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2 years ago

A transaction is initially recorded in the journal, and then subsequently posted to the general.

Business

1 answer:

Sergio039 [100]2 years ago

5 0

A transaction is initially recorded in the journal, and then subsequently posted to the general ledger

This is further explained below.

<h3>What is a ledger?</h3>

Generally, A book or group of accounts in which transactions pertaining to those accounts are documented is referred to as a ledger.

Each account has a carry-forward balance or a starting balance, and it would record each transaction as either a debit or a credit in distinct columns, as well as the account's ending or closing amount.

In conclusion, When a transaction occurs, it is first written down in the journal, and then it is later entered into the general ledger.

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Consider the Great Woman who is stuck on an island in the Pacific Ocean. The open markets on the island provide many goods that

r-ruslan [8.4K]

Answer:

attached below is the indifference curve

Explanation:

The indifference map attached shows the Great woman's preference for coconut water as a neuter good and beef as an economic good

as per instruction given in the question the Y axis represents the preference for beef, since coconut being a neuter good, the indifference curve will be a straight line .

note : movement along the y axis is in the upward direction.

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3 years ago

An ad in a newspaper reads: "AVAILABLE TODAY ONLY. FRIENDLY'S APPLIANCES. CLEARANCE SALE FOR ALL FLOOR ITEMS. 75% OFF RETAIL PRI

kvasek [131]

Answer:

Correct answer is b, there is no breach contract

Explanation:

There is no breach contract happened because what Friendly did is just a mere advertisement published in a news paper. What happened is that, Friendly notify the customers that they will be having a clearance sale for all the floor items that they had. Mere advertisement is not yet in the stage of contract to sell and the advertiser is not bound for any liability in case the product is not available at the time the customer decided to buy the product.

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3 years ago

BENEFITS OF F - BANKING TO BANK

Vladimir [108]

Answer:

Banks create money with a system called credit creation. With the help of credit creation, banks can lend a lot more money than the deposits that it holds. When banks lend this money to agriculture, industries, small businesses, and service providers, they are actually helping the economy grow exponentially.

Explanation:

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4 years ago

The petty cash fund of the Brooks Agency is established at $250. At the end of the current period, the fund contained $172 and h

KatRina [158]

Answer:

Date Account Title Debit Credit

XX-XX-XX Petty Cash $250

Cash $250

Date Account Title Debit Credit

XX-XX-XX Entertainment expense $41

Postage $25

Printing $12

Petty Cash $ 78

Date Account Title Debit Credit

XX-XX-XX Petty Cash $78

Cash $78

2. Reasons why a Petty Cash account would be credited:

a. Fund amount is being reduced.

c. Fund is being eliminated

When the fund is being reduced by expenses, it is credited as shown above.

When the fund is to be eliminated, it will be credited so as to remove all the money in it.

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3 years ago

In 2021, the internal auditors of Development Technologies, Inc., discovered that a $4 million purchase of merchandise in 2021 w

stich3 [128]

Answer:

No entry required

However, the balance sheet must be adjusted to represent both, the 4,000,000 inventory and the 4,000,000 accounts payable

Explanation:

As the account involved:

Inventory and accounts payable are permanent account do not alter the net income for the year ended December 31th 2020.

Also as no cash is involve the cash statement is not affected too.

This delay on recording generate no problem for the accounting.

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4 years ago