Give its general ledgers and financial statements
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: Describe the basic accounting information system.
A: Definition: Accounting information system: An accounting information system is a system that is…
Q: Post the entries to the ledger accounts
A: Ledger Account The purpose of preparing ledger account to know the ending balance which are used for…
Q: (using the above information) how do you fill out the general ledger?
A: All of the Accounts that have been established based on transactions recorded in various journals…
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: Define financial statements.
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger…
A: General ledger: General ledger is a record of all accounts of assets, liabilities, and stockholders’…
Q: Prepare a Classified Balance Sheet
A: Balance sheet is one of the financial statement which shows all assets, liabilties and equity of the…
Q: - Classification of Balance Sheet Account
A: The items in the Balance Sheet are classified according to the nature of each item.
Q: The ledger that contains the financial statement accounts of a company is the a. General journal. d.…
A: The ledger that contains the financial statement accounts of a company is the General Ledger option…
Q: Please make balance sheet and income statement
A: Income statement is the financial statement which shows all incomes and all expenses of the business…
Q: Describe a ledger and a chart of accounts
A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…
Q: When is each of the following ledgers used? Elaborate your answers 1. General Ledger 2. Payables…
A: 1. A general ledger is used in accounting to keep track of all of a business's transactions. Assets,…
Q: What is an account and how is it related to the ledger?
A: Accounting is the process of identifying, recording, classifying and summarising accounting…
Q: Make a general ledger for each account title from the general journal below.
A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…
Q: To do: You are going to make up the ledger accounts (T accounts) and income statement
A: In order to determine whether the entity is making, the expenses are deducted from the income to…
Q: What arehe Post Reference for the Ledger entries
A: Ledgers - Ledgers are the columnar form of journal entries. All the transactions after are recorded…
Q: Give its general ledger and financial statements
A: General Ledger
Q: List the chart of account numbers and major categories used in DPSystems’accounting system.
A: The chart of the account numbers and major categories used in DP accounting system are given below…
Q: Th e collection of all business transactions sorted by account in an accounting system is referred…
A: A general ledger alludes to the record-keeping framework of debit and credit accounts checked by a…
Q: Recording Transactions in a Financial Transaction Worksheet
A: Step 1 Hello. Since your question has multiple parts, we will solve first question for you. If you…
Q: Define preparation of financial statements
A: Introduction: Financial statements apply to those statements which at the end of accounting period…
Q: en posting transactions to the general ledger, use the transaction
A: After posting each journal entry in respective ledgers, we will get closing balance of all the…
Q: What columns are included in a typical ledger format?
A: Ledger indicates the posting of entries from the journals in their respective categorized accounts…
Q: What are the current account, financial account and balance sheet accounts? How are they useful in…
A: Balance of payments is to record all the monetary transactions which occurred in the country by the…
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: Describe common operating transactions and selectappropriate income statement account titles.
A: Common operating transactions are those business transactions which are directly related to revenue…
Q: Describe about the external and internal events of the accounting.
A: An Accounting event is a transaction that is recorded in the books of accounts of the company. The…
Q: What is a Ledger?" An account An accounting journal A group or file of accounts AT-account
A: T- Account - T-Account is the representation of ledgers in the tabular form. It includes debit and…
Q: How do REA and ER diagrams support financial statements?
A: REA diagram: REA diagram is a method utilized to implement the association among events, agents and…
Q: CREATE AN EXAMPLE OF CHART OF ACCOUNTS. (SHOULD BE ARRANGED FROM ASSETS TO EXPENSES)
A: A chart of accounts is a list of all financial accounts in a corporation's general ledger. In a…
Q: Explain the use of the general ledger in the financial management process.
A: A general ledger is a financial data record-keeping method that contains debit and credit account…
Q: What operating or financial data appears on more than one statement? Is there a specific…
A: Financial Statement:- These are statements prepared at the end of the financial year to know the…
Q: A typical ledger format includes columns for?
A: Ledger: It is a record used to record bookkeeping entries for balance sheet and income statement.
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 flow of accounting information from the business transaction to the ledger.
A: The accounting process includes identifying, recording and classifying the business transactions.
Q: Use the balance column format to set up each ledger account listed in its chart of accounts.
A: General ledger accounts or T accounts are being prepared on the basis of recorded journal entries.…
Q: Post these journals to their respective ledger accounts
A: The general ledger of the Company are the accounts prepared in the books of the Company for…
Q: PREPARE BALANCE SHEET FOR THE FOLLOWING TRANSACTIONS
A: Balance Sheet: Balance sheet is a financial statement which helps to know financial position of…
Q: mention the users of financial information and their respective needs.ment accounting and cost…
A: The users of financial information and their respective needs are discussed hereunder :
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: Prepare the SFP in Account Form
A: SFP is statement of financial position, which is one of the financial statement that is being made…
Q: Prepare a classified balance sheet in proper form.
A: Worksheet: It is a sheet helps in assisting the accountants to calculate the end of period…
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…
Give its general ledgers and financial statements
Step by step
Solved in 3 steps
- Create journal entries for sage 50. ? 1.The owner Jasmine, had the bank transfer (by the bank memo) $20000 from the personal savings account to the business bank account to start the business. 2. Negotiated a 5-year bank loan of $40000 at an annual interest rate of 9.50% with Loyal Bank. The money was deposited in the bank account today. 3.Received invoice 402 for $1200 plus HST from Captain Insurance, for a one-year business Insurance Policy, commencing Aug 1, 2018. Issued cheque #1001 to pay this invoice.Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.2. On January 1, 2023, Marie opened a savings account paying 1.5% effective quarterly rate, and placed a PhP500,000 initial deposit. Marie deposits to this account her salary of PhP50,000 she receives every 15th and end of the month. For her bills amounting to PhP25,000 due every 20th of the month, she decided to enroll her bank account for an auto-debit to pay for the bill. a. Create a table the summarizes the balance of Marie's bank savings account after every transaction. Date Balance b. Find the average daily balance of Marie's bank account for the first quarter of 2023. c. Compute for the interest amount she will end at the of the first quarter of 2023.
- S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…Lucy Sdn Bhd. is a food production company which began operations on January 1, 2021. At the beginning of the year, Lucy brings in RM100,000 to her business's bank account and apply a long-term business loan with the amount of RM80,000 with an interest of 10 percent per year. Lucy decided to utilize her business's bank account only for all transaction for the year. Three months later, her business loan application is successful. She hired five permanent staff and she is agreed to pay each of them a total of RM14,440 per annum. At the end of the year, a total of RM10,800 was used to pay for utility bill. Lucy recorded a total of RM 1,080,000 sales, 30 percent from it derived from credit sales. A total of RM 24,000 was used to pay for office's annual rental fees. Lucy purchases a total of RM500,000 inventory and 20 percent from it derived from credit purchase. and the value of ending inventory was RM150,000. At the beginning of the year, Lucy purchases an equipment which cost her…S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…
- Ms. Ang put up an accounting firm on Nov. 1, 2021. The registered name of the business is "Ang Accounting Firm." The following were the transactions during the months of November and December, 2021. 1. The owner provided ₱300,000 cash as initial investment to the business on December 1, 2021. 2. Obtained a 12%, one year, bank loan for ₱50,000 on November 1, 2021. Principal and interest are due at maturity date. 3. On December 1, 2021, She purchased office supplies worth ₱60,000 for cash during the period. (the firm uses asset method). 4. The business acquired computer equipment for ₱150,000 cash on November 1, 2021, which has a useful life of 5 years with a residual value of ₱30,000. 5. On December 1, 2021, the business took one year insurance for ₱42,000 covering the months of December, 2021 to February, 2022. The business uses expense method in recording this transaction. 6. As of December 31, 2021, rendered services billed to clients are worth ₱280,000 for cash and ₱200,000 on…Pita purchased a small roadside inn in April with inheritance money he received from his wealthy aunt. Help him prepare his T accounts for his first month of operations using the information provided. a. Pita invested P5,000,000 cash in the inn.Cash Owners’ Equityb. Pita purchased a P50,000 point of sale (POS) system with P5,000 cash and P45,000 notes payable.Cash POS system Notes Payablec. Pita generated P75,000 in revenues with P52,000 cash and P23,000 accounts receivable.Cash Accounts Receivable Revenuesd. Pita paid utilities of P750 in cash.Cash Utilities ExpenseOn 1 October 2020, Nduundune had 750,000 in the bank and Sh. 126,000 in hand. During the month he had the following receipts and payments: 1 October Cash sale – receipt Sh.80,000 4 October Payment to supplier Mondo Sh.120,000 Payment of rent Sh.300,000 6 October Payment from credit customer Kapondi Sh.450,000 and Payment from credit customer Bokelo Sh.250,000 10 October Cash sale – receipt Sh. 100,000 Payment to supplier Waswa Sh.500,000 6.October Payment of hire-purchase installment Sh.150,000 17 October Purchase of new machine Sh.1,200,000 19 October Cash sale – receipt Sh.370,000 Cash withdrawn from bank for office use 75,000 20.October Payment from credit customer Moseti Sh.600,000 24 October Payment of fuel bill Sh.175,000 26 October Interest received Sh. 25,000 29 Cash taken from cash till to pay fees for daughter Sh. 25,000 Required: Prepare a two column cashbook and determine bank and cash balances at the end of the month
- Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2 Mr. Lopez invested equipment for the business worth ₱30,000. 3 Bought supplies on account for ₱12,600. 4 Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5 Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8 Paid ₱1,200 delivery charge for December 5 purchase. 10 Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11 Paid ₱700 freight for December 10 transaction. 13 Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15 Paid salaries, ₱12,300 16 Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17 Received returned merchandise from customers on December 10, ₱4,000. 18 Paid…Maria Cruz formed the Kiddies Jade on October 1, 2020. She deposited 250,000 in BDO bank under the name of the new business entity. During October 2020, the following transactions occurred: Required: Do its Journal EntryThe following transactions relate to the business of Jacob’s Coffee Shop for the month of February 2022: 01/02/22: Owner deposited N$10,000 as capital contribution. 02/02/22: Bought a coffee machine paid by EFT – N$2,500. 04/02/22: Cash purchases paid by cheque – N$1,500. 10/02/22: Credit sales to Mrs. Hamutenya N$1,500. 15/02/22: Rendered catering services at EN Dorado for N$2,000. Received payment via EFT. 25/02/22: Purchased sugar and tea from Sweeteners cc on Credit N$500. How much is the balance transferred to the profit and loss from the Purchases Ledger account? a. N$2,000 b. N$6,500 c. N$4,500 d. N$1,500