ACC120 Final: sm02 Answers 10
Document Summary
Notes payable : nikko, capital , nikko, drawings 12,000. The advantages of first recording the individual transactions in a journal and then posting to the ledger are: The journal discloses in one place, the complete effect of a transaction. The journal provides a chronological record of all transactions. The journal helps to prevent or locate errors, because the debit and credit amounts for each entry can be readily compared. The advantage of the last step in the posting process is to indicate that the item has been posted, and to provide a cross- reference. Solutions manual 2-135 chapter 2 2016 john wiley & sons canada, ltd. Month ended november 30, 2017: kiersted, capital, november 1, 2017 Drawings : kiersted, capital, november 30, 2017 Solutions manual 2-136 chapter 2 2016 john wiley & sons canada, ltd. In its first month of operations, kiersted financial services incurred more expenses than it generated in revenues resulting in a loss of .
