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Explain the best place to find the information if you wanted to see both the debit and credit side of an entry? If you wanted to see the balance of an account where would you look?
To see both the debit and credit side of an entry you would look at the journal. If you wanted to see the balance of an account you would look at the ledger.
Expert answered|debnjerry|Points 26368|
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Asked 2/2/2012 5:38:41 PM
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Compare and contrast the ledger and journal. Do you feel we need both the journal and the ledger? Why/why not?
Weegy: The previous chapter showed how transactions caused financial statement amounts to change. "Before" and "after" examples were used to develop the illustrations. [ Imagine if a real business tried to keep up with its affairs this way! Perhaps a giant chalkboard could be set up in the accounting department. As transactions occurred, they would be communicated to the department and the chalkboard would be updated. Chaos would quickly rule. Even if the business could manage to figure out what its financial statements were supposed to contain, it probably could not systematically describe the transactions that produced those results. Obviously, a system is needed. It is imperative that a business develop a reliable accounting system to capture and summarize its voluminous transaction data. The system must be sufficient to fuel the preparation of the financial statements, and be capable of maintaining retrievable documentation for each and every transaction. In other words, some transaction logging process must be in place. In general terms, an accounting system is a system where transactions and events are reliably processed and summarized into useful financial statements and reports. Whether this system is manual or automated, the heart of the system will contain the basic processing tools: accounts, debits and credits, journals, and the general ledger. This chapter will provide insight into these tools and the general structure of a typical accounting system. ACCOUNTS ] (More)
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Asked 2/2/2012 5:28:28 PM
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Explain the best place to find the information if you wanted to see both the debit and credit side of an entry? If you wanted to see the balance of an account where would you look?
Weegy: you can normal good to the bank to see your debt balances that is only you can go. User: Explain the best place to find the information if you wanted to see both the debit and credit side of an entry? If you wanted to see the balance of an account where would you look? Weegy: does your bank have an online account system? (More)
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Updated 2/2/2012 9:07:46 PM
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If you want to see both the debit and credit side of an entry you will look in the journal. To see the balance of an account you look in the ledger.
Added 2/2/2012 9:07:46 PM
Compare and contrast the use of job-order costing with that of process costing.
Weegy: Similarities between job order and process costing systems can be summarized as follows. Both systems have the same basic purposes-to assign material, labor, [ and overhead costs to products and to provide mechanism for computing unit product cost. Both systems use the same basic manufacturing accountants, including manufacturing overhead, Raw materials, Work in process, and Finished Good. The flow of costs through the manufacturing accounts is basically the same in both systems. Difference Between Job Order and Process Costing: The differences between job order costing and process costing arise from two factors. The first is that the flow of units in a process costing system is more or less continuous, and the second is that these units are indistinguishable from one another. Under process costing it makes no sense to try to identify materials, labor, and overhead costs with a particular order from a customer ( as we do with job order costing ), since each order is just one of many that are filled from a continuous flow of virtually identical units from the production line. Under process costing, we accumulate costs by department rather than by order, assign these costs uniformly to all units that pass through the department during a period. ] (More)
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Asked 2/2/2012 6:52:20 PM
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