5) The CEO of the company is very concerned about the number of journal entries passing through the accounting ledgers, and has asked for your views on the role of the journal in the accounting system. He also produces a listing of transactions which he believes were never put through the system. The list is as follows: uly 8 uly 10 uly 12 luly 28 July 29 July 31 Billed clients $5,910 for services provided Declared $1,200 dividends, payable on October 31. Received a cheque for 50% of service fees billed on July 8. Collected payment for services which will be provided in August $5,000. Purchased supplies worth $1,000 on account. Paid $3,125 in salaries earned by employees during this month. Recognising that these transactions should have been posted to the ledger in the month of July you then seek to : a) Explain the role of the jourmal in the accounting syslem. b) Prepare ine relevant journal entries to properly record these transactions.
5) The CEO of the company is very concerned about the number of journal entries passing through the accounting ledgers, and has asked for your views on the role of the journal in the accounting system. He also produces a listing of transactions which he believes were never put through the system. The list is as follows: uly 8 uly 10 uly 12 luly 28 July 29 July 31 Billed clients $5,910 for services provided Declared $1,200 dividends, payable on October 31. Received a cheque for 50% of service fees billed on July 8. Collected payment for services which will be provided in August $5,000. Purchased supplies worth $1,000 on account. Paid $3,125 in salaries earned by employees during this month. Recognising that these transactions should have been posted to the ledger in the month of July you then seek to : a) Explain the role of the jourmal in the accounting syslem. b) Prepare ine relevant journal entries to properly record these transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![5) The CEO of the company is very concerned about the number of journal entries
passing through the accounting ledgers, and has asked for your views on the role
of the journal in the accounting system.
He also produces a listing of transactions which he believes were never put
through the system. The list is as follows:
July 8
July 10
July 12
July 28
July 29
July 31
Billed clients $5,910 for services provided
Declared $1,200 dividends, payable on October 31.
Received a cheque for 50% of service fees billed on July 8.
Collected payment for services which will be provided in August $5,000.
Purchased supplies worth $1,000 on account.
Paid $3,125 in salaries earned by employees during this month.
Recognising that these transactions should have been posted to the ledger in the
month of July you then seek to :
a) Explain the role of the jounal
b) Prepare tne relevant journal entries to properly record these transactions.
ccounting system.
10](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7f353b5-97c0-4812-9a29-569dd6992d61%2Fb408e691-73b1-493e-8785-337775a1aa53%2Fd8107l6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:5) The CEO of the company is very concerned about the number of journal entries
passing through the accounting ledgers, and has asked for your views on the role
of the journal in the accounting system.
He also produces a listing of transactions which he believes were never put
through the system. The list is as follows:
July 8
July 10
July 12
July 28
July 29
July 31
Billed clients $5,910 for services provided
Declared $1,200 dividends, payable on October 31.
Received a cheque for 50% of service fees billed on July 8.
Collected payment for services which will be provided in August $5,000.
Purchased supplies worth $1,000 on account.
Paid $3,125 in salaries earned by employees during this month.
Recognising that these transactions should have been posted to the ledger in the
month of July you then seek to :
a) Explain the role of the jounal
b) Prepare tne relevant journal entries to properly record these transactions.
ccounting system.
10
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