Homework Answers
Answer: The general ledger is a record containing all acounts used by a company.
Notes:
The general ledger records all the transacations which are carried out by the business. It states every debit and credit accounts that are effected in a particular period of time.
Add Answer to:
Which of the following describes a general ledger? O The general ledger describes all liability accounts....
Multiple Select Question Select all that apply The general ledger can be used to determine which...
Multiple Select Question Select all that apply The general ledger can be used to determine which of the following (select all answers which apply): which accounts are being used by a company and their balances at any given time. common and unique accounts used by a business. a complete record of each transaction in one account. increases and decreases in all accounts in a business. Confidence Level Rate your confidence to submit your ans High
CHART OF ACCOUNTS Tri-City Realty General Ledger ASSETS 11 Cash 12 Supplies LIABILITIES 21 Accounts Payable...
CHART OF ACCOUNTS Tri-City Realty General Ledger ASSETS 11 Cash 12 Supplies LIABILITIES 21 Accounts Payable EQUITY 31 Sharon Matthews, Capital 32 Sharon Matthews, Drawing REVENUE 41 Fees Earned EXPENSES 51 Rent Expense 52 Office Salaries Expense 53 Automobile Expense 54 Supplies Expense 55 Miscellaneous Expense On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Jan. 1 Sharon Matthews transferred cash from a personal bank account to an account to be used...
On January 1, 2020, the ledger of Coronado Company contains the following liability accounts. Accounts Payable...
On January 1, 2020, the ledger of Coronado Company contains the following liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $51,000 7,700 16,500 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2019 ($7,700). 20 Sold 900 units of a new...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Accounts...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 28,000 Accounts Receivable 48,000 Inventory 20,900 Land 75,000 Equipment 19,500 Allowance for Uncollectible Accounts 5,100 Accumulated Depreciation 2,400 Accounts Payable 29,400 Notes Payable (6%, due April 1, 2019) 59,000 Warranty Liability 26,000 Common Stock 44,000 Retained Earnings 25,500 Totals $ 191,400 $ 191,400 During January 2018, the following transactions occur: January 2 Sold gift cards totaling $9,800. The cards are...
Question 3 On February 28, 2018, Molega Ltd.'s general ledger contained the following liability accounts: Accounts...
Question 3 On February 28, 2018, Molega Ltd.'s general ledger contained the following liability accounts: Accounts payable CPP payable $40,700 2,520 EI payable 1,198 Sales tax payable Employee income tax payable Unearned revenue 6,400 5,615 14,700 The following selected transactions occurred during the month: Mar. 2 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $9,400. Interest is due at maturity. 5 Sold inventory for cash totalling $39,500, plus 13% HST. The cost...
Assignment #10 The general ledger of Sunrise Ltd.’s shows the following selected liability accounts on December...
Assignment #10 The general ledger of Sunrise Ltd.’s shows the following selected liability accounts on December 1, 2019: Accounts payable $42,500 CPP payable $1,980 EI payable $902 Sales tax payable $6,224 Employee income tax payable $7,337 Unearned revenue $25,990 Sunrise Security Equipment and Services Ltd.’s business year ends on December 31. The company is using a perpetual inventory system. The following transactions occurred during the month of December: Date Description Dec, 1 Issued a three-month, 6% note payable in exchange...
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts...
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts (revenues, expenses, and dividends) to retained earnings. Store all source documents used to record transactions throughout the period. O Record external events for the period so that financial statements can be prepared. Record activities that have occurred but that have not been recorded by the end of the accounting period.
Make T-accounts for the following accounts that appear in the general ledger of The Dog &...
Make T-accounts for the following accounts that appear in the
general ledger of The Dog & Cat Hospital, owned by Kate Miller,
a veterinarian: Cash; Accounts Receivable; Supplies; Office
Equipment; Accounts Payable; Common Stock; Dividends; Professional
Fees Earned; Salaries Expense; and Rent Expense.
Using the accounting equation, record each of the transactions
in columnar format. Prepare journal entries and record the
following December transactions in the T-accounts and key all
entries with the number identifying the transaction. Finally
determine the...
Which of the following best describes a trial balance? a. It is a financial statement that...
Which of the following best describes a trial balance? a. It is a financial statement that can be used in place of the income statement. b. It is a numerical list of all accounts used by a company. c. It is a required financial statement. d. It is a tool used to prove the equality of debits and credits in the general ledger.
Exercise 2-3 Identifying a ledger and chart of accounts LO C3 Select the item that best...
Exercise 2-3 Identifying a ledger and chart of accounts LO C3 Select the item that best completes each of the descriptions below. eBook C a Increases and decreases in a specific asset. liability, equity revenue or expense are recorded in an b. A(n) such as a sales receipt is reable evidence of a transaction and its amount A of accounts is a list of all accounts a company uses not including account balances d Ant has a complete record of...
Multiple Select Question Select all that apply The general ledger can be used to determine which of the following (select all answers which apply): which accounts are being used by a company and their balances at any given time. common and unique accounts used by a business. a complete record of each transaction in one account. increases and decreases in all accounts in a business. Confidence Level Rate your confidence to submit your ans High
On January 1, 2020, the ledger of Coronado Company contains the following liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $51,000 7,700 16,500 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2019 ($7,700). 20 Sold 900 units of a new...
Question 3 On February 28, 2018, Molega Ltd.'s general ledger contained the following liability accounts: Accounts payable CPP payable $40,700 2,520 EI payable 1,198 Sales tax payable Employee income tax payable Unearned revenue 6,400 5,615 14,700 The following selected transactions occurred during the month: Mar. 2 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $9,400. Interest is due at maturity. 5 Sold inventory for cash totalling $39,500, plus 13% HST. The cost...
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts (revenues, expenses, and dividends) to retained earnings. Store all source documents used to record transactions throughout the period. O Record external events for the period so that financial statements can be prepared. Record activities that have occurred but that have not been recorded by the end of the accounting period.
Make T-accounts for the following accounts that appear in the
general ledger of The Dog & Cat Hospital, owned by Kate Miller,
a veterinarian: Cash; Accounts Receivable; Supplies; Office
Equipment; Accounts Payable; Common Stock; Dividends; Professional
Fees Earned; Salaries Expense; and Rent Expense.
Using the accounting equation, record each of the transactions
in columnar format. Prepare journal entries and record the
following December transactions in the T-accounts and key all
entries with the number identifying the transaction. Finally
determine the...
Exercise 2-3 Identifying a ledger and chart of accounts LO C3 Select the item that best completes each of the descriptions below. eBook C a Increases and decreases in a specific asset. liability, equity revenue or expense are recorded in an b. A(n) such as a sales receipt is reable evidence of a transaction and its amount A of accounts is a list of all accounts a company uses not including account balances d Ant has a complete record of...
Most questions answered within 3 hours.
-
a
dairy farmer notices that a citcular water trough near the barn has
become rusty with...
asked 15 minutes ago -
In a study of the accuracy of fast food drive-through orders,
Restaurant A had 283 accurate...
asked 17 minutes ago -
A share of common stock has just paid a dividend of $2.50. If
the expected long-run...
asked 27 minutes ago -
1. List all actors whose last names start
with letter "K"? The output needs to include the actor's...
asked 29 minutes ago -
1.The New England Merchants Bank Building in Boston is 152 m
high. On windy days it...
asked 32 minutes ago -
Can someone explain this code with comments I am supposed to dispay an array an add...
asked 47 minutes ago -
MKT2283 Sales Management Week 2 Assignment
Making Sales Management Decisions – Pronto Retail
Centers
Sales Management,...
asked 53 minutes ago -
Uranium is distributed in a form called yellow cake, which is
made from uranium ore. In...
asked 1 hour ago -
Python:
Write a func that will create a list of random numbers. The
function will take...
asked 1 hour ago -
Which of the following statements below is correct? There might
be more than one correct answer....
asked 1 hour ago -
You find that the annual standard deviation of a stock's returns
is equal to 35%. For...
asked 1 hour ago -
A 2,000 kg car is traveling at 20.0 m/s down a long mountain
grade of 1.00%....
asked 1 hour ago