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Alexeev081 [22]
3 years ago
10

What's the accounting recording process for transactions? Group of answer choices

Business
1 answer:
Zigmanuir [339]3 years ago
8 0

Answer:

3. The transaction Analyze the transaction, enter transaction in a journal, transfer journal information to ledger accounts.

Explanation:

According to accounting recording process for transactions the sequence is as follows:

1. Prepare Transaction

2. Analyze the the transaction

3. Enter the transaction in the journal

4.Transfer it to ledger accounts

5. Prepare trial balance

6. Prepare financial statements

So the option 3 is correct.

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Sylvan, the seller, and Eric, the buyer, have signed an option agreement, which is an offer to purchase a specific piece of real
Anton [14]

Answer:

"Unilateral" would be the right choice.

Explanation:

  • A contract wherein the assessment would be offered less than by several other party candidates is indeed a unilateral document. In several other sentences, aware of the side effects in one less manner.
  • One such kind of decisionmaker has been begun taking by one of the other factions, government agencies, or regions associated with a specific situation, another without consent of everybody else.
5 0
3 years ago
Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently employed by the company, proposes t
hram777 [196]

Answer:

Scarlet Knight Corporation

Posting of transactions:

1. Owners invest $5,500 in the company and receive common stock. Common Stock 5,500 Cash 5,500

Wrong. Correct Posting: Cash 5,500 Common Stock 5,500

2. Receive cash of $2,100 for services provided in the current period. Cash 2,100 Service Revenue 2,100

Correct.

3. Purchase office supplies on account, $110. Supplies 110 Cash 110

Wrong. Correct Posting : Supplies 110 Accounts Payable 110

4. Pay $410 for next month's rent. Rent Expense 410 Cash 410

Wrong. Correct Posting: Rent Prepaid 410 Cash 410

5. Purchase office equipment with cash of $1,250. Cash 1,250 Equipment 1,250

Wrong. Correct Posting: Equipment 1,250 Cash 1,250

Explanation:

1. Owners invest $5,500 in the company and receive common stock.  Cash is increased and Common Stock increased by $5,500.

2. 2. Receive cash of $2,100 for services provided in the current period.

Cash is increased and Service Revenue increased by the same amount.

3. Purchase office supplies on account, $110.

No cash payment is involved with this transaction since it was on account.  The accounts involved and which increased by $110 are Supplies and Accounts Payable.

4. Pay $410 for next month's rent. The amount is for next month.   As such no Rent Expense account is involved.  Instead, the accounts involved are Rent Prepaid and cash.  While Rent Prepaid increases, Cash is reduced.

5. Purchase office equipment with cash of $1,250. Equipment received value and will increase by $1,250 while Cash gave value and will reduced by $1,250 and not vice versa.

6 0
4 years ago
Belinda orders a certain type of hybrid rose for her wedding. A disease sweeps through that type of rose and the florist could o
viva [34]

Answer:

B. Commercial impracticability

Explanation:

Commercial impracticabilty occurs when the actions under a contract is impractical and cannot be accomplished or achieved. It is triggered when actions or performance of a contract by a party has become impracticable and hence unfeasible or maybe just too difficult or costly to accomplish. The best defense for the florist in this case is commercial impracticabilty as the disease sweeping through the type of rose Belinda ordered has made it difficult and costly to accomplish or achieve.

5 0
3 years ago
Read 2 more answers
Bubble-Up, Inc., is a small manufacturer of educational toys for children under age 10. It has co-existed with three other compe
Vitek1552 [10]
C bubbles up than small size in mega toy
8 0
3 years ago
As the price level falls a. people will want to hold more money, so the interest rate rises. b. people will want to hold more mo
icang [17]

Answer:

The answer is C.

Explanation:

As the general price level decreases or falls, people will want to hold less money, so the interest rate falls.

As price level falls, value of money decreases because a unit of money will more of goods or services.

During this period people will want to hold less money because of the decrease in value and the excess money will be deposited in banks.

With this, the banks have more money to lend out and this will make the bank to reduce its Interest rate.

8 0
3 years ago
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