required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Date December 14 3 Note: Enter debits before credits. Record entry 4 Notified by Alex's Engineering Company that Business Solutions's bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. General Journal 6 Clear entry 7 8 ..... 11 < Required 1 Debit Prev Credit View general journal Required 2A > 1 of 1 www ‒‒‒ MacBook Air > Next >

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

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

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: 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: What is a ledger?

A: Accounting: Accounting can be defined as the process of identifying the business transaction,…

Q: Where are transactions initially recorded?

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

Q: What is meant by reconciling an account?

A: 1. Usually, an account has a lot of transactions in a particular year. As accountant and auditors,…

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: What is the relationship between an account and item?

A: it is important to understand the difference between item and account . the accounts are used to…

Q: ow is forcasting part of the bookkeeping proces

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

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.