when the sum of all entries in the subsidiary ledger equals the balance in the corresponding...
when the sum of all entries in the subsidiary ledger equals the balance in the corresponding general ledger account , it is assumed that .
A) all source documents were recorded .
B) no errors exist in the subsidiary ledger .
C) the recording processes were accurate .
D) adjusting entries are not required .
Homework Answers
When the sum of all entries in the subsidiary ledger equals the balance in the corresponding general ledger account, it is assumed that:
C) the recording processes were accurate.
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when the sum of all entries in the subsidiary ledger equals the
balance in the corresponding...
Please help. 1. Postings to the control accounts in the general ledger are made a. annually...
Please help.
1. Postings to the control accounts in the general ledger are made a. annually b. daily. c. monthly d. weekly 2. The balance of a control account in the general ledger a. must always be zero. b. must equal the amount of total assets. c. is always greater than the composite balance of individual accounts in a related subsidiary ledger. d. must equal the composite balance of individual accounts in a related subsidiary ledger. 3. Postings are made...
Questions 1.Signify the item that represents an example of a subsidiary ledger. a) The accounts receivable...
Questions 1.Signify the item that represents an example of a subsidiary ledger. a) The accounts receivable general ledger account b) An accounts payable journal entry c) Supporting detail of individual vendor balances that comprise the total balance of accounts payable d) A list of all general ledger accounts e) A list of all controlling accounts 2.Signify the item that most accurately and completely describes a subsidiary ledger. a) A controlling account b) Supporting detail behind a general ledger account c)...
Celestial Enterprise General Ledger April 2020 QUESTION TWO [20] The following information was extracted from the...
Celestial Enterprise General Ledger April 2020
QUESTION TWO [20] The following information was extracted from the accounting records of Celestial Enterprises. The business operates and maintains a general ledger as well as subsidiary ledgers for Debtors and Creditors. At 30 April 2020, the total of the list of debtors was R224 640 which did not reconcile with the balance of R202 500 in the Debtors Control account. Details follow: 1. Celestial Enterprises: General ledger for April 2020. DR CR 352...
At the end of May, the sales journal of Mountain View appears as follows. 7-10 subsidiary ledger preparing a of...
At the end of May, the sales journal of Mountain View appears as follows. 7-10 subsidiary ledger preparing a of accounts Sales Journal PR Date May 6 10 17 Account Debited Aaron Reckers Sara Reed Anna Page Sara Reed Totals Invoice Number 190 191 192 193 Accounts Receivable Dr. Sales Cr. 3,880 2,940 1,850 1,340 10,010 Page 20 Cost of Goods Sold Dr. Inventory Cr. 3,120 2.325 1,480 1,075 8,000 25 31 Chapter 7 Accounting Information Systems so recorded the...
1. Which of the following adjusting entries would not be reversed in the following accounting period?...
1. Which of the following adjusting entries would not be reversed in the following accounting period? a. an entry that recognized an accrued revenue earned during the current period b. an entry that transferred a portion of a revenue account to a liability account c. an entry that recognized an accrued expense of the current period d. an entry that allocated the expired portion of a long-lived asset to the current year's income statement (I know that it is not...
Accounting Help The general ledger of Michelle Company Ltd. showed a cash balance of $21,195 on...
Accounting Help
The general ledger of Michelle Company Ltd. showed a cash balance of $21,195 on 31 December 20X2, while the bank showed a balance of $60,600. The following facts were available: a. The bank collected $12,160 as a direct deposit for one of Michelle's customer as a payment on account. A $30 fee was charged by the bank for administration. Michelle has yet to record either of these amounts. b. Michelle paid a utilities bill of $460 through direct...
M 17-1 Journal Entries, Closing Entries, and Trial Balance LOS The general ledger trial balance of...
M 17-1 Journal Entries, Closing Entries, and Trial Balance LOS The general ledger trial balance of the General Fund of the City of Bedford on January 1, 2015, shows the following: Cash S100,000 Taxes Receivable 75.000 Allowance for Uncollectible Taxes $ 35.000 Fund Balance-Assigned (encumbrances from 2014) 30,000 Fund Balance-Unassigned 110,000 Total $175.000 $175,000 A summary of activities and transactions for the General Fund during 2015 is presented here: 1. The City Council adopted a budget for the General Fund...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $6,260. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,260. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,360. Post revenue and collections...
fill journal and ledger Desoto Company must make three adjusting entries on December 31, 2019 a....
fill journal and ledger
Desoto Company must make three adjusting entries on December 31, 2019 a. Suppliles used, $9,400 (supplles totaling $14,800 were purchased on December 1, 2019, and debited to the Supplies account). b. Explred Insurance, $6,600; on December 1, 2019, the firm pald $39,600 for six months Insurance coverage In advance and deblted Prepald Insurance for this amount. c. Depreclation expense for equlpment, $4,200. Required Prepare the Journal entrles for these adjustments and post the entries to the...
Please help.
1. Postings to the control accounts in the general ledger are made a. annually b. daily. c. monthly d. weekly 2. The balance of a control account in the general ledger a. must always be zero. b. must equal the amount of total assets. c. is always greater than the composite balance of individual accounts in a related subsidiary ledger. d. must equal the composite balance of individual accounts in a related subsidiary ledger. 3. Postings are made...
Celestial Enterprise General Ledger April 2020
QUESTION TWO [20] The following information was extracted from the accounting records of Celestial Enterprises. The business operates and maintains a general ledger as well as subsidiary ledgers for Debtors and Creditors. At 30 April 2020, the total of the list of debtors was R224 640 which did not reconcile with the balance of R202 500 in the Debtors Control account. Details follow: 1. Celestial Enterprises: General ledger for April 2020. DR CR 352...
At the end of May, the sales journal of Mountain View appears as follows. 7-10 subsidiary ledger preparing a of accounts Sales Journal PR Date May 6 10 17 Account Debited Aaron Reckers Sara Reed Anna Page Sara Reed Totals Invoice Number 190 191 192 193 Accounts Receivable Dr. Sales Cr. 3,880 2,940 1,850 1,340 10,010 Page 20 Cost of Goods Sold Dr. Inventory Cr. 3,120 2.325 1,480 1,075 8,000 25 31 Chapter 7 Accounting Information Systems so recorded the...
Accounting Help
The general ledger of Michelle Company Ltd. showed a cash balance of $21,195 on 31 December 20X2, while the bank showed a balance of $60,600. The following facts were available: a. The bank collected $12,160 as a direct deposit for one of Michelle's customer as a payment on account. A $30 fee was charged by the bank for administration. Michelle has yet to record either of these amounts. b. Michelle paid a utilities bill of $460 through direct...
M 17-1 Journal Entries, Closing Entries, and Trial Balance LOS The general ledger trial balance of the General Fund of the City of Bedford on January 1, 2015, shows the following: Cash S100,000 Taxes Receivable 75.000 Allowance for Uncollectible Taxes $ 35.000 Fund Balance-Assigned (encumbrances from 2014) 30,000 Fund Balance-Unassigned 110,000 Total $175.000 $175,000 A summary of activities and transactions for the General Fund during 2015 is presented here: 1. The City Council adopted a budget for the General Fund...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections...
fill journal and ledger
Desoto Company must make three adjusting entries on December 31, 2019 a. Suppliles used, $9,400 (supplles totaling $14,800 were purchased on December 1, 2019, and debited to the Supplies account). b. Explred Insurance, $6,600; on December 1, 2019, the firm pald $39,600 for six months Insurance coverage In advance and deblted Prepald Insurance for this amount. c. Depreclation expense for equlpment, $4,200. Required Prepare the Journal entrles for these adjustments and post the entries to the...
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