Should a transaction be recorded first in a journal or the ledger? Why?

Question:

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

Step by Step Answer:

Related Book For book-img-for-question

Fundamental Accounting Principles

ISBN: 978-0071051507

Volume I, 14th Canadian Edition

Authors: Larson Kermit, Tilly Jensen

See More Books

Question Posted: Mar 08, 2016 07:32 AM

See More 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...
(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...
In the late 1980s, General Electric Company (GE), whose CEO at the time was Jack Welch, acquired Kidder Peabody, an investment banking firm founded in 1824. In 1991, Kidder hired a bond trader named...
A buyer's guide is an example of OA) a Life Insurance Illustration Questionnaire O B) a Replacement Questionnaire OC) a required disclosure document OD) a Variable Life Insurance Illustration...
What are the main Hadoop components? What functions do they perform?
How and why did the International Monetary Fund attempt to end beggar-thy-neighbor policies?
Discuss the risk utility function and risk preference chart in Figure 11-2. Would you rate yourself as being risk-averse, risk-neutral, or risk-seeking? Give examples of each approach from different...
Salari Industries, a small, family- run manufacturer, has adopted an ABC system. The following manufacturing activities, indirect manufacturing costs, and usage of cost drivers have been estimated...
Condensed balance sheet and income statement data for Indigo Corporation are presented here. Indigo Corporation Balance Sheets December 31 2020 2019 2018 Cash $21,000 $19,000 $31,000 Accounts...
Angela Mosley owns Innovative Designs. The trial balance of the firm for January 31, 20X1, the first month of operations, is shown below. INSTRUCTIONS 1. Complete the worksheet for the month. 2....
Review the Westjet balance sheet for fiscal year-end December 31, 2011, in Appendix II. Identify three accounts on the balance sheet that would carry debit balances and three accounts on the balance...
Identify the account as an asset, liability, or equity by entering the letter of the account type beside the account name. If the item is an equity account, indicate the type of equity account. A =...
Raymond and Sandra Duford purchased a wood-burning stove from Sears. The stove was manufactured by Preway, Inc. At trial, it was shown that Raymond had inadvertently installed the section of the...
Water at 20C is to be pumped from a reservoir (ZA = 5 m) to another reservoir at a higher elevation (ZB = 13 m) through two 36-m- long pipes connected in parallel as shown. The pipes are made of...
Delph Company uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that 53,000 machine-hours would...
The break even point of a company is $240 000. They sell their product at a markup of 30% and have variable expenses of 9% of sales. They currently make a profit of $10 500. They plan on reducing...
What kind of messages are young girls and boys receiving about whether their safety in relationships is valued are by their families and communities? Do we emphasize to our children (boys and girls)...
Below are the transactions for Oliver Printing, Incorporated for June, the first month of operations. June 1 Obtain a loan of $ 5 6 , 0 0 0 from the bank by signing a note. June 2 Issue common stock...
You work for Ledlow Property Management in Boise, Idaho. Your employer specializes in commercial real estate. Yesterday one of your business tenants in the tony East End neighborhood complained about...
The diagram shows the two forces acting on a small object. Which of the following is the resultant force on the object? A. 8 N downwards B. 8 N upwards C. 2 N downwards D. 2 N upwards 3 N 5 N
The following selected financial data pertain to four unidentified companies: a. Retail fur store b. Advertising agency c. Wholesale candy company d. Car manufacturer \section*{Required:} Match each...
For each of the following journal entries 1 through 12, enter the letter of the explanation that most closely describes it in the space beside each entry. (You can use letters more than once.) A. To...
The following are common categories on a classified balance sheet. A. Current assets D. Intangible assets B. Long-term investments E. Current liabilities C. Plant assets F. Long-term liabilities For...
Choose from the following list of terms/phrases to best complete the statements below. a. Fiscal year d. Accounting period g. Natural business year b. Timeliness e. Annual financial statements h....
nformation pertaining to Noskey Corporation s sales revenue follows: November 2 0 2 1 ( Actual ) December 2 0 2 1 ( Budgeted ) January 2 0 2 2 ( Budgeted ) Cash sales $ 1 0 5 , 0 0 0 $ 1 1 5 , 0 0 0...
The management team of Netflix maintains a stable dividend using the Lintner model: Dt+1 = Dt + EPS Target Payout Where Dt (Dt+1) = dividend in the current period t (the next period t + 1) EPSt =...
#1 #2 hapter 50 10 D Werences lav Help Required information [The following information applies to the questions displayed below) Archer Company is a wholesaler of custom-built air-conditioning units...

Should a transaction be recorded first in a journal or the ledger? Why?

Question:

Step by Step Answer:

A transaction should first be recorded in a journal to create a comp...View the full answer

Fundamental Accounting Principles

Students also viewed these Accounting questions