"Identifying general and subsidiary ledgers C2 For each account, indicate whether it appears in the general ledger or the subsidiary ledger. a. Accounts Receivable—Martin b. Interest Expense c. Prepaid Rent d. Accounts Payable—Julie e. Notes Payable f. Store Supplies

Q: Match the definition to the term. The answer choices are : 1. Controlling account 2. Schedule of…

A: Solution: Definition that best matches with term is as under:

Q: Discuss what each ledger is used for and when it is used: 1. General Ledger 2. Payables ledger 3.…

A: The ledgers are prepared as posting the transactions from the journal book.

Q: Which type of credit account is balanced in the last two columns of a worksheet? O A. Expense B.…

A: Account: It can be defined as a record that is maintained by the business in its general ledger to…

Q: The journal entry to record the purchase of supplies on accounta. credits Supplies and debits…

A: Journal entries Journal entries are the transactions that are recorded in the primary book. They are…

Q: Assignment: Draw the T account of Purchases, Sales, Mr. D, Mr. E, Return inwards, Return outwards,…

A: Ledger is collection of all the accounts in an accounting system. When every journal is posted to…

Q: Instructions: Prepare T accounts for each account. Analyze transactions into debit and credit parts.…

A: For the assets, Increase in assets would be debited. For the liabilities, Increase in liabilities…

Q: The Ledger related to expenses is entered in which one of the ledger? Sales Ledger Purchase return…

A: Expenses are not recorded in a specific ledger.

Q: Activity 1: In the table below, indicate in column 1 - the classification of each account (Assets,…

A: >Ledger accounts titles are the accounts of various accounting elements. >These accounts…

Q: Identifying general and subsidiary ledgers C2 For each account, indicate whether it appears in the…

A: Solution: Classification of each account in general ledger or subsidiary ledger is as under:

Q: A summarized statement of transactions relating to a particular person, item expense or income. a.…

A: Solution:   A summarized statement of transactions relating to a particular person, item expense or…

Q: Which one of the following is used to prepare ledger account? a. Transactions b. Events c. Income…

A: The right answer is option d.   Journal is the primary book of accounting  which recognizes all…

Q: Instruction: Indicate on the space provided,(1)(X)on the element where the account belong (2) BS if…

A: The income statement and balance sheet are the financial statements of the business.

Q: (a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off…

A: Journal: It is a systematic record of a financial transaction recorded in a chronological order.

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source Document:   A source document is a document which supports every transaction that has entered…

Q: which one of the following accounts normally has a credit balance? A. Drawings  B. Capital C.…

A: Account: It can be defined as a record in the general ledger that is used by the business to sort…

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source documents captures key information required for preparing books of accounts. Source documents…

Q: What is the normal balance for each of the following accounts? (i) Accounts Receivable. (ii) Cash.…

A: (i) Normal balance of account receivables is debit because when we are to receive somthing from some…

Q: The Purchases account in a general ledger: O a. is an asset account. O b. appears on the income…

A: Account: It can be defined as a record in the general ledger that is used by the business to sort…

Q: Directions: Classify each account according to its category. Put a check (/) on the right column…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: When is each of the following ledgers used? Elaborate your answers  1. General Ledger 2. Payables…

A: 1. A general ledger is used in accounting to keep track of all of a business's transactions. Assets,…

Q: Required: i. Identify book of prime entries. Prepare the specialized journal Prepare the…

A: i)Journal is called a book of prime entry because all the business transactions are recorded first…

Q: 1) Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Q: Fiona Sportyuses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: Everyday businessman performs large number of transactions. These transactions cannot be remembered…

Q: general ledger accounts are temporary or permanen

A: The above ledger account balances are classified into temporary and permanent are shown below :

Q: Identify in what ledger (general or subsidiary or both) each of the following accounts is shown.…

A: The accounts whose detailes can be provided in subparts are shown in subsidiary ledgers whereas all…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger.…

A: Indicate whether it appears in General Ledger or Subsidairy Ledger.

Q: Fiona Sportyuses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: Cash payment journal, cash receipt journal, sales journal and purchase journal are special journal…

Q: Calculating balance of any account, after posting all entries in ledger account, is known as O a.…

A: The numerical has covered the concept of ledger accounts. The Ledger accounts have done in 'T' form…

Q: The entry to record the purchase of supplies on account would include a: a. debit to the Retained…

A: When supplies are purchased, as per the real account rule, supplies will be debited. As supplies are…

Q: summarized statement of transactions relating to a particular person, item expense or income. a.…

A: An account is a summarized statement of transactions relating to a particular person, item expense…

Q: 4. Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts…

A: Sales revenue means the income generated from sales made by the firm. This amount is shown at the…

Q: Required: Identify book of prime entries. Prepare the specialized journal Prepare the subsidiary's…

A: Journal is Book of Prime entry because all business transactions are recorded first in Journal Book.…

Q: Recliner Company wants to verify that all of its accounts are in balance. Which of the following…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The controlling account in the general ledger that summarizes the debits and credits to the…

A: The control account is the summary balance of the subsidiary ledger's account. A subsidiary ledger…

Q: Select one of the following accounts to complete the above journal entry. O a. Fees Earned O b.…

A: As the narration of the transaction says fees received for services performed which means services…

Q: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…

Q: a. A collection of accounts and account balances is referred to as a(n) b. A(n) , such as a bank…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: A purchase of supplies on account is recorded in the ? Please explain with full explanation. a.…

A: Supplies: These are the general purpose consumables used for the purpose of business operations.…

Q: Match each of the five items listed below with one of the following​ locations: 1. Located on the…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Required 1 Required 2 Journalize the above transactions in the accounts receivable subsidiary…

A: Introduction: Journal entries serve as the essential building blocks that provide answers to those…

Q: s: Prepare the journal entry for each transaction. Use the following account numbers for posting…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Match each of the numbered descriptions with the term, title, or phrase that it best reflects.…

A:

Q: 10. The account to be debited and credited respectively to record transaction letter g. is O…

A: Revenue Journal- The term "revenue journal" is also used to refer to a sales journal. It's a term…

Q: Instruction. Identify the classification of the given account titles. Write your answer on the space…

A: Financial statements are prepared with a view to evaluate the different operational aspects of an…