Taking the information from the journals and recording it in the ledgers, is known in bookkeeping as ....?

In which journal do bookkeepers generally add memos or notes for individual transactions?

When a business uses cash to purchase inventory, which of the following bookkeeping entries is the correct one?

On December 15, XYZ Co. hired Jane Houston as a contractor to begin working on January 3 at a monthly salary of $5,000. ABC's balance sheet of December 31 will show a liability of...

Which of the following is NOT a liability of the business?

A company disposes of equipment that it no longer uses in its business. The amount received by the company is more than the amount the asset is carried at in the accounting records. The company will report a...

Which of the following equations properly represents a derivation of the fundamental accounting equation?

The entry to record the payment of dividends is:

Which of the following best describes the meaning of 'Purchases'?

The correct journal entry to reconcile the interest earned on a bank balance is:

If a customer pays an invoice twice, the best way to handle the error is: