Answer:
E) General journal
Explanation:
The general journal is used to record all the accounting transactions carried out by a company. If the company uses an accounting tool software or a more complete ERP software, the transaction should be recorded immediately or as soon as possible.
For example, the journal record for this transaction should be:
- Dr Accounts Payable account 6,000
- Cr Cash account 6,000
Is a shift with no giving trades and nothing like that. Hope this helped. Have a great day! :D
Answer:
The correct answer is letter "D": Revenue and expense accounts reflect year-to-date amounts throughout the year.
Explanation:
Most firms close their accounts by the end of the year because of accounting reporting purposes. It does not imply throughout the year the firm will not be able to make reports of their performance. They actually can but closing the account relevant for the report requested. <em>By closing the accounts only by the end of the year, the revenue and expense accounts will show annual calculations in the upcoming period books.</em>
Answer:
Inventory at year-end: 344,000
Explanation:
The inventory should add the purchased goods from Pelzer as the possesion is transfer at shipping point.
The sales units to Alvarez should also be included as teh transfer is not complete yet. The term on this transaction are at destination.
Total inventory in transit: 28,940 + 39,800 = 68,740
on hand: $ 275,260
in-transit: $<u> 68, 740 </u>
Total: $ 344,000
The adjusted trial balance should be prepared before the financial statements are prepared in order to prove the equality of the debits and credits.
An adjusted trial balance is a listing of all organization accounts that will show up on the budgetary explanations after year-end changing diary sections have been made.
Setting up an adjusted trial balance is the fifth step in the bookkeeping cycle and is the last advance before monetary proclamations can be created.
There are two fundamental approaches to set up an adjusted trial balance. Both ways are valuable relying upon the site of the organization and graph of records being utilized.
