Why are business transactions initially recorded in a journal & why are they then posted from...

Why are business transactions initially recorded in a journal & why are they then posted from the journal to a ledger?

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ekkarill92 answered 1 year ago

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.

The following transactions were recorded in the General Journal of Hudson Supplies: General Journal of Hudson...

The following transactions were recorded in the General Journal of Hudson Supplies: General Journal of Hudson Supplies Date Details Debit Credit 1/11 Cash at bank 31,000 Inventory 10,000 Machinery 9,500 Motor vehicle 8,000 Capital 58,500 Commencement of business 4/11 Office equipment 12,600 GST Receivable 1,260 Accounts Payable Control 13,860 Purchased office equipment on credit from Real Services 8/11 Inventory 6,660 GST Receivable 666 Accounts Payable Control 7,326 Purchased inventory on credit from Simpson Pty Ltd 10/11 Cash at bank 7,150...

The transactions of Matile Delivery Company are recorded in the general journal below. You are to...

The transactions of Matile Delivery Company are recorded in the general journal below. You are to post the entries to T accounts (include dates) and foot and balance the T accounts. Prepare a trial balance in good order and form with complete headings. Don’t forget that there is a specific order of accounts: assets (in order of liquidity), liabilities (in order of liquidity), owner’s capital, owner’s withdrawals, revenues and expenses. General Journal Page 1 Date Description Debit Credit 20XX April...

The transactions of Finkel Brothers Limited are recorded in the general journal below. You are to...

The transactions of Finkel Brothers Limited are recorded in the general journal below. You are to post the journal entries to the accounts in the general ledger (use T accounts). After all entries have been posted, you are to prepare a trial balance at September 30, 2018. General Journal —————————————————————————————————————————— Date Account Titles and Explanation Debit Credit 2018 Sep 1 Cash................................................................................... 20,000 Common Shares......................................................... 20,000 (Shareholders invested cash in business) 4 Vehicles.............................................................................. ...

record the transactions or events that should be recorded in the general journal On August 2,...

record the transactions or events that should be recorded in the general journal On August 2, Paid $2200 cash for August salon rent. On August 4, Incurred $400 of advertising costs due in 20 days On August 5, Purchased salon equipment for $120 On August 7, Paid for supplies (shampoos, creams, and gels) $350 On August 8, received $300 for selling gels On August 12, paid $200 water bill On August 12, paid $150 for electricity bill On August 14,...

1. Prepare general journal entries to record these transactions. (Explanations are not required.) 2. Posted...

1. Prepare general journal entries to record these transactions. (Explanations are not required.) 2. Posted the above items to the ledger T-accounts. 3. Prepare a Trial Balance for Truman Services at May 31, 2020. Truman Services organized and opened for business on May 1st. During the month the company completed the following transactions: On May 1, The company received an initial investment of $25,000 cash and $10,000 of computer equipment for common stock. On May 2, paid $600 cash...

discuss the steps in professing business transactions. what kinds of transactions can be recorded in a...

discuss the steps in professing business transactions. what kinds of transactions can be recorded in a general journal? should a transaction be recorded first in a journal or the ledger? why?

General Journal tab: Transactions 1-11: Prepare journal entries to record transactions for the first month in business....

General Journal tab: Transactions 1-11: Prepare journal entries to record transactions for the first month in business. Transactions 12-15: Prepare the required adjusting entries (use information from the unadjusted trial balance to calculate the required adjustments). Transactions 16-19: Prepare the necessary closing entries. On December 1, Altoona Campus Photography issued 10,000 shares of common stock to Anita Silver in exchange for $41,000 cash. 2On December 1, Altoona Campus Photography purchased photography equipment for $9,360 cash. 3On December 1, Altoona Campus Photography...

a. A purchase of supplies for $127 on account was recorded and posted as a debit...

a. A purchase of supplies for $127 on account was recorded and posted as a debit to Supplies for $410 and as a credit to Accounts Receivable for $410. b. A receipt of $5,189 from Fees Earned was recorded and posted as a debit to Fees Earned for $5,189 and a credit to Cash for $5,189. Required: Journalize the entries to correct the above errors. Refer to the Chart of Accounts for exact wording of account titles.

7. O’Brien Vineyards recorded the following transactions for the month just completed. Please prepare the journal...

7. O’Brien Vineyards recorded the following transactions for the month just completed. Please prepare the journal entries. a. $60,000 in raw materials were purchased on account. b. $51,000 in raw materials were requisitioned for use in production. Of this amount, $42,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $92,000 were incurred and paid. Of this amount, $81,000 was for direct labor and the remainder was for indirect labor.

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