Question: Can accounting transactions are directly recorded in the general ledger
Can accounting transactions are directly recorded in the general ledger? If so, why do most companies initially record transactions in the journal?
Answer to relevant QuestionsIdentify the characteristics of useful information. Describe the constraint on providing useful information. Morgan Inc. entered into the following transactions. a. Sold common stock to investors in exchange for $50,000 cash b. Borrowed $15,000 cash from First State Bank c. Purchased $8,000 of supplies on credit d. Paid for the ...Several events are listed below. a. Common stock is issued to investors. b. An agreement is signed with a janitorial service to provide cleaning services over the next 12 months. c. Inventory is purchased. d. Inventory is ...The following accounts are available for Haubstadt Shoe Works: Accounts Payable Accounts Receivable Accumulated Depreciation (Equipment) Cash Common Stock Cost of Goods Sold Depreciation Expense ...
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