Question: If a transaction cannot be recorded in a special journal the company must refuse to enter into the transaction. it is recorded in the general

If a transaction cannot be recorded in a special journal the company must refuse to enter into the transaction. it is recorded in the general journal. it is recorded directly in the accounts in the general ledger. it is recorded as an adjustment on the work sheet

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock 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

Students Have Also Explored These Related Accounting Questions!

Question 1 1pts The one characteristic that all entries recorded in a cash payments journal have in common is that they all represent purchases of merchandise. a credit to the cash account. that they...

Kershaw does not maintain perpetual inventory records. According to a physical count, 900 units were on hand at January 31. a b. C. d The cost of the inventory at January 31, under the FIFO method...

RayMan Review Chapter 7 (1) (Protected View)- Word (Unlicensed Product) n Layout References Mailings Review View Help Tell me what you want to do ul-files from the Internet can contain viruses....

These are selected account balances on December 31, 2020. Land (location of the corporation's office building) $103000 Land (held for future use) 154000 Office Building 761000 Inventory 206000...

ACCOUNTING INFORMATION SYSTEMS 1. Postings to the control accounts in the general ledger are made a. annually. b. daily. c. monthly. d. weekly. 2. A subsidiary ledger frees the general ledger from...

Question 1 In which journal would a cash purchase of inventory be recorded? Purchases journal Cash payments journal General journal None of these answer choices are correct Question 2 If a...

Hello ExpertAlbert I have another assignment that my tutor has helped me with in the past. I am enclosing screen shots of the problems and a spread sheet that he would usually enclose with the...

MULTIPLE CHOICE 1. (CH 1) Accountants refer to an economic event as a a. purchase. b. sale. c. transaction. d. change in ownership. 2. (CH 2) The normal balance of any account is the a. left side. b....

Good Morning Lets try again.. This is a short Discussion 100-150 words Max Creating an Accounting Information System You are the CEO of a newly incorporated retail firm that will sell DKNY and Tommy...

Hello my friend I need your help again This is a short Discussion 100-150 words Max Creating an Accounting Information System You are the CEO of a newly incorporated retail firm that will sell DKNY...

Consuelo wants Mauricio to take better care of his health. She made him this word game to teach him how to do it. Use the letters marked with a circle and combine them to find out what Mauritius...

The sleigh lands on a snowy and icy patch (i.e. a frictionless surface) with a known initial speed U, as illustrated. If the sleigh takes a known time / (e.g. 5 seconds) to come to rest, what is the...

That sounds terrific, why wouldn't we ? p ut all our money into these? Bonds generally underperform stocks over long periods of time. By investing exclusively in bonds, they actually give up...

The market price of a semi-annual pay bond is $986.49. It has 11.00 years to maturity and a coupon rate of 5.00%. Par value is $1,000. What is the effective annual yield?

6. Suppose the cross elasticity of demand for products A and B is +3.6 and for products C and D is 5.4. What can you conclude about how products A and B are related? Products C and D? LO6.5

LO7.1 Define and explain the relationship between total utility, marginal utility, and the law of diminishing marginal utility.

LO7.2 Describe how rational consumers maximize utility by comparing the marginal utility-toprice ratios of all the products they could possibly purchase.