After posting is completed in the accounts receivable ledger and the g ledger, the total of the accounts receivable ledger balances should the a. accounts payable account balance. b. accounts receivable account balance. c. cash account balance. d. net income amount.

After posting is completed in the accounts receivable ledger and the g ledger, the total of the accounts receivable ledger balances should the a. accounts payable account balance. b. accounts receivable account balance. c. cash account balance. d. net income amount.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 19MC: The sum of all the accounts in the accounts receivable subsidiary ledger should ________. A. equal...

See similar textbooks

Related questions

Q: Retail Cost 500,000.00 1,285,000.00 Inventory, 12/31/2021 725,000.00 Purchases 2,220,000.00 Purchase...

A: The conventional retail inventory method refers to a method mostly calculated to estimate ending inv...

Q: The manager of a fabric store has noticed a considerable increase in the amount of defective fabric ...

A: SOLUTION INCREASING FLAWS MAY RESULT IN A SIGNIFICANT LOSS FOR THE COMPANY. BECAUSE THEY ARE NOW CON...

Q: 18. What information/pieces of information is/are found on the direct materials budget? 1. How many ...

A: Solution Concept Note : As per the Q&A guideline we are required to answer the first question on...

Q: What is the main advantage of an object classification budget? What are its limitations? How do perf...

A: Answer: Object classification budget is the budget which is traditional system of budget and it is m...

Q: 59.99 0.4 0.2 20,000 79.95 0.4 0.2 1,250 64.95 0.2 0.2

A: Limiting factor is the anything which limits the activity level of production. Resources are limited...

Q: expense, and advertising expense. It categorizes the remaining expenses a Adjusted Account Balances ...

A: Working Notes :- Cost of Goods Sold Particulars Amoun...

Q: What is the primary objective of horizontal analysis and its concept

A: Horizontal analysis is a financial statement analysis. Horizontal analysis used to compare historic...

Q: 6. Suga owned a 20% royalty interest in an oil well. Suga received royalty payments on Januan 31 for...

A: solution concept accrual basis of accounting Under the accrual basis of accounting , revenue are rec...

Q: Mar. 2: The Corporation issued 40,000 shares of capital stock to Mary Tone in exchange for $80,000 c...

A: The financial statements of the business including income statement, statement of retained earnings ...

Q: On October 1, 2020, Sage sold one of its super deluxe combination gas/charcoal grills to a local bui...

A: Discount on notes receivable = Notes receivables - Sales revenue PVAF ( 10% , 3 years ) = 0.75131...

Q: Determine whether the firm reports each of the following items as part of cash and cash equivalents ...

A: Item Cash or Cash equivalent? (Yes or No) 1 Accounts receivable No 2 30 day treasury bill Yes ...

Q: Explain the measurement of accounts receivable. (Write a complete thought or answer)

A: Account receivable is shown in the balance sheet as assets. Account receivables is the total outstan...

Q: Berwin Inc. is a small industrial equipment manufacturer with approximately $3.5 million in annual s...

A: Introduction: Return on investment (ROI) or return on costs (ROC) is the ratio of net income to inve...

Q: Required: 1 a. Using the straight-line method, compute the average remaining service life. If requi...

A: Payroll refers to the entire list of the employees of a company which includes the name of their emp...

Q: 40.Prior service cost is amortized on a straight-line basis over the expected future years of serv...

A: Prior service cost is a cost with additional benefits that was granted for an amendment to the pensi...

Q: The West Indies School Book Shop sells T Shirts emblazoned with the school’s name and logo. The shir...

Q: At December 31, 2020, the balance sheet of J.R. International included the following shareholders' e...

A: Date Account Titles and Explanation Debit Credit Jan'15 Treasury Stock (12,000 shares X $ 17 per...

Q: Unit Selling Price Units Unit Cost nuary 1 arch 7 ly 15 250 P10.50 11.00 200 275 11.75 (120) (55) [2...

Q: You are required to prepare a written report for the following tasks: Transactions for the month of ...

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...

Q: Exercise 3-1 (Division of Profit using Ratios) Bong. Bueno, and Bunny formed a partnership and have ...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: Agatha Panthis Landscape Architect Company earned $2,500 of revenue collecting $1,000 immediately an...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: Expected Life Cost Allocation Warehouse $100 20 years Straight-l...

A: Long terms assets refers to those assets or investments made by a company that are for a longer time...

Q: 6. ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash Supplies Prepaid Insurance Equipment 5,710.00 209.00 ...

A: The income statement has temporary accounts such as revenues and expenses, which can not be transfer...

Q: Use the following to answer questions 1 – 4 | Determine whether the firm reports each of the followi...

A: Lets understand the basics. Cash and cash equivalent is a item which is either cash or can be easily...

Q: The trial balance will be out of balance if:

A: Trial balance: Trial balance is a summary of all ledger accounts with credit and debit balances and ...

Q: The following information is available for the pension plan of Vaughn Company for the year 2020. Ac...

A: When computing pension expense for the year it considers service cost, interest cost and gain / los...

Q: Instructions: Determine the participation of the partners in the profit of P1,000,000 if profit is d...

A: Solution Given Capital balances of : Bong 350000 Bueno 250000 Bunny 200000 Tot...

Q: Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land D...

A: Answer: Current ratio of Wilson trucking is Current assets Cash $ 9,700 Accounts...

Q: FDN Company earns revenue from rendering advertising services to various clients. FDN Company receiv...

A: The Unearned revenue is the revenue received but not earned yet. It is recorded as liabilities for ...

Q: On January 1, 20x1, PRISTINE UNCORRUPTED Co. acquired an equipment for ₱4,000,000. The equipment wil...

A: solution working note annual depreciation under SLM = cost – residual value / life ...

Q: LT and AM have capital account balances at the beginning of the year of P40,000 and P45,000, respec...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: Required: 1. Prepare the adjustment to correct the estimated warranty liability on December 31, 202...

A: Warranty is a form of assurance being provided by the seller to the buyer that in case product will ...

Q: FDN Company acquires a building on April 1, 2021 at a cost of P52,500,000. The building has an esti...

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...

Q: Marvin’s Kitchen Supply delivers restaurant supplies throughout the city. The firm adds 10 percent t...

A: As per the given question delivery charges are equal to 10% of cost of supplies i.e. 10% of orde...

Q: Sheridan Company received the following selected information from its pension plan trustee concernin...

A: Answer - A defined benefit plan, more commonly known as a pension plan, where you know the pensio...

Q: Below are some of the account balances of FDN Company. Advertising expense P161,000 Depreciation exp...

A: Marketing & Selling are two key business processes in promotion and execution of sale. These tar...

Q: SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of Wir...

A: Perpetual Inventory System – Under Perpetual inventory system on every sales transaction cost of goo...

Q: 3b. The following information is available for the pension plan of Vaughn Company for the year 202...

A: Pension Expenses For Calculating the pension expenses it includes the details of service cost which ...

Q: The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit or...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: Please answer this question with brief solution. I need the answer ASAP thank you!

A: Depreciation is a cost charged over the fixed assets for over a period of time. Fixed Assets are the...

Q: Compute for the company's profitability and operating efficiency ratios in 2014. Compute for the fin...

A: Profitability ratio includes: Gross profit ratio Operating profit ratio Net profit ratio Operating...

Q: Q1: Assets, liabilities, and owner’s capital are closed at the end of the accounting period. (A) Tru...

A: Answer to Q1 All income and expenses accounts will be closed by passing closing entries. Therefore o...

Q: how much is the Additional Financing Needed for the entire 4 years (total AFN for the 4-year period)...

A: AFN is the Additional financing needs of the organization which is planning to expand its business. ...

Q: Kenzie Company purchased a 3-D printer for $597,000. Although this printer is expected to last for t...

A: Depreciation- A depreciation term refers to reduce or fall in the price of tangible assets till its ...

Q: Aracel Engineering completed the following transactions in the month of June. Using the following tr...

A: 1. Retained Earnings - Retained Earnings is the retained accumulated profit of the company over the ...

Q: Newman Medical Clinic has budgeted the following cash flows. January February March $11,000 $117,000...

A: Answer - Cash Budget - A cash budget is a company's estimation of cash inflows and outflows over...

Q: price. It costs the Book Shop $500 to place a single order. The maximum sale for the Book Shop for...

A: Ftyuui

Q: The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial B...

A: The question is based on the concept of Financial Accounting.

Q: Transactions that affect inventories on hand have an effect on both the Statement of Financial Posit...

A: Note:- Since you have asked multiple questions, we will solve the first question for you. If you wan...

Q: Calculate the diluted carnings per share (EPS) on the continuing operations of ABC for the year ende...

A: Diluted earnings per share are the earnings per share which a company has earned per share if the co...

Question

Multiple choice

d. controlling account.
11. After posting is completed in the accounts receivable ledger and the general
ledger, the total of the accounts receivable ledger balances should equal
the
a. accounts payable account balance.
b. accounts receivable account balance.
c. cash account balance.
d. net income amount.
12. With a special journal, summary postings of column totals are made to
appropriate accounts
a. monthly.
b. daily.
c. yearly.
d. on a periodic basis.
ans e

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.
The schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledger
Maddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?
The sum of all the accounts in the accounts receivable subsidiary ledger should ________. A. equal the accounts receivable account balance in the general ledger before posting any amounts B. equal the accounts payable account balance in the general ledger before posting any amounts C. equal the accounts receivable account balance in the general ledger after posting all amounts D. equal the cash account balance in the general ledger after posting all amounts
QUESTION 2 Study the following transactions that occurred during August 2022 for Renwick & Co. Aug 2 - Renwick & Co. sold 40 office desks costing $2,000 each, at a unit price of $4,500 to Shams Ltd. Terms: 2/10, n/30. Aug 7- Shams Ltd. Returned for full credit 6 of the desks acquired on August 2 because they were of the incorrect size and style. Aug 8 - Renwick & Co. returned the office desks to its inventory. Aug 9 - Renwick & Co. received payment by cheque from Shams Ltd. for 30 office desks. Aug 27 - Renwick & Co. received payment in cash from Shams Ltd. in full settlement for the remaining office desks acquired on August 2. Renwick & Co. uses the net method to record sales and cash discounts and the perpetual inventory system. You may copy and paste from this list: Accounts receivable Discount Interest income Bad debt expense Bank Cash Cost of Goods Sold COGS REQUIRED: Interest receivable Inventory Notes receivable Par Premium Sales discounts Sales discounts forfeited Sales returns…
Oriole Products uses both special journals and a general journal. Oriole also posts customers' accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below. Estes Bal. 305 245 Truong 0 Bal. 225 Gehrke Bal. 275 170 Weiser Bal. 155 310 160 230 225 275 155 Determine the correct amount of the end-of-month posting from the sales journal to the Accounts Receivable control account.
Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The sum obtained is best described as a(n): A. financial total B. grand total C. record count D. hash total E. cross-footing total
On December 1, 2022, Blossom Company had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Dec. 7 1. 12 2. 17 During December, the company completed the following transactions. 19 22 26 31 Debit Adjustment data: $18,800 Accumulated Depreciation-Equipment 2,400 Accounts Payable Common Stock Retained Earnings 7,000 15,500 1,700 29,000 $74,400 Credit Received $3,600 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $12,400, terms 1/10, n/30. Sold merchandise on account $16,400, terms 2/10, n/30. The cost of the merchandise sold was $9,600. $2,900 6,200 50,100 15,200 $74,400 Paid salaries $2,100. Paid Vance Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 17. Received $2,800 cash from customers in payment of account (no discount allowed). Depreciation was $200 per month. Insurance of $400 expired in December.
All transactions entered in this window result in a debit to the Accounts Receivable account. a. Invoice b. Undeposited Funds c. Accounts Payable d. Cash
Consider the following information items as you respond to the question:i. Customer master fileii. Journal entry to record the receipt of cashiii. Pre-numbered documentsiv. Schedule of accounts receivableAccounting information systems have five generic elements. Which of the following statements is most true? A. "Pre-numbered documents" can be an example of three of the five elements. B. "Schedule of accounts receivable" can be an example of all five elements. C. Both "Pre-numbered documents" can be an example of three of the five elements and "Schedule of accounts receivable" can be an example of all five elements are true. D. Neither "Pre-numbered documents" can be an example of three of the five elements nor "Schedule of accounts receivable" can be an example of all five elements is true.
1. Record the April 1, 20Y3, balance of each account in the appropriate balance column of a four-column account, type Balance in the item section, and select a check mark in the Posting Reference column. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. Post in chronological order. For transactions occurring on the same day, post in the order presented in the instructions. Insert the appropriate posting references in both the journal and the ledger as each item is posted. How does grading work? LEDGER Score: 28/510 Account: Cash11Account No. DATE ITEM POST. REF. DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 ✔ 3 4 5 6 7 ✔ 8 9…
Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts: __________ Note Receivable. _______ Accounts Payable.