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.
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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...
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Should business transactions credits and debits be recorded directly into the ledger accounts? What are the...
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Match the definition on the left with the term/item on the right. It is a collection...
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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.
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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...
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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...
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