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q what do you mean by cross-indexingusually accountants should check and trace the origin of their transactions so they provide cross indexing
the use of ledger accountsa journal entry is similar to a set of instructions the execution of these instructions is known as posting since stated
q ledger accounts in an accounting perspectivethe idea of the internet dates to the 1960s when the military tied together several computers forming a
the dividends account increases debited as well as an asset cash decreases credited by usd 3000 transaction 15 brings to a close the analysis of the
q how does asset cash increasean asset cash increases debited as well as a liability unearned service revenue increases credited by usd 4500 the
effects of transaction an asset supplies on hand increases debited as well as a liability accounts payable increases credited by usd 1400 the debit
q what is chart of accounts explainthe chart of accounts is a absolute listing of the titles and numbers of all the accounts in the ledger the chart
q describe about ledgera ledger general ledger is the absolute collection of all the accounts of a company the ledgers are feasibly in a bound volume
q uses of journal in accountingorganizing journal entries in a computerized system is different than in a manual system the computer usually asks for
q show debit and credit column- debit column in the debit column the sum of the debit is on the same line as the title of the account debited- credit
q what is posting reference columnthis column demonstrates the account number of the debited or credited account for example in exhibit 8 the number
account titles and explanation column the first row of an entry shows the account debited the second row shows the account credited notice that we
q what is date column in journalthe first column on every journal page is for the date intended for the first journal entry on a page this column
q explain journal entrya journal is a sequential arranged in order of time record of business transactions a journal entry is the stacking of a
q what is journalin explaining the rules of credit and debit we recorded transactions directly in the accounts every ledger general ledger account
q illustrate about accounting cyclethe accounting cycle is a series of points performed during the accounting period some throughout the period and
q show credit and debit rules for expensethe credit and debit rules for expense and dividends accounts and for revenue accounts follow logically if
q what is credit balanceif on the other side the sum of the credits exceeds the sum of the debits the account has a credit balance for example assume
q show recording changes in dividendsrecording changes in dividends ever since dividends decrease retained earnings increases appear on the left side
q recording changes in revenues and expensesexamine that notes payable liabilities and increase with an entry on the right credit side of the account
q show recording changes in assetsrecording changes in assets liabilities and stockholders equitywhile recording commerce transactions remember that
q explain double-entry procedurethe double-entry procedure maintains the accounting equation in balance the dual recording process generates two sets
q show double-entry procedure or dualityin every business transaction we record the total dollar amount of debits must equal the total dollar amount
q explain about debits and creditsaccountants utilize the term debit instead of saying place an entry on the left side of the t-account they utilize
q what do you mean by accountan account is a division of the accounting system used to classify and summarize the decreases increases and balances of