Question: Should a transaction be recorded first in a journal or the ledger? Why?

Should a transaction be recorded first in a journal or the ledger?
Why?

Step by Step Solution

★★★★★

3.37 Rating (169 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

A transaction is first recorded in a journal t... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

115-B-A-T-D (675).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

Should a transaction be recorded first in a journal or the ledger? Why?

Q:

Why is an accounts receivable ledger or an accounts payable ledger necessary for a business with large numbers of credit customers or large numbers of vendors / suppliers?

Q:

In order for a transaction to be recorded in a business' accounting records, the effects of the transaction must be reliably measurable in dollars. What is reliable measurement and why is it...

Q:

The following information relates to Baskin Ltd for the year ended 30 June 2021. The company accountant has prepared the drafts of the financial reports, but the following issues remain outstanding....

Q:

Walmart Inc. has cost of goods sold of $20,000,000 and average inventory of $5,000,000. Calculate Walmart's inventory turnover ratio and interpret its efficiency in managing inventory.

Q:

1.Discuss the steps in processing business transactions. 2.What kinds of transactions can be recorded in a general journal? 3.Are debits or credits typically listed first in general journal entries?...

Q:

1.Discuss the steps in processing business transactions. 2.What kinds of transactions can be recorded in a general journal? 3.Are debits or credits typically listed first in general journal entries?...

Q:

1. Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts. 2. What is the difference between a note payable and an account payable? 3. Discuss the steps in...

Q:

1. Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts. 2. What is the difference between a note payable and an account payable? 3. Discuss the steps in...

Q:

Module 1: Chapter 2: Review Questions Assignment 1. Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts. 2. What is the difference between a note payable and...

Q:

A local private not-for-profit health care entity (Rochester Medical) incurred the following transactions during the current year. The entity has one program service (health care) and two supporting...

Q:

we are going to double number of employees every year within four years at the end of four years, we will have 450 employees how many employees should we hire this year,year one? how many employees...

Q:

OECollaboration Questions: 1 . What challenges can a new manager encounter when starting to manage an existing team? 2 . What strategies can a new manager implement to ensure that his new team is...

Q:

Tom Cruise Lines Inc. issued bonds five years ago at $1,000 per bond. These bonds had a 25-year life when issued and the annual interest payment was then 15 percent. This return was in line with the...

Q:

Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The corporation has paid several cash dividends throughout 2016, and is also declaring a stock...

Q:

Heather Smith is considering a bond investment in Locklear Airlines. The $1,000 par value bonds have a quoted annual interest rate of 11 percent and the interest is paid semiannually. The yield to...

Q:

Shriver Company makes two types of circuit boards. One is a high-caliber board designed to accomplish the most demanding tasks; the other is a low-caliber board designed to provide limited service at...

Q:

The accounts in the ledger of Aznar Co. as of October 31, 2010, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally...

Q:

How may warranties be excluded or surrendered?

Q:

Satu Company, a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3)...

Q:

Refer to the information reported about Satu Company in Problem 16-6B. Required Prepare a complete statement of cash flows using a spreadsheet as in Exhibit 16A.1; report operating activities under...

Q:

Refer to Satu Company's financial statements and related information in Problem 16-6B. Required Prepare a complete statement of cash flows; report its cash flows from operating activities according...

Q:

Dalton Company manufactures and sells two products. Relevant per-unit data concerning each product follow: Product Basic Deluxe Selling price $43.00 $53.00 Variable costs $19.00 $27.10 Machine hours...

Q:

What is the present value of the below cash flow? Cash flow 100.0 Time to receipt, years 10.0 Discount rate 10.0% Select one: 38.6 90.9 1,000.0 259.4

Q:

Which of the following statements is CORRECT? Group of answer choices The factors that affect a firm's business risk are affected by industry characteristics and economic conditions. Unfortunately,...