Explain why the format of the following items in a journal entry are important: (a) Including a
Question:
Explain why the format of the following items in a journal entry are important:
(a) Including a date.
(b) Recording debit entries first.
(c) Indenting credit entries.
(d) Including a brief explanation.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (15 reviews)
a Including a date in a journal entry is important because it is necessary to iden...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Question Posted:
Students also viewed these Accounting questions
-
Explain how each of the following items would appear in a four-column proof of cash for the month of November. Assume the format of the proof of cash begins with bank balances and ends with the...
-
Hurst Canadian Trucking, a transportation company, reported the following items in a recent financial report: Prepare Hurst Canadian Trucking's closing entries for the above accounts. Include...
-
The following statement was prepared by Maloney Corporations accountant. The following additional information relating to Maloney Corporation is available for the year ended September 30, 2014. 1....
-
A particle of mass m moves in a certain plane P due to a force F whose magnitude is constant and whose vector rotates in that plane with a constant angular velocity . Assuming the particle to be...
-
What is the overall qualitative characteristic of useful accounting information and what are its two primary qualities?
-
Describe the steps in traditional and multichannel promotion planning. pp. 474480 OVERVIEW OF PROMOTION PLANNING p. 474
-
Compare the standard errors for the imputations obtained in Exercises 9 and 11. Explain what you find.
-
Tom Brown, controller of Microbiology Labs, informs you that the company has sold a segment of its business. Mr. Brown also provides you with the following information for 2012: The following...
-
Journal entry worksheet 1 2 3 4 5 6 On April 1 , 2 0 2 4 , the company paid $ 1 , 9 2 0 for a two - year fire and liability insurance policy and debited prepaid insurance. Prepare the necessary...
-
Acting as an outside consultant, what would you recommend that Pepe do? Given the data in the case, perform a financial analysis to evaluate the alternatives that you have identified. (Assume that...
-
(a) What is a general journal? (b) How does the journal facilitate the recording process?
-
Meghan is recording the purchase of a truck in a journal entry and can't decide what account title to use for the truck. She is thinking about using "Truck Purchased," but she also likes the account...
-
When continuously bringing together two liquid phases in an agitated vessel, are the residence times of the two phases necessarily the same? If not, are there any conditions where they would be the...
-
Identify whether the following statements are true or false: a. U.S. GAAP is universally accepted in all countries in the world. b. U.S. GAAP is established by the IASB. c. Once established, U.S....
-
Determine the missing amount in each of the following cases: Assets Liabilities $190,000 $62,000 ? $53,000 $115,000 ? Stockholders' Equity ? $31,000 $61,000
-
For the following four unrelated situations, A through D, calculate the unknown amounts appearing in each column: A B C Beginning Assets. $45,000 $32,000 $53,000 ? Liabilities.. 32,000 15,000 49,000...
-
On December 31, Greg Jones completed his first year as a financial planner. The following data are available from his accounting records: a. Compute Greg's net income for the year just ended using...
-
The Benson Company has collected the following production cost data: {Required:} What would be the incremental production costs for an additional 10 units after the Benson Company has produced 8...
-
A down comforter is 1.00 inch thick. Determine its thermal resistance, and compare with the R value of the wall in the previous problem. Previous problem Determine the R value for a 2.54-cm-thick...
-
As long as we can't lose any money, we have a risk-free investment." Discuss this comment. Q2: Both investing and gambling can be defined as "undertaking risk in order to earn a profit." Explain how...
-
Zerbe Consulting Inc.'s gross salaries for the biweekly period ended August 24 were $15,000. Deductions included $743 for CPP, $282 for EI, and $6,258 for income tax. The employer's payroll costs...
-
Eyre Inc. signs a 10-year, 4%, $300,000 mortgage payable on November 30, 2017, to obtain financing for a new building. The terms provide for payments at the end of each month. Prepare the entries to...
-
Open Text Corporation's financial statements contain the following selected data (in U.S. $ millions): _______________________2015______________2014 Total...
-
Flexible manufacturing places new demands on the management accounting information system and how performance is evaluated. In response, a company should a. institute practices that reduce switching...
-
Revenue and expense items and components of other comprehensive income can be reported in the statement of shareholders' equity using: U.S. GAAP. IFRS. Both U.S. GAAP and IFRS. Neither U.S. GAAP nor...
-
Kirk and Spock formed the Enterprise Company in 2010 as equal owners. Kirk contributed land held an investment ($50,000 basis; $100,000 FMV), and Spock contributed $100,000 cash. The land was used in...
Study smarter with the SolutionInn App