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 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.............................................................................. ...

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.

1) Process Solutions Company received $193 from a charge customer which was recorded and posted as...

1) Process Solutions Company received $193 from a charge customer which was recorded and posted as $391. The journal entry to correct the error is: a) a credit to Cash for $198 and a debit to Accounts Payable for $198. b) a debit to Cash for $391 and a credit to Accounts Receivable for $391. c) a credit to Cash for $198 and a debit to Income from Services for $198. d) a debit to Cash for $193 and a...

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.

General Journal of Smith Ltd – the two journal entries that have yet to be posted:...

General Journal of Smith Ltd – the two journal entries that have yet to be posted: Date General ledger account name affected by the transaction: Dr Cr 29/3/19 Dr Machinery 450 000 Cr Loan payable 450 000 ( to record the purchase of machinery) 29/3/19 Dr Cash 50 000 Dr Accumulated depreciation - machinery 470 400 Dr Loss on sale 19 600 Cr Machinery 540 000 ( to record the sale of an item of machinery) A GENERALLEDGER (GL)contains ALL...

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

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