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Name the 7 journals from which totals are posted into the general ledger?
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∙ 14y ago
sundry creditor capital account fixed assest bank account profit and loss
Wiki User
∙ 14y ago
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What are the advantages of using special journals by an entity?
There are a few advantages to using special journals. First, the one line entry for each sales transaction is a time saver. Second, only totals being posted and recorded also saves time and reduces the risk of error.
When posting the column totals of a cash payments journal a debit should be posted to?
accounts payable
Only the column totals for special amount columns in a journal are posted is it true or false?
false
What is meant by inventory compilation?
Inventory compilation is used by a company when reconciling physical inventory with perpetual inventory records and consists of the following procedures: counting the physical inventory, correctly summarizing the quantities, extend prices times quantities, and foot the extensions. Totals should agree with the amounts recorded in general ledger.
Accounting journal entries?
I am assuming this question is asking what Accounting journal entries are? Each of a firm's transactions are recorded in journals. Each major transaction is recorded in the General Journal, where various repetitive transactions are recorded in special journals, with the totals translated into the General Journal later. These journal entries are the basis for the General Ledger, the Trial Balance, and the Financial Statements. There are two components to any journal entry: Debits and Credits. Whenever you debit accounts in your journal entry, you must credit other accounts for an equal amount. Your total debits should always equal total credits. As an example, these are what the journal entries for the sale of inventory to a customer might look like. Part 1 - The Inventory was sold to an outside customer for $100. Debit: Cash $100 Credit: Revenue $100 Part 2 - The Cost of the Inventory credited to the books Debit: Cost of Goods Sold $75 Credit: Merchandise Inventory $75
Why are number under the column totals in the journal important?
These numbers are important because they verify that the information in that journal column has been posted to the corresponding ledger account.
Why are the numbers under the column totals in the journal important?
These numbers are important because they verify that the information in that journal column has been posted to the corresponding ledger account.
Why are numbers under the column totals in the journal important?
These numbers are important because they verify that the information in that journal column has been posted to the corresponding ledger account.
What are the advantages of using special journals by an entity?
There are a few advantages to using special journals. First, the one line entry for each sales transaction is a time saver. Second, only totals being posted and recorded also saves time and reduces the risk of error.
When posting the column totals of a cash payments journal a debit should be posted to?
accounts payable
Only the column totals for special amount columns in a journal are posted is it true or false?
false
What document shows yearly injury totals and must be posted in osha?
OSHA 300 and 301
What is meant by compilation?
Inventory compilation is used by a company when reconciling physical inventory with perpetual inventory records and consists of the following procedures: counting the physical inventory, correctly summarizing the quantities, extend prices times quantities, and foot the extensions. Totals should agree with the amounts recorded in general ledger.
How many episodes are posted on hulu based on fruits basket?
As of October 2021, Hulu has all three seasons of "Fruits Basket" available for streaming, which totals to 63 episodes.
What shows the yearly totals for work related injuries and illnesses and must be posted from february 1st to April 30th each year?
tomato
The shows the yearly totals for work-related injuries and illnesses and must be posted from February 1st to April 30th each year.?
tomato
What is meant by inventory compilation?
Inventory compilation is used by a company when reconciling physical inventory with perpetual inventory records and consists of the following procedures: counting the physical inventory, correctly summarizing the quantities, extend prices times quantities, and foot the extensions. Totals should agree with the amounts recorded in general ledger.
