When an accountant updates an account balance in a ledger as a result of a transaction, it

Fantastic news! We've Found the answer you've been seeking!

Question:

When an accountant updates an account balance in a ledger as a result of a transaction, it is called:

preparing a balance sheet.

balancing the trial.

posting.

journalizing.

Related Book For answer-question

Fundamental Accounting Principles

ISBN: 9781260247985

25th Edition

Authors: John J Wild, Ken Shaw

See More Books

Posted Date: Nov 07, 2023 04:54 AM

See More Questions

The Fashion Rack has a monthly accounting period. The firms chart of accounts is shown below and on the next page. The journals used to record transactions are the sales journal, purchases journal,...
You have invested in an RRSP that earns 2.5% compounded semi-annually. How long will it take you to save $75,000 if you made payments of $750 at the end of each quarter? Show N with 2 places after...
The following trial balance was prepared from the ledger accounts of Smith Inc.: The accountant for Smith, Inc., made the following errors during May 2013: 1. The cash purchase of land for $3,000 was...
Assume that a company is going to invest 900,000 USD in a new project. We expect that the invested capital in the fixed assets will be fully depreciated within 3 years as follows: 500,000 USD,...
What is an echo?
The following selected account balances relate to the property, plant, and equipment accounts of Bird Corp.: Additional information: 1. Purchased land for $50,000, making a $20,000 down payment and...
Complexity science has developed from the field of: A. Health professions. B. Business. C. Industry. D. Quantum physics.
Data for Cindy Neuer are presented in BE10-5. Prepare the employers journal entries to record (a) Cindys pay for the period and (b) The payment of Cindys wages. Use January 15 for the end of the pay...
Explain what the term person - centered means to you.
Karen Samuels (Social Security number 123-45-6789) makes the following purchases and sales of stock: Assuming that Karen is unable to identify the particular lots that are sold with the original...
Tempe is considering replacing its fleet of gasoline powered cars with electric cars. The manufacturer of the electric cars claims a significant cost savings over the life of the fleet if Tempe...
Amazon's time trend. In this part of the assignment, you will analyze the effect of time on Amazon'squarterlyrevenue.Youwillbuildtworegressionsmodelinwhich time istheonlyindependentvariable. Linear...
Exercise 10 Calvin Cheng, who is employed and lives in Calgary, takes a considerable amount of office work home and, therefore, has built and furnished an office in his fully paid home. On this...
Person A expects to earn a $5,000 lump sum payment in a period of five years. If the discount rate is 8.25%, this person will want to know what that payment will be worth today. They would need to...
Use the 3 step Mathematical Induction process to prove the following statements. You must label and show all three steps. Step 1: Prove n = 1 is true Step 2: Assume true for all n = k Step 3: plug in...
Dotterel Corporation uses the variable cost method of product pricing. Below is cost information for the production and sale of 35,000 units of its sole product. Dotterel desires a profit equal to an...
LMNO is a parallelogram. If NM = x + 15 and OL=3x+5, find the value of x, then find NM and OL.
Will the prediction interval always be wider than the estimation interval for the same value of the independent variable? Briefly explain.
Ellis Company issues 6.5%, five-year bonds dated January 1, 2021, with a $250,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $255,333. The annual market...
Using the data from Problem 18-2A and the following additional information for Leone Company, complete the requirements below. Required 1. Prepare the schedule of cost of goods manufactured for the...
Rolex Company reports the following information. 1. Compute the gross profit ratio for each of the two years reported. 2. Did the company outperform or underperform the industry average gross profit...
State whether the following are true or false. If false, explain why. (a) We debit cash received, but credit cash paid. (b) Revenue is debited to a revenue account, but purchases are credited to a...
Activity-based management (ABM) is defined as: a. The implementation of an activity-based costing system in a service company, such as a management consulting firm. b. The identification and...
Why are there usually more debit balances in a trial balance than credit balances?

When an accountant updates an account balance in a ledger as a result of a transaction, it

Question:

Expert Answer:

The detailed answer for the above question is provided below W... View the full answer

Fundamental Accounting Principles

Students also viewed these accounting questions