Accounting Milestone 1 - Balance Sheet and Closing Entries
Record Financial Data: Use accepted accounting principles to accurately capture business transactions for the month in the Company Accounting Workbook Template using the data provided in the Accounting Data Appendix document.
Specifically, you must address the following rubric criteria:
Accuracy: Prepare entries that are accurate in that they fully reflect the appropriate information.
Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.
Unadjusted Trial Balance: Prepare the unadjusted trial balance portion of the “Trial Balance” tab of the company accounting workbook, ensuring that the total debits and credits match.
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Overview: In this milestone, you will move through the next phase of the accounting cycle by...
Overview: In this milestone, you will move through the next
phase of the accounting cycle by creating the trial balance,
adjusting entries, and adjusted trial balance. Completing the
adjusting entries implements the matching, timing, and periodicity
of the generally accepted accounting principles. Omission of this
step will show a higher net income than there actually is, which
could cause users of the financial statements to make an incorrect
decision and suffer financially. Prompt: You will find the provided
data for...
QUESTION 1 Required: #1. Prepare journal entries to record the December transactions in the General Journal...
QUESTION 1 Required: #1. Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template.xlsx". Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Rent Expense, and Insurance Expense. 1-Dec Began business by depositing $10000 in a bank account in the name of the company in...
Accounting Cycle
Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template.xlsx". Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Rent Expense, and Insurance Expense.1-DecBegan business by depositing $8500 in a bank account in the name of the company in exchange for 850 shares of $10 per...
A trial balance prepared after the adjusting and closing entries have been posted, and which is...
A trial balance prepared after the adjusting and closing entries have been posted, and which is the final step in the accounting cycle, is an Multiple Choice Book of final entry O Agusted trial balance O Work sheet o Unadjusted trial balance O Post-dosing ulat balance
#6,7,8 Comple P4-31A Completing the accounting cycle from adiusting entries to post-closing trial balance with an...
#6,7,8
Comple P4-31A Completing the accounting cycle from adiusting entries to post-closing trial balance with an optional worksheet The unadjusted trial balance of Williamson Anvils at December 31, 2016, and the data for the adjustments follow: WILLIAMSON ANVILS Unadjusted Trial Balance December 31, 2016 Balance Debit Credit $ 16,370 16,500 2.530 1,800 29,000 5 10,000 6,600 Account Title Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Unearned Revenue Williamson, Capital Williamson, Withdrawals Service...
Option #2: Preparing Adjusting Entries, Closing Entries and a Post-Closing Trial Balance Complete Part 1 and...
Option #2: Preparing Adjusting Entries, Closing Entries and a Post-Closing Trial Balance Complete Part 1 and Part 2. Part 1 Shown below is Johnson Travel Agency’s adjusted trial balance as of the end of its annual accounting period: Johnson Travel Agency’s Adjusted Trial Balance December 31 Account Name DR. CR. Cash $ 52,000 Accounts receivable 18,900 Office equipment 31,500 Accumulated depreciation—Office equipment $7,500 Notes payable 11,260 Capital stock 42,500 Dividends 2,500 Fees earned 98,000 Salaries expense 45,200 Rent expense...
I NEED HELP WITH STEPS 5,6,7 and the T-Accounts ! Incorporate the feedback that you received...
I NEED HELP WITH STEPS 5,6,7 and the T-Accounts ! Incorporate the feedback that you received from your Milestone One submission on Steps 1–4. A. Step One: Complete the “July Journal Entries” tab in your workbook using the Step One data in the appendix. B. Step Two: Complete the “August Journal Entries” tab in your workbook using the Step Two data in the appendix. C. Step Three: Complete the “September Journal Entries” tab in your workbook using the Step Three...
Question: Option #1: Preparing Adjusting Entries in a Worksheet Following is the unadjusted trial balance o......
Question: Option #1: Preparing Adjusting Entries in a Worksheet Following is the unadjusted trial balance o... Option #1: Preparing Adjusting Entries in a Worksheet Following is the unadjusted trial balance of Skylar Gaming, Inc. at the end of its first year of operations, December 31, 20x7: Account Name DR. CR. Cash $71,550 Accounts Receivable $25,200 Supplies $550 Prepaid Insurance $12,000 Equipment $31,750 Accumulated Depreciation-Equipment $4,050 Accounts Payable $6,700 Salaries Payable $0 Unearned Revenue $2,200 Common Stock $45,700 Retained Earnings $23,850...
After completing the adjusting entries, what would be the adjusted trial balance? Accounting Cycle & Transaction...
After completing the adjusting entries, what would be the
adjusted trial balance?
Accounting Cycle & Transaction Analysis Final Assessment: Outline and Rubric Step TWO: Prepare the Adjusted Trial Balance Use the templates in the Excel document to prepare the unadjusted trial balance for Purity Water, Inc., at June 30. Journalize and post the adjusting entries for June based on the following adjustment information. a) Supplies on hand, $200. b) Depreciation, $100 equipment, $75 furniture, $330 vehicles. c) Services performed but...
Create financial statements by properly employing prescribed methods in accordance with generally accepted accounting principles: A....
Create financial statements by properly employing prescribed
methods in accordance with generally accepted accounting
principles:
A. Step Eight: Prepare the financial statements. Note that you must
use your adjusted trial balance to prepare the income statement,
statement of
owner’s equity, and balance sheet. You must complete these
statements in this order, as there are interdependencies among
them. [ACC-201-
03]
B. Step Nine: Complete the “Closing Entries” tab in your workbook
by closing all temporary income statement amounts to create closing...
Overview: In this milestone, you will move through the next
phase of the accounting cycle by creating the trial balance,
adjusting entries, and adjusted trial balance. Completing the
adjusting entries implements the matching, timing, and periodicity
of the generally accepted accounting principles. Omission of this
step will show a higher net income than there actually is, which
could cause users of the financial statements to make an incorrect
decision and suffer financially. Prompt: You will find the provided
data for...
A trial balance prepared after the adjusting and closing entries have been posted, and which is the final step in the accounting cycle, is an Multiple Choice Book of final entry O Agusted trial balance O Work sheet o Unadjusted trial balance O Post-dosing ulat balance
#6,7,8
Comple P4-31A Completing the accounting cycle from adiusting entries to post-closing trial balance with an optional worksheet The unadjusted trial balance of Williamson Anvils at December 31, 2016, and the data for the adjustments follow: WILLIAMSON ANVILS Unadjusted Trial Balance December 31, 2016 Balance Debit Credit $ 16,370 16,500 2.530 1,800 29,000 5 10,000 6,600 Account Title Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Unearned Revenue Williamson, Capital Williamson, Withdrawals Service...
After completing the adjusting entries, what would be the
adjusted trial balance?
Accounting Cycle & Transaction Analysis Final Assessment: Outline and Rubric Step TWO: Prepare the Adjusted Trial Balance Use the templates in the Excel document to prepare the unadjusted trial balance for Purity Water, Inc., at June 30. Journalize and post the adjusting entries for June based on the following adjustment information. a) Supplies on hand, $200. b) Depreciation, $100 equipment, $75 furniture, $330 vehicles. c) Services performed but...
Create financial statements by properly employing prescribed
methods in accordance with generally accepted accounting
principles:
A. Step Eight: Prepare the financial statements. Note that you must
use your adjusted trial balance to prepare the income statement,
statement of
owner’s equity, and balance sheet. You must complete these
statements in this order, as there are interdependencies among
them. [ACC-201-
03]
B. Step Nine: Complete the “Closing Entries” tab in your workbook
by closing all temporary income statement amounts to create closing...
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