I. TOPIC: ACCOUNTING BOOKS-Journal and Ledgers III. Direction: A. Classify the transactions in the box to the appropriate journal where it will be recorded. Cash sales Collection from receivable Interest income received limiterest expense paid Cash dirawings of owners Cash contributions from owners Payments for merchandise purchased on account Deliveries made to customers on account Payment of utilities Purdhases made on account Payment for requisition of equipment Depreciation expense Amortization expense Principal payments for bank loans Accrual of unpaid utility bills Accrual of unpaid salaries SALES JOURNAL PURCHASES JOURNAL

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: Describe an account and its use in recording transactions.

A: Accounting reports are papers and books used to manage records.

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

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

Q: How do the opening balances and ending balances look like in a general ledger? Please provide an…

A: Basically 'General Ledger' is a summary of various number of business transactions. All transactions…

Q: (using the above information) how do you fill out the general ledger?

A: All of the Accounts that have been established based on transactions recorded in various journals…

Q: 1. What are the advantages of the use of a ledger? 2. What are the steps in posting from Journal to…

A: Introduction:- Ledger is a collection of all accounts debited and credited in the journal. It assist…

Q: Transferring journal entries to the ledger accounts is called posting and should be per­formed in…

A: Ledger posting is the process of transferring information from general journal entries to the…

Q: The order of the steps in the recording process is: O post to the ledger, journalize and analyze. O…

A: In accounting, the recording process starts with analyzing the transactions about the nature, the…

Q: Where are transactions initially recorded?

A: The primary point where the financial transaction, which is initiated or effected by entity during a…

Q: Determining the effect of a transaction on the accounts is a desired outcome of which step of the…

A: Journal entries :we need to record the journal entries fro the transactions and events happened…

Q: A debit to an expense account O directly affects the Owner's Drawings account. O decreases owner's…

A: In accounting, expenses are the money/cost incurred by a firm to generate revenue. In other words,…

Q: Journalize the transactions.

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

Q: What is the most common type of customer statement? Select an answer: transaction balance…

A: In accounting, there are three common types of customer statements: transaction, balance forward,…

Q: All records in a file must have a unique way of identifying a particular record within that file,…

A: A primary key is a single field or combination of fields that uniquely identify a record in a…

Q: ow is forcasting part of the bookkeeping proces

A: Bookkeeping involves several tasks, including recording transactions, posting debits and credits,…

Q: Describe how accounts are used to record information about the effects oftransactions?

A: Firstly the transaction are recorded in the original books i.e. Journal, when the transactions are…

Q: What is the process of recording a transaction in the journal called? Group of answer choices…

A: Journal entries are considered the basic method for recording financial transactions in the books of…

Q: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…