Journal Entry (Purchased of merchandise for cash) Date Particulars Debit Credit Feb -01 Cash in Bank 1,000,000 Feb -06 Cash in Bank 6,500 Merchandise Inventory 45,000 Purchase Returns & Allowances 6,500 (Refund for merchandise returned) E Detava, Capital 1,045,000 (Initial Investment) Feb -06 Cash in Bank 140,000 Sales 140,000 Feb - 01 Transportation Equipment 700,000 (Merchandise sold for cash) Cash in Bank 700,000 (Service Vehicle for Cash) Feb- 06 Freight Out 3,920 Cash in Bank 3,920 Feb -01 Cash in Bank 420,000 (Freight out of merchandise sold) Prepaid Interest 80,000 Notes Payable- PNB 500,000 Feb - 10 Sales Returns & Allowances 8,000 (Bank loan from PNB) Cash in Bank 8,000 (Ta record sales returns) 10,000 Store Supplies Imventory Account Payable- Gaisang Metro Feb- 02 10,000 Feb -11 Account Payable- Manila Car Corporation 180,000 (Store Supplies an account) Purchase Discounts 3,600 Cash in Bank 176,400 Feb- 03 Purchases 180,000 (Payment of account within the discount period) Account Payable-Manila Car Corporation (Merchandise purchased on credit) 180,000 Feb - 12 Taxes and Licenses 15,000 Cash in Bank 15,000 Feb- 04 Cash in Bank 15,000 (Payment of Taxes and Licenses) Installation Income 15,000 Feb-14 Accounts Receivable- Mega Plus Co. 250,000 (Installation service for cash Sales 250,000 Feb- 04 Freight in 5,000 |(Merchandise sold on Account) Cash in Bank 5,000 (Freight for merchandise purchased) Feb- 18 Accounts Receivable- Ultra Co. 210,000 Sales 210,000 (Merchandise sold on account) Feb - 05 Purchases 200,000 Cash in Bank 200,000

Q: Describe an account and its use in recording transactions.

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

Q: Explain receivables conversion period

A: It is the time interval connecting the sale of the last item using a credit card and cash receipts…

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: What is the difference between a ledger and a trial balance?

A: A Ledger Is Described Often, a ledger is referred to as a ledger book. Today, the roster and its…

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: here are three types of ledgers; general ledger, payables ledger, and receivables ledger. Discuss…

A: Ledgers are important components of an organization's accounting system, used to record and…

Q: All accounts in the subsidiary ledger of accounts receivable should be summed up

A: This question explains the subsidiary ledger of accounts receivable should be summed up.

Q: Describe how to report and analyze receivables.

A: Receivables are the assets for the company and may include trade receivables, other debtors or bills…

Q: What are the accounts written off? Explain with example?

A: Accounts written off means those debtors or accounts receivables from which money can no longer be…

Q: The general ledger or subsidiary ledger should be indicated for each account

A: This question deals with the general ledger or subsidiary ledger should be indicated for each…

Q: Using two revenue and capital ledgers, explain how you will treat them in the trial balance

A: A trial balance is one of the intermediate steps in an accounting cycle. The first few steps in the…

Q: et Ice Cream Company uses a plantwide allocation method to allocate overhead based on direct…

A: Allocation of overheads of an entity to its various departments has to be done in manner giving fair…

Q: Name the two types of ledgers.

A: Two types of ledgers are: General ledger Subsidiary ledger

Q: trial balance

A: The trial balance shows the account list of the general ledger that states the ledger of the…

Q: What information is provided by the Vendor Balance Detail Report?

A: The Vendor Balance Detail Report provides a detailed summary of a vendor's balance, including…

Q: What does a ledger show? What’s the difference between a ledger and the chart of accounts?

A:

Q: Describe accounts receivable and how they occur and are recorded.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Why is it important to verify if the activity on the trial balance equals the activity per the…

A: The activity in the trial balance means the accounts listed on the both side of trial…

Q: How a General Ledger Works With Double-Entry Accounting

A: The Double Entry Accounting basically consists of a cycle that starts with recording and ends till…

Q: Where are transactions initially recorded?

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

Q: Describe a ledger and a chart of accounts

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: What is an account and how is it related to the ledger?

A: Accounting is the process of identifying, recording, classifying and summarising accounting…

Q: What is meant by Accounts 2

A: A record of cash got and cash paid out. 2 : a course of action with a bank to hold cash and track…

Q: WHAT IS AN ACCOUNT TITLE?

A: An account title is a descriptive name or label given to an account to help identify and classify it…

Q: Identify and explain the techniques and methods to manage receivables.

A: Accounts receivable management is critical for any firm, as day-to-day operations rely heavily on…

Q: Explain the difference between the general ledger and a subsidiary ledger.

A: Ledger is a book where the journal entries recoded are posted. All the transactions in a ledger are…

Q: What columns are included in a typical ledger format?

A: Ledger indicates the posting of entries from the journals in their respective categorized accounts…

Q: Prepared a trial balance

A: Adjusted Trial Balance is prepared after adjusting the adjustment entries to the respective account…

Q: What is the chart of the account? Explain?

A: A chart of accounts is a listing of the names of the accounts that a company has identified and made…

Q: How to write a ledger

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

Q: The Sum of all the accounts in the accounts receivable subsidiary ledger should?

A: Accounts Receivable means amount due from customers on account of credit sales.  General ledger…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.