Why is the journal called a book of original entry?

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Introduction To Financial Accounting

ISBN: 9781517089719

1st Edition

Authors: Henry Dauderis, David Annand

See More Books

Question Posted: Aug 18, 2017 02:22 PM

See More Questions

Meghan Selzer has prepared the following list of statements about the general ledger. 1. The general ledger contains all the asset and liability accounts, but no stockholders equity accounts. 2. The...
Teresa Alvarez has prepared the following list of statements about the general ledger. 1. The general ledger contains all the asset and liability accounts but no owners equity accounts. 2. The...
Please match each item on the right with the most appropriate item on the left. 1. Accrued revenue...... a. Book of original entry 2. Credit.......... b. Cash is received before service is provided...
How is a statement of cash flows different from an income statement?
Backflush costing and JIT production. Road Warrior Corporation assembles handheld computers that have scaled-down capabilities of laptop computers. Each handheld computer takes 6 hours to assemble....
The consumer deals with only one marketing system, but the farmer/rancher/producer must deal with two marketing systems. Explain.
What are the two key financial objectives in the management of a company? How can a focus on these objectives create ethical dilemmas?
You have obtained the following data for Jacob Company for the year ended December 31, 2012. (Some income statement items are missing.) Cost of goods sold . . . . . . . . . . . . . . . . . . . . . ....
Assume the random variable X is normally distributed, with mean = 54 and standard deviation = 8. Find the 7th percentile. The 7th percentile is (Round to two decimal places as needed.)
Kat Ltd.s September balance sheet contains the following information: Cash.............................................................................$ 37,500 (dr) Accounts...
Use the information presented in Problem C-1 to solve this problem. Problem C-1 Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark...
What is the purpose of the Income Summary account? How does it relate to the revenue and expense accounts?
What two operators perform string concatenation, and whats the difference between these operators?
Would you prefer to use the mean or the median in this dataset's measure of central tendency? Why? Based on this training class's scores, what scores do you think should be considered for completion,...
1. If the U.S. dollar is selling at discount relative to the Japanese yen in the 12month forward market, are 12-month interest rates on high quality bank deposits in Japan higher or lower than they...
Company A has been paying a $2 dividend each year to its common stockholders for the last 10 years. The company announces today stockholders will see the dividend grow by 4% three years from now. The...
What is the dividend on a stock expected to be in 1 year if the dividend is annual, the expected rate of return is 1057% per year, the dividend is expected to remain unchanged forever, and the stock...
Cake Queen needs to raise $6 million for expansion and decides to issue long-term bonds. The financial manager hires an investment banking firm to help design the bond issue and underwrite it. The...
The bank reconciliation prepared by Gatz Company on May 31, 2020, appeared as follows: The Cash account in the general ledger appeared as follows on June 30 (Gatz uses only a general journal to...
Walker, Inc., is an all-equity firm. The cost of the company's equity is currently 11.4 percent and the risk-free.rate is 3.3 percent. The company is currently considering a project that will cost...
What is the fair value option? Where do companies that elect the fair value option report unrealized holding gains and losses?
Moon Hardware is planning to factor some of its receivables. The cash received will be used to pay for inventory purchases. The factor has indicated that it will require recourse on the sold...
Kraft Enterprises owns the following assets at December 31, 2010. What amount should be reported ascash? Cash in bank-savings account Checking account balance Postdated checks Certificates of deposit...
Lake Incorporated and the River, Incorporated reported net incomes of $205,000 and $164,000, respectively, for the most recent fiscal year. Both companies had 41,000 shares of common stock issued and...
What effect Eventually, BREXIT will make on EU? How it will benefit UK? What will be the possible outcome?
Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price Real estate commissions Legal fees Expenses of clearing the land Expenses to...

Why is the journal called a book of original entry?

Question:

Step by Step Answer:

The journal is called a boo...View the full answer

Accounting Introduction To Financial Accounting

Students also viewed these Accounting questions