HomeworkLib
Question

Help me answer this question.

1. What is one of the drinks that help you remember the debit rules? Choose One 20 points O Debit ADE O Mohito OGIN and Tonic

business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

1. The correct answer is first option 'Debit ADE'. There is a general rule in accounting which is ADE = LCR, in which the left hand side is increased by debit, and it stands for Asset, Drawing, Expenses etc. and right side stands for increase by credit and it stands for Liabilities, capital and revenue.

2. As discussed above, the correct answer is 'LCR'.

3. 'Revenue and Expenses' accounts are regarded as Shopping cart accounts, as it involves inflow and outflow of cash from the business.

4. The correct answer is 'Posting'. Once the journal is prepared, the next step is to post the same to general ledger, the process is known as posting.

5. The statement is 'True'. A general ledger is a document which records all the transactions of a particular business at one place only. General ledger is prepared from journal entries that are recorded by the business. General ledger is one place where all the transactions occured of the company can be seen

0 0
Add a comment
Know the answer?
Add Answer to:
Help me answer this question. 1. What is one of the drinks that help you remember...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Please help me fill out these remaining charts on this problem. I have no idea what...

    Please help me fill out these remaining charts on this problem. I have no idea what to put View transaction list View journal entry worksheet Date Account Title Credit No 1 Debit 33 000 Feb 15 Cash Common Stock 33.000 2 May 20 Cash Accounts Receivable Service Revenue 48.000 43.000 91.000 Aug 31 36.000 Salaries Expense Cash 35.000 4 Oct 01 25.000 Prepaid Rent Cash 25.000 5 Nov 17 35.000 Supplies Accounts Payable 35.000 Dec 30 Dividends 3.300 Cash 3.300...

  • Please help me with 5~9. Thank you so much???????? Required information On January 1, 2021, the...

    Please help me with 5~9. Thank you so much???????? Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 25,00 7,109 5,000 69,000 $ 5,100 84,000 17,700 $106,800 $196,800 During January 2021, the following transactions occur January 2 Purchase rental space for one year in advance, $11,700 ($975/month). January 9 Purchase additional supplies on account, $5,400. January...

  • Hi I need help filling general ledger and trial balance. It has to be in the...

    Hi I need help filling general ledger and trial balance. It has to be in the format it is (the general ledger) This is the trial balance format. I know its 2 exercises but I send the first one and I got sent something different and complicated. Please help take 2 of my monthly quetions if needed. Anne Aile transactions for her Profesional Services business Month: September Transactions Amount 1 Invested cash in her business $ 20.000 2 Purchased equipment...

  • Answer me which one should I select; A,b, c, d QUESTION 1 Saba Inc. shows the...

    Answer me which one should I select; A,b, c, d QUESTION 1 Saba Inc. shows the following general ledger accounts:   Cash 4,500 Accounts Receivable   11,500 Merchandise Inventory   21,900 Long‐term Investments   5,900 Prepaid Expenses   8,900 Intangible Assets   22,000 Long‐term Notes Payable 30,400 Land   45,000 Equipment   14,500 Accounts Payable   7,800 Common Stock 5,000 Supplies Expense   7,000 Service Revenue   54,000 Unused Supplies   2,300 Unearned Revenue   16,750 What is the balance of its current liabilities section of the balance sheet? a. $46,800 b. $24,550...

  • please help me answer this true or false question 10/30/2018 Assessment 1 - Page 2 of...

    please help me answer this true or false question 10/30/2018 Assessment 1 - Page 2 of 11 Chemistry 3150 1. (20 points) Indicate whether the following statements are true or false. If false, explain in one sentence what makes the statement false. (c) (4 points) Heat can be converted into work with 100 % efficiency, but the reverse is not true: there is no way to convert work into heat with 100% efficiency without violating the second law of thermodynamics....

  • pls help me 20 Question (4 points) The straight-line form of the Arrhenius equation relates k,...

    pls help me 20 Question (4 points) The straight-line form of the Arrhenius equation relates k, the rate constant, to activation energy and temperature The general equation describing a linear plot is y = mx + b where m-the slope and b-the y-intercept. Plotting In(A) versus yields a straight line that is described by the Arrhenius equation. 1st attempt Part 1 (1 point) See Periodic Table Which component of the Arrhenius equation is equivalent to y? Choose one: 1/7 Inko...

  • Can you help me fix the question i got wrong, and the income balance. thank you!!!...

    Can you help me fix the question i got wrong, and the income balance. thank you!!! On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: 100 points Skipped Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 43,600 46,300 8,400 73,000 $ 9,900 15,500 19.00 89.000 37,900 $171,300 $171,380 eBook Print During January 2021, the following transactions occur...

  • help me with the closing entries and prepare the income statement, statement of retaind earnings ,...

    help me with the closing entries and prepare the income statement, statement of retaind earnings , balnce sheet on excel. thank you. PART III. REQUIREMENTS: Prepare the following Financial Statements based on the Adjusted Trial Balance. Income Statement Statement of Retained Earnings Balance Sheet The financial statements must be typed (Excel or word processor, etc.) and in PROPER format (ex: only use dollar signs where appropriate, use commas, do not use decimal points, proper indentation, etc. - look at the...

  • This is all one question these are the spreed sheets to help with the problem Chapter...

    This is all one question these are the spreed sheets to help with the problem Chapter 4 The following is an unadjusted trial balance (before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional...

  • Hope to have a detailed explanation, thank you QUESTION 1 2 points Save Answer On June...

    Hope to have a detailed explanation, thank you QUESTION 1 2 points Save Answer On June 1, 2020. Palomo Corp paid $7,200 for a two-year insurance policy and correctly recorded the amount as Insurance Expense. The adjusting entry on December 31, 2020 is: debit Insurance Expense and credit Prepaid Insurance. $2.100. debit Prepaid Insurance and credit Insurance Expense. $2.100 debit Insurance Expense and credit Prepaid Insurance. $5.100. debit Prepaid Insurance and credit Insurance Expense. $5.100. QUESTION 2 2 points Save...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT