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Question
In: Accounting
Which of the following is NOT a true statement? a. Transactions are recorded on ledgers and are posted to journals...
Which of the following is NOT a true statement?
a. Transactions are recorded on ledgers and are posted to journals.
b. Transactions are recorded in journals and are posted to ledgers.
c. Infrequent transactions are recorded in the general journal.
d. Frequent transactions are recorded in special journals.
Solutions
Expert Solution
The statement that is NOT true is:
a. Transactions are recorded on ledgers and are posted to journals.
Explanation:
In the typical accounting process, transactions are recorded first in journals and then posted to ledgers. Journals serve as the initial record where transactions are chronologically recorded, while ledgers contain summarized and categorized information from the journals. Therefore, option a is incorrect.
The statement that is NOT true is: (a).
Junaid answered 9 months agoRelated Solutions
Which of the following is a TRUE statement? Group of answer choices A transaction is recorded...
Which of the following is a TRUE statement?
Group of answer choices
A transaction is recorded in accounting if it has a measurable
financial effect on the assets, liabilities or stockholders' equity
of a business.
Separate entity assumption in accounting requires that the
financial activities of the owners of a company be reported on the
company's balance sheet.
The cost principle states that recording activities at cost
will result in the balance sheet representing the true value of the
company....
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and...
Revenue and cash receipts journals; accounts receivable
subsidiary and general ledgers
Transactions related to revenue and cash receipts completed by
Crowne Business Services Co. during the period April 2–30 are as
follows:
Apr. 2.
Issued Invoice No. 793 to Ohr Co., $6,730.
Apr. 5.
Received cash from Mendez Co. for the balance owed on its
account.
Apr. 6.
Issued Invoice No. 794 to Pinecrest Co., $2,420.
Apr. 13.
Issued Invoice No. 795 to Shilo Co., $3,610.
Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and...
Revenue and cash receipts journals; accounts receivable
subsidiary and general ledgers
Transactions related to revenue and cash receipts completed by
Crowne Business Services Co. during the period April 2–30 are as
follows:
Apr. 2.
Issued Invoice No. 793 to Ohr Co., $4,680.
Apr. 5.
Received cash from Mendez Co. for the balance owed on its
account.
Apr. 6.
Issued Invoice No. 794 to Pinecrest Co., $1,990.
Apr. 13.
Issued Invoice No. 795 to Shilo Co., $3,450.
Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and...
Revenue and cash receipts journals; accounts receivable
subsidiary and general ledgers
Transactions related to revenue and cash receipts completed by
Crowne Business Services Co. during the period April 2–30 are as
follows:
Apr. 2. Issued Invoice No. 793 to Ohr Co., $4,680.
Apr. 5. Received cash from Mendez Co. for the balance owed on
its account.
Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990.
Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,450.
Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and...
Revenue and cash receipts journals; accounts receivable
subsidiary and general ledgers
Transactions related to revenue and cash receipts completed by
Crowne Business Services Co. during the period April 2–30 are as
follows:
Apr. 2.
Issued Invoice No. 793 to Ohr Co., $5,160.
Apr. 5.
Received cash from Mendez Co. for the balance owed on its
account.
Apr. 6.
Issued Invoice No. 794 to Pinecrest Co., $1,860.
Apr. 13.
Issued Invoice No. 795 to Shilo Co., $2,770.
Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and...
Revenue and cash receipts journals; accounts receivable
subsidiary and general ledgers
Transactions related to revenue and cash receipts completed by
Crowne Business Services Co. during the period April 2–30 are as
follows:
Apr. 2.
Issued Invoice No. 793 to Ohr Co., $7,520.
Apr. 5.
Received cash from Mendez Co. for the balance owed on its
account.
Apr. 6.
Issued Invoice No. 794 to Pinecrest Co., $2,710.
Apr. 13.
Issued Invoice No. 795 to Shilo Co., $4,040.
Post revenue and collections...
venue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and...
venue and cash receipts journals; accounts receivable subsidiary
and general ledgers Transactions related to revenue and cash
receipts completed by Crowne Business Services Co. during the
period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to
Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the
balance owed on its account. Apr. 6. Issued Invoice No. 794 to
Pinecrest Co., $1,990. Apr. 13. Issued Invoice No. 795 to Shilo
Co., $3,450. Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and...
Revenue and cash receipts journals; accounts receivable
subsidiary and general ledgers
Transactions related to revenue and cash receipts completed by
Crowne Business Services Co. during the period April 2–30 are as
follows:
Apr. 2.
Issued Invoice No. 793 to Ohr Co., $6,750.
Apr. 5.
Received cash from Mendez Co. for the balance owed on its
account.
Apr. 6.
Issued Invoice No. 794 to Pinecrest Co., $2,430.
Apr. 13.
Issued Invoice No. 795 to Shilo Co., $3,620.
Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and...
Revenue and cash receipts journals; accounts receivable
subsidiary and general ledgers
Transactions related to revenue and cash receipts completed by
Crowne Business Services Co. during the period April 2–30 are as
follows:
Apr. 2.
Issued Invoice No. 793 to Ohr Co., $6,970.
Apr. 5.
Received cash from Mendez Co. for the balance owed on its
account.
Apr. 6.
Issued Invoice No. 794 to Pinecrest Co., $2,510.
Apr. 13.
Issued Invoice No. 795 to Shilo Co., $3,740.
Post revenue and collections...
evenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and...
evenue and cash
receipts journals; accounts receivable subsidiary and general
ledgers
Transactions related
to revenue and cash receipts completed by Crowne Business Services
Co. during the period April 2–30 are as follows:
Apr. 2.
Issued Invoice No. 793 to Ohr Co., $7,580.
Apr. 5.
Received cash from Mendez Co. for the balance owed on its
account.
Apr. 6.
Issued Invoice No. 794 to Pinecrest Co., $2,730.
Apr. 13.
Issued Invoice No. 795 to Shilo Co., $4,070.
Post revenue and collections...
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