Why are transactions recorded in the journal?   Group of answer choices To ensure that total debit equal total credits To help prepare the financial statements To ensure that all transactions are posted to the ledger To have a chronological record of all transactions

Identify and explain credit scores and credit reports including accessing them

It is prepared with an objective to test the arithmetic accuracy of the accounts a. Ledger b. Books of Prime entry c. Trial Balance d. Journal

The process of transferring general journal entry information to the ledger is called: a. Balancing an account. b. Journalizing. c. Posting. d. Double-entry accounting. e. Balancing. Which of the following is prepared after the preparation of the balance sheet? a. Closing entries. b. Adjusting entries. c. Adjusted trial balance. d. Statement of retained earnings. e. Ledger accounts. The posting reference column in the ledger is: A. used to record the journal and page number from the transactions originated. B. used to record the ledger number. C. used to record the date. D. not used.

How the GL accounts are arranged? O alphabetically arranged according to chart of accounts arrangement according to amount according to the whim of the bookkeeper

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

Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The sum obtained is best described as a(n): A. financial total B. grand total C. record count D. hash total E. cross-footing total

Instructions The following equity investment transactions were completed by Romero Company during a recent year. Apr. July Sept. 10 Purchased 4,700 shares of Dixon Company for a price of $49 per share plus a brokerage commission of $120. 8 Received a quarterly dividend of $0.70 per share on the Dixon Company investment. 10 Sold 1,900 shares for a price of $41 per share less a brokerage commission of $75. Journalize the entries for these transactions. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers the nearest dollar.

How to write notes on the account equation

Draw the diamond rule structure that help in recording journal entries in debit and credit columns in General Journal. Explain the structure and its parts.