Emirates College of TechtLearning ManaSystemshboard My courses / Faculty of Business / Accounting and Finance Department/ Accounting TheoryQuiz 1estion 2The double-entry system requires that each transaction must be recordedyetweredSelect one:ked out ofa. in at least two different accounts.b. first as a revenue and then as an expense.Flagestionc. in a journal and in a ledger.d. in two sets of books.Previous pageworkshop 5 solvedJump to.HADELLF5F6F7F8F9F10F11F12A5 €8.6.

Double Entry system: According to double entry system every business transaction has a dual aspect.…

Answered: The double-entry system requires that…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Complete the statement: closing entries ________ A. Reflect the net income for the accounting period B. Are also posted in the subsidiary ledgers C. Involve all ledger accounts D. Are recorded in the special journals The process wherein transactions are recorded in the journal are transferred to the appropriate accounts in the general ledger and subsildiary ledgers, if appropriate, is called ___________ A. Ledgering B. Analyzing C. Posting D. Journalizing
One of the columns in the sales journal is labeled as: Oa. Debit Sales. O b. Payment Received. c. Customer's Name. Od. Sales Amount.
Match each of the numbered descriptions with the term, title, or phrase that it best reflects. Indicate your answer by entering the letter A through J in the blank provided. A. General journal B. Special journal C. Subsidiary ledger D. Accounts receivable ledger E. Accounts payable ledger F. Controlling account G. Sales journal H. Cash receipts journal I. Purchases journal J. Cash payments journal 1. Used to record all cash payments. 2. Used to record all credit purchases. 3. Used to record all receipts of cash. 4. Used to record sales of inventory on credit. 5. Stores transaction data of individual customers. 6. Stores transaction data of individual suppliers. 7. Account that is said to control a specific subsidiary ledger. 8. Contains detailed information on a specific account from the general ledger. 9. Used to record and post transactions of similar type. 10. All-purpose journal in which any transaction can be recorded.

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The double-entry system requires that each transaction must be recorded Select one: a. in at least two different accounts. b. first as a revenue and then as an expense. c. in a journal and in a ledger. O d. in two sets of books.