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: ntify and discuss the steps in the recording process. Be sure to discuss what each step does and how…

A: The business transactions cannot be directly posted into the ledger account. All the transaction…

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: Prepare closing entries and post to the accounts.

A: Answer c) The process of recording business transactions in the books of accounts for the first time…

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: Define bookkeeping in your own words

A: Accounting is the process using which daily business transactions are kept in the form of a proper…

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: Explain how the SELECT and WHERE commands help a user to view the necessary data from multiple…

A:

Q: What document initiates the billing process?

A:

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: 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 do you start a new ledger with the reversing entries?

A: The reversing entries are prepared to cancel the adjustment entries made at the year end.

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: Which of the followings is / are part of the recording process ? The answer is A. Analyzing…

A: Journals are the first step of the accounting cycle process, under which for each transaction, at…

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: 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: Provide the proper format for recording a transaction.

A: Journal: Recording of a business transactions in a chronological order is called journal.

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: How to write a ledger

A: An accounting ledger is a bookkeeping account or record that keeps track of activities on the…

Q: ow is forcasting part of the bookkeeping proces

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

Q: The process of making the units of the filing name (pr segment) by which the record is to be stored…

A: The process of making the units of the filing name by which the record is to be stored is called…

Q: How does the Genral Ledger work?

A: General ledger is the account prepared by the company for each transactions made by the company. It…

Q: Should a transaction be first recorded in a journal or ledger? Why?

A: Transaction: In business, a transaction is an agreement between a buyer and a seller to exchange an…

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…