The following discussion took place between Erin Carr, the office manager of Panda Data Company, and a
Question:
Mar: I’ve been thinking about our method of recording entries it seems that it’s inefficient.
Erin: In what way?
Mark: Well-correct me if I’m wrong-it seems like we have unnecessary steps in the process. We could easily develop a trial balance by posting our transactions directly into the ledger and bypassing the journal altogether. In this way, we could combine the recording and posting process into one step and save ourselves of time. What do you think?
Erin: We need to have a talk. What should Erin say to Mark?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
The journal is called the book of original entry It provides a timeordered history of the transactio...View the full answer
Answered By
Atuga Nichasius
I am a Highly skilled Online Tutor has a Bachelor’s Degree in Engineering as well as seven years of experience tutoring students in high school, bachelors and post graduate levels. I have a solid understanding of all learning styles as well as using asynchronous online platforms for tutoring needs. I individualise tutoring for students according to content tutoring needs assessments.
My strengths include good understanding of all teaching methods and learning styles and I am able to convey material to students in an easy to understand manner. I can also assists students with homework questions and test preparation strategies and I am able to help students in math, gre, business , and statistics
I consider myself to have excellent interpersonal and assessment skills with strong teaching presentation verbal and written communication
I love tutoring. I love doing it. I find it intrinsically satisfying to see the light come on in a student's eyes.
My first math lesson that I taught was when I was 5. My neighbor, still in diapers, kept skipping 4 when counting from 1 to 10. I worked with him until he could get all 10 numbers in a row, and match them up with his fingers.
My students drastically improve under my tutelage, generally seeing a two grade level improvement (F to C, C to A, for example), and all of them get a much clearer understanding!
I am committed to helping my students get the top grades no matter the cost. I will take extra hours with you, repeat myself a thousand times if I have to and guide you to the best of my ability until you understand the concept that I'm teaching you.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Cost Accounting questions
-
The following discussion took place between Tony Cork, the office manager of Hallmark Data Company, and a new accountant, Cassie Miles. Cassie: Ive been thinking about our method of recording...
-
The following discussion took place between Faye Lucas, the office manager of Blizzard Data Company, and a new accountant, Steve Haack. Steve: Ive been thinking about our method of recording entries....
-
The following discussion took place between Heather Sims, the office manager of Sedgemoor Data Company, and a new accountant, Ed Hahn. Ed: Ive been thinking about our method of recording entries. It...
-
What are the upper and lower 2.5th percentiles for a chi-square distribution with 2 df? What notation is used to denote these percentiles? Pulmonary Disease The data in Table 6.10 concern the mean...
-
The trial balance of Winter Co. does not balance: Your review of the ledger reveals that each account has a normal balance. You also discover the following errors: 1. Cash received from a customer on...
-
The concentration of Fe3+ ion in a sample of H2O is 335.0 ppm. What mass of Fe3+ ion is present in 3,450 mL of H2O, which has a density of 1.00 g/mL?
-
Think about the best (or worst) supervisor you have had, either as a volunteer or a nonprofit staff member. What do you think were his or her predominant needs, as described by McClelland?
-
The following events occur for Morris Engineering during 2015 and 2016, its first two years of operations. February 2, 2015 Provide services to customers on account for $ 38,000. July 23, 2015...
-
Amazon is considering expanding its logistics network with a new distribution center and has provided the following financial projections: Initial Investment: $2 billion Estimated Annual Revenue:...
-
The stockholders' equity section of TVX Company on February 4 follows. Common stock-$10 par value, 150,000 shares authorized, 60,000 shares issued and outstanding. Paid-in capital in excess of par...
-
Tucson College requires students to pay tuition each term before classes begin. Students who have not paid their tuition are not allowed to enroll or to attend classes. What journal entry do you...
-
The following excerpt is from a conversation between Boris Harris, the president and chief operating officer of Chesapeake Company, and his neighbor, Neil Liven. Neil: Boris. Im taking a course in...
-
Confusion over the meaning of the terms e-commerce and e-business will limit the adoption of e-business in many businesses. Discuss.
-
You have decided to purchase a $ 1 0 0 , 0 0 0 , Face Value, 3 0 - year Treasury - bond. The T - bond has a 4 . 8 7 5 % annual coupon rate with semi - annual coupon payments. The current Yield to...
-
Indigo County Bank agrees to lend the Wildhorse Brick Company $534000 on January 1. Wildhorse Brick signs a $534000, 5%, 9- month note. What entry will Wildhorse Brick make to pay off the note and...
-
Stock Valuation Reitmans Ltd. currentlly has an annual dividend of $2.30. The discount rate for Reitmans is 8%. Dividends are expected to grow by 20% over the next three years, 15% percent for the...
-
How do companies minimize the conflicts between debtholders and shareholders? what is the most important factor that companies should consider to help minimize the conflicts?
-
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Purchased 440 units @ $9 = January 20 April 21 July 25 Purchased 150 units @ $10 = September 19...
-
Heterogeneous reaction is defined as the reaction which requires (a) At least one phase to proceed (b) At least two phases to proceed (c) One initiator to take place (d) One negative catalyst to take...
-
Determine which of the following limits exist. Compute the limits that exist. lim x-0 1- + 3x X
-
Before financial institutions can sell or disclose confidential customer information, they must provide customers with the opportunity to opt out from information sharing. (True/False)
-
Lambert Corporation issued 1,000 shares of $100 par value, 8 percent, cumulative, nonparticipating preferred stock for $100 each. The stock is preferred to assets, redeemable after five years at a...
-
The balance sheet of Alex Bros. follows: Of the 200,000 common shares authorized, 50,000 shares were issued for $8 each when the company began operation. There have been no common stock issuances...
-
Several independent transactions are as follows. 1. 10,000 Shares of no-par common stock are issued for $50 per share. 2. 10,000 Shares of $1 par value common stock are issued for $40 per share. 3....
-
En un sistema de control interno bien diseado, dos tareas que deben ser realizadas por personas diferentes son: la aprobacin de las cancelaciones de deudas incobrables y la conciliacin del libro...
-
Xavier works in Qubec and, according to the organization's policy, is entitled to four weeks' vacation pay with his employer. His vacationable earnings for the year are $42,580.00. Calculate Xavier's...
-
Describe the record-keeping requirements for deducting business expenses including mixed mode of expenditures? Describe the cost recovery methods for recovering the cost of personal property, real...
Study smarter with the SolutionInn App