User Account

All Pages

Does give cause the trial balance to be out of balance

Assignment Help Accounting Basics
Reference no: EM132780040

Question: For this discussion, assume that the company in question uses special journals, as well as, the general journal to record transactions. In addition to the general ledger, the company also uses subsidiary ledgers.

When a general journal is used to record sales returns, the credit of the entry must be posted twice. Does this cause the trial balance to be out of balance? Explain.

Reference no: EM132780040

Questions Cloud

Journalize the transactions in proper form : You are presented with the following transactions for Oxfam Corporation for the month of January: Jan. 2 Issued $5,000 of common shares for cash.
Explain the impact on profit : A retailer wants to put items on sale and wants to know the impact on profit if the selling price of those items are reduced by 25%. To assist the retailer.
What is the role of the premium account in your answer : When a bond sells at a premium, is the periodic interest expense less than, equal to, or greater than the periodic interest payment? Why? Be specific.
Calculate the debt to equity ratio : Thomas is concerned about his company's ability to pay off its short-term debts. If he wants to know more about his company's liquidity, what should he do?
Does give cause the trial balance to be out of balance : When a general journal is used to record sales returns, the credit of the entry must be posted twice. Does this cause the trial balance to be out of balance?
Compute buffalo actual return on plan assets : For Buffalo Corporation, year-end plan assets were $2,006,000. At the beginning of the year, plan assets were $1,775,000. During the year, contributions.
What is susan stationery inventory turnover ratio : Susan's stationery sold goods that cost $42000, and had expenses that totaled $5600. The average stock of goods in a year ending december 31 was $7500.
Calculate the depreciation and book value for each year : Penny and Daughter's construction business is considering purchasing a new Bobcat. The equipment will cost $150,000 and is expected to last 12 years.
Define how the topics apply to the enron case : The "Enron scandal" was one of the biggest corporate collapses in the financial world resulting in an estimated loss of $US74 Billion.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the dollar value of the ending inventory

Using the average cost method of inventory pricing, calculate the dollar value of the ending inventory

  What is the primary weakness of the high-low method

A high proportion of Company X's total costs are variable with respect to units sold; a high proportion of Company Y's total costs are fixed with respect.

  Determine how depreciation charges are insufficient

Determine The auditors may conclude that depreciation charges are insufficient by noting Continuous trade-ins of relatively new assets.

  Calculate the total manufacturing overhead rate variance

How would calculate the variable manufacturing overhead efficiency variance? The total manufacturing overhead rate variance?

  Determine the direct method for operating cash flows

Using the direct method for operating cash flows, prepare Leers statement of cash flows

  Cameron companys outstanding shares included

Net income for 2010 was $2,830,000. No cash dividends were declared or paid during 2010. On February 15, 2011, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares.

  To what extent has julia chosen the right approach

Required - To what extent has Julia chosen the right approach to lead the managers in her unit of the financial services firm

  How much tax can be saved if john shifts 1900 of income to

how much tax can be saved if john shifts 1900 of income to his 18 year old dependent son? john is in the 25 percent tax

  Need an accrual entry for the income from haircuts

During June 20X1 Brice has provided 8 haircuts to students, the cost of each haircut is $25. Need an accrual entry for the income from haircuts as at 30/6/X1

  Record the transactions for pina co in the general journal

Record the following transactions for Pina Co. in the general journal. Received a $39,900, 12 months, 10% note in exchange for Mark Chamber outstanding account

  Calculate full absorption cost

Production plans for the year call for 60% of output to be Standard inkstones and the balance Masterpieces. How do calculate full absorption cost

  Write a letter informing liu of the tax consequences

Write a letter informing Liu of the tax consequences of the proposed actions. Liu's address is 1005 NE Farwell Street, Gainesville, GA 32612

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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