Discuss the steps in processing business transactions

Assignment Help Accounting Basics

Reference no: EM131527963

Question: 1. What is the difference between a note payable and an account payable?

2. Discuss the steps in processing business transactions.

3. What kinds of transactions can be recorded in a general journal?

4. Are debits or credits typically listed first in general journal entries? Are the debits or the credits indented?

5. If assets are valuable resources and asset accounts have debit balances, why do expense accounts also have debit balances?

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

Reference no: EM131527963

Questions Cloud

What is the independent variable : A cost accountant is developing a regression model to predict the total cost of producing a batch of printed circuit boards. What is the independent variable?

Where are dollar signs typically entered in fs : An owner invests $15,000 cash along with equipment having a market value of $23,000 in a company. Prepare the necessary journal entry.

Cultivating organizational culture : Provide two examples of how organizational culture is expressed at your college or university.

Importance of cost pools and drivers : What is the importance of cost pools and drivers and their application in the ABC method?

Discuss the steps in processing business transactions : What is the difference between a note payable and an account payable?

Examine the underlying historical and economic reasons : Examine the underlying historical and economic reasons behind the quest for alternatives to incarcerating offenders in jails and prisons.

Explain the author thesis-the main point or points : Explain the author's thesis-the main point or points that he/she is trying to make in the book. (This is not a description or summary of the book

Organization encourage positive organizational behavior : Does this organization encourage positive Organizational Behavior? If yes, how do they demonstrate this?

Venture capital investment is spread over three rounds : Scenario where venture capital investment is spread over three rounds: What percentage of the final value of the firm does the round 1 investor require at t=5?

User Account

All Pages