Provides a chronological order of the transactions

Assignment Help Accounting Basics
Reference no: EM13999177

Journal entries promote accuracy. Through the use of journals an organization can maintain accuracy through recording the initial transaction fast as required then later taking their time when entering the data into the ledger. The organization, therefore, move data to the ledger without making any mistakes. Direct entry into the ledger can result in mistakes which may lead to significant financial errors. The general journal also provides a chronological order of the transactions ensuring that the ledger this order is passed on later to the ledger.

Reference no: EM13999177

Questions Cloud

What are the elements of culture : What are the elements of culture? How does culture function in a society? What are the ways that culture is transmitted from one generation to the next
What are the x and y components of the vector : Each grid in the diagram below measures 2 cm in the horizontal direction and 10 cm in the vertical direction. What are the x and y components of the vector shown by the blue arrow in the diagram?
Discusses the ramifications of co-morbid disorders : Discusses the ramifications of co-morbid disorders compared to a single diagnosis
What is the greatest strength of amanda hanley essay : Amanda Hanley's Essay- What is the main point of this essay? What is the greatest strength of this essay? Does the introduction grab your interest and make you want to read on
Provides a chronological order of the transactions : Direct entry into the ledger can result in mistakes which may lead to significant financial errors. The general journal also provides a chronological order of the transactions ensuring that the ledger this order is passed on later to the ledger.
Key distinctions between social psychology and folk wisdom : What are the key distinctions between social psychology and folk wisdom? What are some problems with folk wisdom
Prepare a trial balance at october 31 : Journalize and post the October transactions. Use page J1 for the journal
Which of the terms best relates to intangible assets : A machine that cost $9,000 with a book value of $2,000 is sold for $1,100, and an entry is made. Which of the following is true about the entry?
What is the volume charge density of a lightning strike : If the lightning strike has a cross-sectional radius of 6cm (Uman), what is the volume charge density of a lightning strike at peak linear charge density?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Assume a nike outlet store began in august 20x0 with 40

assume a nike outlet store began in august 20x0 with 40 pairsof running shoes that cost the store 40 each. the sale

  Pedro morales and associates a cpa firm uses job order

pedro morales and associates a c.p.a. firm uses job order costing to capture the costs of its audit jobs. there were no

  Fair value information for the balance sheet

On January 1, 20x3 Pure Products Corporation issued 12,000 shares of its $10 par value stock to acquire the net assets of Light Steel Company. Underlying book value and fair value information for the balance sheet items of Light Steel at the time ..

  The 2010 income statement of holly enterprises shows

the 2010 income statement of holly enterprises shows operating revenues of 134800 selling expenses of 38310 general and

  What amount of organization expense should be reported

Palmiero bought a franchise from Dougherty Co. on January 1, 2011, for $350,000. The carrying amount of the franchise on Dougherty's books on January 1, 2011, was $500,000.

  Bingham corporation uses the weighted-average method in its

bingham corporation uses the weighted-average method in its process costing system. data concerning the first

  Reform-minded catholics in nicaragua

What did some reform-minded Catholics in Nicaragua hope that the pope might do during his visit to that country? What position did the pope eventually make clear to the Nicaraguan priests?

  Affect the valuation of the stock

Discuss your findings and how it will affect the valuation of the stock.

  What are the advantages and disadvantages of using the cost

nbspgreetings inc. has 1500 stores throughout the united stateslocated in high-traffic malls.companys president in 2008

  Hamleys toy store is on regent street in londan it has a

hamleys toy store is on regent street in londan. it has a magic department near the main door. suppose that management

  Rhodes induced ms davidson to enter into an employment

rhodes induced ms. davidson to enter into an employment contract by deliberately telling ms. davidson certain material

  How efficiently these kinds of businesses are operating

What does ROI disclose about how efficiently these kinds of businesses are operating? Are there better measures of how well managed companies like Groupon and LinkedIn are?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd