The General Ledger Question: What is the Account Number found in the General Ledger, (Ex. No.101, 301)? Why does each account such as Cash or Owner's capital have their own account number? This account number is then added to the general journal, in the Ref column. Please Explain.

Which one of the following step does not involve Posting from journal to the ledger? a. Enter the description of the entry. b. Enter the page of the journal from which each transaction is posted in the accounts. c. Enter the amount of each transaction in the accounts. d. Enter the date of each transaction in the accounts.

The process of posting is the transfer of debits and credits from the O a. T accounts to the journal. Ob. T accounts to the ledger. O c. journal to the ledger. O d. ledger to the journal.

1. Differentiate general journal from a ledger. 2. Is every transaction posted immediately to the ledger? Why or why not?

Identify the items from the following list that are likely to serve as source documents. Is this a Item source document? a. Invoice from supplier b. Ledger c. Statement of cash flows d. Company revenue account e. Sales receipt f. General journal g. Prepaid insurance account h. Employee time clock record i. Credit card receipt

How is the account Accounts Payable classified and what kind of balance should it have? Group of answer choices current liability, debit current liability, credit revenue, debit revenue, credit

The Accounts Question: What does it mean when Drawings has a normal debit balance or a normal credit balance? Please explain/examples.

The following comments each relate to the recording of journal entries. Which statement is true? Question 1 Select one: a. Journalization is the process of converting transactions and events into debit/credit format. b. For any given journal entry, debits must exceed credits c. The chart of accounts reveals the amount to debit and credit to the affected accounts d. It is customary to record credits on the left and debits on the right

Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year $ 31,800 89,500 112,500. 10,700 278,500 $ 523,000 Interest expense Income tax expense Total costs and expenses Net income. Earnings per share $ 129,900 98,500 163,500 131,100 $ 523,000 Current Year $ 411,225 209,550 1 Year Ago $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: 4 12,100 9,525 $ 75,250 101,500 163,500 104,750 $ 445,000 $ 673,500 2 Years Ago 642,400 $ 31,100 $ 1.90 $ 37,800 50,200 54,000 5,000 230,500 $ 377,500 $51,250 83,500 163,500 79,250 $ 377,500 1 Year Ago $ 345,500…

what is the entry for collection of receivable * O debit cash, credit accounts payable O debit cash, credit accounts receivable debit accounts receivable, credit cash O debit accounts payable, credit cash Submit