Question

Required information [The following information applies to the questions displayed below.) Mulkeen Service Company, Inc., was
Saved Help d. Receiveu DIUUUU COST IRON UTE Iidlayers, Ed Was issueu 2, VVU Sildies UI CONTROL STOLK. b. Purchased equipment
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Journals Ledger No. Account titles Credit Cash Debit $70,000 a. Cash Beg. Bal. $ $ $70,000 a. 70,000 Common Stock (To record

-------------------------------------

  • Steps in the recording process:
  • ·   Analyze each transaction for its effects on the accounts;
  • ·   Enter the transaction information in a journal;
  • ·   Transfer the journal information to the appropriate accounts in the ledger.
  • Journal:
  • · It records transactions in chronological order.
  • · It referred to as the book of original entry;
  • · For each transaction, the journal shows the debit and credit effects on specific accounts.
  • · It discloses in one place the complete effects of a transaction.
  • · It is important to use correct and specific account titles in journalizing.

  • Ledger:
  • · The entire group of accounts maintained by a company is the ledger.
  • · Transferring journal entries to the ledger accounts is called posting.
  • · Posting should be performed in chronological order.
  • · Posting should be made on a timely basis to ensure that ledger is up to date.

------------------------------------------------------------------

If you have any queries/doubts,Immediately drop your messages in the comment box !!!! I will help you...
Thanks!!!  

Add a comment
Know the answer?
Add Answer to:
Required information [The following information applies to the questions displayed below.) Mulkeen Service Company, Inc., was...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT