0
What else can I help you with?
Explain the meaning of term journal and state its significance?
An accounting record where all business transactions are originally entered. A journal details which transactions occurred and what accounts were affected. Journal entries are usually recorded in chronological order, and using the double-entry method of bookkeeping.
What machine inspired the double entry accounting method?
There is no record of a machine that inspired the double-entry accounting method. Records show that double-entry accounting was inspired by existing accounting practices at the time.
What is the accounting double entry when a company pay withhold tax?
When paying withholding tax the double accounting method would be to first post the amount as an Accounts Receivable, under Withholding Tax. The next step would be to post the amount to Accounts Payable under Withholding Tax.
Should Double-entry accounting transactions be equal or unequal?
In Double entry accounting system both the debit part as well as credit part of transaction should be equal otherwise accounting transaction is not complete properly.
What is accounting system and what their types?
An accounting system is a program or a system that is used in management and processing of accounts. Some of the types of accounting systems include management accounting, cost accounting, manual systems, double entry and so many others.
What are the parts of a journal entry?
There are two parts of journal entries in double entry accounting system. 1 - Debit part 2 - Credit part
In double-entry accounting, where should you record money that is leaving your company to pay bills?
In double-entry accounting, money leaving your company to pay bills should be recorded in the accounts payable account.
Explain the meaning of term journal and state its significance?
An accounting record where all business transactions are originally entered. A journal details which transactions occurred and what accounts were affected. Journal entries are usually recorded in chronological order, and using the double-entry method of bookkeeping.
About a 16 gauge double barreled shotgun made by eastern arms company?
Utility grade, functional, not much value.
Who introduces double entry accounting?
Double Entry Accounting is introduced by Lucas Paciolli
What machine inspired the double entry accounting method?
There is no record of a machine that inspired the double-entry accounting method. Records show that double-entry accounting was inspired by existing accounting practices at the time.
What do the double lines under the column totals in the Journal show?
The double lines under the column totals in a journal indicate the final sums of each column, signifying the end of a specific accounting period or transaction set. This formatting helps to clearly distinguish between regular entries and the summarized totals, ensuring clarity in financial reporting. It serves as a visual cue for accountants to easily identify the totals that will be carried forward to the next stage of the accounting process.
When a company decides to switch from the double-declining method to straight-line method this change should be handled as a?
Change in accounting estimate. The switch from double-declining balance method to straight-line method should be treated as a change in accounting estimate and accounted for prospectively. This change should not be applied retroactively.
12 ga double barrel shot gun bridge gun company?
Store brand, inexpensive, utility grade, 40-90 or so
What is the accounting double entry when a company pay withhold tax?
When paying withholding tax the double accounting method would be to first post the amount as an Accounts Receivable, under Withholding Tax. The next step would be to post the amount to Accounts Payable under Withholding Tax.
Should double entry accounting entries be equal?
In Double entry accounting system both the debit part as well as credit part of transaction should be equal otherwise accounting transaction is not complete properly.
Expanded accounting equation?
Assets =Liabilities +(Stockholders' Equity=Paid-in Capital + Revenues - Expenses - Dividends - Treasury Stock. )Assets =Liabilities +(Owner's Equity=Owner's Capital + Revenues - Expenses - Owner's Draws.)
