Homework Answers
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Option B Journal also called as book of original entry is the place where you can see the complete transaction at one place. Debit where it goes to and credit where it comes from. Therefore option B is the answer . Comment if you face any issues |
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In order to see a complete transaction in one place, you would need to look at...
17-19 17. A purchase of inventory on account would include a debit to: a. cost of...
17-19
17. A purchase of inventory on account would include a debit to: a. cost of goods sold. b.. sales. c. merchandise inventory. d. accounts payable. Sales- $300,000 Cost of Goods Sold- $120,000 Operating Expenses $30,000 Find gross profit. a. $180,000 b. $150,000 c. $390,000 d. None of the above 19. Which of the following lists gives the correct sequence of accourting procedures? a. financial statements, trial balance, ledger, journal b. journal, ledger, trial balance, financial statements c. ledger, trial...
Section B Directions: Complete each of the following statements by writing in the Answers column the letter of the word or words that correctly completes each statement or answers the question. (3 po...
Section B Directions: Complete each of the following statements by writing in the Answers column the letter of the word or words that correctly completes each statement or answers the question. (3 points each) or Answers Scoring 1. The order of the flow of financial data accounting information systems is (A) journalize, post, analyze; (B) analyze, journalize, post; (C) journalize analyze, post; (D) analyze, post, journalize; (E) analyze, journalize, analyze, post 2. A chart of accounts doesn't include (A) account...
a. c. a. 1. The adjustments entered in the adjustments columns of a worksheet are not...
a. c. a. 1. The adjustments entered in the adjustments columns of a worksheet are not journalized. b. posted to the ledger but not journalized. not journalized until after the financial statements are prepared. d. journalized before the worksheet is completed. 2. The information for preparing a trial balance on a worksheet is obtained from financial statements. b. general ledger accounts. general journal entries. d. business documents. 3. After the adjusting entries are journalized and posted to the accounts in...
List the accounting cycle steps in proper order. Record and post adjusting entries. Post the transaction...
List the accounting cycle steps in proper order. Record and post adjusting entries.Post the transaction to the T-account in the general ledger.Record the transaction.Prepare financial statements (income statement, statement of stockholders' equity,balance sheet, and statement of cash flows).Record and post closing entries.9Prepare a trial balance.Analyze the impact of the transaction on the accounting equation.Assess whether the transaction results in a debit or a credit to the account balance.Use source documents to identify accounts affected by external transactions.
3. Your company purchased merchandise from the "X" Corporation. As the "gopher" person in your company,...
3. Your company purchased merchandise from the "X" Corporation. As the "gopher" person in your company, you picked up the merchandise as you delivered the order to buy. You paid for the merchandise instantly with one of your company's checks. Where would this transaction be recorded first by your company? a. purchase journal b. accounts payable subsidiary ledger c. cash disbursements journal d. general journal c. general ledger 4. The purpose of a bank reconciliation is to: a. make sure...
A trial balance would only help in detecting which one of the following errors?
A trial balance would only help in detecting which one of the following errors? An error when transferring the debit side of journal entry to the ledger occurred; it was recorded as a credit. The credit side of the transaction was recorded correctly. A transaction that is not journalized. A journal entry that is posted twice. A trial balance would help detect all of these errors. For a given transaction, the account that should have been debited was credited and the account that should have...
An entry in QuickBooks Online has been made, but you need to double-check the debit and...
An entry in QuickBooks Online has been made, but you need to double-check the debit and credit entries. What is the quickest way to do this? Run a trial balance report for the date of the entry, and check all accounts listed. Run a “Source and targets” report based on the date of transaction, and filter by customer/supplier. Open the transaction, and look at the transaction journal from within the “more” options. Look through the audit log to see all...
Steps in the Accounting Cycle Listed below, out of order, are the steps in an accounting cycle.
Steps in the Accounting Cycle Listed below, out of order, are the steps in an accounting cycle.1. Prepare the unadjusted trial balance.2. Post journal entries to general ledger accounts.3. Analyze transactions from source documents.4. Journalize and post adjusting entries.5. Prepare the financial statements.6. Record transactions in a journal.7. Prepare the post-closing trial balance.8. Prepare the adjusted trial balance.9. Journalize and post closing entries.(a) Place the numbers from the above list in the order in which the steps in the accounting...
6. Which of the following presents key aspects of the process of accounting in the correct...
6. Which of the following presents key aspects of the process of accounting in the correct chronological order? a. Totaling, auditing, and budgeting b. Budgeting, recording, and communicating c. Recording, totaling, and auditing d. Identifying, recording, and communicating 7. The process of transferring transaction effects into the appropriate accounts is referred to as a. closing. b. joumalizing. C. recording. d. posting 8. The following describes the process of identifying the economic events of an organization a. Keeping a chronological diary...
Posting is: A. copying the information from the ledger to the financial statements. B. entering the...
Posting is: A. copying the information from the ledger to the financial statements. B. entering the data into the journal. C. copying the information from the journal to the trial balance. D. copying the information from the journal to the ledger.
17-19
17. A purchase of inventory on account would include a debit to: a. cost of goods sold. b.. sales. c. merchandise inventory. d. accounts payable. Sales- $300,000 Cost of Goods Sold- $120,000 Operating Expenses $30,000 Find gross profit. a. $180,000 b. $150,000 c. $390,000 d. None of the above 19. Which of the following lists gives the correct sequence of accourting procedures? a. financial statements, trial balance, ledger, journal b. journal, ledger, trial balance, financial statements c. ledger, trial...
Section B Directions: Complete each of the following statements by writing in the Answers column the letter of the word or words that correctly completes each statement or answers the question. (3 points each) or Answers Scoring 1. The order of the flow of financial data accounting information systems is (A) journalize, post, analyze; (B) analyze, journalize, post; (C) journalize analyze, post; (D) analyze, post, journalize; (E) analyze, journalize, analyze, post 2. A chart of accounts doesn't include (A) account...
a. c. a. 1. The adjustments entered in the adjustments columns of a worksheet are not journalized. b. posted to the ledger but not journalized. not journalized until after the financial statements are prepared. d. journalized before the worksheet is completed. 2. The information for preparing a trial balance on a worksheet is obtained from financial statements. b. general ledger accounts. general journal entries. d. business documents. 3. After the adjusting entries are journalized and posted to the accounts in...
List the accounting cycle steps in proper order. Record and post adjusting entries.Post the transaction to the T-account in the general ledger.Record the transaction.Prepare financial statements (income statement, statement of stockholders' equity,balance sheet, and statement of cash flows).Record and post closing entries.9Prepare a trial balance.Analyze the impact of the transaction on the accounting equation.Assess whether the transaction results in a debit or a credit to the account balance.Use source documents to identify accounts affected by external transactions.
3. Your company purchased merchandise from the "X" Corporation. As the "gopher" person in your company, you picked up the merchandise as you delivered the order to buy. You paid for the merchandise instantly with one of your company's checks. Where would this transaction be recorded first by your company? a. purchase journal b. accounts payable subsidiary ledger c. cash disbursements journal d. general journal c. general ledger 4. The purpose of a bank reconciliation is to: a. make sure...
6. Which of the following presents key aspects of the process of accounting in the correct chronological order? a. Totaling, auditing, and budgeting b. Budgeting, recording, and communicating c. Recording, totaling, and auditing d. Identifying, recording, and communicating 7. The process of transferring transaction effects into the appropriate accounts is referred to as a. closing. b. joumalizing. C. recording. d. posting 8. The following describes the process of identifying the economic events of an organization a. Keeping a chronological diary...
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