Answered: A list of accounts and their balances…

Name: A list of accounts and their balances at a given time is called a(n) S
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: A list of accounts and their balances at a given time is called a(n) Select one:a. posting.b. journal.c. trial balance.d. income statement.

Business

Accounting

A list of accounts and their balances at a given time is called a(n) Select one: a. posting. b. journal. c. trial balance. d. income statement.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 3QY: On the work sheet, assets are recorded in which of the following columns? a. Trial Balance, Credit...

See similar textbooks

Related questions

Q: What differences are there between the trial balance before closing and the trial balance after…

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: Among these, which item is used as the base for preparing unadjusted trial balance? a. General…

A: The correct option is a. General Ledger

Q: 1. What is the Supplies Expense in the adjusted trial balance columns of worksheet? A. Income…

A: Lets understand the meaning of the how adjustment is made for supplies expense for adjusted trail…

Q: A chart of accounts is a list of all ledger accounts and an identification number for each. One…

A: Chart of accounts: The chart that lists all the account titles along with their corresponding…

Q: For each of the following accounts, state in column A the classification of the account (Whether the…

A: The balance sheet includes the assets, liabilities, and stockholders' equity. Whereas, the income…

Q: What is the Unearned service revenue in the adjusted trial balance columns of worksheet?

A: Balance sheet represents the financial position of the company that involve the assets, liabilities,…

Q: A. Analyze business transactions. B. Journalize the transactions. C. Post to ledger accounts. D.…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: The right hand side of an account is the correct side reflects all transactions for the accounting…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: A chart of accounts is a(an) O Flowchart of all the transactions O Accounting procedure manual O…

A: Solution 1: A chart of accounts is a list of all the accounts in the general ledger of a company. In…

Q: When preparing a worksheet, real accounts in the a trial balance are extended to the a. Balance…

A: Solution: Real accounts are those accounts which are related to the material assets and liabilities…

Q: From the following list of steps in the accounting cycle, identify what two steps are missing:a.…

A: Accounting cycle: Accounting cycle is a step by step process of analyzing, classifying, and…

Q: Identifying accounts on the financial statements Consider the following accounts: a. Accounts…

A: Given instructions are: We have to use I for Income Statement, RE for Statement of Retained…

Q: Instruction: Indicate on the space provided,(1)(X)on the element where the account belong (2) BS if…

A: The income statement and balance sheet are the financial statements of the business.

Q: Which sequence correctly summarizes the accounting process? O A. Journalize transactions, post to…

A: Solution:- Introduction:- Accounting process also known as accounting cycle. It contains specific…

Q: Identifying normal balances For each account, identify whether the normal balance is a debit (DR) or…

A: Assets and Expenses accounts have the debit balance and liabilities and income have the credit…

Q: Indicate in the space provided by each item whether it would appear on the income statement (IS),…

A: We have the following information: IS = Income Statement BS = Balance Sheet RE = Retained Earnings

Q: Using the journal entries in picture 1, post the journal entries to its individual T-Accounts and…

A: Accounting is the process of recording, classifying, and summarizing accounting transactions.…

Q: The ____ is where a transaction can first be found in the accounting records. Group of answer…

A: please give a like, your response matters Answer :- (B) Journal

Q: Listed below are all the steps in the accounting cycle.(a) Record and post adjusting entries.(b)…

Q: Transactions are initially recorded in the a. general ledger. b. general journal. c. trial balance.…

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: In the blank space beside each account, enter the code for the financial statement column (IS or BS)…

A: The corporation requires preparing financial statement which helps it to analyze its performance in…

Q: Using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the…

A: Introduction: An adjusting journal entry is an entry in a company's general ledger that happens at…

Q: each

A: Financial statements are those statements which are prepared at the end of the period for the review…

Q: Identifying normal balances For each account, identify whether the normal balance is a debit (DR) or…

Q: Which sequence correctly summarizes the accounting process? Journalize transactions, post to the…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Transactions are first recorded in a O A. ledger O B. journal O C. trial balance O D. chart of…

A: The transaction, which is measurable in monetary terms, is an economic event with a third party…

Q: The spreadsheet is O a. used to aid in preparing financial statements. O b. used to determine net…

A: Spreadsheet is generally used to prepare the financial statements. it is done after recording…

Q: After transaction information has been recorded in the journal, it is transferred to the Select…

A: The accounting cycle is often defined as a collective process consisting of determining, analyzing,…

Q: A prepare a coded chart of accounts for the company B prepare a trial balance in good form C prepare…

A: Income Statement: It is used to report a company financial statement during the accounting period…

Q: For each of the following accounts, indicate the effect of a debit or a credit on the account and…

Q: The book where transactions related to a particular account is summarized. a. General Ledger b.…

A: Transactions are the monetary events that are supposed to be reported in the books of accounts to…

Q: It is the process of transferring the entries recorded in the journal to the respective accounts…

A: After journalizing, all the transactions entries are posted into the respective general ledger…

Q: The individual accounts find a place in a summarised manner which is called a. Financial statements…

A: Answers

Q: Journal lists transactions in which order? Increasing O Alphabetical O Chronological O Decreasing O…

A: The journal entries are prepared to record daily transactions of the business on regular basis.

Q: List (a) through (j) in the order they would be performed in preparing and completing an…

A: Spreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a…

Q: When an entry is made in the general journal, accounts to be increased should be listed first. O…

A: Introduction: General Journal: A general journal is a diary that contains all of a company's…

Q: Required: a) Journalize the above transactions in the general journal. b) T-account c) Make a trial…

A: Journal is a financial book in which all business financial transactions are recorded first,…

Q: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Identifying accounts Consider the following accounts: a. Accounts Payable b. Cash c. Common Stock d.…

A: Owners' equity: The claims of owners on a company's resources, after the liabilities are paid off,…

Q: Which among the following is considered as the book of original entry? a. Trial Balance b. Balance…

A: Book of original entry means where the transaction is recorded at first at the time of it happened.…

Q: Identify the financial statement on which each of the following accounts would appear: the income…

A: The financial statements of the business are classified as balance sheet, retained earnings, income…

Q: Using the journal entries in Picture #1, post the journal entries to its individual T-Accounts and…

A: A group of accounts is known as ledger. After transactions have been recorded in the journal the…

Q: Identify the type of account (Asset, Liability, Equity, Revenue, Expense), normal balance (Debit,…

A: Equity: It is the amount of money that would be returned to a company's shareholders if all the…

Q: Posting:a. involves transferring the information in journal entries to the general ledger.b. is an…

A: Companies maintain detailed records of their balances, whether they be revenues, costs, or…

Q: A trial balance can best be explained as a list of a. The income statement accounts used to…

A: Trial Balance:- It is a statement that consists of debit and credit sides and closing balances of…

Q: To record date-wise details of transactions expressed as debits and credits to accounts, the…

A: Trial Balance: trial balance is a bookkeeping worksheet in which the balance of all ledgers are…

Q: teps in the Accounting Cycle Rearrange the following steps in the accounting cycle in proper…

A: Accounting cycle is a series of different steps starting from the identification of a transaction,…

Q: The proof that the debits and credits in the ledger are equal is called the trial balance. a. b.…

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

A list of accounts and their balances at a given time is called a(n)

Select one:

a.
posting.

b. journal.

c. trial balance.

d. income statement.

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

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

Transferring information from the journal to the ledger is called a. preparing the financial statements. b. journalizing. c. posting. d. tracking.
On the work sheet, assets are recorded in which of the following columns? a. Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Adjusted Trial Balance, Credit
Use the journals and ledgers that follows. Total and rule (draw a line under the column of numbers) the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of Accounts Payable.
A summarized record of all the transactions relating to a particular account is called as a. balance sheet. b. ledger. c. journal. d. trial balance.
When recording the chart of accounts, the field you use to classify financial statement accounts is called : Select one A. Account description B. Account type C. Active designation D. Account ID
A date-wise record of transactions expressed as debits and credits to accounts is provided by a. journal. b. ledger. c. balance sheet. d. trial balance.
Which of the following accounting records is the main source of information used to prepare thefinancial statements?A. journal entriesB. T-accountsC. trial balanceD. chart of accounts
From the financial transactions in c, prepare the pro-forma templates for the following:i. Journal entriesii. Ledger accountsiii. Trial balance
Which one of the following is used to prepare ledger account? a. Transactions b. Events c. Income statement d. Journal
Posting in the ledger should include all of the following except a. the amounts b. a brief description c. the date of the transaction d. the accounts affected
The process of transferring the debits and credits from the journal entries to the accounts is called A. sliding B. transposing C. posting
What the diffence between t- accounts, general ledger, journal entries, trial balance, and chart of accounts?