A Guide to Using CengageNow in Your Online Accounting Course Course Notes by Craig Pence
|
|
- Curtis Kelley
- 6 years ago
- Views:
Transcription
1 A Guide to Using CengageNow in Your Online Accounting Course Course Notes by Craig Pence CengageNow (formerly called ThomsonNow ) is a very effective tool that will help you learn our course content. At times, however, CengageNow can be picky (if not just plain quirky) regarding the way your answers are to be entered on the answer screens. A list of tips, warnings, and workarounds for each of the troublesome homework problems is presented a little further down in this document. Click here to jump to them, or read on to learn more about CengageNow in general. About Using CengageNow In order to register as a user in CengageNow, you will need to have an access code (available from the bookstore, or they can be purchased directly online through Cengage). CengageNow allows you to work any of the exercises or problems from the ends of the chapters online. Your work is checked, and incorrect answers are marked with a red X. You cannot see the correct answer, but you may rework your problem as many times as your instructor allows in order to correct your errors and achieve a score of 100%. This is an excellent way for you to practice, and practice is the key to success in Accounting. Enter Your Course Key! Be sure to enter your course key when you first logon to CengageNow. Course key codes are listed in the Course Information document at If you do not enter the course key correctly, your scores on assigned homework problems and exams will not be recorded in the course grade book, and your instructor will not know what scores you earned. If you did not enter the course key and did work some of the problems, the scores will be recorded in the correct grade book when you do enter the course key correctly. CengageNow Spreadsheet Attachments If you see a paperclip icon at the top of your answer page, an Excel spreadsheet template is attached and it can be used to work the problem. None of the work done in the spreadsheet is scored and the spreadsheet is not required in order to work the problem in CengageNow, but it can make the process easier for you. If you are unable to access the spreadsheet by simply clicking on the paperclip icon, try right-clicking and saving target as to your hard drive. You should then be able to open the saved file using Excel. If you do not have Excel on your home computer, you can download a freeware program that will also work. "Open Office" is an open-source program that functions much like Microsoft Office and contains a spreadsheet program, "Calc," that is compatible with Excel files. You can download Open Office for free at the following address: I am not aware of any incompatibilities between this freeware spreadsheet program and Excel. If you discover any problems with it, please let me know. As you do your problem on the spreadsheet, your work is checked and a small red asterisk will appear if you do not get the correct check figure. Some of your answers are not checked; but key figures often are. The spreadsheets usually set up the problems in a more user-friendly manner than are often found CengageNow s answer pages. Unfortunately the spreadsheet work does not transfer to CengageNow; so students will have to either print the spreadsheet and then enter the information from it into CengageNow, or switch back and forth on the computer in order to do so.
2 Guide to Homework Problems in CNow 2 The Problem of Dropped Dial-Up Connections If you use a dial-up Internet service, you may encounter difficulty in keeping your connection alive while working in CengageNow. This can also happen when you take the practice quizzes. This occurs when you're working in a program that has been opened in your computer s memory. Requests for information from your service stop, and your ISP can't tell that you're still working online. It automatically drops you since it thinks your connection is inactive. You can download freeware that will send signals to your ISP that prevents the disconnect problem from happening. There are several on the various freeware download sites. One of them is NetMonitor 2.6 which you can download from ZDNet at You should always be careful of the sites you download from and have a virus protection program running on your computer when you open downloaded programs. See below for warnings, tips and work-arounds. Hints, Tricks, Warnings, and Work-Arounds for Specific Problems Note: These glitches have been reported to the publisher, and they may have been corrected by the time you begin working on the problem in Cengage. Elements of Accounting, Chapter 1 In problems 1-1A and 1-1B you will find entries where two- different expenses must be recorded in one transaction. You must enter the cash amount as one single total amount, and then enter each expense separately (list Auto Expense first in both problems) or it will be marked incorrect. Note also that these problems are set up differently than the problem illustration in the text. Instead of several columns for Owner s Equity items (revenues, expenses, investments and withdrawals), there is only a single Owner s Equity column. Record all the transactions in this single column (this agrees with the illustrations in the online course manual). In problems 1-4A and 1-4B you must generally list the expenses on the income statement in the order of largest balance (first) to smallest balance (last) with one exception: List Miscellaneous Expense last. If you list them in some other order, CengageNow will mark them wrong, even though, technically, they are really correct. There is no right or wrong order in which to list the expenses. When doing the balance sheet, list Cash as the first of the assets. In problems 1-5A and 1-5B, the expenses must be entered on the income statement in the of largest balance (first) to smallest balance (last). The assets must be listed on the balance sheet in the following order: Cash, Accounts Receivable, Supplies, then Land. It will be helpful to use the spreadsheet attachment to work through the problem. Elements of Accounting, Chapter 2 All assigned problems: All the assigned problems in chapter 2 imply that the spreadsheet attachment must be used in working the problems. While it is usually helpful to use the spreadsheet, this is not true. Once you ve worked out the answers, you must enter them in the CengageNow answer page whether you ve used the spreadsheet or not. The spreadsheet is a handy way to do the work, but you may also work out the problems on paper.
3 Guide to Homework Problems in CNow 3 Problem 2-1A and 2-1B. When writing out the trial balance on the answer sheet, your accounts must be listed in the same order they are shown on the spreadsheet attachment in order to be marked correct. This order is as follows: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Automobiles Equipment, Notes Payable, Accounts Payable, Capital, Professional Fees, Rent Expense, Salary Expense, Blueprint Expense, Automobile Expense, Miscellaneous Expense. Problem 2-2A. When writing out the trial balance on the answer sheet, your accounts must again be listed in the same order they are shown on the spreadsheet attachment in order to be marked correct. This order is as follows: Cash, Supplies, Accounts Payable, Capital, Drawing, Sales Commissions, Rent Expense, Office Salaries Expense, Supplies Expense, Automobile Expense, Miscellaneous Expense. If you do use the spreadsheet to work the problem, ignore the instructions about memorandum balances since the spreadsheet portion of the problem is not graded in CNow. Problem 2-2B. When writing out the trial balance on the answer sheet, your accounts must again be listed in the same order they are shown on the spreadsheet attachment in order to be marked correct. This order is as follows: Cash, Supplies, Accounts Payable, Capital, Drawing, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. If you do use the spreadsheet to work the problem, ignore the instructions about memorandum balances since the spreadsheet portion of the problem is not graded in CNow. Problem 2-4A and 2-4B in CengageNow. One of the journal entries requires you to record two credits. List the credit to cash first. When writing out the trial balance on the answer sheet, your accounts must again be listed in the same order they are shown on the spreadsheet attachment in order to be marked correct. This order is as follows: Cash, Accounts Receivable, Prepaid Insurance, Office Supplies, Land, Accounts Payable, Unearned Rent, Notes Payable, Accounts Payable, Capital, Drawing, Fees Earned, Salary and Commission Expense, Rent Expense, Advertising Expense, Automobile Expense, Miscellaneous Expense. Elements of Accounting, Chapter 3 When working 3-5A and 3-5B, you must enter zeros in the unused answer boxes on the adjusted trial balance in order for them to be marked "correct." In this problem you are not allowed to leave them blank. Elements of Accounting, Chapter 4 Problem 4-1A in CengageNow. It will be helpful to use the spreadsheet to work this problem, since there are several list items and there are no instructions in CNow that tell you how to order the items in the list. The spreadsheet attachment does a much better job of this. When doing the income statement, list each account in the order largest (first) to smallest (last) with one exception: List Miscellaneous Expense as the last of the expenses. When journalizing the closing entries, place Fees Revenue first ahead of Rent Revenue, and list the expenses in the following order: Salaries and Wages Expense, Advertising Expense, Utilities Expense, Repairs Expense, Depreciation Expense Equipment, Insurance Expense, Supplies Expense, Depreciation Expense Building,. Miscellaneous Expense. You must enter the closing entries in the following order: (1) Close revenue accounts, (2) close expense accounts, (3) close Income Summary, (4) close Drawing. When preparing the post-closing trial balance, list the accounts in the same order that they are listed on the worksheet.
4 Guide to Homework Problems in CNow 4 Problem 4-1B in CengageNow. It will be helpful to use the spreadsheet to work this problem, since there are several list items and there are no instructions in CNow that tell you how to order the items in the list. The spreadsheet attachment does a much better job of this. When doing the income statement, list each account in the order largest (first) to smallest (last) with one exception: List Miscellaneous Expense as the last of the expenses. When journalizing the closing entries, place Fees Revenue first ahead of Rent Revenue, and list the expenses in the following order: Salaries and Wages Expense, Advertising Expense, Utilities Expense, Travel Expense, Miscellaneous Expense, Supplies Expense, Depreciation Expense Building, Depreciation Expense Equipment. You must enter the closing entries in the following order: (1) Close revenue accounts, (2) close expense accounts, (3) close Income Summary, (4) close Drawing. When preparing the post-closing trial balance, list the accounts in the same order that they are listed on the worksheet. Problem 4-2A and 4-2B in CengageNow. It will be helpful to use the spreadsheet to work this problem, since there are several list items and there are no instructions in CNow that tell you how to order the items in the list. The spreadsheet attachment does a much better job of this. When doing the income statement, list each account in the order largest (first) to smallest (last) with one exception: List Miscellaneous Expense as the last of the expenses. When preparing the balance sheet, list the accounts in the same order they are listed on the worksheet. When journalizing the closing entries, list the accounts in the same order they are listed on the income statement. You must enter the closing entries in the following order: (1) Close revenue accounts, (2) close expense accounts, (3) close Income Summary, (4) close Drawing. If you are using the spreadsheet, ignore the instruction in CNow that says, Indicate closed accounts by inserting a line in both the Balance Sheet columns opposite the closing entry. This is unnecessary and will even result in errors on the spreadsheet. When working 4-4A, you will find that the worksheet and trial balance are not provided in the problem. You may view them by opening the attached spreadsheet, using either Excel or the Open Office Calc program. If you prefer to not use the spreadsheet program, the trial balance is as follows: Unadjusted Trial Balance Account Title Dr. Cr. Cash 3,509 Accounts Receivable 6,550 Supplies 1,647 Prepaid Insurance 1,800 Land 30,000 Building 57,500 Accum. Depr. - Building 23,400 Equipment 30,000 Accum. Depr. - Equipment 10,200 Accounts Payable 5,141 Unearned Rent 2,200 So Young Lee, Capital 67,825 So Young Lee, Drawing 2,000 Service Revenue 46,984 Wages Expense 14,799 Rent Expense 3,910 Utilities Expense 1,728 Misc. Expense 2, , ,750
5 Guide to Homework Problems in CNow 5 When journalizing the closing entries, place Service Revenue first ahead of Rent Revenue, and list the expenses in the following order: Wages Expense, Rent Expense, Utilities Expense, Miscellaneous Expense, Supplies Expense, Insurance Expense, Depreciation Expense Building, Depreciation Expense Equipment. You must enter the closing entries in the following order: (1) Close revenue accounts, (2) close expense accounts, (3) close Income Summary, (4) close Drawing. When preparing the post-closing trial balance, list the accounts in the same order that they are listed on the trial balance. When working 4-4B, you will find that the worksheet and trial balance are not provided in the problem. You may view them by opening the attached spreadsheet, using either Excel or the Open Office Calc program. If you prefer to not use the spreadsheet program, the trial balance is as follows: Unadjusted Trial Balance Account Title Dr. Cr. Cash 3,509 Accounts Receivable 6,550 Supplies 1,647 Prepaid Insurance 1,800 Land 30,000 Building 57,500 Accum. Depr. - Building 23,400 Equipment 30,000 Accum. Depr. - Equipment 10,200 Accounts Payable 5,141 Unearned Rent 2,200 So Young Lee, Capital 67,825 So Young Lee, Drawing 2,000 Service Revenue 46,984 Wages Expense 14,799 Rent Expense 3,910 Utilities Expense 1,728 Misc. Expense 2, , ,750 When journalizing the closing entries, place Service Revenue first ahead of Rent Revenue, and list the expenses in the following order: Wages Expense, Rent Expense, Utilities Expense, Miscellaneous Expense, Supplies Expense, Insurance Expense, Depreciation Expense Building, Depreciation Expense Equipment. You must enter the closing entries in the following order: (1) Close revenue accounts, (2) close expense accounts, (3) close Income Summary, (4) close Drawing. When preparing the post-closing trial balance, list the accounts in the same order that they are listed on the trial balance. Elements of Accounting, Chapter 5 In problem 5-2A and 5-2B you'll find that some of the unused answer boxes are marked incorrect when left blank. You'll need to enter a zero in them to have them marked correct.
6 Guide to Homework Problems in CNow 6 No issues to report. Elements of Accounting, Chapter 6 Elements of Accounting, Chapter 8 In problems 8-2A and 8-2B, the accounts in the journal entries must be entered in the correct order in order for CNow to mark them correct. In 8-2A, the October 15 entry requires you to list the Cash Short and Over account first. The October 31 entry requires you to list the accounts in the following order: Store Supplies, Delivery Expense, Office Supplies, Miscellaneous Expense, and then Cash Short and Over. The first October 31 entry requires you to list Cash first. In problem 8-2B, the April 4 entry requires you to list the Cash Short and Over account first. The first April 30 entry requires you to list the accounts in the following order: Store Supplies, Inventory, Office Supplies, Miscellaneous Expense, and then Cash Short and Over. The second April 30 entry requires you to list Cash first. In problems 8-3A and 8-3B, the items in the bank reconciliation and the accounts in the journal entry must be listed in the order of largest amount to smallest with one exception: the accounts that are credited in the first journal entry in problem 8-3B must be listed in the following order: Notes Receivable, Interest Revenue, Accounts Payable. -END OF ELEMENTS OF ACCOUNTING- Financial Accounting, Chapter 7 In order to work problems 7-4A and 7-4B you need to be given the ending inventory quantities and market prices. They are the same amounts for both problems (the problems only differ in terms of the ending inventory quantities). The ending inventories and market prices in 7-4A and 7-4B are: Unit Inventory Inventory Market Item Quantity Price AC $56 per unit BE43 18 $180 per unit CJ9 30 $120 per unit E $26 per unit F17 18 $550 per unit G68 60 $15 per unit K41 5 $390 per unit Q $6 per unit RZ13 90 $18 per unit S60 6 $235 per unit W $18 per unit XR90 15 $745 per unit Financial Accounting, Chapter 9 In problems 9-1A and 9-1B you must make some compound journal entries that have several credited accounts, and you are given an instruction to post in decreasing dollar amounts. This is
7 Guide to Homework Problems in CNow 7 unclear to begin with (they want you to list the accounts in order of the credit amount, largest to smallest), but when you do this in the December 31 entry, your answer is marked wrong. The order to use for the credited accounts in problem 9-1A is: Maxie, Kommers, Helena, Ed. The order to use for the credits in problem 9-1B is: Buffalo, Combs, Nash, Tony. Financial Accounting, Chapter 10 In problem 10-5A there are two compound journal entries and no instructions are given about the order in which to enter the accounts. In the June 30, 2007 entry, enter the debited accounts in the following order: Accumulated Depreciation, Cash, Equipment, Gain. In the June 2008 entry, use the following order: Cash, Accumulated Depreciation, Loss, Equipment. In problem 10-5B there are two compound journal entries and no instructions are given about the order in which to enter the accounts. In the April 30, 2007 entry, enter the debited accounts in the following order: Accumulated Depreciation, Cash, Loss. In the October 2008 entry, use the following order: Cash, Accumulated Depreciation, Equipment, Gain. Financial Accounting, Chapter 11 In problem 11-1A and 11-1B there are some compound journal entries that must be made and no instructions are given about the order in which to enter the accounts. In each of the compound entries list the debits and the credits according to their dollar amounts, largest to smallest. In these problems, there are some answer fields that are supposed to be left blank, but some will be marked wrong unless a zero is entered into them. In problem 11-1B, the correct debit amount in the very last entry grades as incorrect, though the same amount in the credit column grades as correct. This has been reported. Hopefully, these errors will have been corrected by the time you reach the problem. In problem 11-2A and 11-2B there are some very involved compound journal entries that must be made and no instructions are given about the order in which to enter the accounts. When recording the payroll in parts 1 and 2, list the debited accounts in the following order: Sales, Warehouse, Office. List the credited accounts as follows: Income Tax, Social Security, Medicare, Bond Deductions, Group Insurance, Salaries Payable. When recording payroll tax expense, list the credited accounts in the following order: Social Security, Medicare, State Unemployment, Federal Unemployment. Financial Accounting, Chapter 12 In problem 12-1A several compound journal entries that must be made and no instructions are given about the order in which to enter the accounts. In part 1, record Polles investment first, and place the Cash account on the first line. When recording Kovac s investment, list the debited accounts in order of size, largest debit amount to smallest; but list the credited accounts in the following order: Allowance for Doubtful Accounts, Accounts Payable, Notes Payable, Capital. In part 3, several compound entries are made to the Capital and Drawing accounts. Always list Polles account first, followed by Kovac s account. In problem 12-1B several compound journal entries must be made and no instructions are given about the order in which to enter the accounts. In part 1, record Hoffman s investment first, and place the Cash account on the first line. When recording Torres investment, list the debited accounts in order of size, largest debit amount to smallest; but list the credited accounts in the
8 Guide to Homework Problems in CNow 8 following order: Allowance for Doubtful Accounts, Accounts Payable, Notes Payable, Capital. In part 3, several compound entries are made to the Capital and Drawing accounts. Always list Hoffman s account first, followed by Torres account. Financial Accounting, Chapter 13 In problem 13-3A and 13-3B several compound journal entries must be made and no instructions are given about the order in which to enter the accounts. Always list the Additional Paid-In Capital account credit last in the entries. Financial Accounting, Chapter 14 The instructions in Problems 14-2A, 14-2B, 14-3A and 14-3B imply that the spreadsheet attachment must be used to complete the problem. The spreadsheet will be helpful, but is not absolutely required. The statements can be written out on paper and entered into CNow as well. Financial Accounting, Chapter 15 In problem 15-4A and 15-4B there are some compound journal entries that must be made, and no instructions are given about the order in which to enter the accounts. In each of the compound entries list the debits and the credits according to their dollar amounts, largest to smallest, with one exception in the last entry made in each of the problems list the credit to the Cash account last. In problem 15-5A and 15-5B there are some compound journal entries that must be made, and no instructions are given about the order in which to enter the accounts. In each of the compound entries list the debits and the credits according to their dollar amounts, largest to smallest, with one exception. In problem 15-5A, in the entry dated October 31, 2012, list the debit to Cash first in the entry, and list the Investment account as the first of the credited accounts. In problem 15-5B, the order of the credited accounts in the August 30, 2013 entry is: Gain, Investment, Interest Revenue. No issues to report. -END OF FINANCIAL ACCOUNTING- Managerial Accounting -END-
a) Post-closing trial balance c) Income statement d) Statement of retained earnings
Note: The formatting of financial statements is important. They follow Generally Accepted Accounting Principles (GAAP), which creates a uniformity of financial statements for analyzing. This allows for
More informationModule 4. Table of Contents
Copyright Notice. Each module of the course manual may be viewed online, saved to disk, or printed (each is composed of 10 to 15 printed pages of text) by students enrolled in the author s accounting course
More informationREINFORCEMENT ACTIVITY 3, Part B, p. 715
REINFORCEMENT ACTIVITY 3, Part B, p. 715 10. Unadjusted Trial Balance December 31, 20X4 ACCOUNT TITLE DEBIT CREDIT Cash 25 0 0 1 40 Petty Cash 4 0 0 00 Accounts Receivable 15 7 8 9 20 Allowance for Uncollectible
More informationSOLUTIONS. Learning Goal 13
S1 Learning Goal 13 Multiple Choice 1. b 2. c 3. c 4. b 5. c 6. a 7. b 8. d Whatever the beginning balance was in the Prepaid Insurance account, plus the insurance that was purchased during the period,
More informationChapter 4: Completing the Accounting Cycle. Learning Objective 2 Prepare financial statements from adjusted account balances.
1 Chapter 4 Completing the Accounting Cycle Chapter 4: Completing the Accounting Cycle Learning Objective 2 Prepare financial statements from adjusted account balances. From chapter 3 NetSolutions Adjusted
More informationCash. Laundry Equipment. Hilda Dinero, Capital Oct. 31 Clos. 1,000 Oct. 31 Bal. 18, Clos. 12, Bal. 30,200
1, 3, 6. Oct. 31 Bal. 1,450 Cash Laundry Supplies Oct. 31 Bal. 3,750 Oct. 31 Adj. 2,800 31 Adj. Bal. 950 Prepaid Insurance Oct. 31 Bal. 2,400 Oct. 31 Adj. 2,000 31 Adj. Bal. 400 Oct. 31 Bal. 54,500 Laundry
More information2014 Mar. 31 Balance 30, Adjusting 26 22,500 7, Mar. 31 Balance 3, Adjusting 26 1,800 1,800
Prob. 4 4A 1., 3., and 6. Cash Account No. 11 Mar. 31 12,000 Supplies Account No. 13 Mar. 31 30,000 31 Adjusting 26 22,500 7,500 Prepaid Insurance Account No. 14 Mar. 31 3,600 31 Adjusting 26 1,800 1,800
More informationChapter 4: Completing the Accounting Cycle
1 Chapter 4 Completing the Accounting cycle Chapter 4: Completing the Accounting Cycle Learning Objective 1 Describe the financial statements of a proprietorship and explain how they interrelate. Financial
More informationModule 4. Instructions:
Copyright Notice. Each module of the course manual may be viewed online, saved to disk, or printed (each is composed of 10 to 15 printed pages of text) by students enrolled in the author s accounting course
More informationACCT 652 Accounting. Review of last week. Review of last week (2) 12/29/15. Week 2 Charts of accounts, Journals, T-accounts, and special journals
ACCT 652 Accounting Week 2 Charts of accounts, Journals, T-accounts, and special journals Some slides Times Mirror Higher Education Division, Inc. Used by permission Michael D. Kinsman, Ph.D. Review of
More informationContents: Interview Summary...2. Assignment Text excerpt for Assignment Syllabus...11
College: Great Bay Community College Course: Introduction Dan Murphy Text: Fundamental Accounting Principles, 19 th Ed; Wild, Shaw, Chiappetta Contents: Interview Summary...2 Assignment 1...3 Text excerpt
More informationPROJECT: SPREADSHEET APPLICATIONS FOR BOOKKEEPING
PROJECT: SPREADSHEET APPLICATIONS FOR BOOKKEEPING The Bernards had quite a successful year in their newly opened Pennsylvania store. Matt and Julie Bernard have engaged their bookkeeper, Barb Burke, to
More information2. From the Desktop, click on Accounting > Operations > Account Transactions
Pre-Programmed Default General Ledger Accounts in Partner XE To Access 1. From the Desktop, click on the Accounting Icon The Daily Processing screen will come up From within Accounting click on Account
More informationChart of Accounts. Chart of Accounts
Chart of Accounts A company s Chart of Accounts is a list of all Asset, Liability, Equity, Revenue, and Expense accounts included in the company s General Ledger. The number of accounts included in the
More informationGraded Project Ice Cream Systems
Graded Project Ice Cream Systems PROJECT GOAL 1 PROJECT INFORMATION 1 PROJECT INSTRUCTIONS 14 SUBMITTING YOUR PROJECT 26 C o n t e n t s iii Ice Cream Systems PROJECT GOAL The goal of this graded project
More informationDE ANZA COLLEGE Accounting 1A Comprehensive Problem for Lawrence Scott Osborne's Class ONLY. Y. Chang Company COVER SHEET
DE ANZA COLLEGE Accounting 1A Comprehensive Problem for Lawrence Scott Osborne's Class ONLY Y. Chang Company COVER SHEET The purpose of this project is to give you experience doing manual accounting. You
More informationSage Bank Services User's Guide. May 2017
Sage 300 2018 Bank Services User's Guide May 2017 This is a publication of Sage Software, Inc. 2017 The Sage Group plc or its licensors. All rights reserved. Sage, Sage logos, and Sage product and service
More informationWork4Me Algorithmic Version 1st Web-Based Edition Problem Ten Accounting for Bad Debts
Work4Me Algorithmic Version 1st Web-Based Edition Problem Ten Accounting for Bad Debts Page 1 Mike s Building Supplies, Incorporated CHART OF ACCOUNTS ASSETS REVENUE 101 Cash 401 Sales 105 Accounts Receivable
More informationSage Bank Services User's Guide
Sage 300 2017 Bank Services User's Guide This is a publication of Sage Software, Inc. Copyright 2016. Sage Software, Inc. All rights reserved. Sage, the Sage logos, and the Sage product and service names
More informationWork4Me. Algorithmic Version. Problem Six. Adjusting Entries, Closing Entries, and Financial Analysis. 1 st Web-Based Edition
Work4Me Algorithmic Version 1 st Web-Based Edition Problem Six Adjusting Entries, Closing Entries, and Financial Analysis Page 1 Emory Legal Services, Incorporated CHART OF ACCOUNTS Problem 6 ASSETS REVENUE
More informationAfter studying this chapter, you should be able to: adjusted account balances.
4 Completing the Accounting Cycle 1 After studying this chapter, you should be able to: 1. Describe the flow of accounting information from the unadjusted trial balance into the adjusted trial balance
More informationCHAPTER 2 ANALYZING TRANSACTIONS DISCUSSION QUESTIONS
Financial and Managerial Accounting 14th Edition Warren SOLUTIONS MANUAL Full clear download (no formatting errors) at: https://testbankreal.com/download/financial-managerial-accounting-14thedition-warren-solutions-manual/
More informationSOLUTIONS Learning Goal 8
Learning Goal 8: Prepare Closing Entries S1 Learning Goal 8 Multiple Choice 1. d 2. a 3. b 4. d Because the dividends account is closed directly into the retained earnings account, not into income summary.
More informationCentury 21 Accounting, 9e Multicolumn Journal Chapter Outlines
Century 21 Accounting, 9e Multicolumn Journal Chapter Outlines PART 1 Chapter 1 ACCOUNTING FOR A SERVICE BUSINESS ORGANIZED AS A PROPRIETORSHIP Starting A Proprietorship: Changes that Affect the Accounting
More informationAccounting Basics Introduction To Financial Accounting
Accounting Basics Introduction To Financial Accounting ILLUSTRATION 1-5 BASIC ACCOUNTING EQUATION The Basic Accounting Equation Assets = Liabilities + Owner s Equity ASSETS AS A BUILDING BLOCK Assets are
More informationThe General Journal and the General Ledger
chapter College Accounting The General Journal and the General Ledger 11 th Edition 3 1 Learning Objectives After you have completed this chapter, you will be able to do the following: 3 2 The General
More informationACS YEAR-END FREQUENTLY ASKED QUESTIONS. General Ledger
ACS YEAR-END FREQUENTLY ASKED QUESTIONS This document includes answers to frequently asked questions about the following ACS modules: General Ledger Payroll Accounts Payable Accounts Receivable General
More informationDo not turn this page until the start signal is given!
UNIVERSITY INTERSCHOLASTIC LEAGUE ACCOUNTING EXAM District 2016-D2 Contestant # Team # Do not turn this page until the start signal is given! All answers MUST be written on your answer sheet. Either upper
More informationFUNDAMENTAL ACCOUNTING (01)
13 Pages Contestant Number Time Rank FUNDAMENTAL ACCOUNTING (01) Regional 2009 Multiple Choice (30 @ 2 points each) Account Identification (39 @ 1 point each) Production Portion Problem 1: Journalizing
More informationHow to Journalize using Data Entry
Steps Essential to Success 1. Print a copy of the Problem you intend to complete. To do so, go to the software log-in page and click on Download Student Manual button, click on the Problem to open it.
More informationShelbyNext Financials: General Ledger Best Practices
ShelbyNext Financials: General Ledger Best Practices (Course #F213) Presented by: Dave Heston Shelby Consultant 2018 Shelby Systems, Inc. Other brand and product names are trademarks or registered trademarks
More informationSnowball debt reduction excel spreadsheet
Snowball debt reduction excel spreadsheet Search Use a free Excel snowball debt reduction spreadsheet to monitor 5 outstanding debts and calculate how long it will take to pay them down to zero!. A detailed
More informationWork4Me I Accounting Simulations. Problem Ten
Work4Me I Accounting Simulations 3 rd Web-Based Edition Problem Ten Accounting for Bad Debts Page 1 Mike s Building Supplies, Incorporated CHART OF ACCOUNTS ASSETS REVENUE 101 Cash 401 Tools and Accessory
More informationACCOUNTING I. 1. The cash account is used to summarize information about the amount of money the business has available.
ACCOUNTING I True/False Indicate whether the sentence or statement is true or false. 1. The cash account is used to summarize information about the amount of money the business has available. 2. The source
More informationChapter 2 Debits and Credits: Analyzing and Recording Business Transactions. Chapter Overview. Learning Objectives
Chapter 2 Debits and Credits: Analyzing and Recording Business Transactions Chapter Overview This chapter transitions from analyzing transactions and listing each account in a potentially long accounting
More informationWork4Me I Accounting Simulations. Problem Four
Work4Me I Accounting Simulations 3 rd Web-Based Edition Problem Four Daily and Adjusting Entries for Classic Accounting Services, Incorporated Page 1 Problem Four Classic Accounting Services, Inc. Trial
More informationSOLUTIONS. Learning Goal 14
S1 Learning Goal 14 Multiple Choice 1. a 2. c The capital balance to use on the balance sheet is the final balance from the statement of owner s equity. The capital balance showing on the worksheet does
More informationAcct 151A Week 7, Chap 6. Instructor: Michael Booth Cabrillo College
Acct 151A Week 7, Chap 6 Instructor: Michael Booth Cabrillo College McGraw-Hill 2007 The McGraw-Hill Companies, Inc. All rights reserved. Closing Entries and the Postclosing Trial Balance Closing Entries
More informationBrandon s Cabinet Shop
Brandon s Cabinet Shop Adjusting Entries and Closing Entries for the Quarter Ended June 30 and the Final Evaluation Page 1 Adjusting Entries for the Period Using a copy of the June 30 Trial Balance (printed
More informationChapter 2. Ex a. debit g. debit b. credit h. credit c. credit i. debit d. credit j. credit e. debit k. debit f. credit l. debit. Ex.
Chapter 2 Ex. 2 4 a. debit g. debit b. credit h. credit c. credit i. debit d. credit j. credit e. debit k. debit f. credit l. debit Ex. 2 5 1. debit and credit entries (c) 2. debit and credit entries (c)
More informationCHAPTER 4 EXERCISES: SET B. E4-1B The trial balance columns of the worksheet for Lamar Company at June 30, 2017, are as follows.
CHAPTER 4 EXERCISES: SET B E4-1B The trial balance columns of the worksheet for Lamar Company at June 30, 2017, are as follows. Complete the worksheet. LAMAR COMPANY Worksheet for the Month Ended June
More informationStudy Guide. Financial Accounting. Jim Burcicki
Study Guide Financial Accounting by Jim Burcicki About the Author Jim Burcicki holds a B.S. in Accounting from King s College, graduating magna cum laude as an adult learner. He began as a bookkeeper for
More informationGuide to setting up pay periods
Guide to setting up pay periods PM00104.0416/2 Within this document you will find instructions for creating new pay periods and amending existing pay periods including week 53. We have used the 2015/2016
More informationAccounting Cycle Review Problem. Michelle Clark. Accounting 1110 Section 401. Fall 2014
Accounting Cycle Review Problem Michelle Clark Accounting 1110 Section 401 Fall 2014 General Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Record Transactions, Adjusting Entries, Closing Entries
More informationGraded Project. Lesson 1: Business Accounting and You OVERVIEW INSTRUCTIONS
Lesson 1: Business Accounting and You OVERVIEW The focus of this project is for the student to keep a set of books through an accounting period to perform the following functions: Set up the books of accounting
More informationQuickBooks Pro Manual
QuickBooks Pro Manual for Development Organisations Fifth version prepared December 2009 for users of QuickBooks Pro 2006. For limited circulation within Mango and selected NGOs (further information from
More informationA Guide to Month-end & Year-end Accounting
A Guide to Month-end & Year-end Accounting Version 2015.2 Page 1 Contents Structure of Xebra Accounting After you have reconciled all your Bank Accounts: Reports - General Ledger Balance - Accrual Basis
More informationCHAPTER 7 REPORTS AND GRAPHS
CHAPTER 7 REPORTS AND GRAPHS SCENARIO I need an income tax summary report ASAP Mr. Castle barks as he races past your cubicle. In a few seconds he charges past your cubicle again. Don t forget to adjust
More informationBixby Public Schools Essential Elements Grade: 10-12
Course: Accounting Essential Elements Grade: 10-12 Weeks 1-6 Chapter 1 describes how a proprietorship is started & the transactions that occur when the business is organized. The accounting equation is
More informationA Business Simulation
A Business Simulation This simulation covers the transactions completed by Rico Sanchez, Disc Jockey, a service business organized as a proprietorship. Rico Sanchez, the owner, began his disc jockey business
More informationBUDGETARY SYSTEM: BUDGET PROCESS. 7. Budget Process
BUDGETARY SYSTEM: BUDGET PROCESS The Budget Process can be run at any time, but the Approved Amounts cannot be transferred to the budget until after the Fiscal End of Year has been completed. 7. Budget
More informationMicrosoft Dynamics GP Year-End Close. Manual
Microsoft Dynamics GP Year-End Close Manual 2017 Contact FMT Consultants Support Customer Care customercare@fmtconsultants.com (760) 930-6400 option 1 Sales Felipe Jara fjara@fmtconsultants.com (760) 930-6451
More informationUser guide for employers not using our system for assessment
For scheme administrators User guide for employers not using our system for assessment Workplace pensions CONTENTS Welcome... 6 Getting started... 8 The dashboard... 9 Import data... 10 How to import a
More informationMake sure the client aged receivables balance to the general ledger total. Write off client balances. Pick a date that makes sense: a. b. c. d.
Overview This document provides conversion tips and instructions for entering client and general ledger beginning balances Entering beginning balances in Nexsure entails bringing balances forward from
More informationAJE (1) Share donation 60,000 Treasury shares 35,000 Land 10,000 Building 15,000
CHAPTER 19 COMPREHENSIVE AUDIT OF BALANCE SHEET AND INCOME STATEMENT ACCOUNTS 19-1. Daffodil, Inc. Adjusting Journal Entries 12.31.07 AJE (1) Share donation 60,000 Treasury shares 35,000 Land 10,000 Building
More informationFUNDAMENTAL ACCOUNTING (01)
13 Pages Contestant Number Time Rank FUNDAMENTAL ACCOUNTING (01) Regional 2006 Multiple Choice (30 @ 3 points each) Account Identification (15 @ 3 points each) Production Portion Problem 1: Financial Transactions
More informationWeek 4/5, Chap 4. The General Journal and the General Ledger. Instructor: Michael Booth
Week 4/5, Chap 4 The General Journal and the General Ledger Instructor: Michael Booth Complete the trial balance 1. Enter the trial balance heading showing the company name, report title, and closing date
More informationGENERAL ACCOUNTING AND END-OF-PERIOD PROCEDURES: MERCHANDISING BUSINESS
GENERAL ACCOUNTING AND END-OF-PERIOD PROCEDURES: MERCHANDISING BUSINESS LEARNING OBJECTIVES At the completion of this chapter, you will be able to: 1. Complete the end-of-period procedures. 2. Change the
More informationQUICKBOOKS ONLINE PLUS: A COMPLETE COURSE Chapter 5: General Accounting and End-of- Period Procedures
QUICKBOOKS ONLINE PLUS: A COMPLETE COURSE 2016 Chapter 5: General Accounting and End-of- Period Procedures Lecture Focus 2 Complete end-of-period procedures Record adjusting entries Record Owner s Equity
More informationMaster Budget Excel Project
Master Budget Excel Project Overview: In this project, you will prepare a master budget in an Excel spreadsheet for Cascade Products Company for the year 2018, based on the materials in Ch. 7 Master Budgeting.
More informationDE ANZA COLLEGE ACCOUNTING 1A EXTRA CREDIT ASSIGNMENT. (Manual Case, and Working Papers) Scott Osborne, CPA
DE ANZA COLLEGE ACCOUNTING 1A EXTRA CREDIT ASSIGNMENT (Manual Case, and Working Papers) by Scott Osborne, CPA 1 EXPLANATION OF EXTRA CREDIT ASSIGNMENT The extra credit assignment consists of a manual accounting
More informationChapter 3 Question Review 1
Chapter 3 Question Review 1 Chapter 3 Questions Multiple Choice 1. If services are rendered on account, then a. assets will decrease. b. liabilities will increase. c. stockholders equity will increase.
More informationCredit Cards Friend or Foe? An exploration of credit cards and debit cards utilizing Internet resources and spreadsheets.
Credit Cards Friend or Foe? An exploration of credit cards and debit cards utilizing Internet resources and spreadsheets. Day One Investigating Credit Cards and Debit Cards The students will need access
More informationWeygandt, Kieso, Kimmel, Trenholm, Kinnear, Barlow, Atkins: Principles of Financial Accounting, Canadian Edition CHAPTER 4
CHAPTER 4 Completion of the Accounting Cycle ASSIGNMENT CLASSIFICATION TABLE Study Objectives 1. Prepare closing entries and a postclosing trial balance. 2. Explain the steps in the accounting cycle including
More informationAssessment Schedule 2017 Accounting: Prepare financial information for an entity that operates accounting subsystems (91176)
NCEA Level 2 Accounting (91176) 2017 page 1 of 7 Assessment Schedule 2017 Accounting: Prepare financial information for an entity that operates accounting subsystems (91176) Marking Instructions applied
More informationACC 211/212: Double Entry Logs
ACC 211/212: Double Entry Logs Journal Entries: o Credits are always indented (account name and value). o The sum of debits will always equal the sum of credits. o The month name is required only for the
More informationAnalyzing Transactions
C H A P T E R 2 Analyzing Transactions QUIZ AND TEST HINTS The following hints may be helpful to you in preparing for a quiz or a test over the material covered in Chapter 2. 1. Terminology is important
More informationACCT 101 GROUP PROJECT INSTRUCTIONS
ACCT 101 GROUP PROJECT INSTRUCTIONS This project is to be completed as a group. All group members should actively participate in the project and it is up to the group to decide who will be responsible
More informationChapter 02 Analyzing and Recording Transactions
Financial Accounting Information For Decisions 6th Edition Wild Chapter 02 Analyzing and Recording Transactions Student Learning Objectives and Related Assignment Materials* Student Learning Objectives
More information5/03/15. Module 8: Revenue and collection cycle, and acquisition and expenditure cycle
Instructor Michael Brownlee B.Comm(Hons),CGA Module 8: Revenue and collection cycle, and acquisition and expenditure cycle 8.1 The balance sheet approach 8.2 Revenue and collection cycle The basics 8.3
More informationCHAPTER4. The Recording Process. PreviewofCHAPTER4. Using a Worksheet. Steps in Preparing a Worksheet
CHAPTER4 The Recording Process 4-1 4-2 PreviewofCHAPTER4 Using a Worksheet Steps in Preparing a Worksheet Multiple-column form used in preparing financial statements. Not a permanent accounting record.
More informationErrors Not Affecting the Trial Balance
Errors Not Affecting the Trial Balance With these types of errors, the debit and credit columns of the Trial Balance will still be the same total. These errors are corrected by means of JOURNAL ENTRIES.
More informationHydro Paddle Boards, Inc.
Hydro Paddle Boards, Inc. CONTENTS Klooster & Allen General Ledger Software Student Instructions... 1 Introduction... 3 General Instructions... 4 Narrative of Transactions... 5 Exhibits: Schedule of Accounts
More informationVisionVPM General Ledger Module User Guide
VisionVPM General Ledger Module User Guide Version 1.0 VisionVPM user documentation is continually being developed. For the most up-to-date documentation please visit the VisionVPM website at www.visionvpm.com
More informationEnterprise by HansaWorld Accounting Basic
Enterprise by HansaWorld Accounting Basic Version 7.2, Mac OS X August 2014 Table of Contents INTRODUCTION...4 Bookkeeping...4 Single Entry / Double Entry...4 Chart of accounts...4 The five types of accounts...4
More informationCHAPTER 3. The Adjusting Process. Chapter Overview
CHAPTER 3 The Adjusting Process Chapter Overview This chapter introduces the student to the adjusting process. Cash and accrual accounting are illustrated and differentiated. The accounting period concept,
More informationDo not turn this page until the start signal is given!
UNIVERSITY INTERSCHOLASTIC LEAGUE ACCOUNTING EXAM Invitational 2015-A Contestant # Team # Do not turn this page until the start signal is given! All answers MUST be written on your answer sheet. Either
More informationWork4Me I Accounting Simulations. Demonstration Problem
Work4Me I Accounting Simulations 3 rd Web-Based Edition Demonstration Problem Classic Accounting Services, Incorporated Page 1 Problem 1 Demonstration Problem The Work4Me problems begin with a hands-on,
More informationSolution manual for Accounting 26th Edition by Warren CHAPTER 2 ANALYZING TRANSACTIONS
Solution manual for Accounting 26th Edition by Warren Link full download: http://testbankcollection.com/download/solution-manual-for-accounting-26thedition-by-warren CHAPTER 2 ANALYZING TRANSACTIONS DISCUSSION
More informationAccount Form. Used to summarize in one place all the changes to a single account A separate form for each account. Sample of a blank account form
Learning Objectives LO1 Construct a chart of accounts for a service business organized as a proprietorship. LO2 Demonstrate correct principles for numbering accounts. LO3 Apply file maintenance principles
More informationDe Anza College Accounting 1B Introductory Accounting Part 2 Fall 2015
De Anza College Accounting 1B Introductory Accounting Part 2 Fall 2015 Instructor: Sam Hedgpeth Office Hours: By appointment, generally before or after class & TBD Email: HedgpethIiisamuel@fhda.edu Text:
More informationWork4Me. Algorithmic Version. Problem Seven. Accounting for Accounts Receivable and Merchandise Inventory with Perpetual Inventory System
Work4Me Algorithmic Version 1 st Web-Based Edition Problem Seven Accounting for Accounts Receivable and Merchandise Inventory with Perpetual Inventory System Page 1 UPTIGHT TOOLS, INCORPORATED CHART OF
More informationActivity 1: Transactions
Activity 1: Transactions Prepare the general journal entries to record the following transactions for the business for the month of May 2016 (ignore GST): May 1 Owner deposited $50,000 of his own money
More informationDo not turn this page until the start signal is given!
Contestant # UNIVERSITY INTERSCHOLASTIC LEAGUE ACCOUNTING EXAM District 2014-D1 Do not turn this page until the start signal is given! All answers MUST be written on your answer sheet. Either upper case
More informationAccounting To Trial Balance 10th Edition
ACCOUNTING TO TRIAL BALANCE 10TH EDITION PDF - Are you looking for accounting to trial balance 10th edition Books? Now, you will be happy that at this time accounting to trial balance 10th edition PDF
More informationCHAPTER 2 ANALYZING TRANSACTIONS
CHAPTER 2 ANALYZING TRANSACTIONS EYE OPENERS 1. An account is a form designed to record changes in a particular asset, liability, owner s equity, revenue, or expense. A ledger is a group of related accounts.
More informationEnd of Financial Year Guide 2018
End of Financial Year Guide 2018 How to use your software to guide your business through the end of financial year period Need some help? Visit help.myob.com, or find answers, ask questions, and share
More informationT Accounts, Debits and Credits, Trial Balance, and Financial Statements
2 T Accounts, s and s, Trial Balance, and Financial Statements TEACHING OBJECTIVES 1. To introduce the T account form 2. To introduce debit and credit 3. To introduce the function and preparation of a
More informationVisual Cash Focus - User Tip 39
Visual Cash Focus - User Tip 39 Capital Expenditure, Deferred Payment and Financing options How to input a CAPEX budget and options for deferring and financing payments The Scenario Let s assume that you
More informationChapter 2--Analyzing Transactions
Chapter 2--Analyzing Transactions Student: 1. Accounts are records of increases and decreases in individual financial statement items. 2. A chart of accounts is a listing of accounts that make up the journal.
More informationFAQ: Financial Statements
Question 1: What is the correct order in which financial reports must be created? Answer 1: The income statement is created first, then the owners' equity statement, and finally the balance sheet. This
More informationChapter 8. Recording Adjusting and Closing Entries
Chapter 8 Recording Adjusting and Closing Entries Adjusting Entries Adjusting Entries - journal entries recorded to update general ledger accounts at the end of a fiscal period (Supplies & Prepaid Insurance).
More informationIntro to Retirement. Part 2: Types of Retirement Accounts
Intro to Retirement Part 2: Types of Retirement Accounts There are 7 slides you are expected to read and understand on your own. You will be quizzed on all concepts that are underlined, bolded, or boxed.
More informationChapter 2--Analyzing Transactions
Chapter 2--Analyzing Transactions Student: 1. Accounts are records of increases and decreases in individual financial statement items. 2. A chart of accounts is a listing of accounts that make up the journal.
More informationCHAPTER 8 REVIEW EXERCISES (continued) Exercise 7, p. 326 A. Year Ended December 31, 20 8 BALANCE SHEET INCOME STATEMENT ADJUSTMENTS TRIAL BALANCE
Exercise 7, p. 326 A. Oakville Journal Worksheet Year Ended December, 28 TRIAL BALANCE ACCOUNTS ADJUSTMENTS INCOME STATEMENT BALANCE SHEET Bank Accounts Receivable Prepaid Insurance Land Buildings Acc.
More informationAccuBuild Calendar Year End Notes
AccuBuild 2016 2 Table of Contents 1. 3 1.1... 3 1.2 Create a Bonus Check... 4 1.3 Create a Fringe Benefit Check... 5 1.4 Health Insurance Reporting on W-2s for 2015... 7 1.5 Order Tax Forms... 9 1.5.1
More informationTips & Tricks General Ledger Infinite Visions Enterprise Edition: General Ledger
Tips & Tricks General Ledger Infinite Visions Enterprise Edition: General Ledger CLASS DESCRIPTION Let s learn something new in the General Ledger module that can help with your daily data entry and also
More informationGo Paperless Reports Save your QuickBooks reports using the following steps.
Computer Accounting with QuickBooks 2013 by Donna Kay Go Paperless Reports Save your QuickBooks reports using the following steps. Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Go to www.myquickbooks.me. Select
More informationScholarship 2014 Accounting
93203Q 932032 S Scholarship 2014 Accounting 2.00 pm Thursday 20 November 2014 Time allowed: Three hours Total marks: 40 QUESTION BOOKLET Answer ALL questions. Write your answers in Answer Booklet 93203A.
More informationDo not turn this page until the start signal is given!
UNIVERSITY INTERSCHOLASTIC LEAGUE ACCOUNTING EXAM Invitational 2018-A Contestant # Team # Do not turn this page until the start signal is given! All answers MUST be written on your answer sheet. Either
More information