(a) Should accounting transaction debits and credits be recorded directly in the ledger accounts? (b) What are...
Question:
(b) What are the advantages of first recording transactions in the journal and then posting to the ledger?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
a No debits and credits should not be recorded directly in the ledger ...View the full answer
Answered By
Cristine kanyaa
I possess exceptional research and essay writing skills. I have successfully completed over 5000 projects and the responses are positively overwhelming . I have experience in handling Coursework, Session Long Papers, Manuscripts, Term papers, & Presentations among others. I have access to both physical and online library. this makes me a suitable candidate to tutor clients as I have adequate materials to carry out intensive research.
4.90+
1538+ Reviews
3254+ Question Solved
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
(a) Should business transaction debits and credits be recorded directly in the ledger accounts? (b) What are the advantages of first recording transactions in the journal and then posting to the...
-
What are three advantages of dynamic (shared) linkage of libraries compared to static linkage? What are two cases where static linkage is preferable?
-
What are some advantages of issuing bonds versus borrowing from a bank?
-
Let a function f be the line graph connecting the data points (1, 2), (4,9), and (6,3). (a) Write the formula for a piecewise-linear function f that passes through these data points whose domain is 1...
-
Slider C has a weight of 0.5 lb and may move in a slot cut in arm AB, which rotates at the constant rate 0 = 10 rad/s in a horizontal plane. The slider is attached to a spring of constant k = 2.5...
-
Consider the same combustion process as in 13-2-17 [OWE], but assume that the reactants consists of a mixture at 1 atm, 25oC and that the product also consist of a mixture at 1 atm, 25oC. Determine...
-
On March 31, Daisy Tennis Equipment had a $165,000 debit balance in Accounts Receivable. During April, Daisy Tennis Equipment had the following transactions: Sales of $490,000, all on credit. ...
-
For each of the following, identify (1) Which accounting standardssetting body has primary authority, (2) The required financial statements, and (3) The account titles used in the equity section of...
-
Assume you have a portfolio of zero coupon bonds. The first bond is 15 year bond and the other bond is 5 year bond with. Assume the the CURRENT Market value of the first bond is 100,000,000 while the...
-
An FI wants to obtain the DEAR on its trading portfolio. The portfolio consists of the following securities. Fixed-income securities: i) The FI has a $1 million position in a six-year zero bonds with...
-
(a) When entering a transaction in the journal, should the debit or credit be written first? (b) Which should be indented, the debit or the credit?
-
Journalize these accounting transactions. (a) Stockholders invested $12,000 in the business in exchange for common stock. (b) Insurance of $800 is paid for the year. (c) Supplies of $1,800 are...
-
For the following exercises, use the information provided to graph the first five terms of the geometric sequence. Use the recursive formula to write a geometric sequence whose common ratio is an...
-
The goals of your presentation are to 1) EDUCATE (briefly) your audience about the problem/issue and identify the human and/or environmental harms caused by it. (Does air pollution cause harm to...
-
On a cold morning, the outside temperature and dew point are both -18 o C. You bring the air inside and it warms to a temperature of 13 o C. What is the relative humidity of the air now? What is the...
-
2 Jones Company received an invoice for $1,450 dated August 28, terms EOM. 10 (A) What is the last date of the discount and credit periods? Discount period Credit period
-
Explain the Following 1. operating systems and its related concepts 2 Operating systems architecture 3. Functions of the kernel 4. Interfaces of operating systems 5. Process Control Block 6....
-
Dakota Company had net sales (at retail) of $144,000. Beginning inventory Cost of goods purchased At Cost At Retail $ 33,300 $ 65,600 51,054 99,800 The above additional information is available from...
-
Standing at rest in the Earth reference frame, you observe two events, also at rest in that reference frame, occurring at these coordinates: event 1: \(x_{1}=10 \mathrm{~km}, y_{1}=5.0...
-
H Corporation has a bond outstanding. It has a coupon rate of 8 percent and a $1000 par value. The bond has 6 years left to maturity but could be called after three years for $1000 plus a call...
-
Use the electronegativity values in the chart on page 189 to calculate EN and predict whether the bonds (BaCl, OO, and SiO) are covalent, polar covalent, or ionic. BaCl 2 Data from Page 189 Bond...
-
This information is for Damon Corporation for the year ended December 31, 2010. Cash received from lenders ........ $20,000 Cash received from customers ....... 60,000 Cash paid for new equipment...
-
The following data are derived from the 2006 financial statements of Southwest Airlines. All dollars are in millions. Southwest has a December 31 year-end. Cash balance, January 1, 2006 ..............
-
Mike Paul is the bookkeeper for Benelli Company. Mike has been trying to get the balance sheet of Benelli Company to balance. It finally balanced, but now hes not sure it is correct. Instructions...
-
Drs . Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1 , 2 0 1 7 . The annual reporting period ends December 3 1 ....
-
When y = f(x) is mapped onto g(x), the point (4, 1) on f(x) becomes (p,q) on g(x). If g(x) = f (x + 5) - 3, then (p,q) is? 2mks
-
Danielle Company sells a single product at a price of $ 1 0 0 per unit. Variable costs per unit are $ 6 0 and total fixed costs are $ 6 0 0 , 0 0 0 . Danielle is considering the purchase of a new...
Study smarter with the SolutionInn App