Besides the general journal, there are four different special journals; the Sales Journal, the Cash Receipts Journal, the Purchases Journal, and the Cash Journal.…
gives the organization an accurate summary of all transactions flowing in or out of the organization.…
19. Which column in the cash payments journal requires posting to both the general ledger and the subsidiary ledger? A) Cash Debit column B) Cash Credit column C) Purchases Discounts Credit column D) Accounts Payable Debit column…
General Ledger- A book that contains all the finances of a business or organization. http://www.investopedia.com/terms/g/generalledger.asp…
| Use the computer to total the accounts payable list and trace the total to the general ledger.…
The General Ledger is the main module of the software and keeps track of all accounts, transaction details from accounts payable and receivable, payroll and all other departments of Kudler Fine Foods. The General Ledger also keeps track of Non-Financial accounts such as “department sales and inventory; department and store headcount”. According to the description on the intranet site, the General Ledger module provides Financial Reporting such as Balance Sheet, Income Statement, Cash Flow, and Trend Analysis with period over period, store comparisons, and department comparisons. This means that this module provides everything Kudler Fine Foods needs to produce all of the necessary financial reports and even budget reports for each department, store, region, or for the entire…
Answer (A) is incorrect. Purchasing, receiving, cash payments, and other transactions in the expenditure cycle are recorded in the general ledger.…
credit. As a result of increased credit transactions in both purchases and sales, keeping the accounting…
Ledger: Maintaining ledger is a must in all accounting system. Ledger is used for preparing trial balance which checks the arithmetical accuracy of the accounting books. Ledger is the store-house of all kind of information which is used for preparing final accounts and financial statements.…
In your leading ledger (ledger solution), balance sheets must be created for company codes and…
In an insurance fraud three people were taken in custody for ripping off insurance companies worth $100,000 by filing false paper work. The three accused were a licensed chiropractor, a medical firm owner and a massage therapist. According to the report, these people have worked together to rip off insurance companies out of Cardinal Chiropractic Center in Naples. They have earned more than $100,000 in just one year. These persons have submitted false medical claims to the insurance companies where the treatment has never been done. There were few cases where employees have done the treatment but they did not have a medical license as said by federal and state investigators. Most of the claims were personal injuries protection related to the car accidents. Esmaeeel Samaliazad the first person accused has stealed more than $50,000 and as of now he is being held on a $400,000 bond. The rest of the men, James Greenhut and Feghens Delva were caught in the Palm Beach county and Orange county respectively. All the persons would have to face felony charges. Department of Insurance is still investigating into the case and trying to check if more culprits are involved.…
Explanation: Credit sales and cash sales appear on the sales and cash receipts journals. Inventory purchases appear on the purchases and cash payment journals.…
It can offer account level security, analytical accounting, bank reconciliation. It also can manage cash flow, cashbook bank, collections, electornic bank, reconciliation encumbrance, and fixed asset. In addition, it can run application of supply chain management, project management, and human resource management. It can integrate concur expense and consolidate customer and vendors.…
This is how the accounts payable subsidiary ledger is set up. Since it is accounts payable, the subsidiary ledger will contain entries for each vendor for which we do business. In SAP terminology this is termed a reconciliation account, since the subsidiary ledger must reconcile with the general ledger control account.…
Although the accounting configuration and distribution is transparent to their customers and suppliers, the aggregation process is complex. The recommendations presented by Team A will help to build an integrated approach to their accounting and distribution setup. At a minimum, the basic components of each operating entity accounting system include the following functions: General Ledger, Accounts Payable, Accounts Receivable, and Inventory. The company has published balance sheet information that shows this level of data by comparing fiscal year ending September 30, 2010 vs. September 30, 2011.…