Describe journal entries for external transactions.

Q: What is the process of transferring the debits and credits from the journal entries to the accounts…

A: Journal entry is the primary recording of business transactions. Every transaction has debit and…

Q: Journal entry for sales

A: The journal entry is prepared to record the monetary transactions of the company in the boooks.

Q: What information is each type of document supposed to provide?

A: Answer: There are different types of documents which provide various information.

Q: Recording of transaction in the Journal is called:(i) Casting(ii) Posting(iii) Journalising(iv)…

A: Journal:  A journal is a detailed account that records all the financial transactions of a business,…

Q: What is a Entrie Journal in accounting

A: Accounting refers to the process of recording, classifying, and summarizing business transactions of…

Q: Explain the recording process of special journals.

A: Companies use special journals to record repetitive transactions that affect the same set of…

Q: REQUIRED A. EQUATION B JOURNAL ENTRY C POST TO T-ACCTS

A:

Q: Journalize any required entries from the records for Kirk's hardware

A: Any transaction that is present in the bank statement but not in the cash book, and any error that…

Q: Explain what an account is and how it helps in the recording process

A: An account is used to record changes in the asset, liability, equity, revenue, and expense. It is…

Q: How to prepare a closing Journal entry and how to draft journal entry?

A: Journal is the book of original entry in which all the transactions of the business are recorded…

Q: The general journal organizes accounting information in:

A: In any business entity , whenever any event occurs or a transaction takes place it is recorded in a…

Q: Prepare journal entries and calculate net pa

A: Journal Entry:   A journal entry is a systematic record of a financial transaction recorded in…

Q: Justapose the relevance of a general journal

A: Justapose the relevance of a general journal?

Q: Explain an example how to record the transaction in journal.

A: While recording a journal entry, the accounting system uses double entry system. Double entry system…

Q: journal entries ending inventories

A: Journal Entry: A journal entry is a systematic record of the business transactions in a…

Q: What are the columns that are typically used in the purchases journal?

A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the…

Q: The process of recording a transaction entry into the journal is called a) Journal Entry b)…

A: In Accounting, transaction refers to the activity incurred by an organization which have a certain…

Q: steps in posting from asales journal to an accounts receivable ledger

A: Sales Journal: A journal is a book of original entry where all journal entries are recorded on the…

Q: which internal users need the accounting information

A: Accounting information data is the data that emerges from business exchanges. When distinguished,…

Q: What information is contained in the general ledger master file?

A: General Ledger:  The financial information required for the preparation of financial reports of…

Q: How to post from general ledger

A: Posting is made to the general ledger and not from general ledger and the question has been answered…

Q: Journalize the transactions.

A: A journal is a detailed account that records all the financial transactions of a business, to be…

Q: Explain certificate of deposit (CD).

A: Money Market Instruments are short term financial instruments which helps in increasing financial…

Q: Give two examples of entires which appears in a ' Journal Proper'.

A: Journal proper: Journal proper is used to record miscellaneous transactions that which don’t find…

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