Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter B, Problem 4E
a.
To determine
Indicate the nature such as payment, adjusting, closing, reversing for the given entry.
b.
To determine
Prepare
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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
An invoice number is:
a.added to the Post Ref. column of the ledger account.
b.mentioned in the explanation of the related journal entry.
c.added to the Post Ref. column of the journal.
d.mentioned in the ledger accounts related to the journal entry.
2. Journalize the closing entries and balance off the ledger accounts including the income summary account.
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Portions of the wages expense account of a business follow: a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. b. Journalize the complete entry from which each numbered posting was made.arrow_forwardEntries posted to wages expense account Portions of the salaries expense account of a business follow: A. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. B. Journalize the complete entry from which each numbered posting was made.arrow_forwardThe debits and credits from two transactions are presented in the following customer account: Describe each transaction and the source of each posting.arrow_forward
- CREATE AN EXAMPLE OF CHART OF ACCOUNTS. (SHOULD BE ARRANGED FROM ASSETS TO EXPENSES)arrow_forwardCREATE YOUR OWN FORM OF “CHART OF ACCOUNTS”arrow_forwardThe process of transferring general journal entry information to the ledger is called: a. Balancing an account. b. Journalizing. c. Posting. d. Double-entry accounting. e. Balancing. Which of the following is prepared after the preparation of the balance sheet? a. Closing entries. b. Adjusting entries. c. Adjusted trial balance. d. Statement of retained earnings. e. Ledger accounts. The posting reference column in the ledger is: A. used to record the journal and page number from the transactions originated. B. used to record the ledger number. C. used to record the date. D. not used.arrow_forward
- Prepare the journal entry for the salaries and wages paid.arrow_forwardIt is the process of transferring the entries recorded in the journal to the respective accounts opened in the general ledger. a. Bookkeeping b. Posting c. Accounting d. Journalizingarrow_forwardUnder the allowance method, what journal entries are made if an account is collected that was previously written off?arrow_forward
- 1. List the following classifications of accounts in all of the columns in which they appear on the work sheet, with the exception of the Adjustments columns. (Example: Assets) 2. List Net Income in the appropriate columns.arrow_forwardNumber in their proper order the following steps in the accounting cycle. a. Prepare a trial balance. b. Post to the general ledger accounts. c. Journalize and post the closing entries. d. Complete an end-of-period work sheet. e. Prepare a post-closing trial balance. f. Journalize and post the adjusting entries. g. Analyze source documents. h. Record the adjusting entries on a work sheet. i. Journalize the transactions. j. Prepare the financial statements.arrow_forwardA debit to the Income Summary ledger account and a credit to the Home Office account appear in: A. The accounting records of the Home office to record the net income of the home office. B. Some other manner. C. The accounting records of the Home office to record the net income of the branch. D. The accounting records of the branch to record the net income of the branch.arrow_forward
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The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY