The following discussion took place between Erin Carr, the office manager of Panda Data Company, and a
Question:
Mar: I’ve been thinking about our method of recording entries it seems that it’s inefficient.
Erin: In what way?
Mark: Well-correct me if I’m wrong-it seems like we have unnecessary steps in the process. We could easily develop a trial balance by posting our transactions directly into the ledger and bypassing the journal altogether. In this way, we could combine the recording and posting process into one step and save ourselves of time. What do you think?
Erin: We need to have a talk. What should Erin say to Mark?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
The journal is called the book of original entry It provides a timeordered history of the transactio...View the full answer
Answered By
Atuga Nichasius
I am a Highly skilled Online Tutor has a Bachelor’s Degree in Engineering as well as seven years of experience tutoring students in high school, bachelors and post graduate levels. I have a solid understanding of all learning styles as well as using asynchronous online platforms for tutoring needs. I individualise tutoring for students according to content tutoring needs assessments.
My strengths include good understanding of all teaching methods and learning styles and I am able to convey material to students in an easy to understand manner. I can also assists students with homework questions and test preparation strategies and I am able to help students in math, gre, business , and statistics
I consider myself to have excellent interpersonal and assessment skills with strong teaching presentation verbal and written communication
I love tutoring. I love doing it. I find it intrinsically satisfying to see the light come on in a student's eyes.
My first math lesson that I taught was when I was 5. My neighbor, still in diapers, kept skipping 4 when counting from 1 to 10. I worked with him until he could get all 10 numbers in a row, and match them up with his fingers.
My students drastically improve under my tutelage, generally seeing a two grade level improvement (F to C, C to A, for example), and all of them get a much clearer understanding!
I am committed to helping my students get the top grades no matter the cost. I will take extra hours with you, repeat myself a thousand times if I have to and guide you to the best of my ability until you understand the concept that I'm teaching you.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Cost Accounting questions
-
The following discussion took place between Tony Cork, the office manager of Hallmark Data Company, and a new accountant, Cassie Miles. Cassie: Ive been thinking about our method of recording...
-
The following discussion took place between Faye Lucas, the office manager of Blizzard Data Company, and a new accountant, Steve Haack. Steve: Ive been thinking about our method of recording entries....
-
The following discussion took place between Heather Sims, the office manager of Sedgemoor Data Company, and a new accountant, Ed Hahn. Ed: Ive been thinking about our method of recording entries. It...
-
What are the upper and lower 2.5th percentiles for a chi-square distribution with 2 df? What notation is used to denote these percentiles? Pulmonary Disease The data in Table 6.10 concern the mean...
-
The trial balance of Winter Co. does not balance: Your review of the ledger reveals that each account has a normal balance. You also discover the following errors: 1. Cash received from a customer on...
-
A sample of 65 electric motors had a mean efficiency of 0.595 with a standard deviation of 0.05 . Let \(\mu\) represent the mean efficiency of electric motors of this type. a. Find the \(P\)-value...
-
Why do you think we would want to look at the accounts receivable in the accounting books as often as once a month?
-
How can upper-level management use the functional cost and hour summary to determine manpower planning for the entire company? How would you expect management to react if the functional cost and hour...
-
i have an issue with my output for my destination menu, when the user enters a lowercase x it exits the to the main menu but the only char is uppercase X is the only character to do so. here is my...
-
A graduated from the University in early 2021 at the age of 30. He immediately applied for a number of jobs and accepted a position as a financial planner in the Ottawa office of Otterbrook...
-
Tucson College requires students to pay tuition each term before classes begin. Students who have not paid their tuition are not allowed to enroll or to attend classes. What journal entry do you...
-
The following excerpt is from a conversation between Boris Harris, the president and chief operating officer of Chesapeake Company, and his neighbor, Neil Liven. Neil: Boris. Im taking a course in...
-
Colgate-Palmolive was founded in 1806. Its statement of cash flows reported the following information (in millions) for the nine months ended September 30, 2016: Required: Based on the information...
-
Given a circle with center (-1, 5) and radius 1, (a) Write an equation of the circle in standard form. (b) Graph the circle.
-
Many people have little or no money set aside for their retirement. Those who do may find their retirement funds insufficient for maintaining their desired standard of living during retirement. In...
-
Enzo Ltd is a CCPC located to Moose Jaw, SK. The company also has some operations in the United States. Enzo had the following income for the fiscal year ended December 31, 2017: Canadian Sourced...
-
A cohesionless soil sample was consolidated in the triaxial chamber under a chamber pressure 03. At the end of consolidation, the drain valve is closed and the chamber pressure remained constant...
-
Calculate lim +2-2 analytically. I I-0
-
A life insurance company knows with certainty that all people will die someday. Does it make sense for the insurance company to use probability theory to set its life insurance rates?
-
Determine which of the following limits exist. Compute the limits that exist. lim x-0 1- + 3x X
-
Before financial institutions can sell or disclose confidential customer information, they must provide customers with the opportunity to opt out from information sharing. (True/False)
-
Lambert Corporation issued 1,000 shares of $100 par value, 8 percent, cumulative, nonparticipating preferred stock for $100 each. The stock is preferred to assets, redeemable after five years at a...
-
The balance sheet of Alex Bros. follows: Of the 200,000 common shares authorized, 50,000 shares were issued for $8 each when the company began operation. There have been no common stock issuances...
-
Several independent transactions are as follows. 1. 10,000 Shares of no-par common stock are issued for $50 per share. 2. 10,000 Shares of $1 par value common stock are issued for $40 per share. 3....
-
Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the...
-
Assume that you hold 100 Vodacom shares which you intend to sell in a month's time. To protect yourself from future price risks, you then decided to construct a covered call strategy using a call...
-
The four people below have the following investments. Invested Amount Interest Rate Compounding Jerry Elaine $ 11,900 12% Quarterly 14,900 10 Semiannually 21,900 6 Annually 17,900 8 Annually George...
Study smarter with the SolutionInn App