Principles of Accounting
Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 2, Problem 14EA
To determine

Record the given transactions in the general journal and prepare the respective ledger accounts.

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Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The sum obtained is best described as a(n): A. financial total B. grand total C. record count D. hash total E. cross-footing total
Name the four basic components of an AIS.When special journals are used, where are all the cash payments by cheque recorded?How do debits and credits remain equal when credit sales to customers are posted twice (once to the Accounts Receivable controlling account and once to the customer’s account in the sub-ledger)?How do we identify the journal from which an amount in a ledger account was posted?What is the normal recording and posting procedure when using special journals and controlling accounts with sub-ledgers?7. Why does a company need a general journal when using special journals for sale, purchases, cash receipts, and cash disbursements?
In this homework assignment you will develop a simplified four-column ledger account system for a local bank. A four-column ledger account form has spaces to enter the account name, the account number, the date, a description of the entry, and the posting reference. It also has four columns in which to record dollar amounts: Debit, Credit, Debit Balance, and Credit Balance. A simplified four-column ledger would have the account name and number, date of transaction and the four columns.

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Principles of Accounting

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