The ledger is: A.a tool used to ensure that debits equal credits. B.a group of accounts...
The ledger is:
A.a tool used to ensure that debits equal credits.
B.a group of accounts that records results from business transactions.
C.a tool used to ensure that all accounts have normal balances.
D.a chronological record of the day's transactions.
Homework Answers
Option (C) is correct
The ledger is a tool used to ensure that all accounts have normal balances. Ledger is prepared after the journal process for a transaction is complete. All the transactions are posted to ledger accounts. In this way there is a ledger account for every account involved in journal.
Add Answer to:
The ledger is:
A.a tool used to ensure that debits equal credits.
B.a group of accounts...
Which of the following groups of accounts have a normal credit balance?
Which of the following groups of accounts have a normal credit balance? A. Assets, capital, and withdrawals B. Liabilities, expenses, and assets C. Assets, expenses, and withdrawals D. Revenue, liabilities, and capital Which of the following groups of accounts have a normal debit balance? A. Liabilities, Expenses, and Assets B. Revenue, Liabilities, and Expense C. Assets, Expenses, and Withdrawals D. Assets, Capital, and Withdrawals The ledger is: A. a group of accounts that records results from business transactions. B. a tool used to ensure that all accounts have normal balances. C. a tool...
"Posting" journal entries is required in order to: Multiple Choice ensure that debits equal credits in...
"Posting" journal entries is required in order to: Multiple Choice ensure that debits equal credits in the trial balance. provide a chronological record of all economic events affecting the firm. ensure that all accounts are up to date prior to preparing financial statements. reflect the information in journal entries in ledger accounts. Which of the choices below was the first private sector entity to set accounting standards in the United States? Multiple Choice AICPA . Committee on Accounting Procedure. Accounting...
1.Which of the following is not an error that would cause the trial balance to become...
1.Which of the following is not an error that would cause the trial balance to become unequal? a. Balance entered in wrong column of account b. Column incorrectly added c. The debit part of an entry posted to the wrong account as a debit d. Debit is posted as a credit, or vice versa 2. If a fee of $2,850 earned from a client was debited to Accounts Receivable for $2,580 and credited to Fees Earned for $2,850, which of...
Should business transactions credits and debits be recorded directly into the ledger accounts? What are the...
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?
Match the definition on the left with the term/item on the right. It is a collection...
Match the definition on the left with the term/item on the right. It is a collection of all accounts with their activity and balances that exist in a business. It is a book of original entry that includes a chronological record of all transactions that Have occurred within a business during a period occurred It is a list of each account and its balance at any given time and is used to verify that debits = credits It is a...
Post the general journal entries from the journal to the corresponding general ledger accounts, paying particular attention to whether they’re debits or credits. Use the Post Ref. column to ensure t...
Post the general journal entries from the journal to the
corresponding general ledger accounts, paying particular attention
to whether they’re debits or credits. Use the Post Ref. column to
ensure that each line item of the journal entries is posted
correctly to each general ledger account. Posting from the journal
to the general ledger is simply rearranging the information.
J & LAccounting, Inc Post-Closing Trial Balance December 31, 2017 BALANCE DEBIT ACCOUNT TITLE CREDIT Cash, Business Checking Accounts Receivable Prepaid...
jeneral ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits...
jeneral ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 25,400 16,200 13,600 156,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7.500 6,600 151,000 46,100 $211,200 $211,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, 5142,100, and on account, $56,200. 2. February 12 Collect on accounts receivable, $52,300. 3. April 25 Receive...
Accounts Payable Subsidiary Ledger The debits and credits from two transactions are presented in the following...
Accounts Payable Subsidiary Ledger The debits and credits from two transactions are presented in the following creditor's (supplier's) account: NAME Hellman Services Inc. ADDRESS 2199 Commerce Place Date Item Post. Ref. Debit Credit Balance Nov. 1 Balance 571 Nov. 11 Invoice No. 336 P105 206 777 Nov. 22 Invoice No. 360 CP50 106 671 Select the choice that describes each transaction and the source of each posting. Date Action Invoice No. Posted From Journal Page Nov. 11 Nov. 22
Question 1 A chart of accounts is used in organizations to process transactions to the ledger....
Question 1 A chart of accounts is used in organizations to process transactions to the ledger. ensure consistency in recording transactions quicker, since a chart of accounts is essentially shorthand of accounts. verify correct amounts before being transferred to the trial balance. alphabetize accounts so that when accountants prepare financial statements the accounts can be quickly transferred. encrypt the general journal so that no other organization can read any other organization's journal. 1 points Question 2 The entry to close...
4. The process of transferring the debits and credits from the journal to the accounts is...
4. The process of transferring the debits and credits from the journal to the accounts is C a Two column journal C b. Posting c. Analysis d. Double-entry accounting 23518 5. Which of the following types of accounts has a normal credit balance? a. Expense C b.Drawing c. Revenue d. Assets 23519 6. If Websavvy (an imaginary web design organization) purchased an insurance policy for the automobile that is used in the business, and the policy was for 24 months...
"Posting" journal entries is required in order to: Multiple Choice ensure that debits equal credits in the trial balance. provide a chronological record of all economic events affecting the firm. ensure that all accounts are up to date prior to preparing financial statements. reflect the information in journal entries in ledger accounts. Which of the choices below was the first private sector entity to set accounting standards in the United States? Multiple Choice AICPA . Committee on Accounting Procedure. Accounting...
Match the definition on the left with the term/item on the right. It is a collection of all accounts with their activity and balances that exist in a business. It is a book of original entry that includes a chronological record of all transactions that Have occurred within a business during a period occurred It is a list of each account and its balance at any given time and is used to verify that debits = credits It is a...
Post the general journal entries from the journal to the
corresponding general ledger accounts, paying particular attention
to whether they’re debits or credits. Use the Post Ref. column to
ensure that each line item of the journal entries is posted
correctly to each general ledger account. Posting from the journal
to the general ledger is simply rearranging the information.
J & LAccounting, Inc Post-Closing Trial Balance December 31, 2017 BALANCE DEBIT ACCOUNT TITLE CREDIT Cash, Business Checking Accounts Receivable Prepaid...
jeneral ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 25,400 16,200 13,600 156,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7.500 6,600 151,000 46,100 $211,200 $211,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, 5142,100, and on account, $56,200. 2. February 12 Collect on accounts receivable, $52,300. 3. April 25 Receive...
Accounts Payable Subsidiary Ledger The debits and credits from two transactions are presented in the following creditor's (supplier's) account: NAME Hellman Services Inc. ADDRESS 2199 Commerce Place Date Item Post. Ref. Debit Credit Balance Nov. 1 Balance 571 Nov. 11 Invoice No. 336 P105 206 777 Nov. 22 Invoice No. 360 CP50 106 671 Select the choice that describes each transaction and the source of each posting. Date Action Invoice No. Posted From Journal Page Nov. 11 Nov. 22
4. The process of transferring the debits and credits from the journal to the accounts is C a Two column journal C b. Posting c. Analysis d. Double-entry accounting 23518 5. Which of the following types of accounts has a normal credit balance? a. Expense C b.Drawing c. Revenue d. Assets 23519 6. If Websavvy (an imaginary web design organization) purchased an insurance policy for the automobile that is used in the business, and the policy was for 24 months...
Most questions answered within 3 hours.
-
Personal Reflection
1.) What career-related challenges do you anticipate?
2. What strategies or resources do you...
asked 8 minutes ago -
Teen pregnancy is a problem in Texas, which currently has the
5th highest teen pregnancy rate...
asked 15 minutes ago -
How many phosphodiester bonds are present in 1200 bp
plasmid?
asked 59 minutes ago -
Describe the differences in behavior of fixed costs, variable
costs, semi-variable costs and step costs. Then...
asked 1 hour ago -
A chemist had a bottle of HCl (aq) of unknown concentration. She
performed a titration experiment...
asked 1 hour ago -
According to the network system security, please explain:
1- What is canary and how it does...
asked 3 hours ago -
Study the provided BagInterface and the methods implemented in
the ResizableArrayBag
For the following methods that...
asked 3 hours ago -
Enter your answer in the provided box. To what fraction of its
original volume, Vfinal/Vinitial, must...
asked 3 hours ago -
Can you figure out if any R functions used to subset a time
series 1 or...
asked 4 hours ago -
Which of the following is correct?
A. APC + MPS = 1
B. APS + MPS...
asked 4 hours ago -
Given a regression sum of squares equal to 2373.59 and a total
sum of squares equal...
asked 6 hours ago -
Compare and contrast the linear motion and angular motion
equations F ma and . That is,...
asked 5 hours ago