A Summary of Selected Ledger Accounts Appear Below for S

question 88

Short Answer

A summary of selected ledger accounts appear below for S.Ball for the current calendar year. Answer the following questions.
1.What was the total amount of withdrawals for the year?
2.What was the net income?
3.What was the total revenue?
4.What were the total expenses?

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Definitions:

Ledger Accounts

Individual records within the general ledger that show the transactions and balances for each accounting period, relating to specific assets, liabilities, equity, revenues, and expenses.

Recording

The process of documenting financial transactions in the accounting records of a business.

Journal

A detailed record where all financial transactions of a business are initially recorded before summarizing them into ledgers.

Journalizing

The process of recording transactions in a journal or diary in chronological order before they are posted to ledgers.