u02a2 Artina McRae.docx

u02a2 Artina McRae.docx - U02a2 Artina McRae 1 1 Question 1...

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U02a2 Artina McRae 1 1. Question 1: Proficient: Describe the nature and purposes of the general journal, ledger, and chart of accounts. General Journal- a chronological record of business transactions; depicts various journal entries, debits credits and transaction detail with source documents. The general Journal serves as the book of original entry; it is the “outline”. General Leger - a complete collection of all accounts of a particular company which can be in paper or digital form Chart of Accounts - a listing of the titles and numbers of all of the accounts in a ledger; similar to a table of contents. Generally, the chart appears in the following order: Assets, Liabilities, SE, Dividends, Revenues, Expenses Distinguished: Describe the act of posting a transaction from the general journal to the ledger. What difficulties could arise if no cross-indexing existed between the general journal and the ledger accounts? -Journalizing must take place first, wherein a transaction is entered in a journal. Next the transaction information is posted to the proper accounts in the ledger. If no cross indexing existed, there could arise discrepancies and errors; a transaction may accidentally be posted to a different ledger account than intended. 2. Question 2: Proficient: Prepare the journal entry required for each of the following transactions. Be sure to identify which part of the entry is the debit and which is the credit. Provide five correct responses: Cash was received for services performed for customers, $1,200. Transaction 4: Oct 21 Performed Services for customer for cash $1,200 Date Account Title and Explanation Post Ref. Debit Credit 2016 Oct 21 Cash (+A) 105 1 2 0 0 Service Revenue (+SE) 1 2 0 0 Tra nsa ctio n 3: Oct 21 Ser vice s wer
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U02a2 Artina McRae 2 e perf orm
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