Identify the option that provides organizational structure for general ledger.

Question

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Answer 1

Question

Chapter 8, Problem 1TY

To determine

Identify the option that provides organizational structure for general ledger.

Expert Solution & Answer

Answer to Problem 1TY

Option d

Explanation of Solution

Chart of accounts: The chart that lists all the account titles along with their corresponding numbers that are used in the general ledger of a company is referred to as chart of accounts.7

Journal entries are made by the company to record all business transactions. In Accounting Information System, monetary accounts are separately post in each account to the various accounts in general ledger. A company's chart of accounts provides the organizational structure for the general ledger. The chart of accounts makes use of a block coding structure.

Option a: As per the above explanation, option a is incorrect.

Option b: As per the above explanation, option b is incorrect.

Option c: As per the above explanation, option c is incorrect.

Option d: As per the above explanation, option d is correct.

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Q1. S-Sports Ltd specialises in selling premium sports equipment. Over the month, it recorded the following transactions. - Incurred $10,000 on credit for a one-time promotional event organised for its customers and local sports team. This amount will be paid in the coming month. - Made sales of $50,000 to customers, of which $5,000 is credit sales and will be collected in the following month. The goods sold were purchased from a local supplier at $20,000. -Purchased $15,000 of goods from a supplier on credit, with payment due in 30 days. - Paid rents of $12,000 for three months, with this month being the first month. -Repaired a window broken by a typhoon in summer. The repair cost is $3,000 in cash. -Paid supplier $25,000 for goods purchased last month. -Collected $8,000 in advance and promised to deliver goods the following month. -Incurred $1,800 depreciation expense and $9,000 other operating expenses. The operating expenses will be paid early next month. Q. For each item…

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Answer 2

Question

Chapter 8, Problem 1TY

To determine

Identify the option that provides organizational structure for general ledger.

Expert Solution & Answer

Answer to Problem 1TY

Option d

Explanation of Solution

Chart of accounts: The chart that lists all the account titles along with their corresponding numbers that are used in the general ledger of a company is referred to as chart of accounts.7

Journal entries are made by the company to record all business transactions. In Accounting Information System, monetary accounts are separately post in each account to the various accounts in general ledger. A company's chart of accounts provides the organizational structure for the general ledger. The chart of accounts makes use of a block coding structure.

Option a: As per the above explanation, option a is incorrect.

Option b: As per the above explanation, option b is incorrect.

Option c: As per the above explanation, option c is incorrect.

Option d: As per the above explanation, option d is correct.

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Answer 3

Question

Chapter 8, Problem 1TY

To determine

Identify the option that provides organizational structure for general ledger.

Expert Solution & Answer

Answer to Problem 1TY

Option d

Explanation of Solution

Chart of accounts: The chart that lists all the account titles along with their corresponding numbers that are used in the general ledger of a company is referred to as chart of accounts.7

Journal entries are made by the company to record all business transactions. In Accounting Information System, monetary accounts are separately post in each account to the various accounts in general ledger. A company's chart of accounts provides the organizational structure for the general ledger. The chart of accounts makes use of a block coding structure.

Option a: As per the above explanation, option a is incorrect.

Option b: As per the above explanation, option b is incorrect.

Option c: As per the above explanation, option c is incorrect.

Option d: As per the above explanation, option d is correct.

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Answer 4

Question

Chapter 8, Problem 1TY

To determine

Identify the option that provides organizational structure for general ledger.

Expert Solution & Answer

Answer to Problem 1TY

Option d

Explanation of Solution

Chart of accounts: The chart that lists all the account titles along with their corresponding numbers that are used in the general ledger of a company is referred to as chart of accounts.7

Journal entries are made by the company to record all business transactions. In Accounting Information System, monetary accounts are separately post in each account to the various accounts in general ledger. A company's chart of accounts provides the organizational structure for the general ledger. The chart of accounts makes use of a block coding structure.

Option a: As per the above explanation, option a is incorrect.

Option b: As per the above explanation, option b is incorrect.

Option c: As per the above explanation, option c is incorrect.

Option d: As per the above explanation, option d is correct.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 8, Problem 1TY

To determine

Identify the option that provides organizational structure for general ledger.

Expert Solution & Answer

Answer to Problem 1TY

Option d

Explanation of Solution

Chart of accounts: The chart that lists all the account titles along with their corresponding numbers that are used in the general ledger of a company is referred to as chart of accounts.7

Journal entries are made by the company to record all business transactions. In Accounting Information System, monetary accounts are separately post in each account to the various accounts in general ledger. A company's chart of accounts provides the organizational structure for the general ledger. The chart of accounts makes use of a block coding structure.

Option a: As per the above explanation, option a is incorrect.

Option b: As per the above explanation, option b is incorrect.

Option c: As per the above explanation, option c is incorrect.

Option d: As per the above explanation, option d is correct.

Answer 6

Chapter 8, Problem 1TY

To determine

Identify the option that provides organizational structure for general ledger.

Expert Solution & Answer

Answer to Problem 1TY

Option d

Explanation of Solution

Chart of accounts: The chart that lists all the account titles along with their corresponding numbers that are used in the general ledger of a company is referred to as chart of accounts.7

Journal entries are made by the company to record all business transactions. In Accounting Information System, monetary accounts are separately post in each account to the various accounts in general ledger. A company's chart of accounts provides the organizational structure for the general ledger. The chart of accounts makes use of a block coding structure.

Option a: As per the above explanation, option a is incorrect.

Option b: As per the above explanation, option b is incorrect.

Option c: As per the above explanation, option c is incorrect.

Option d: As per the above explanation, option d is correct.

Answer 7

Chapter 8, Problem 1TY

To determine

Identify the option that provides organizational structure for general ledger.

Answer 8

Expert Solution & Answer

Answer to Problem 1TY

Option d

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Chart of accounts: The chart that lists all the account titles along with their corresponding numbers that are used in the general ledger of a company is referred to as chart of accounts.7

Journal entries are made by the company to record all business transactions. In Accounting Information System, monetary accounts are separately post in each account to the various accounts in general ledger. A company's chart of accounts provides the organizational structure for the general ledger. The chart of accounts makes use of a block coding structure.

Option a: As per the above explanation, option a is incorrect.

Option b: As per the above explanation, option b is incorrect.

Option c: As per the above explanation, option c is incorrect.

Option d: As per the above explanation, option d is correct.