fill up the blanks: (T accounts, chart of accounts, balance sheet Summary, trial balance, income statement, Credit, Debit, Journal, Posting,) Rita Bowden is describing the accounting process for a friend who is an Electronic engineering major. Rita states “The accounts are recorded in T accounts. The left side of the account is called… ….. Side and the right side is called as … ……….……..side. We record the transaction first in a …… …………. Then we post (transfer to the … ……………………..……….. It is helpful to list all the accounts with their balances in on a …

fill up the blanks: (T accounts, chart of accounts, balance sheet Summary, trial balance, income statement, Credit, Debit, Journal, Posting,) Rita Bowden is describing the accounting process for a friend who is an Electronic engineering major. Rita states “The accounts are recorded in T accounts. The left side of the account is called… ….. Side and the right side is called as … ……….……..side. We record the transaction first in a …… …………. Then we post (transfer to the … ……………………..……….. It is helpful to list all the accounts with their balances in on a …

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 4.4C

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Below are the steps in the measurement process of external transactions. Arrange them from first (1) to last (6).__________ a. Post the transaction to the T-accounts in the general ledger.__________ b. Assess whether the impact of the transaction results in a debit or credit to account balances.__________ c. Use source documents to identify accounts affected by an external transaction.__________ d. Analyze the impact of the transaction on the accounting equation.__________ e. Prepare a trial balance.__________ f. Record the transaction using debits and credits.
Which of the following is true about T accounts? Please explain with full explanation. a. The left side of a T account is called the debit side. b. The left side of a T account is called the credit side. c. The right side of a T account is called the debit side. d. Transactions are first recorded in T accounts and then posted to the journal.
Which of the following is true about T accounts? a.Transactions are first recorded in T accounts and then posted to the journal. b.The right side of a T account is called the debit side. c.The left side of a T account is called the credit side. d.The left side of a T account is called the debit side.
In the Payments Journal window, invoices being paid will display the: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to sele a b с d Number of items sold on the invoice. The transaction due date. Credit terms. All of the above.
Posting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.
5. Who controls user access and monitors user activity? A. Individual users B. Master Supervisor C. Comptroller D. Master Administrator 6. What account type is considered a liability? A. Fixed Assets B. Accounts Receivable C. Bank D. Accounts Payable 7. Opening balances are entered: A. via the Gear menu B. on the day the expenses were incurred C. on the Chart of Accounts D. as a Journal Entry or directly into the account register
For each of the following, indicate if the statement reflects an input component, output component, or storage component of an accounting information system. 1. A credit card scanner at a grocery store is a(n) [ Select] component. 2. A report of patients who missed appointments at a doctor's office is a(n) [ Select] component. 3. Electronic files containing a list of current customers is aln) [ Select ] component. 4. A list of the day's cash and credit sales is aln) [ Select] component. 5. A purchase order for 1,000 bottles of windshield washing fluid to be used as inventory by an auto parts store is a(n) [ Select ] component.
The debits and credits from two transactions are presented in the following customer account: Describe each transaction and the source of each posting.
The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buke-buku NChoc Sdn. Bhd, kilang coklat untuk September 2020.] 2020 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. Sept 1 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6. Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. Cash sale RM 520. Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. Received rent worth RM 750 by cash. I rent 11 12 Sold goods by cash to Salwani Ltd worth RM470. Returned some of damaged goods to Suzie Ltd amounting to RM 50 and settled amount due by cash after receiving discount…
Use T-accounts to record all business transactions: The accounts and transactions of Conner McAllister, Counselor and Attorney at Law, follow. Instructions Analyze the transactions a - c (typed here) and d - s (in the image). Record each in the appropriate T accounts. Use plus and minus signs in front of the amounts to show the increases and decreases. Indentify each entry in the T accounts by writing the letter of the transaction next to the entry. Assets Cash Accounts Receivable Office Furniture Office Equipment Automobile Liabilities Accounts Payable Owner's Equity Conner McAllister, Capital Conner McAllister, Drawing Revenue Fees Income Expenses Automobile Expense Rent Expense Utilities Expense Salaries Expense Telephone Expense a. Conner McAllister invested $140,000 in cash to start the business. b. Paid $7,800 for the current month's rent c. Bought a used automobile for the firm for $38,500 in cash d. - s. in the image All of the transactions (typed a. - c. and…
Listed below are the transactions of Joseph Moore, D.D.S., for the month of September. Sept. 1 2 4 4 5 8 10 14 18 19 20 25 30 30 Moore begins practice as a dentist, invests $20,030 cash and issues 2,003 shares of $10 par stock. Purchases dental equipment on account from Green Jacket Co. for $17,820. Pays rent for office space, $690 for the month. Employs a receptionist, Michael Bradley. Purchases dental supplies for cash, $900. Receives cash of $1,770 from patients for services performed. Pays miscellaneous office expenses, $420. Bills patients $5,950 for services performed. Pays Green Jacket Co. on account, $3,760. Pays a dividend of $3,090 cash. Receives $1,060 from patients on account. Bills patients $1,980 for services performed. Pays the following expenses in cash: Salaries and wages $1,700; miscellaneous office expenses $83. Dental supplies used during September, $320. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value.
*Required: Record the transactions using a general journal. Create your own account titles that will appropriately describe the exchanges of values. Post in T-accounts and compute the total assets, liabilities, and equity.