Question: The proper format for a journal entry includes all of the following, except: A) the total amounts of debits must equal the total amount of

The proper format for a journal entry includes all of the following, except:

A) the total amounts of debits must equal the total amount of credits.
B) skip a line between transactions.
C) the credit portion of the transaction is always first.
D) listed in chronological order.

Step by Step Solution

★★★★★

3.40 Rating (150 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The correct answer is C the credit portion of the transaction is always first Explanation A the tota... View full answer

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!

Unlock the code below. The first number reveals the question number answered above. The second number reveals the ordered letter of the answer. For example, 12:2 directs the decoder to question 12...

A bureaucracy is characterized by all of the following EXCEPT ________. A) highly routine operating tasks B) formalized rules and regulations C) tasks that are grouped into functional departments D)...

In Java, methods must include all of the following except _____________. a. A call to another method b. A declaration c. Curly braces d. A body

Organize the following summary information into the proper format for a statement of cash flows. Cash balance, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,200 Cash flow...

Fizbo Corporation is in the business of breeding and racing horses. Fizbo has taxable income of $5,000,000 other than from these transactions. It has nonrecaptured 1231 losses of $10,000 from 2012...

Fizbo Corporation is in the business of breeding and racing horses. Fizbo has taxable income of $5,000,000 other than from these transactions. It has nonrecaptured 1231 losses of $10,000 from 2014...

Create an application using the following names for the solution and project, respectively: Credit Card Solution and Credit Card Project. Save the application in the VB2015\ Chap03 folder. Change the...

Fizbo Corporation is in the business of breeding and racing horses. Fizbo has taxable income of $5,000,000 other than from these transactions. It has nonrecaptured 1231 losses of $10,000 from 2016...

(Multiple Choice) 1. Katz Corporation has issued 400,000 shares of common stock and holds 20,000 shares in treasury. The charter authorized the issuance of 500,000 shares. The company has declared...

For each journal entry shown below, indicate the accounting method(s) for which the entry would be appropriate. If the journal entry is not appropriate for a particular accounting method, explain the...

1 month deshawn rent in 9movies and 7video games for a total of $72 the next monday run in 3movies inside video games for a total of $42 find the renta cost for each movie and each video game

A bag contains some white and some black balls, all combinations of balls being equally likely. The total number of balls in the bag is 10. If three balls are drawn at random without replacement and...

Which Incoterm places the greatest responsibility on the buyer, with the buyer assuming all risks from the time goods are made available at the seller's premises? EXW ( Ex Works ) DDP ( Delivered...

Substances those are partially dissolved in water are commonly known as a. hydrophilic / hydrophobic b. false statement c. hydrophilic d. hydrophobic e. all given choices are incorrect

3) In the Forex market below i) draw the shifted curve(s), i) indicate the change in price and quantity, iii) and fully label the graphs. Explain (don't just name them) at least two economic events...

The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys debt securities, intending to profit from short-term differences...

As discussed in the chapter, abnormal earnings (AE) are AE t = X t (r e BV t1 ) where X t is the firms net income, r e is the cost of equity capital, and BV t-1 is the book value of equity at t 1....

Imagine you are the manager of a work team in an organisation. Your team is responsible for packaging and dispatching goods to consumers, based on an online ordering process. Suggest three key...

What institution is responsible for the investigation of counterfeit U.S. currency? a. FBI b. Secret Service c. Internal Revenue Service d. Organized Crime and Racketeering Unit

We will be working with a company called Global Bike Inc., (GBI). Information regarding GBI follows. Company History Global Bike Inc. has a pragmatic design philosophy that comes from its deep roots...

Required - USING the VISIO software available in our classroom or the lab: 1. Develop a context diagram and a Level 0 DFD for this process. 2. Prepare a document flowchart for this process. Use...

I need Assistance with assignment please look at attached information. ACC 700 Milestone One Guidelines and Rubric The first milestone is a rough draft of the first artifact for your professional...

Need some help to check my solutions before submission! ACCT220 - Financial Analysis Portfolio Project Directions & Rubric This Assessment is worth 20% of your overall grade Students will be able to...

1) I need help journalizing accrued interest from June 16-30. 2) I need help journalizing the first loan payment on july 16. 3) I need help journalizing accrued interest for the end of july. MOSES'S...