College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 3, Problem 2QY
Transferring information from the journal to the ledger is called
- a. preparing the financial statements.
- b. journalizing.
- c. posting.
- d. tracking.
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Which task should the general ledger perform?a. update the general ledgerb. prepare journal vouchersc. have custody of physical assetsd. have record-keeping responsibility for special journals of subsidiary ledgers
Explain the purpose of a journal and its relationship to the ledger.
a) Prepare journal entries to record above transactions.
b) Post to relevant ledger accounts.
Chapter 3 Solutions
College Accounting (Book Only): A Career Approach
Ch. 3 - A __________ is a book in which business...Ch. 3 - Transferring information from the journal to the...Ch. 3 - For a journal entry to be complete, it must...Ch. 3 - The __________ is used to determine where the...Ch. 3 - Prob. 5QYCh. 3 - A 250 payment for salaries expense was incorrectly...Ch. 3 - Prob. 1DQCh. 3 - How does the journal differ from the ledger?Ch. 3 - What is the purpose of providing a ledger account...Ch. 3 - List by account classification the order of the...
Ch. 3 - Arrange the following steps in the posting process...Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - In the following two-column journal, the capital...Ch. 3 - Decor Services completed the following...Ch. 3 - Montoya Tutoring Service completed the following...Ch. 3 - Prob. 4ECh. 3 - Arrange the following steps in the posting process...Ch. 3 - The bookkeeper for Nevado Company has prepared the...Ch. 3 - Determine the effect of the following errors on a...Ch. 3 - Journalize correcting entries for each of the...Ch. 3 - The chart of accounts of the Barnes School is...Ch. 3 - Laras Landscaping Service has the following chart...Ch. 3 - Following is the chart of accounts of Sanchez...Ch. 3 - The chart of accounts of Ethan Academy is shown...Ch. 3 - Leanders Landscaping Service maintains the...Ch. 3 - Following is the chart of accounts of Smith...Ch. 3 - Why Does It Matter? ECOTOUR EXPEDITIONS, INC.,...Ch. 3 - What Would You Say? You are the new bookkeeper for...Ch. 3 - What Do You Think? You work as an accounting...Ch. 3 - What Would You Do?
You are responsible for...Ch. 3 - Prob. 1CP
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Is the order in which we place information in the journal and ledger important?arrow_forwardUse the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.arrow_forwardPrepare Jornal Entry and Ledger account. Attached Question and format of ledgerarrow_forward
- Journalise the above transaction and post them into the ledgerarrow_forwardTransferring journal entries to the ledger accounts is called posting and should be performed in chronological order. True of falsearrow_forwardThe process of transferring the debits and credits from the journal entries to the accounts is called A. sliding B. transposing C. postingarrow_forward
- Post to the ledger accounts.arrow_forwardPosting: transfers ledger transaction data to the journal. a. normally occurs before O b. journalizing. transfers journal entries to ledger accounts. is an optional step in the recording process. d.arrow_forwardA.Post to a ledger using the T-acvount format. B.Journalize the above transaction.arrow_forward
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