Chapter 2, Problem 10E

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

Directions: Classify each account according to its category. Put a check (/) on the right column where each item belongs. Write your answers on a separate sheet of paper. Account Assets Liabilities Title Owner's Revenue Equity Non- Non- Expenses Current Current Current Curreni Asseta Liahilities Assets Liabilities 1. Cash 2. Accounts Payable 3. Building 4. Mortgage Payable 5. Service Revenues 6. Accounts Reccivable 7. Salaries Expense 8. Inventory 9. Rent Expense 10. Unearned Service Revenue

Fill in each of the following T-accounts for Belle Co.’s seven transactions listed here. The T-accounts represent Belle Co.’s general ledger. Code each entry with transaction number 1 through 7 (in order) for reference.

Accounts are classified in the ledger a.chronologically b.with the accounts used most often listed first c.alphabetically d.in accordance with their appearance in the financial statements

The following contains the various steps of the financial reporting process.  Arrange them in proper order and indicate whether each step is a function of the TPS, GLS pr FRS., *Record transaction in special journal. *Make adjusting entries. *Capture the transaction. *Prepare the postclosing trial balance. *Prepare the adjusted trial balance. *Prepare the sales invoices. *Prepare the financial statements. *Journalize and post the adjusting entries. *Post to the subsidiary ledger. *Post to the general ledger. *Issue Official Receipts. *Journalize and post the closing entries. *Prepare the unadjusted trial balance.

6.The purpose of the ledger is to   a. Chronologically record the day’s transactions. b. Keep a record of documentation to support each transaction. c. Maintain a separate account for each asset, liability, etc. d. Make sure that all assets, liabilities, etc., have normal balances at all times.

Complete the General Ledger based on the recorded journal entries.  Remember to: write the date, explanation, and fill out the value in the corresponding DR or CR column. Your explanation should only contain the other account names as per your journal entries, separated by a "/" where necessary.

Identify the item that best completes each of the descriptions below. a. A(n) contains a record of decreases and increases in a specific revenue, expense, asset, liability, or equity. describes transactions entering an accounting system, such as a purchase order. b. A(n). c. The d. A(n) e. A list of all ledger accounts and identification numbers, not including account balances, is called a(n). is a record containing all accounts used by a company, including account balances. has a complete record of every transaction recorded. of accounts. general ledger Check

Directions: Write (+) if there is an increase, (-) if there is a decrease, or NE if there is no effect on the assets, liabilities and equity accounts. Write your answers on a separate sheet of paper. Liability Owner's Equity Transactions Asset 1. Invested cash in the business 2. Purchased equipmnent on a cash basis 3. Billed a customer for a spa service 4. Paid employee's salary 5. Purchased supplies on account 6. Paid an advertisement for the company's new product 7. Paid the rent in advance 8. Received cash from customers 9. Withdrew cash for some personal use 10. Invested a vehicle on the company