(a) Should business transaction debits and credits be recorded directly in the ledger accounts? (b) What are...

Question:

(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 ledger?

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

Step by Step Answer:

Related Book For book-img-for-question

Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

See More Books

Question Posted: Sep 20, 2011 08:03 AM

See More Questions

(a) Should accounting 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 the advantages of business bad debt treatment when a shareholders loan or advance to a corporation cannot be repaid? What must the debtholder show to claim a business bad debt deduction?
What are three advantages of dynamic (shared) linkage of libraries compared to static linkage? What are two cases where static linkage is preferable?
List the key principles of the six Sigma philosophy. How does it differ from TQM?
Slapshot Company makes ice hockey sticks. During the month of June, the company purchased $132,000 of materials. Also during the month of June, Slapshot Company incurred direct labor cost of $113,000...
If the txtAge control is empty, the blnIsOk = Integer.TryParse(txtAge. Text, intAge) statement will store ____________________ in the intAge variable and also assign ____________________ to the...
4 For years, Ferrari has been known as a manufacturer of expensive luxury automobiles. The company plans to attract the major segment of the car-buying market that purchases medium-priced...
Refer to The Appraisal Journal (Summer 2019) study of the valuation of single Refer to The Appraisal Journal (Summer 2019) study of the valuation of singletenant properties. Recall that the ratio of...
Cul de las siguientes organizaciones probablemente no utilice presupuestos? Organizaciones sin nimo de lucro. Empresas manufactureras. Empresas en industrias de servicios. Empresas de...
True or false? (a) The reduced mass of a two-particle system is always less than m1 and less than m2. (b) When we solve a two-particle system (whose potential-energy V is a function of only the...
Describe a compound entry, and provide an example.
Journalize the following business transactions. (a) Hector Molina invests $9,000 cash in the business. (b) Insurance of $800 is paid for the year. (c) Supplies of $2,000 are purchased on account. (d)...
Why is column-oriented storage potentially advantageous in a database system that supports a data warehouse?
Ranjha Inc. manufactures widgets. The end product is produced in different departments within the plant. One component, C1, is causing some concern. The component is integral to the production of...
. Write a Java program in NetBeans that creates a LinkedHashSet. Your Java program must use the methods in the LinkedHashSet interface to do the following: 2.1 Add the above elements into the...
on the following statement: Mona is an industrial engineer working for car parts manufacturing facility. She collected the following data on three alternatives of sustainable energy systems to be...
Alvarado Company produced 2,900 units of product that required 6 standard direct labor hours per unit. The standard fixed overhead cost per unit is $2.55 per direct labor hour at 16,200 hours, which...
Find the complexity of the function given below. void function(int n) { int i, count =0; for(i=1; i*i
What do you think about Meg Whitman's decision to keep the PC business at HP? Would you have made the same decision? LO3
Suppose that you are part of a virtual team and must persuade other team members on an important matter (such as switching suppliers or altering the project deadline). Assuming that you cannot visit...
How are address vectors used in interrupt-driven I/O?
What principles of internal control apply to most organizations?
Meg Lucas is reviewing the principle of segregation of duties. What are the two common applications of this principle?
Meg Lucas is reviewing the principle of segregation of duties. What are the two common applications of this principle?
Jennifer purchased a home for $1,000,000 in 2016. She paid $200,000 cash and borrowed the remaining $800,000. This is Jennifer's only residence. Assume that in year 2024, when the home had...
business plan describing company with strengths and weaknesses. Any gaps in plan. Recommendations for improvement of the plan.
You wish to buy a car today for $35,000. You plan to put 10% down and finance the rest at 5.20% p.a. for six years. You will make equal monthly payments of $_______.

(a) Should business transaction debits and credits be recorded directly in the ledger accounts? (b) What are...

Question:

Step by Step Answer:

a No debits and credits should not be recorded directly in the ledger ...View the full answer

Accounting Principles

Students also viewed these Accounting questions