*(Element: Asset, Liability, Revenue, Expense, Equity) **(a link explaining this method of referencing is available on the ACCT1008 Legrnonline site under the "Subject Essentials" block) REQUIRED: Please write a letter in your own words, using the Harvard** referencing system wherever appropriate addressing the queries raised by Sabra Ong (the client). Sabra Ong has written to the Managing Partner of the accounting firm you work for as a graduate accountant because she is confused about a journal entry she prepared on the 31" October (see question 2). When ŞSabra discussed this transaction with her friend Jed Skee, he told her that she should debit the account "Accounts Payable" but she does not know why and is a bit embarrassed to ask her friend to explain. Explain with reference to the appropriate accounting definition the accounting element that was debited on the 31“ of October. Ensure you explain why the account was debited. Up to an additional 2 marks will be awarded for following the formatting requirements below. Formatting hints: • Date your letter the 4h of November 2020 • Address your letter to Sahra Ong, "Vacation', a Lane Court, Pt Shortz, SA 5111 • Any formal business letter format is acceptable (a template has not been provided - students are expected to research business letter formats themselves). • Set out your letter with subheadings to separate each part of your letter as you address the criteria required. Consider an appropriate way to begin and end your letter (consider the context of the letter). • The use of appropriate language, accounting terminology and reference in your letter to the specific information presented in the question. • No specific word count is prescribed. However, given the nature of the question, it would be expected that the entire letter (including address and sign-off) should require no more than a full page.

I need the answer as soon as possible

Lila Corentine is an aspiring entrepreneur and your friend. She is having difficulty understanding the purposes of financial statements and how they fit together across time. Required Write a one-page memorandum to Corentine explaining the purposes of the four financial statements and how they are linked across time.

find the websites for a list of companies and organizations related to accounting and finance. Once you have located the websites, your task is to conduct a brief analysis of their content, summarizing their key features and information. Association of Government Accountants National Association of State Auditors, Comptrollers, and Treasurers

Choose the term or phrase below that best completes statement: __________ requires that we input, measure, and log transactions and events.

Give two examples of business transactions that require recording a journal entry, and write the journal entry for each transaction

“Since you are enrolled in an introductory accounting class, a friend asks you the following: "I have never understood debits and credits." Provide a brief explanation of the terms debit and credit and how they are used in an accounting information system.

Select the item that best completes each of the descriptions below. a. A collection of accounts and account balances is referred to as a(n) b. A(n). such as a bank statement, is objective evidence of transactions and their amounts. c. Increases and decreases in a specific asset, liability, equity, revenue, or expense are recorded in a(n) d. A(n) _ асcount has a complete record of every transactions recorded. journal e. A list of all ledger accounts and identification numbers, not including account balances, is called a(n). of accounts.

PART A: Knowledge and Understanding Complete the following sentences by inserting the correct word or words in the blanks. (You will find the words in the box below, together with additional words that don't apply). 1. The General Ledger is a collection of all the _(s) that a business uses in their daily accounting transactions. 2. A definition of _ is to transfer information about transaction from a journal to a ledger. 3. The process of continuing a General Ledger account or a journal page by carrying forward all the relevant information from the completed page is known as 4. An error found soon after it is made is corrected by. SC and writing the correct amount immediately the incorrect amount. 5. An error found after quite some time requires a journal entry. 6. There are six steps in posting. The number of steps completed in the ledger is and in the journal 7. The General Ledger page has 3 columns where dollar amounts are listed (money columns). Each column is titled "Credit", “ *…

Question 6 of 20: Select the best answer for the question. 6. To determine the effects of an entire accounting transaction, you would consult the accounting record called the A. journal O B. register. C. T-account O D. ledger Mark for review (Will be highlighted on the review page) << Previous Question Next Question