Question and answer
It is permissible to enter information about a transaction in the ledger accounts first, before entering the information in the journal. (Points : 3) True False
It is permissible to enter information about a transaction in the ledger accounts first, before entering the information in the journal. FALSE
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Expert answered|Elena15|Points 393|
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Asked 11/21/2014 6:29:51 PM
Updated 11/22/2014 7:39:22 AM
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Confirmed by debnjerry [11/22/2014 7:39:22 AM]
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It is not necessary to post adjusting entries
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Updated 11/26/2014 12:13:38 PM
1 Answer/Comment
It is not necessary to post adjusting entries. This is False.

Added 11/26/2014 12:13:38 PM
This answer has been confirmed as correct and helpful.
A key characteristic of a partnership is that each partner (Points : 4) must contribute capital to the business. shares in company assets upon the dissolution of the partnership. is capable of legally contracting. must manage the business.
Weegy: A key characteristic of a partnership is that each partner is capable of legally contracting. User: A corporation (Points : 4) is chartered under state laws. is chartered under federal laws. remains in existence only as long as its owners are alive. shifts liability of its debts to its owners. (More)
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Updated 11/17/2014 11:05:34 PM
1 Answer/Comment
A corporation is chartered under state laws.
Added 11/17/2014 11:05:34 PM
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If the owner of a company invested cash in a business enterprise, the transaction would include (Points : 3) debiting Cash and crediting Capital. debiting Capital and crediting Cash. debiting Cash and crediting Revenue. debiting Revenue and crediting Cash.
Weegy: If the owner of a company invested cash in a business enterprise, the transaction would include: debiting Cash and crediting Capital. (More)
Question
Updated 11/22/2014 7:38:51 AM
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A post-closing trial balance is used to prove the equality of debit and credit balances in the general ledger accounts after the closing entries have been posted. (Points : 3) True False
Weegy: A post-closing trial balance is used to prove the equality of debit and credit balances in the general ledger accounts after the closing entries have been posted. True (More)
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Updated 7/5/2015 5:51:15 PM
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As Krista explained to her daughters Ashley and Cameron, the report that provides a picture of the firm’s assets and its sources of financing at a point in time is the (Points : 4) balance sheet. income statement. cash flow statement. asset list.
Weegy: The report that provides a picture of the firm s assets and its sources of financing at a point in time is the balance sheet. User: Fixed assets include (Points : 4) land. copyrights. contingency funds. goodwill. Weegy: Fixed assets include Land User: Current debt represents amounts borrowed from banks or other lending sources for _____ or less. (Points : 4) 2 years 6 months 1 quarter 12 months (More)
Question
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Updated 11/18/2014 8:00:35 AM
1 Answer/Comment
Current debt represents amounts borrowed from banks or other lending sources for 12 months or less.
Added 11/18/2014 8:00:35 AM
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