Question
In: Accounting
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?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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.
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...
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