Don't use Ai.Answer in step by step with explanation. Regardless of your business's size, the one essentialelement of an accounting is that is accurate, easy touse, and tracks all checks written and all depositsmade

The one essential element of an accounting system is Cash counting, which is accurate, easy to use,…

Answered: Regardless of your business's size, the…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 5DQ: Why is it a good practice to post daily to the accounts receivable or accounts payable ledgers?

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Similar questions

Explain the concept of double-entry bookkeeping and how it ensures accuracy in financial records.
Distinguish among the following: (1) a general checkingaccount, (2) an imprest bank account, and (3) a lockboxaccount.
Match the following in the correct order.
Your client has requested that you assist them in setting up their accounting system and asks that you provide a brief description of what key systems and controls are required to ensure that they produce an accurate set of monthly reports. The client has specifically requested that you include in your comments: the accrual system of accounts preperation, the bank reconciliation, the use of accounting journals, the double entry system and the type of reports to be produced.
LO 1-3 1.63 Management Assertions. Your audit manager has asked you to explain the PCAOB assertions by using an account on the balance sheet at your audit client. For the accounts receivable account, please define each of the PCAOB assertions, using the accounts receivable account as a way to illustrate each assertion. You are encouraged to reference Exhibit 1.4 to help you answer this question.
In QuickBooks Online, what is the purpose of creating a deposit as income? Select an answer: to record income deposited in the business accounts that is not related to a specific customer transaction to reconcile bank statements with QuickBooks Online records to record a transfer of funds between bank accounts to track customer payments received for open invoices
Describe the process of recording transactions in the accounting system and explain the role of double-entry bookkeeping in maintaining accurate financial records.
An NSF check returned by the bank should be entered in the depositor's accounting records by a debit to:A. Accounts Receivable.B. An expense account.C. Cash.D. Cash Over and Short.
What entry is required in the company's accounts to record outstanding checks? Select one: A. no entry required B. debit Cash; credit Accounts Receivable C. debit Cash; credit Accounts Payable D. debit Accounts Receivable; credit Cash
identify and discuss the steps in the recording process. Be sure to discuss what each step does and how it relates to the steps before and after it. Then, answer the following questions: Should business transactions credits and debits be recorded directly into the ledger accounts? What are the advantages of recording in the journal before posting transactions into the ledger?
Business papers, such as checks, invoices, receipts, letters, and memos, that furnish proof that a transaction has taken place are called: source documents accounts debits O ledgers
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Regardless of your business's size, the one essential element of an accounting is that is accurate, easy to use, and tracks all checks written and all deposits made