Accounts in the chart of accounts are arranged according to a. Order of appearance in business transaction b. Account classification c. Magnitude d. Liquidity

Q: Discuss what each ledger is used for and when it is used: 1. General Ledger 2. Payables ledger 3.…

A: The ledgers are prepared as posting the transactions from the journal book.

Q: Account for accountspayable and analyzeaccounts payableturnover

A: Accounts payable:   It refers to the money owed by the organization to their suppliers which is…

Q: a. Show the journal entry to record the uncollectible accounts. b. How much will the balance sheet…

A: a) Journal Entry

Q: A summarized statement of transactions relating to a particular person, item expense or income. a.…

A: Solution:   A summarized statement of transactions relating to a particular person, item expense or…

Q: Briefly state the rules of debiting and crediting accounts classified on the basis of accounting…

A: Accounting equation: Accounting equation represents the mathematical relationship between assets,…

Q: How do you know which account debits and credits go in?  How do you log into the general journal?…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: How is the account Accounts Payable classified and what kind of balance should it have? Group of…

A: Accounts payable is the term for current liabilities in regard to purchases made on credit. Such…

Q: What are the main classification/types of accounts?

A: Accounting is the scientific recording of financial transactions with a view to compute the…

Q: An accounting clerk would take first which of the following steps? A. Post individual amounts to the…

A: Option B is correct.

Q: How do you get the total for accounts recievable turnover

A: Accounts Receivables Turnover Ratio represents the rate at which cash is accounts receivable is…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is