Activity 2 Use the information in the sum following General Ledger acco systems
Q: Describe the basic accounting information system.
A: Definition: Accounting information system: An accounting information system is a system that is…
Q: The entire group of accounts for a company is referred to as the: a. general ledger b. worksheet…
A: The transactions in the financial accounting are primarily reported to Journal and are then posted…
Q: cial/accounting information in terms of ALSE
A: The given statement is FALSE .
Q: two methods of acquiring accounting information sysytem, and list there disdvantages and advantages
A: Accounting information systems is a system of collection, processing and storage of accounting and…
Q: Le fol berio
A: Ledger or General Ledger is a secondary book of entry. From General…
Q: Explain the accounting processing cycle.
A:
Q: Describe the steps in accounting processing cycle.
A: The accounting cycle is the holistic process of recording and processing all financial transactions…
Q: Name the two types of ledgers.
A: Two types of ledgers are: General ledger Subsidiary ledger
Q: how to make accounting eqution grid?
A: Accounting equation says that total assets should always be equals to total liabilities and…
Q: DEFINITIONS 1. Open position 2. Transaction exposure report 3. Hedging 4. Transaction
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: describe the fl ow of information in an accounting system
A:
Q: Journalize
A: Journal entries of the Nour ceramic as under.
Q: Define registration statement (S-1)
A: For public organizations situated in the US, SEC Form S-1 is the underlying enrollment structure for…
Q: Found 3 accounting system controls.
A: An accounting system is a set of interconnected accounting procedures and controls. The goal of an…
Q: 1. Differentate the juornal from the ledger. (description and function)
A: I am answering the first question as per bartleby guidelines that requires an expert to answer only…
Q: xplain the accounting process in det
A: Answer: Accounting process is the process which involves maintaining books of accounts and record…
Q: What is meant by Accounts 2
A: A record of cash got and cash paid out. 2 : a course of action with a bank to hold cash and track…
Q: Give its general ledger and financial statements
A: General Ledger
Q: Describe the purpose of caash receipts journal.
A: The cash receipts journal is a special section of the general journal specifically used to record…
Q: List the chart of account numbers and major categories used in DPSystems’accounting system.
A: The chart of the account numbers and major categories used in DP accounting system are given below…
Q: Required: i. Identify book of prime entries. Prepare the specialized journal Prepare the…
A: i)Journal is called a book of prime entry because all the business transactions are recorded first…
Q: Th e collection of all business transactions sorted by account in an accounting system is referred…
A: A general ledger alludes to the record-keeping framework of debit and credit accounts checked by a…
Q: List the DPSystems accounting system's account number and category charts
A: The DP accounting system account numbers and primary categories are listed as follows: A list of…
Q: Th e collection of all business transactions sorted by account in an accounting system is referred…
A: Financial Accounting Financial accounting is that branch of accounting which is associated with…
Q: Define accounting equation
A: Financial Accounting: It refers to the process of recording the financial transactions of the…
Q: b) What does the operations involving “AP Dept”, “PO”, “Rec Rept”, and “Invoice” and “T” depict
A: AP Dept: The account payable keeps an account of all the creditors of the company to which the…
Q: A typical ledger format includes what columns?
A: Ledgers: The transactions after being posted in journal and journal voucher are shown in the…
Q: ubject: accounting information system (a) Discuss REA modelling in accounting information systems.…
A: REA Modelling REA was originally projected in 1982 by William E. McCarthy as a generalized…
Q: source document of each transaction_
A: Source document is the document used for making a transaction into effect. t is used as a primary…
Q: What is a Ledger?" An account An accounting journal A group or file of accounts AT-account
A: T- Account - T-Account is the representation of ledgers in the tabular form. It includes debit and…
Q: PREPARE THE GENERAL LEDGER
A: General ledger accounts are used to post recorded transactions into appropriate accounts. These are…
Q: Transaction analysis for each letter
A: Transaction Analysis Transaction analysis which describes as detailed analysis of the transactions…
Q: A typical ledger format includes columns for?
A: Ledger: It is a record used to record bookkeeping entries for balance sheet and income statement.
Q: Range of services provided by accounting
A: Accounting is a process of identifying and recording the financial transactions of an organization…
Q: t and balance sheet info
A: Return on Assets determined by Net income and Average of Total assets. Net income can be found at…
Q: Please prepare the following reports: 1.General Journal 2.General Ledger
A: General Ledger is the ledger in which the accounts of the transactions which are involved are…
Q: A ledger shows:
A: A Ledger is a Summarized Format of the Journals Posted for all the transactions related to Business.…
Q: 13. The process of transferring the information contained in the journal to the ledger is called OA.…
A: Any transaction that happens is first recorded in the journal. Those recorded transactions are then…
Q: Recommend three controls of an accounting system
A: An accounting system is a set of accounting processes with linked procedures and controls. The goal…
Q: Complete a general ledger based on the below
A: General ledger accounts are accounts in which all journal entries are recorded in appropriate…
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- (c) What is the balance of accounts receivable on it December 31 balance sheet? Estimating Uncollectible Accounts and Reporting Accounts ReceivableLaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 180,000 1% 31-60 days past due 40,000 2 61-120 days past due 22,000 5 121-180 12,000 10 Over 180 days past due 8,000 25 Total accounts receivable $ 262,000The following data were taken from the records of Millet Corporation for the year ended December 31: Sales on account, P7,200,000; Accounts receivable written off as a result of permanentimpairment, P50,000; Notes receivable to settle accounts, P800,000; Purchases on account,P7,800,000; Payments to creditors, P6,400,000; Purchase discounts, P520,000; Sales returns,P30,000; Collections received to settle accounts, P4,900,000; Notes given to settle accounts, P500,000; Purchase returns, P140,000; Payments of notes, P200,000; Discounts taken bycustomers, P80,000; Collection on notes receivable, P360,000. What is the carrying value of the accounts receivable on December 31?Required:1. Prepare journal entries for each transaction.2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on theinformation presented and balance off each account.3. Prepare the balance sheet extract as at Dec 31 to show the net realizable value for theAccounts Receivable.4. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31
- The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Required: 1. Record the January 1 credit balance of $25,685 in a T-account for Allowance for Doubtful Accounts. 2.A. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. B. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense. 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of ¼ of 1% of the net sales of $17,710,000 for the year, determine the following: A. Bad debt expense for the year. B. Balance in the allowance account after the adjustment of…SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Gelph Co. as of November 30, 20--.Maddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?
- Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.The details of the accounts receivable of AA Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 Sales on account made to customers 2,800,000 Collection of accounts receivable during the year 4,200,000 Accounts written off as uncollectible 90,000 The following transactions were included in the recorded transactions during the year: 1. Invoice dated December 28, 2022 for P350,000 was shipped and received by the buyer on December 31, 2022, this invoice was recorded in the book at P35,000. 2. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered which were received on December 10, 2022. The agreed price should be at P22 per unit only. AA's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and there is beginning balance of allowance for bad debts of P40,000. Statement 1: The amount of bad debt expense in 2022 is P158,250. Statement 2: The…
- company’s accounting records provide the following information concerning certain account balances and changes in the account balances during the current year. Transaction information is missing from each of the below. Prepare the journal entry to record the information for each account. b. Allowance for Doubtful Accounts: Jan. 1 balance, $1,500; Dec. 31 balance, $2,200; adjusting entry increasing allowance on Dec. 31, $4,800. Record write-off uncollectible accounts receivable. c. Inventory of office supplies: Jan. 1 balance, $1,500; Dec. 31 balance, $1,350; office supplies expense for the year, $9,500. Record purchase of office supplies. d. Equipment: Jan. 1 balance, $20,500; Dec. 31 balance, $18,000; equipment costing $8,000 was sold during the year. Record purchase of equipment. e. Accounts Payable: Jan. 1 balance $9,000; Dec. 31 balance, $11,500; purchases on - account for the year, $48,000. Record cash payments. Please dont provide solution in image thnxSeed Enterprise gathered the following information from its accounting records for the year ended December 31, 2019, prior to adjustments: Net credit sales for the year Php 680,000 Accounts receivable at December 31, 2019 92,000 Allowance for uncollectible accounts at December 31, 2019 1,850 Seed uses the allowance method of accounting for uncollectible accounts and estimates uncollectible account expense at 2% of net credit sales. REQUIRED: 1. Determine the net balance of AR to be reflected in the balance sheet using net credit sales 2. Assume that Allowance for uncollectible accounts has a debit balance of 1,850 and Aging revealed that 11,040 may proved to be uncollectible, What amount of AR should be reflected in the balance sheetEnter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Post entries in the order of journal entries presented in the previous part.) 7/1 Bal. 7/5 7/31 7/1 Bal 7/31 Bal. Notes Receivable 22,000 4140 400 Accounts Receivable 400 Interest Receivable 728 80 648