Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 7, Problem 3QS
To determine
To identify if the elements appear in the general ledger or the subsidiary ledger.
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Which item will appear on the credit side of ledger account?
Select one:
a. Rent expense
b. Purchases
c. Sales
d. Cash received
A summarized statement of transactions relating to a particular
person, item expense or income.
a.
invoice
O b. voucher
chart of accounts
Cd. accounts
"Identifying general and subsidiary ledgers C2For each account, indicate whether it appears in the general ledger or the subsidiary ledger.a. Accounts Receivable—Martinb. Interest Expensec. Prepaid Rentd. Accounts Payable—Juliee. Notes Payablef. Store Supplies
Chapter 7 Solutions
Principles of Financial Accounting.
Ch. 7 - What are five basic components of an accounting...Ch. 7 - Prob. 2DQCh. 7 - 3. What are the five fundamental principles of...Ch. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQ
Ch. 7 - Prob. 11DQCh. 7 - Prob. 12DQCh. 7 - Prob. 13DQCh. 7 - Prob. 1QSCh. 7 - Prob. 2QSCh. 7 - Prob. 3QSCh. 7 - Prob. 4QSCh. 7 - Prob. 5QSCh. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - Prob. 9QSCh. 7 - Prob. 10QSCh. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Following is information from Jesper Company for...Ch. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Prob. 11ECh. 7 - Prob. 12ECh. 7 - Prob. 13ECh. 7 - Prob. 1AACh. 7 - Prob. 2AACh. 7 - Prob. 3AACh. 7 - Prob. 1BTNCh. 7 - Prob. 3BTNCh. 7 - Prob. 5BTN
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- The schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledgerarrow_forwardIdentify in what ledger (general or subsidiary or both) each of the following accounts is shown. Accounts Ledger a. Rent Expense. select a type of ledger b. Accounts Receivable—Cabrera. select a type of ledger c. Notes Payable. select a type of ledger d. Accounts Payable—Pacheco. select a type of ledgerarrow_forwardWhich item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service revenue d. Accounts receivablearrow_forward
- For each account, indicate whether it appears in the general ledger or the subsidiary ledger. Accounts Payable - Igwe Choose. Accounts Receivable - Ukpolo Choose. Prepaid Rent Choose. Notes Payable Choose. Store Supplies Choose. Interest Expense Choose.arrow_forward_____________________best describes the classification and normal balance of the accounts receivable account?arrow_forwardThe individual amounts in the "Accounts Payable" column of the purchases journal are posted to the appropriate account in the A. general ledger B. general journal C. accounts payable ledger D. accounts receivable ledgerarrow_forward
- Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts: __________ Accounts Receivable. __________Equipment.arrow_forwardThe controlling account in the general ledger that summarizes the debits and credits to the individual accounts in the customer's ledger is entitled A. Accounts Receivable B. Accounts Payable C. Sales D. Purchasesarrow_forwardIdentify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts: __________ Note Receivable. _______ Accounts Payable.arrow_forward
- steps in posting from asales journal to an accounts receivable ledger?arrow_forwardSUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Purchased supplies on account1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid travelling expenses to pay business permit3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb.…arrow_forwardThe income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Mike Roe Computers. MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales $150.20 (90.10) Cost of goods sold Gross margin Salaries expense 60.10 $20.20 Insurance expense 12.20 Depreciation expense Interest expense 5.10 6.10 (43.60) Gains and losses: Gain on sale of equipment 12.20 Loss on sale of land (3.20) Income before tax 25.50 Income tax expense (12.75) $ 12.75 Net income Reconciliation of Net Income to Net Cash Flows from Operating Activities ($ in millions) Net income $ 12.75 Adjustments for noncash effects: Decrease in accounts receivable 5.10 Gain on sale of equipment Increase in inventory (12.20) (6.10) Increase in accounts payable Increase in salaries payable Depreciation expense 9.10 3.10 5.10 Decrease in bond discount 3.05 Decrease in prepaid insurance 2.10 Loss on sale of land 3.20 Increase in income tax payable…arrow_forward
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