General Ledger Accounting Software

Posts Tagged ‘General’

General ledget balances

7.2
Identifying the accounts used to record sales and related transactions.
The transactions below took place at Juan’s Sporting Goods, a retail business that sells ourdoor clothing and camping equipment. Indicate the numbers of the general ledgar accounts that would be debited and credited to record each transaction.

GENERAL LEDGER ACCOUNTS
101 Cash
111 Accounts Receivable
231 Sales Tax Payable
401 Sales
451 Sales Returns and Allowances

May 1 Sold merchandise on credit; the transaction involved sales tax
May 2 Received checks from credit customers on account
May 3 Accepteda return of merchandise from a credit customer; the original sale involved sales tax
May 4 Sold merchandise for cash; the transaction involved sales tax
May 5 Gave an allowance to a credit customer for damaged merchandise; the original sale involved sales tax
May 6 Provided a cash refund to a customer who returned merchandise; the original sale was made for cash and involved sales tax

I need help with Accounting, I do not understand it at all. I started a college class at the beginning of May and I had trouble with it and now I am finding myself 3 chapters behind everyone else and not knowing what to do. Basically, right now, I need help with BALANCE SHEETS, GENERAL LEDGERS/T CHART ACCOUNTS, and GENERAL JOURNALS. Does anyone know of any free websites that can explain the basics to me?? My book isn’t very good.

On May 1st I purchased a campground. I paid $1000 for May’s insurance premium on the new campground. How would I post to General Ledger?

Debit; Insurance Expense $1000
Credit: Cash $1000 ??

Learn step-by-step how to enter general journal entries in CenterPoint Accounting Software for Agriculture. CenterPoint Accounting Software for Agriculture is used by farms and agricultural operations across the United States. For more information about CenterPoint Accounting Software for Agriculture, please visit www.redwingsoftware.com/centerpoint.

A. Earmark resources for replacement of supplies
B. Provide for outstanding purchase orders for supplies
C. Prevent improper appropriation of the fund balance to finance a deficit budget
D. Accomplish none of the above

I’m doing an adjusting entry of $52,640(cr) in the Merchandise Inventory account in my general ledger, and I want to post it in my genereal journal.. so what do i debit?

I recently went in for an interview at a Temp agency. They had me take a test I have never seen in my entire life. It was about Accounts Payable/Receivable and so forth. Ofcoarse I bombed it. I am wondering if someone knows where I can find a free test like this on the internet to sharpen my skills? It was multiple choice and it just asked about 30 to 50 questions about accouting. Thanks