what is procedure to posting account receivable ledger and inventory system . Explain with entry

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: How do you enter an adjusting entry for Inventory?

A: Inventory adjustment Fluctuation in the inventory is a serious issue for a business entity. The…

Q: What is the posting procedure for the sales journal?

A: Sales journal is used to record the entries related to only credit sales includes goods and services…

Q: the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit

A: Solution:- Preparation of Journal entries in the books of Bonnie Donne Company during its first…

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: How to journaalize entries from accounting for purchase with frieght transaction?

A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…

Q: How to close the Revenue accounts journal entry

A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…

Q: Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal,…

A: Special Journals are used by the accountants to record the journal entries into the specific…

Q: In Quickbooks, for a purchase on account and the subsequent payment for the purchase, which business…

A: To require: In Quickbooks, for a purchase on account and the subsequent payment for the purchase,…

Q: Please tell us about Purchases Discounts and Purchases Returns and Allowances.  Please indicate the…

A: Purchase discount refers to a form of deduction or declined approved by the seller when the buyer of…

Q: How to journalize entries from accounting for purchase with frieght transaction?

A: On any purchase if freight charges paid it is called freight in charges and it is part of cost of…

Q: Distinguish between sales book and sales account.

A: Sales book: Sales book is one of the subsidiary book of accounting in which all the transactions…

Q: The Ledger related to expenses is entered in which one of the ledger? Sales Ledger Purchase return…

A: Expenses are not recorded in a specific ledger.

Q: Why do companies use sequential prenumbering for documents such as checks, sales invoices, and…

A: Pre numbered documents are a main feature of an internal control system. The pre numbering of…

Q: What account is debited when recording a purchase of inventory when using the perpetual inventory…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: What document signals that a company should record thepurchase of goods on account?a. Purchase…

A:

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

A:

Q: posting from a sales journal to an accounts receivable ledger?

A: Sales journal is also referred as sales book or sales day book.  All the credit sales are recorded…

Q: What purpose is served by prenumbering sales orders, shipping documents, and sales invoices?

A: Revenue Cycle: Revenue cycle records all the transactions that originate from selling a product and…

Q: Who is responsible for releasing an order? Describe what happens to the inventory records andto PAC…

A: The person responsible for releasing an order is the material planner.

Q: What are the columns that are typically used in the purchases journal?

A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the…

Q: What account is debited when recording the payment of freight in when using the periodic inventory…

A: Definition:

Q: Describe and use the sales journal. What steps are followed in posting from the sales journal to the…

A: Sales Journal: A journal is a book of original entry where all journal entries are recorded on the…

Q: Record the following purchase transactions of Money Office Supplies.

A: Journal:   Journal is the book of original entry. Journal consists of the day today financial…

Q: What is the classification of general ledger account?

A: General ledger: General ledger is a set of ledger accounts that are recorded in the journal and…

Q: Describe and use the purchase journal. What steps are followed in posting from the purchases journal…

A: Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single…

Q: Where do you find inventory, sales, and cost of sales accounts on the financial statements?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: When recording purchase returns and purchase allowances under the periodic inventory system, what…

A: Periodic Inventory System:Periodic inventory system is a system in which the inventory is updated…

Q: Goods returned by customer will be debited to which account?

A: When a customer returns the goods sold to him it is called sales return i.e. it reduces the income…

Q: What general ledger journal entries does the purchases system trigger? From which departments do…

A: Purchasing System: The identification and procurement of the inventory needs for the organization is…

Q: What account is debited when recording a purchase of inventory when using a periodic inventory…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: What's the difference between a chart of accounts and general ledger?

A: Charts of Accounts: Charts of accounts are the list of all the accounts which the company has. It is…

Q: How to identify the debit and credit amount for the general ledger

A: In order to balance the journal ledger both the debit and credit accounts to be balanced that is…

Q: Describe the integration of the Inventory Ledger with the Payables, Receivables and General Ledgers.

A: Solution:- Introduction:- An integrated accounting system is application software in which all the…

Q: what steps are followed in posting from the purchases journal to the accounts payable ledger?

A: Purchase journal indicates the account corresponding to the orders or purchase initiated or made on…

Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…

A: A data flow diagram is a flow of data that analyzes the beginning criteria and end results of a…

Q: Describe and put the sales notebook to use. What procedures are involved in submitting sales journal…

A: The Answer

Q: What's the entry for the cash receipt journal?

A: Journal entry is the entry which the business records normally on the journal but as there are…

Q: What steps are followed in posting from the sales journal to the accounts receivable ledger?

A: Sales Journal A journal is a book of original entry where all journal entries are recorded on the…

Q: Prepare journal entries to record the transactions, assuming perpetual inventory system.

A: Journal Entries: are the first recording of any transaction in the books of accounts. These entries…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger…

A: The general ledger records all the financial accounts of a company. The general ledger includes…

Q: ceives a credit terms of : e Inventory account?

A: Given terms as, 2/10 and n/30

Q: What notations are entered into the Posting Reference column of a ledger account?

A: A ledger account is prepared in a T shape. It has column of debit and credit. The ledger accounts…