A summarized statement of transactions relating to a particular person, item expense or income. a. invoice O b. voucher C. chart of accounts d. accounts

Q: In which journal would the payment of salaries be posted? a.cash receipts journal b.special journal…

A: Journal entry for Payment of salaries:   Salaries A/c   To Cash A/c ( Being salaries paid )   As per…

Q: Record the sale of equipment. Note: Enter debits before credits. Transaction General Journal Debit…

A: Depreciation means the wear and tear by usage of assets or passage of time.

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts.…

A: There were three types of accounts that were involved in recording the journal entries. They are…

Q: A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is…

A: Subsidiary ledger refers to the ledger that provides the detailed information of the account already…

Q: The Ledger related to expenses is entered in which one of the ledger? Sales Ledger Purchase return…

A: Expenses are not recorded in a specific ledger.

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source Document:   A source document is a document which supports every transaction that has entered…

Q: Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service…

A: All expenses, losses, and assets should be debited and all revenue, income, gain, and liabilities…

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source documents captures key information required for preparing books of accounts. Source documents…

Q: Multiple choice: A sale is recognized and recorded in the accounting records at the time:…

A: Accounting records: The accounting records refer to the recording of assets, liabilities, equity…

Q: Below are the steps in the measurement process of external transactions. Arrange them from first (1)…

A: Measurement process of external transactions:

Q: Indicate the financial statement on which each of the following items appears. income…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: When using a manual accounting information system, which of the following transactions would be…

A: Journal : A journal is a book of original entry where all the monetary transactions in the form of…

Q: nventories, cash and equivalents, and accounts receivables are listed as Select one: a.  Payments on…

A: Income statement consist of revenue and expenses summary. Balance sheet consist of assets and…

Q: The Purchases account in a general ledger: O a. is an asset account. O b. appears on the income…

A: Account: It can be defined as a record in the general ledger that is used by the business to sort…

Q: Documentary evidence of transaction is called as O a. voucher O b. chart of accounts O c. invoice O…

A: Invoices is commercial document issued by a seller to the buyer in connection with a sale…

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Income and expenditure account to determine the surplus or deficit of income over…

Q: Select whether each of the following accounts normally has a debit balance or a credit balance:

A: Under generally accepted accounting principles, All the assets and expenses accounts has normal…

Q: indicate in which journal the following transactions are most likely to be recorded. 1. purchased…

A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…

Q: Define debits and credits and explain double-entry accounting.

A:

Q: How do you know which account debits and credits go in?  How do you log into the general journal?…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: State whether the account should be debited or credited and the normal balance of the account for…

A: All assets, expenses and withdrawals account will normally have debit balance. All liabilities,…

Q: the entry to record the purchase of supplies on account includes a credit to what?

A: Journal entries are prepared to record the financial and non-financial transactions of the business.

Q: Indicate the financial statement on which each of the following items appears. income…

A: Income statement is a statement which shows income and expenses of the business for the particular…

Q: Which of the following accounting records is the main source of information used to prepare…

A: Financial statements seem to be a set of high-level reports that summarize a company's monetary…

Q: The journal entry to purchase equipment on account includes a: Oa. debit to Accounts Payable. Ob.…

A: Equipment Purchase Transaction: In the purchase of equipment on account, there are two accounts that…

Q: Identify the items from the following list that are likely to serve as source documents. Is this a…

A: >Analyzing and recording the transaction is the first stem in the Accounting…

Q: A(n). consists of individual accounts for all creditors. O a. accounts receivable ledger O b.…

A: Creditor: It can be defined as the party that lends the money to the business or any individual.

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Land

A:

Q: Revenue and expenses closing entries and Income statement.

A: Formula: Net income = Revenues - Expenses

Q: A purchases journal is used to record: O a. purchases of merchandise on account for resale. O b.…

A: Journal: It is often defined as a primary accounting book that is used by the business to record all…

Q: When recording the chart of accounts, the field you use to classify financial statement accounts is…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: The entry to record the purchase of supplies on account would include a: a. debit to the Retained…

A: When supplies are purchased, as per the real account rule, supplies will be debited. As supplies are…

Q: The following source document is used to support the transactions related to returns outwards to…

A: The company is in constant interaction with its suppliers and customers and there are many…

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

A: Classify each of the items:

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

A: >Ledger accounts are the accounts of various accounting elements. >These accounts are of…

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: Which Accounting Principles says personal expenses should be debited to Drawings Account. a.…

A: Lets understand all the accounting principal given in the option. As per the accounting entity…

Q: Classify each item as an asset, liability, or stockholders' equity. Accounts payable Cash Equipment…

A: Liabilities is amount payable which occurs due to past events or transactions.They can be current or…

Q: The controlling account in the general ledger that summarizes the debits and credits to the…

A: The control account is the summary balance of the subsidiary ledger's account. A subsidiary ledger…

Q: Identifying accounts Consider the following accounts: Notes Receivable Common Stock Prepaid…

A: Identify each account as asset (A), laibility (L), Equity (E):

Q: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…

Q: Which item will appear on the credit side of ledger account?

A: General ledger:   General ledger is a book of original entry which records the accounting data in…

Q: A purchase of supplies on account is recorded in the ? Please explain with full explanation. a.…

A: Supplies: These are the general purpose consumables used for the purpose of business operations.…

Q: Which of the following items would be recorded in the purchases journal? A. supplies purchased on…

A: Purchase journal is the journal specifically to record purchase transactions. It shows all the…

Q: s: Prepare the journal entry for each transaction. Use the following account numbers for posting…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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