> Financial Statements
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Transactions are recorded in a journal then
posted to financial statements
posted to ledgers
post to...
QUESTION 6 Financial Statements should be prepared After daily transactions have been recorded, but before adjusting...
QUESTION 6 Financial Statements should be prepared After daily transactions have been recorded, but before adjusting entries are posted. After closing entries are posted, but before deferral entries are journalized. After adjusting entries are posted, but before the post-closing trial balance is prepared. After all trial balances are prepared and closing entries are finalized. QUESTION 7 Following the Closing Journal Entries which of the following accounts must have zero balances? Allowance for Doubtful Accounts Salary and Wages Payable Accumulated Depreciation...
A chart of accounts: is where transactions are initially recorded. is where transactions are posted to...
A chart of accounts: is where transactions are initially recorded. is where transactions are posted to after they are initially recorded. serves as an index to the ledger, with each account numbered to facilitate frequent references that are made to it. is the same as a T-account, with debits on the left and credits on the right.
A ledger: Multiple Choice is where transactions are initially recorded. is where transactions are posted to...
A ledger: Multiple Choice is where transactions are initially recorded. is where transactions are posted to after they are initially recorded. o is the same as a chart of accounts, with each account numbered to facilitate frequent references that are made to it. o o is the same as a source document, such as an invoice from a supplier or a copy of a credit purchase made by a customer.
JUST NEED LEDGERS Journal Ledger Journal Adjustment Ledger Journal Closing Entey Ledger I need Ledgers for...
JUST NEED LEDGERS
Journal Ledger
Journal Adjustment Ledger
Journal Closing Entey Ledger
I need Ledgers for all 3 of them 3 different ledgers
Table of content 1 . Journal 12. Ledger umalie A 3. Unadjusted trial balance 4. Journal -adjustment 5. Ledger 5 6. Adjusted trial balance Worksheet 3 8. Financial statement S Journal - closing entry 10. ledger 11. Post closing trial balances Balance she Income 222 Chapter 4 Completing the Accounting Cycle Comprehensive Problem 1 as hustrated and...
The transactions of Gamboa Company are recorded in the general journal below. Post the journal entries...
The transactions of Gamboa Company are recorded in the general journal below. Post the journal entries to T- accounts and calculate the ending balance for May 31, 2019. Then prepare the Trial Balance. 33) 34) General Journal Unearned Service Revenue Service Revenue Date Account Titles Debit Credit 2019 May 2 1,500 Supplies Accounts Payable 1,500 4 Cash 1,700 Unearned Service Revenue 1,700 Trial Balance 8 4,000 Accounts Receivable Service Revenue 4,000 Debits Credits 10 700 Unearned Service Revenue Service Revenue...
9. Which of these statements is not true? a. Transactions must be recorded in a journal....
9. Which of these statements is not true? a. Transactions must be recorded in a journal. b. All transactions could be recorded in the general journal. c. Companies use a number of special journals to record most transactions. d. Special journals are designed to improve record- keeping efficiency. e. The form of the journals are the same from industry to industry.
Required Describe the three posted transactions. Exercise 7-12 The purchases journal of Lightning Snowboards follows Posting...
Required Describe the three posted transactions. Exercise 7-12 The purchases journal of Lightning Snowboards follows Posting from the purchases journal, balancing the ledgers 4 3. Total Accounts Payable, $2,990 Purchases Journal Page 7 Other Accounts Dr Invoice Date Post. Accounts Inventory Supplies Ref. Payable Cr Acct Title Data Account Credited Terms Post Amt Dr Dr Ref Dr Sep. 2 Brotherton Inc. 5 Rolf Office Supply 02/09 n/30 800 800 05/09 n/30 340 340 13 Brotherton Inc. 13/09 2/10, 1,400 1,400...
The transactions of the Riverbed Store are recorded in the general journal below. Account Titles and...
The transactions of the Riverbed Store are recorded in the general journal below. Account Titles and Explanation Debit Credit Date 2022 Aug 5 2,500 2,500 10 3,600 3,600 Accounts Receivable Service Revenue Cash Service Revenue Rent Expense Cash Cash Accounts Receivable 19 1,600 1,600 25 1.600 1,600 You are to post the journal entries to T-accounts and compute the August 31, 2022 balances. (Post entries in the order of journal entries in the question.) Cash V Service Revenue Accounts Receivable
Prepare an accounting policy on processing of financial transactions for newly established business. Discuss the policy...
Prepare an accounting policy on processing of financial transactions for newly established business. Discuss the policy in details for the following topics: Scope of the policy Responsibilities Chart of accounts and general ledgers Accounting conventions including accounting standards Bank Accounts and reconciliation Depreciation methods Valuation of assets Financial reports Consolidation procedures for subsidiaries Prepare an accounting policy on processing of financial transactions for newly established business. Discuss the policy in details for the following topics: Scope of the policy Responsibilities...
Prepare an accounting policy on processing of financial transactions for newly established business. Discuss the policy...
Prepare an accounting policy on processing of financial transactions for newly established business. Discuss the policy in details for the following topics: Scope of the policy Responsibilities Chart of accounts and general ledgers Accounting conventions including accounting standards Bank Accounts and reconciliation Depreciation methods Valuation of assets Financial reports Consolidation procedures for subsidiaries Prepare an accounting policy on processing of financial transactions for newly established business. Discuss the policy in details for the following topics: Scope of the policy Responsibilities...
QUESTION 6 Financial Statements should be prepared After daily transactions have been recorded, but before adjusting entries are posted. After closing entries are posted, but before deferral entries are journalized. After adjusting entries are posted, but before the post-closing trial balance is prepared. After all trial balances are prepared and closing entries are finalized. QUESTION 7 Following the Closing Journal Entries which of the following accounts must have zero balances? Allowance for Doubtful Accounts Salary and Wages Payable Accumulated Depreciation...
A ledger: Multiple Choice is where transactions are initially recorded. is where transactions are posted to after they are initially recorded. o is the same as a chart of accounts, with each account numbered to facilitate frequent references that are made to it. o o is the same as a source document, such as an invoice from a supplier or a copy of a credit purchase made by a customer.
JUST NEED LEDGERS
Journal Ledger
Journal Adjustment Ledger
Journal Closing Entey Ledger
I need Ledgers for all 3 of them 3 different ledgers
Table of content 1 . Journal 12. Ledger umalie A 3. Unadjusted trial balance 4. Journal -adjustment 5. Ledger 5 6. Adjusted trial balance Worksheet 3 8. Financial statement S Journal - closing entry 10. ledger 11. Post closing trial balances Balance she Income 222 Chapter 4 Completing the Accounting Cycle Comprehensive Problem 1 as hustrated and...
The transactions of Gamboa Company are recorded in the general journal below. Post the journal entries to T- accounts and calculate the ending balance for May 31, 2019. Then prepare the Trial Balance. 33) 34) General Journal Unearned Service Revenue Service Revenue Date Account Titles Debit Credit 2019 May 2 1,500 Supplies Accounts Payable 1,500 4 Cash 1,700 Unearned Service Revenue 1,700 Trial Balance 8 4,000 Accounts Receivable Service Revenue 4,000 Debits Credits 10 700 Unearned Service Revenue Service Revenue...
Required Describe the three posted transactions. Exercise 7-12 The purchases journal of Lightning Snowboards follows Posting from the purchases journal, balancing the ledgers 4 3. Total Accounts Payable, $2,990 Purchases Journal Page 7 Other Accounts Dr Invoice Date Post. Accounts Inventory Supplies Ref. Payable Cr Acct Title Data Account Credited Terms Post Amt Dr Dr Ref Dr Sep. 2 Brotherton Inc. 5 Rolf Office Supply 02/09 n/30 800 800 05/09 n/30 340 340 13 Brotherton Inc. 13/09 2/10, 1,400 1,400...
The transactions of the Riverbed Store are recorded in the general journal below. Account Titles and Explanation Debit Credit Date 2022 Aug 5 2,500 2,500 10 3,600 3,600 Accounts Receivable Service Revenue Cash Service Revenue Rent Expense Cash Cash Accounts Receivable 19 1,600 1,600 25 1.600 1,600 You are to post the journal entries to T-accounts and compute the August 31, 2022 balances. (Post entries in the order of journal entries in the question.) Cash V Service Revenue Accounts Receivable
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