Homework Answers
Following is the order of accounting cycle
- Record the transactions in the journal
- Record the adjusting journal entries in the journal
- Prepare the adjusted trial balance
- Prepare the financial statements
- Close the temporary accounts
- Close the permanent accounts
- Prepare the post-closing trial balance
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Close the permanent accounts Close the temporary accounts Prepare the adjusted trial balance Prepare the financial...
What are the financial statement analysis objectives? 1. The following are the steps in the accounting cycle. List them in the order in which they are 2. completed: Prepare adjusted trial balan...
What are the financial statement analysis objectives? 1. The following are the steps in the accounting cycle. List them in the order in which they are 2. completed: Prepare adjusted trial balanèe Post transactions Prepare an unadj Journalize trapsacti Prepare the inancrál staterzen Close the temporary accounts Adjust the ledger accounts Prepare a post-closing trial balance Analyze transactions On January 1, a company borrowed $10,000 cash by signing a 9% installment note that is to be repaid with 4 annual...
What is the correct order of the accounting cycle? Prepare financial statements Record adjusting journal entries...
What is the correct order of the accounting cycle? Prepare financial statements Record adjusting journal entries and update ledger balances < Prepare unadjusted trial balance > Analyze transactions based on source documents < Record journal entries in general journal and update general ledger > Prepare adjusted trial balance Prepare post closing trial balance < Record closing entries
Questions Prepare the necessary journal entry to record the purchase of $100 of supplies on account:...
Questions Prepare the necessary journal entry to record the purchase of $100 of supplies on account: The steps in an accounting cycle can be best described as: 1. 2. a. Journalize, Post, prepare Unadjusted trial balance, prepare financial statements, close b. Jounalize, Post, prepare Unadjusted trial balance, prepare adjusting entries, c. Analyze Transactions, Jounalize, Post, prepare Unadjusted trial balance, prepare d. Analyze transactions, Journalize, Post, prepare Unadjusted trial balance, prepare prepare adjusted trial balance, prepare financial statements, close, prepare post...
Steps in the Accounting Cycle Listed below, out of order, are the steps in an accounting cycle.
Steps in the Accounting Cycle Listed below, out of order, are the steps in an accounting cycle.1. Prepare the unadjusted trial balance.2. Post journal entries to general ledger accounts.3. Analyze transactions from source documents.4. Journalize and post adjusting entries.5. Prepare the financial statements.6. Record transactions in a journal.7. Prepare the post-closing trial balance.8. Prepare the adjusted trial balance.9. Journalize and post closing entries.(a) Place the numbers from the above list in the order in which the steps in the accounting...
Which types of accounts will appear in the post-closing trial balance? Permanent accounts. O Temporary accounts....
Which types of accounts will appear in the post-closing trial balance? Permanent accounts. O Temporary accounts. O Accounts shown in the income statement columns of a work sheet. O None of these.
#1 Emma Harlukowicz: Attempt 2 Question 29 (0.75 points) Place the steps of the accounting cycle...
#1 Emma Harlukowicz: Attempt 2 Question 29 (0.75 points) Place the steps of the accounting cycle in the proper order. Post journal entries to T accounts Prepare post-closing trial balance < Post closing entries to T accounts Prepare closing entries Prepare adjusted trial balance Prepare financial statements < Prepare journal entries > Prepare trial balance > Post adjusting journal entries to T accounts Prepare adjusting journal entries Previous Page Next Page Page BI DULTS
On December 31, 2018 the adjusted trial balance of the Yellin Personnel Agency shows the following...
On December 31, 2018 the adjusted trial balance of the Yellin Personnel Agency shows the following selected data: Accounts Receivable, $8,000 Service Revenue, $60,000 Interest Expense, $10,500 Interest Payable, $3,500 Utilities Expense, $4,800 Accounts Payable, $2,700 Analysis indicates that adjusting entries were made for (a) $8,000 of employment commission revenue earned but not billed, (b) $3,500 of accrued but unpaid interest, and (c) $2,700 of utilities expense accrued but not paid. Prepare the closing entries at December 31, 2018. (Credit...
6 Prepare the closing eneries, and post to the accounts 7. Prepare a post-closing trial balance....
6 Prepare the closing eneries, and post to the accounts 7. Prepare a post-closing trial balance. 8 Caloulate the current ratio for the company 234 chapter 4 post-closing trial balance with an optional worksheet On December 1, Bob Waldo began an auto repair shop, Waldo's Quality Automoiv Learning Objectives 1, 2, 3, P4-33A Completing the accounting cycle from journal entries to 4, 5 6. Ending Retained Eamings $5,095 The following transactions occurred during December Waldo contributed $70,000 cash to the...
1. Which accounts do we close? And why do we close them? (hint: pay attention to...
1. Which accounts do we close? And why do we close them? (hint: pay attention to every word in the choices given) A) We close the temporary accounts only (revenue, expenses, dividends, and Income Summary) because we want to zero them out after we prepare the financial statements to have them start from zero the following period B) We close the temporary accounts only (revenue, expenses, dividends, Income Summary, and Retained Earnings) because we want to zero them out after...
The calendar year-end adjusted trial balance for Acosta Co. follows: 1. ACOSTA co Adjusted Trial Balance December 31 Cash $ 100,000 7,000 15,000 Accounts receivable Prepaid rent Prepaid Insuranc...
The calendar year-end adjusted trial balance for Acosta Co. follows: 1. ACOSTA co Adjusted Trial Balance December 31 Cash $ 100,000 7,000 15,000 Accounts receivable Prepaid rent Prepaid Insurance... Office supplies. Office equipment Accumulated depreciation-Equipment . Building... Accumulated depreciation-Building. 9,000 3,300 8,000 $ 3,200 350,000 700,000 42,000 5,800 14,500 2,500 52,000 1,010,000 Accounts payable .. Salaries payabl.e. Interest payable Long-term note payable. Margarita Acosta, Capital. Margarita Acosta, Withdrawas.s. Service fees earned.. 200,500 370,800 90,000 5,200 5,000 800 Salaries expense Insurance...
What are the financial statement analysis objectives? 1. The following are the steps in the accounting cycle. List them in the order in which they are 2. completed: Prepare adjusted trial balanèe Post transactions Prepare an unadj Journalize trapsacti Prepare the inancrál staterzen Close the temporary accounts Adjust the ledger accounts Prepare a post-closing trial balance Analyze transactions On January 1, a company borrowed $10,000 cash by signing a 9% installment note that is to be repaid with 4 annual...
What is the correct order of the accounting cycle? Prepare financial statements Record adjusting journal entries and update ledger balances < Prepare unadjusted trial balance > Analyze transactions based on source documents < Record journal entries in general journal and update general ledger > Prepare adjusted trial balance Prepare post closing trial balance < Record closing entries
Questions Prepare the necessary journal entry to record the purchase of $100 of supplies on account: The steps in an accounting cycle can be best described as: 1. 2. a. Journalize, Post, prepare Unadjusted trial balance, prepare financial statements, close b. Jounalize, Post, prepare Unadjusted trial balance, prepare adjusting entries, c. Analyze Transactions, Jounalize, Post, prepare Unadjusted trial balance, prepare d. Analyze transactions, Journalize, Post, prepare Unadjusted trial balance, prepare prepare adjusted trial balance, prepare financial statements, close, prepare post...
Which types of accounts will appear in the post-closing trial balance? Permanent accounts. O Temporary accounts. O Accounts shown in the income statement columns of a work sheet. O None of these.
#1 Emma Harlukowicz: Attempt 2 Question 29 (0.75 points) Place the steps of the accounting cycle in the proper order. Post journal entries to T accounts Prepare post-closing trial balance < Post closing entries to T accounts Prepare closing entries Prepare adjusted trial balance Prepare financial statements < Prepare journal entries > Prepare trial balance > Post adjusting journal entries to T accounts Prepare adjusting journal entries Previous Page Next Page Page BI DULTS
On December 31, 2018 the adjusted trial balance of the Yellin Personnel Agency shows the following selected data: Accounts Receivable, $8,000 Service Revenue, $60,000 Interest Expense, $10,500 Interest Payable, $3,500 Utilities Expense, $4,800 Accounts Payable, $2,700 Analysis indicates that adjusting entries were made for (a) $8,000 of employment commission revenue earned but not billed, (b) $3,500 of accrued but unpaid interest, and (c) $2,700 of utilities expense accrued but not paid. Prepare the closing entries at December 31, 2018. (Credit...
6 Prepare the closing eneries, and post to the accounts 7. Prepare a post-closing trial balance. 8 Caloulate the current ratio for the company 234 chapter 4 post-closing trial balance with an optional worksheet On December 1, Bob Waldo began an auto repair shop, Waldo's Quality Automoiv Learning Objectives 1, 2, 3, P4-33A Completing the accounting cycle from journal entries to 4, 5 6. Ending Retained Eamings $5,095 The following transactions occurred during December Waldo contributed $70,000 cash to the...
The calendar year-end adjusted trial balance for Acosta Co. follows: 1. ACOSTA co Adjusted Trial Balance December 31 Cash $ 100,000 7,000 15,000 Accounts receivable Prepaid rent Prepaid Insurance... Office supplies. Office equipment Accumulated depreciation-Equipment . Building... Accumulated depreciation-Building. 9,000 3,300 8,000 $ 3,200 350,000 700,000 42,000 5,800 14,500 2,500 52,000 1,010,000 Accounts payable .. Salaries payabl.e. Interest payable Long-term note payable. Margarita Acosta, Capital. Margarita Acosta, Withdrawas.s. Service fees earned.. 200,500 370,800 90,000 5,200 5,000 800 Salaries expense Insurance...
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