What document is the source for (a) debiting the accounts in the materials ledger and (b) crediting the accounts in the materials ledger?

Q: What the diffence between t- accounts, general ledger, journal entries, trial balance, and chart of…

A: Accounting is the process of recording financial transactions in an organized manner in order to…

Q: Customer payments received in advance of the product or service being provided is recorded in which…

A: The company can collect advance from the customer before sale of the goods. This method of…

Q: What is the difference between a ledger and a trial balance?

A: A Ledger Is Described Often, a ledger is referred to as a ledger book. Today, the roster and its…

Q: Which of the following is Appraisal cost? A. Recalls and warranty repairs B. Line Inspection and…

A: Cost accounting:- Cost accounting helps to record overall cost of the firm including variable and…

Q: Which of the following accounting connotes posting to the ledger? * Recording O Ledgering O…

A: Ledgers are the T accounts that are being prepared in the business, that are used for classifying…

Q: Sales receipts, purchase orders, and payroll records are all examples of accounting transactions…

A: Book keeper is the employee of the company who is responsible to record the original transactions…

Q: What is the accounting treatment for supplies inventories if the purchases method is used to record…

A: Supplies generally form a part of current assets of the entity and represent the amount of supplies…

Q: When is the general journal used in a manual accounting information system? Provide some examples of…

A: Accounting information system collects, records, stores and processes accounting data to produce…

Q: The general ledger or subsidiary ledger should be indicated for each account

A: This question deals with the general ledger or subsidiary ledger should be indicated for each…

Q: Under non-integrated accounting system, the account made to complete double entry is: General ledger…

A: A non integrated accounting system maintains separate ledgers for recording cost and financial…

Q: What is the account title used for revenue when goods are delivered to customers?

A: Account title: An account title is a unique name assigned to an account in an accounting system. An…

Q: What can be understood by Staff Accounting Bulletins?

A: International Financial Reporting Standards (IFRS):  International Financial Reporting Standards is…

Q: What is the definition of a general ledger account?

A: A company's double-entry accounting system is built around the general ledger.

Q: The subsidiary ledger that includes customer account activity is called the a. asset ledger b.…

A: Under subsidiary ledger, all activities related to customer is recorded.

Q: Why are the debit and credit entries in the Adjustments columns of the work sheet identified with…

A: Adjusting Entry:   An adjusting entry is a journal entry passed before issuing a company’s financial…

Q: A trial balance represents the:   Multiple Choice   Chronological record of all transactions…

A: Trial balance includes both temporary accounts and permanent accounts. All expenses, losses, and…

Q: A credit balance to a client’s accounts payable account representing right to receive payment for…

A: Accounts payable accounts are consisting of those supplier accounts from whom business has made…

Q: Prepare a trial balance for the selected general ledger accounts and prove the accuracy of…

A: Trial Balance -:A trial balance is a simple schedule of all the common ledger accounts (both income…

Q: Who is responsible for releasing an order? Describe what happens to the inventory records andto PAC…

A: The person responsible for releasing an order is the material planner.

Q: Describe and use the sales journal. What steps are followed in posting from the sales journal to the…

A: Sales Journal: A journal is a book of original entry where all journal entries are recorded on the…

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

A:

Q: The bill of lading is prepared by the a. sales clerk. b. warehouse clerk. c. shipping clerk. d.…

A: Bill of Lading:   A contract occurs between two parties which contain some important details such…

Q: Record the following purchase transactions of Money Office Supplies.

A: Journal:   Journal is the book of original entry. Journal consists of the day today financial…

Q: What is the classification of general ledger account?

A: General ledger: General ledger is a set of ledger accounts that are recorded in the journal and…

Q: Define the expenses of products and periods and explain how they affect financial accounts.

A: This question explains about products and periods and financial accounts.

Q: What is the role of the journal in the accounting system? Explain and give examples of the cost…

A: Journal Entries: A journal entry is a first and most important step in the accounting process.…

Q: Refer to the locations identified general ledger accounts.

A: General Ledger is a Second Step of Bookkeeping. It comes after completion of Recording of…

Q: What inventory accounts are used by a manufacturer? In what financial statement will appear?

A: An inventory account or merchandise inventory account is an account to record the inventory…

Q: How do you journalize the purchase of office equipment into credit?

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: What's the difference between a chart of accounts and general ledger?

A: Charts of Accounts: Charts of accounts are the list of all the accounts which the company has. It is…

Q: Describe the integration of the Inventory Ledger with the Payables, Receivables and General Ledgers.

A: Solution:- Introduction:- An integrated accounting system is application software in which all the…

Q: Explain the relationship between the balance in the account payable general ledger control account…

A: Accounts Payable general ledger account is generally used to record all liabilities related to when…

Q: A grouping of the entry's accounts is referred to as a ledger.

A: The accounting is process to record the transactions, post the transactions, prepare the trial…

Q: What is ledger account? Explain using illustrations.

A: There are many accounting journals maintained in a business to record all the transactions done in a…

Q: An accounting clerk would take first which of the following steps? A. Post individual amounts to the…

A: Option B is correct.

Q: Which of the following is not one of the general ledger and reporting activities? A. Updating the…

A: General ledger: It is the T-accounts prepared for every journal entry and get recorded in their…

Q: Describe the responsibilities of an accounts payables specialist in a freight forwarding company.

A: Accounts payable specialist is the person who has the responsibility of financial processing of…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger.

A: General Ledger:  It is a process of summarizing all the financial transactions of an account for a…

Q: Explain how to record the purchase of supplies.

A: Supplies are the consumable assets, which are ordinarily consumed in an organization. Supplies…

Q: State the purpose of footing the total column in the client’saccounts receivable trial balance,…

A: A necessary audit procedure is to test the information on the client's trial balance for detail…

Q: What notations are entered into the Posting Reference column of a ledger account?

A: A ledger account is prepared in a T shape. It has column of debit and credit. The ledger accounts…

Q: What is a sub-ledger

A: Sub - ledger means as follows