For a Sole Proprietorship, the Usual Ordering of Accounts in the General

question 130

Multiple Choice

For a sole proprietorship, the usual ordering of accounts in the general ledger is

• A) assets, liabilities, owner's capital, drawings, revenues, and expenses.
• B) assets, liabilities, drawings, owner's capital, expenses, and revenues.
• C) liabilities, assets, owner's capital, revenues, expenses, and drawings.
• D) owners' capital, assets, liabilities, drawings, expenses, and revenues.

Develop the ability to prepare general journal entries for payroll transactions, including accruals and payments.

Gain insight into handling special types of payroll transactions such as advances and tickets sales revenue.

Learn to compute employer payroll taxes based on different earnings and tax rates.

Understand the process of recording employee earnings information, including W-2 Wage and Tax Statement information.

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Definitions:

Biceps Femoris

A muscle of the thigh located at the back of the leg, part of the hamstrings group, involved in knee flexion and thigh extension.

Gastrocnemius

A major muscle located in the back part of the lower leg that helps in bending the knee and pushing the foot down, such as when walking or jumping.

Tibialis Anterior

A muscle in the lower leg that dorsiflexes and inverts the foot.

Calcaneal Tendon

Common tendon of the gastrocnemius, soleus, and plantaris muscle that attaches to the calcaneus; also called Achilles tendon.