Homework Answers
Answer
- The correct answer is Option #4: JOURNAL has the word ‘debit and credit’ in its format.
- A typical format of a Journal looks like:
|
Date |
General Journal |
Debit |
Credit |
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When viewing a company's accounting records, the terms "debit" and "credit" would typically be seen in...
The entry in a firm's accounting records for the monthly service charge by the bank noted...
The entry in a firm's accounting records for the monthly service charge by the bank noted on the bank statement would include: Multiple Choice a debit to Bank Fees Expense and a credit to Cash. a debit to Cash and a credit to Accounts Payable a debit to Accounts Payable and a credit to Cash a debit to Cash and a credit to Fees Income.
Database vs Manual Accounting Systems Task Manual Accounting System Debit and credit journal entries made manually...
Database vs Manual Accounting Systems Task Manual Accounting System Debit and credit journal entries made manually Transactions Entered: • Vendor Transactions Customer Transactions • Employee Transactions Database Accounting System Transactions entered using onscreen database forms such as onscreen invoices and checks Debit and credit journal entries made manually Adjustments made using onscreen journal Financial Cycle: Adjusting Entries Correcting Entries Financial Cycle: Closing Entries Account Balances Completed automatically Debit and credit journal entries made manually Entries in journal manually posted to...
Database vs Manual Accounting Systems Task Manual Accounting System Debit and credit journal entries made manually...
Database vs Manual Accounting Systems Task Manual Accounting System Debit and credit journal entries made manually Transactions Entered: Vendor Transactions Customer Transactions Employee Transactions Database Accounting System Transactions entered using onscreen database forms such as onscreen invoices and checks Debit and credit journal entries made manually Adjustments made using onscreen journal Financial Cycle: Adjusting Entries Correcting Entries Financial Cycle: • Closing Entries Account Balances Debit and credit journal entries made manually Completed automatically Entries in journal manually posted to General...
What do the terms 'debit' and 'credit' mean from an accounting perspective? What are the two...
What do the terms 'debit' and 'credit' mean from an accounting perspective? What are the two primary rules of debits and credits? How do these impact the various types of accounts (assets, liabilities, expenses, revenues, distributions to owners, and equity)? How do they help ensure that an illogical journal entry cannot be made? Provide at least one example of an illogical entry. Why would this be illogical?
What is a Debit and Credit when applied to financial accounting? O A) Debit indicates decrease...
What is a Debit and Credit when applied to financial accounting? O A) Debit indicates decrease and Credit indicates increase O B) Debit is the right side of a “X” account and Credit is the left side of a “X” account O C) Financial accounting does not have a specific definition for Debit and Credit O D) Debit is the left side of a “T” account and Credit is the right side of a “T” account
1)What do the terms 'debit' and 'credit' mean from an accounting perspective? What are the two...
1)What do the terms 'debit' and 'credit' mean from an accounting perspective? What are the two primary rules of debits and credits?2. ) How do these impact the various types of accounts (assets, liabilities, expenses, revenues, distributions to owners, and equity)? 3) How do they help ensure that an illogical journal entry cannot be made? 4)Provide at least one example of an illogical entry. Why would this be illogical?
1. Match the accounting terms with the corresponding definitions. (Click the icon to view the accounting...
1. Match the accounting terms with the corresponding definitions. (Click the icon to view the accounting terms.) a. (2) b. A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period The record holding all the accounts of a business, the changes in those accounts, and their balances A journal entry that is characterized by having multiple debits and/or multiple credits A record of transactions in date order Left side...
Arrange the series of accounting activities listed here for the accounting cycle for a service business....
Arrange the series of accounting activities listed here for the accounting cycle for a service business. Indicate the sequence of the steps by entering a number from 1 to 8 to the left of each activity. (p. 228) Accounting Activity _______ A work sheet, including a trial balance, is prepared from the general ledger. _______ Transactions, from information on source documents, are recorded in a journal. _______ Source documents are checked for accuracy, and transactions are analyzed into debit and credit parts. _______ Adjusting entries...
When would the accounting principle of Materiality be applied in a company's financial statements or notes?...
When would the accounting principle of Materiality be applied in a company's financial statements or notes? Please give an example of its application.
14 Prior to closing the accounts, Syracuse Company's accounting records showed the following balances Ask Retained...
14 Prior to closing the accounts, Syracuse Company's accounting records showed the following balances Ask Retained earnings Service revenue Interest revenue Salaries expense Operating expense Interest expense Dividends $16,800 21,750 1,880 12,300 3,450 980 2,780 Print After closing the accounts, Syracuse's retained earnings balance would be Multiple Choice $16.800. $23.700 $21,000 $26.400 < Prey 14 of 19 !!! Next >
The entry in a firm's accounting records for the monthly service charge by the bank noted on the bank statement would include: Multiple Choice a debit to Bank Fees Expense and a credit to Cash. a debit to Cash and a credit to Accounts Payable a debit to Accounts Payable and a credit to Cash a debit to Cash and a credit to Fees Income.
Database vs Manual Accounting Systems Task Manual Accounting System Debit and credit journal entries made manually Transactions Entered: • Vendor Transactions Customer Transactions • Employee Transactions Database Accounting System Transactions entered using onscreen database forms such as onscreen invoices and checks Debit and credit journal entries made manually Adjustments made using onscreen journal Financial Cycle: Adjusting Entries Correcting Entries Financial Cycle: Closing Entries Account Balances Completed automatically Debit and credit journal entries made manually Entries in journal manually posted to...
Database vs Manual Accounting Systems Task Manual Accounting System Debit and credit journal entries made manually Transactions Entered: Vendor Transactions Customer Transactions Employee Transactions Database Accounting System Transactions entered using onscreen database forms such as onscreen invoices and checks Debit and credit journal entries made manually Adjustments made using onscreen journal Financial Cycle: Adjusting Entries Correcting Entries Financial Cycle: • Closing Entries Account Balances Debit and credit journal entries made manually Completed automatically Entries in journal manually posted to General...
What is a Debit and Credit when applied to financial accounting? O A) Debit indicates decrease and Credit indicates increase O B) Debit is the right side of a “X” account and Credit is the left side of a “X” account O C) Financial accounting does not have a specific definition for Debit and Credit O D) Debit is the left side of a “T” account and Credit is the right side of a “T” account
1. Match the accounting terms with the corresponding definitions. (Click the icon to view the accounting terms.) a. (2) b. A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period The record holding all the accounts of a business, the changes in those accounts, and their balances A journal entry that is characterized by having multiple debits and/or multiple credits A record of transactions in date order Left side...
Arrange the series of accounting activities listed here for the accounting cycle for a service business. Indicate the sequence of the steps by entering a number from 1 to 8 to the left of each activity. (p. 228) Accounting Activity _______ A work sheet, including a trial balance, is prepared from the general ledger. _______ Transactions, from information on source documents, are recorded in a journal. _______ Source documents are checked for accuracy, and transactions are analyzed into debit and credit parts. _______ Adjusting entries...
14 Prior to closing the accounts, Syracuse Company's accounting records showed the following balances Ask Retained earnings Service revenue Interest revenue Salaries expense Operating expense Interest expense Dividends $16,800 21,750 1,880 12,300 3,450 980 2,780 Print After closing the accounts, Syracuse's retained earnings balance would be Multiple Choice $16.800. $23.700 $21,000 $26.400 < Prey 14 of 19 !!! Next >
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