DE ANZA COLLEGE Accounting 1A Comprehensive Problem for Lawrence Scott Osborne's Class ONLY. Y. Chang Company COVER SHEET
|
|
- Egbert Dennis
- 5 years ago
- Views:
Transcription
1 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 will enter balances and transactions in the journals and ledgers, prepare a worksheet and adjusting entries, prepare financial statements and close the books. The assignment will be worth 40 homework points and will be graded on a 0-40 point scale. The due date will be posted on CPAscott.com. Hints: Be sure to include all posting references and dates on the journal and ledger. Include cross references on the worksheet. Don't forget headings on the financial statements. NAME Class hour When you finish the project please enter the control totals below: CASH ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE NET INCOME TOTAL ASSETS Workpaper package page 1
2 DE ANZA COLLEGE Accounting 1A Comprehensive Problem Y. Chang Company Y. Chang Company closes its books and prepares financial statements at the end of each month. The company completed the following transactions during August 20XX: August 1 Issued check for office rent for the current month. (Debit rent expense) AMOUNT: $3,450 2 Performed services for customer on account. AMOUNT: $11,400 4 Purchased supplies on account. AMOUNT: $2,100 5 Performed services for customer and was paid cash. AMOUNT: $8,400 6 Issued check to purchase computer equipment for cash. AMOUNT: $4,050 9 Issued check to pay vendor for the supplies purchased on the 4th of the month. AMOUNT: $2, Received net amount of cash on account from customer in full settlement of the account receivable from the 2nd of the month. AMOUNT: $11, Issued check to pay salaries. AMOUNT: $5, Performed services for customer on account. AMOUNT: $7, Purchased advertising on account. AMOUNT: $ Issued check to pay owner for personal withdrawal. AMOUNT: $4,500 Workpaper package page 2
3 THE POST CLOSING TRIAL FROM LAST MONTH WAS: ACCT # ACCOUNT NAME DR CR 1001 CASH $22, ACCOUNTS RECEIVABLE SUPPLIES 2, COMPUTER EQUIPMENT 33, ACCUMULATED DEPRECIATION $20, ACCOUNTS PAYABLE SALARY PAYABLE OWNER'S CAPITAL 37,575 TOTAL $58,125 $58,125 THE CHART OF ACCOUNTS ALSO INCLUDES THE FOLLOWING ACCOUNTS: ACCT # ACCOUNT NAME 3980 OWNER'S WITHDRAWAL 4010 FEE REVENUE 6010 SALARY EXPENSE 6020 RENT EXPENSE 6030 SUPPLIES EXPENSE 6040 ADVERTISING EXPENSE 6060 DEPRECIATION EXPENSE REQUIREMENTS 1. Open the accounts using the balances from the prior month in the general ledger. (This has already been done for you.) 2. Journalize the current transactions in the general journal. Use page numbers 7 thru 9 for the general journal. Then post the transactions to the general ledger. (The ledger accounts may have more rows than needed.) 3. Prepare a trial balance in the Unadjusted Trial Balance columns of a worksheet. Then use the following information to enter the adjusting entries on the worksheet. Finally complete the worksheet. a. Supplies on hand: $1,950 b. Accrued salary expense: $1,875 c. Depreciation expense: $3, Prepare an income statement and statement of owner's equity for the month. Prepare a CLASSIFIED balance sheet as of the end of the month. 5. Journalize and post the adjusting and closing entries. 6. Prepare a post closing trial balance as of the end of the month. PLEASE SUBMIT YOUR ASSIGNMENT IN THE FOLLOWING ORDER. 1 COVER SHEET 5 INCOME STATEMENT 2 GENERAL JOURNAL (3 pages; page 7, 8 & 9) 6 STMT OF OE. 3 GENERAL LEDGER (3 pages) 7 SHEET 4 WORKSHEET 8 POST CLOSE T/B Workpaper package page 3
4 GENERAL JOURNAL PAGE 7 POST DATE ACCOUNT TITLES REF. DEBIT CREDIT Workpaper package page 4
5 GENERAL JOURNAL PAGE 8 POST DATE ACCOUNT TITLES REF. DEBIT CREDIT Workpaper package page 5
6 GENERAL JOURNAL PAGE 9 POST DATE ACCOUNT TITLES REF. DEBIT CREDIT Workpaper package page 6
7 ACCOUNT CASH ACCOUNT NUMBER 1001 August 1 BAL. 22,500 ACCOUNT ACCOUNTS RECEIVABLE ACCOUNT NUMBER 1010 ACCOUNT SUPPLIES ACCOUNT NUMBER 1040 August 1 BAL. 2,625 ACCOUNT COMPUTER EQUIPMENT ACCOUNT NUMBER 1510 August 1 BAL. 33,000 ACCOUNT ACCUMULATED DEPRECIATION ACCOUNT NUMBER 1520 August 1 BAL. 20,550 Workpaper package page 7
8 ACCOUNT ACCOUNTS PAYABLE ACCOUNT NUMBER 2010 ACCOUNT SALARY PAYABLE ACCOUNT NUMBER 2020 ACCOUNT OWNER'S WITHDRAWAL ACCOUNT NUMBER 3980 ACCOUNT OWNER'S CAPITAL ACCOUNT NUMBER 3990 August 1 BAL. 37,575 Workpaper package page 8
9 ACCOUNT FEE REVENUE ACCOUNT NUMBER 4010 ACCOUNT SALARY EXPENSE ACCOUNT NUMBER 6010 ACCOUNT RENT EXPENSE ACCOUNT NUMBER 6020 ACCOUNT SUPPLIES EXPENSE ACCOUNT NUMBER 6030 ACCOUNT ADVERTISING EXPENSE ACCOUNT NUMBER 6040 ACCOUNT DEPRECIATION EXPENSE ACCOUNT NUMBER 6060 Workpaper package page 9
10 Unadj. Trial Bal. Adjustments Adjusted Trial Bal. Income Statement Balance Sheet AC # ACCOUNT NAME DR CR DR CR DR CR DR CR DR CR Y. Chang Company Worksheet August 31, 20XX 1001 CASH 1010 ACCOUNTS RECEIVABLE 1040 SUPPLIES 1510 COMPUTER EQUIPMENT 1520 ACCUMULATED DEPRECIATION 2010 ACCOUNTS PAYABLE 2020 SALARY PAYABLE 3980 OWNER'S WITHDRAWAL 3990 OWNER'S CAPITAL 4010 FEE REVENUE 6010 SALARY EXPENSE 6020 RENT EXPENSE 6030 SUPPLIES EXPENSE 6040 ADVERTISING EXPENSE 6060 DEPRECIATION EXPENSE Workpaper package page 10
11 Workpaper package page 11
12 Workpaper package page 12
13 Step DE ANZA COLLEGE Accounting 1A Comprehensive Problem Y. Chang Company CHECKLIST This is the recommended sequence for completing the assignment. 1 Enter the monthly transactions into the General Journal Page 7. Enter all transactions before posting. The posting reference column should be left blank at this stage. 2 Post the monthly transactions to the General Ledger (G/L). Record the G/L account number in the journal posting reference column as you post each item. Also record the page number 7 in the posting reference column of the G/L. 3 After all transactions are posted, calculate the total balance in each G/L account. This is the unadusted balance. 4 Copy the unadjusted balance from each G/L account into the Unadjusted Columns of the worksheet. The Debits and Credits should be in balance. If not, you need to go back and correct the error. 5 Enter the three adjusting entries into the Adjustment Columns of the worksheet. Be sure to include cross references. Complete the worksheet. 6 Prepare the three financial statements. (The Balance Sheet should be a CLASSIFIED one.) 7 Enter the three adjusting entries into the General Journal Page 8. Enter all transactions before posting. The posting reference column should be left blank at this stage. Use the end of month as the Journal Entry (JE) date. 8 Post the adjusting entries to the General Ledger (G/L). Record the G/L account number in the journal posting reference column as you post each item. Also record the page number 8 in the posting reference column of the G/L. 9 After all adjusting entries are posted, calculate the total balance in each G/L account. This is the adusted balance. 10 Enter the closing entries into the General Journal Page 9. Enter all transactions before posting. The posting reference column should be left blank at this stage. Use the end of month as the Journal Entry (JE) date. You can get the balance amounts from the worksheet or from the adjusted G/L. 11 Post the closing entries to the General Ledger (G/L). Record the G/L account number in the journal posting reference column as you post each item. Also record the page number 9 in the posting reference column of the G/L. 12 After all closing entries are posted, calculate the total balance in each G/L account. This is the post closing balance. All revenue, expense and draw accounts should be zero. 13 Copy the post closing balance from each G/L account into a Post Closing Trial Balance (that you create yourself). The Debits and Credits should be in balance. If not, you need to go back and correct the error. 14 Fill out the Cover Sheet with the control numbers in your assignment. Reassemble into the correct order, staple, and turn the assingment in. Workpaper package page 13
DE 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 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 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 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 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 2 Analyzing Transactions
1 Chapter 2 Analyzing Transactions Chapter 2 Analyzing Transactions From Chapter 1: The Accounting Equation Assets = Liabilities + Owner's Equity Assets = Liabilities + Capital Drawing + Revenues - Expenses
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 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 informationRecord Transactions in the Journal. Copy (post) to the Ledger. Prepare the Trial Balance
Explain accounts, journals, and ledgers as they relate to recording transactions and describe common accounts Chapter 2 Record Transactions in the Journal 2 Basic summary device Detailed record of increases
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 informationa) 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 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 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 informationChapter 9 Recording Adjusting and Closing Entries
Chapter 9 Recording Adjusting and Closing Entries Fiscal Period Length of time for which a business reports and summarizes financial information Concept: Accounting Period Cycle: reporting changes in financial
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 informationACCOUNTING SEMESTER 1. Final Exam Review
ACCOUNTING SEMESTER 1 Final Exam Review 1 ACCOUNTING SEMESTER 1 30 T & F 70 MC Questions with pictures 5-Worksheet 6-Journals 3-Cash Payment Journal 2 CHAPTER 1 What is the accounting equation? Assets=Liabilities
More informationDebit and Credit Rules Module 2 part I. T- Accounts Assets = Liabilities + OE. T- Accounts: Basic Patterns A = L + OE
Debit and Credit Rules Module 2 part I Introducing T accounts Examining Account Patterns: the Increase and Decreases What s the Mystery? Debits and Credits 9/5/2005 Dr. Kathy Wigal 1 T- Accounts Assets
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 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 informationFundamentals of Accounting Resources
Contents Figure 1 - The Profit and Loss statement example... 2 Figure 2 - Balance sheet example... 3 Figure 3 - Example of a Balance Sheet... 4 Figure 4 - Example of a Profit & Loss Sheet... 5 Figure 5-10
More informationChapter 2 Analyzing Transactions
1 Chapter 2 Analyzing Transactions Chapter 2 Analyzing Transactions From Chapter 1: The Accounting Equation Assets = Liabilities + Owner's Equity Assets = Liabilities + Capital Drawing + Revenues - Expenses
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 informationFUNDAMENTAL ACCOUNTING (01) Regional 2013
Page 1 of 11 Contestant Number Time Rank FUNDAMENTAL ACCOUNTING (01) Secondary Regional 2013 Multiple Choice Account Identification Problem 1 Journalizing Problem 2 Income Statement Problem 3 Closing Entries
More informationAccounting 1A Class Notes Chapter 2 Analyzing Transactions. Chart of Accounts 1. Assets. Liabilities. 3. Owners Equity. Revenue. 5.
Chart of Accounts 1. Assets 2. Liabilities 3. Owners Equity 4. Revenue 5. Expense T- ACCOUNTS Title, Debit on the Left and Credit on the right Foot both sides (if more than one entry) Balance on the side
More informationFUNDAMENTAL ACCOUNTING (100) Secondary
Page 1 of 12 FUNDAMENTAL ACCOUNTING (100) Secondary REGIONAL 2015 Multiple Choice & Short Answer Section: Contestant Number: Time: Rank: Multiple Choice (25 @ 2 points each) Account Classification (10
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 informationFUNDAMENTAL ACCOUNTING (100) Secondary
Page 1 of 11 Contestant Number: Time: Rank: FUNDAMENTAL ACCOUNTING (100) Secondary REGIONAL 2016 CONCEPT KNOWLEDGE: True/False (20 @ 2 points each) Multiple Choice (25 @ 2 points each) APPLICATION KNOWLEDGE:
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 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 informationAccountAbility Edutools, USA, 2013, All Rights Reserved
(INX) LEDGER MANIA STUDENT INSTRUCTIONS Ledger Mania is an interactive classroom activity used to demonstrate the accounting cycle of a sole proprietorship or corporation. Students will physically record
More informationThe General Ledger. The 4 th step of the accounting cycle is to post to the ledger.
The General Ledger 4 Post to the ledger The 4 th step of the accounting cycle is to post to the ledger. The General Ledger is a book containing a separate page for each business account. The General Ledger
More informationThe Expanded Ledger: Revenue, Expense, and Drawings
Revenue, Expense, and Drawings Remember the following before proceeding to the next slide!! Up until now, we have been recording transactions to the Capital account in the Owner s Equity section. Here
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 informationFUNDAMENTAL ACCOUNTING (100) Secondary
Page 1 of 12 FUNDAMENTAL ACCOUNTING (100) Secondary REGIONAL 2015 Multiple Choice & Short Answer Section: Contestant Number: Time: Rank: Multiple Choice (25 @ 2 points each) Account Classification (10
More informationFUNDAMENTAL ACCOUNTING (01)
14 Pages Contestant Number Time Rank FUNDAMENTAL ACCOUNTING (01) Regional - 2007 Multiple Choice (30 @ 3 points each) Account Identification (15 @ 3 points each) Production Portion Problem 1: Financial
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 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 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 informationChapter 2 Recording Business Transactions
Horngren's Accounting, The Financial Chapters 11th Edition Solutions Manual Miller-Nobles Solutions Manual, Answer key, Instructor's resource Manual, Try It Solutions, Working Papers Solutions are include.
More informationLearning Objectives. LO1 Journalize and post closing entries for a service business organized as a proprietorship.
Learning Objectives LO1 Journalize and post closing entries for a service business organized as a proprietorship. Lesson 8-1 Need for Permanent and Temporary Accounts Accounts used to accumulate information
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 informationDisco Dave s Dance Club Continuing the Accounting Cycle: Journal, Ledger, Trial Balance, Adjustments, Worksheet
Overview One of your friends, Disco Dave, just started a new club called. Chart of Accounts These are the account names and numbers that you should use throughout the problem. Some of these accounts will
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 informationChapter 4 Completing the Accounting Cyclt 163
Chapter 4 Completing the Accounting Cyclt 163 The company's chart of accounts follows: 101 Cash 405 Commissions Earned 106 Accounts Receivable 612 Depreciation Expense Computer Equip. 124 Office Supplies
More informationHS Accounting I 2013 Business and Technology
Course Description Students will learn the fundamentals and principles of double-entry accounting for service and merchandising businesses. This course focuses on financial reports along with transactions,
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 informationPosting from a General Journal to a General Ledger. Tuesday, October 26, :48:47 PM ET
Posting from a General Journal to a General Ledger Account Form Based on the T account (Debit and Credit sides). Transaction Date and Journal page number. Balance-Ruled Account Form A form that has columns
More information2. Which of the following is an external user of accounting information? A) Labor unions. B) Finance directors. C) Company officers. D) Managers.
Name: Date: 1. The study of accounting is not useful for a business career unless your career objective is to become an accountant. A) True B) False 2. Which of the following is an external user of accounting
More informationBusiness Accounts. That sounds a little confusing. All the accounts of a business are grouped together in a ledger.
Business Accounts An account is a location within an accounting system in which the increases and decreases in a specific asset, liability, or owner s equity are recorded and stored. That sounds a little
More information4-1 COMPLETING THE ACCOUNTING CYCLE
4-1 COMPLETING THE ACCOUNTING CYCLE Atanas Atanasov Assist.prof. University of Economics - Varna Steps in Accounting Cycle 4-2 134 Analyze source documents. Journalize transactions in the journal. Post
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 informationChapter 20 Notes Uncollectible Accounts Expense
Chapter 20 Notes Uncollectible Accounts Expense Uncollectible Account- An account that has been defaulted on. Meaning that the person did not pay when it was due. Explanation of the Accounts Uncollectible
More informationDec. 4: Paid $ 750 cash for office supplies. Date Accounts Debit Credit Dec. 4 Office Supplies 750 Cash 750
Requirement 1. Record each transaction in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) 1: began operations by receiving $
More informationChapter 3 The Adjusting Process
Instant download and all chapters Solution Manual Horngren s Financial Managerial Accounting 4th Edition Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura https://testbankdata.com/download/solution-manual-horngrens-financialmanagerial-accounting-4th-edition-tracie-l-nobles-brenda-l-mattison-ella-maematsumura/
More informationAccounting for. Sole Proprietorship. 1 Identify the differences in equity accounts between a corporation and a sole proprietorship.
appendix F Accounting for Sole Proprietorships study objectives After studying this appendix, you should be able to: 1 Identify the differences in equity accounts between a corporation and a sole proprietorship.
More informationAnswer: b Rationale: Journalizing means to record a transaction in a general journal.
Chapter 3 Financial Accounting, 5 th Edition by Dyckman, Hanlon, Magee, & Pfeiffer Solutions to Practice Quiz Topic: Accounting Cycle LO: 1 1. In the accounting cycle, preparing financial statements comes
More informationGENERAL LEDGER TABLE OF CONTENTS
GENERAL LEDGER TABLE OF CONTENTS L.A.W.S. Documentation Manual General Ledger GENERAL LEDGER 298 General Ledger Menu 298 Overview Of The General Ledger Account Number Structure 299 Profit Center Processing
More informationCHAPTER 8: PERIOD-END PROCEDURES
Chapter 8: Period-End Procedures CHAPTER 8: PERIOD-END PROCEDURES Training Objectives Actively participating in this chapter helps you: Understand the procedures that are completed at the end of an accounting
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 informationFORENSIC ACCOUNTING VERSION
FORENSIC ACCOUNTING VERSION Fraudulent or incorrect transactions are presented below. Your job as a forensic accountant is to correct the financial statements and determine how income and total assets
More informationLESSON Posting to an Accounts Payable Ledger. CENTURY 21 ACCOUNTING Thomson/South-Western
LESSON - Posting to an Accounts Payable Ledger 2 Posting to an Accounts Payable Ledger There are two (2) major differences between the posting learned in this chapter (corporation) and the posting learned
More informationWeek four. Debit (Dr) side. Lectures Page 1. Monday, 22 August 2016
Week four Monday, 22 August 1:22 PM What is a general ledger? General ledger- summary of each account A general ledger contains all the assets, liabilities and equity accounts, Collection of all the individual
More informationThe McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin
1-1 2012 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 3 1 Analyzing Business Transactions Using T Accounts Section 1: Transactions That Affect Assets, Liabilities, and Owner s
More informationChapter 2 Review of the Accounting Process
Chapter 2 Review of the Accounting Process QUESTIONS FOR REVIEW OF KEY TOPICS Question 2 1 External events involve an exchange transaction between the company and a separate economic entity. For every
More informationName: Date: Period: Standard 2: Students will list and identify characteristics of the three basic accounting equation elements.
Name: Date: Period: Accounting I State Test Review Standard 2: Students will list and identify characteristics of the three basic accounting equation elements. (Chapter 1) 1. Write the accounting equation.
More informationACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION
ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION page 97. Source documents are checked, and transactions are analyzed.. Transactions are recorded in journals. 5. Journal entries
More informationNextGen Financial Management & NextGen Purchasing Fiscal Year End 2018
Financial Management & Purchasing Fiscal Year End 2018 LOCAL GOVERNMENT CORPORATION ALL RIGHTS RESERVED 2011-2018 (Rev. 05/21/2018) Version 4 Copyright 2011-2018 All Rights Reserved Purchasing and Financial
More informationChapter 2 Review of the Accounting Process
Chapter 2 Review of the Accounting Process QUESTIONS FOR REVIEW OF KEY TOPICS Question 2 1 External events involve an exchange transaction between the company and a separate economic entity. For every
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 information11-7. CHALLENGE PROBLEM, pp. 333, 334. Name Date Class. Journalizing and posting business transactions 1., 2. SALES JOURNAL 1., 3.
-7 CHALLENGE PROBLEM, pp., Journalizing and posting business transactions.,. ED SALES JOURNAL SALE NO. PAGE S RECEIVABLE SALES SALES TAX PAYABLE.,. PURCHASES JOURNAL PAGE ED PURCH. NO. PURCHASES DR. ACCTS.
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 informationOn October 1, 2010, Cody Doerr established Banyan Realty, which completed the following transaction during the month:
Pr 2-2 A page 91 On October 1, 2010, Cody Doerr established Banyan Realty, which completed the following transaction during the month: A. Cody Doerr transferred cash from a personal bank account to an
More informationANSWER ALL MULTIPLE CHOICE ON YOUR SCANTRON AND WRITE YOUR TEST COLOR ON THE SCANTRON.
Name: Perm # TEST VERSION: A Class: Date: ANSWER ALL MULTIPLE CHOICE ON YOUR SCANTRON AND WRITE YOUR TEST COLOR ON THE SCANTRON. THERE IS ONLY ONE PROBLEM-- ANSWER IT IN THE SPACE PROVIDED ON THIS EXAM.
More informationCompleting the accounting cycle
Chapter 5 Completing the accounting cycle PowerPoint presentation by Anne Abraham University of Wollongong 2009 John Wiley & Sons Australia, Ltd Learning Objectives 1. Understand all the steps in the complete
More informationWeek 5, Chap 4 Part 1
Slide 1 Week 5, Chap 4 Part 1 The General Journal and the General Ledger Instructor: Michael Booth Slide 2 The General Journal and the General Ledger The General Journal Section Objectives 1. Record transactions
More informationChapter 2 Review of the Accounting Process
Intermediate Accounting 8th Edition Spiceland Solutions Manual Full Download: http://testbanklive.com/download/intermediate-accounting-8th-edition-spiceland-solutions-manual/ Chapter 2 Review of the Accounting
More informationCompleting the accounting cycle
Chapter 5 Completing the accounting cycle PowerPoint presentation by Anne Abraham University of Wollongong 2009 John Wiley & Sons Australia, Ltd THE COMPLETE ACCOUNTING CYCLE 1. Recognise and record transactions
More informationChapter 2 Review of the Accounting Process
Intermediate Accounting 9th Edition Spiceland Solutions Manual Full Download: http://testbanklive.com/download/intermediate-accounting-9th-edition-spiceland-solutions-manual/ Chapter 2 Review of the Accounting
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 informationFUNDAMENTAL ACCOUNTING (100) Secondary
Page 1 of 11 Contestant Number: Time: Rank: FUNDAMENTAL ACCOUNTING (100) Secondary REGIONAL 2017 CONCEPT KNOWLEDGE: True/False (15 @ 2 points each) Multiple Choice (25 @ 2 points each) APPLICATION KNOWLEDGE:
More informationBusiness Background Management is responsible for preparing...
Business Background Management is responsible for preparing... Financial Statements High Quality = Relevance + Reliability... Are useful to investors and creditors. Business Background Revenues are recorded
More informationChapter 3 the Adjusting Process. Learning Objective 1 Describe the nature of the adjusting process.
1 Chapter 3 Adjusting Process Chapter 3 the Adjusting Process Learning Objective 1 Describe the nature of the adjusting process. Nature of the Adjusting Process General concept: revenues are earned when
More informationAdjustments, Financial Statements and the Quality of Earnings
Adjustments, Financial Statements and the Quality of Earnings Chapter 4 Accounting Cycle 4-2 1 Unadjusted Trial Balance Listing of all the balance sheet and income statement accounts, usually in financial
More informationLESSON 8-1. Recording Adjusting Entries. CENTURY 21 ACCOUNTING Thomson/South-Western
LESSON 8-1 Recording Adjusting Entries 2 TERM REVIEW page 205 Adjusting Entries journal entries recorded to update general ledger accounts at the end of a fiscal period Adjustments must be journalized
More informationThe Accounting Cycle, 1 thru 6: Par One Disc Golf
The Accounting Cycle, 1 thru 6: Par One Disc Golf SECTION I. ACCOUNTING CYCLE STEPS 1 THRU 4 Par One Disc Golf (PODG) was opened on March 1, 2015 by Brian Jones. The following selected events and transactions
More informationACCT Introduction to Accounting Chapter 6 - Closing Entries and the Post Closing Trial Balance Prof. Johnson
ACCT 100 - Introduction to Accounting Chapter 6 - Closing Entries and the Post Closing Trial Balance Prof. Johnson Purpose: The purpose of this handout is to summarize key concepts of Chapter 6. This represents
More information> DO IT! Chapter 2 The Recording Process. Recording Business Activities D-7
Chapter 2 The Recording Process Normal Balances Kate Browne has just rented space in a shopping mall. In this space, she will open a hair salon to be called Hair It Is. A friend has advised Kate to set
More informationNETWORK BUSINESS SYSTEMS SOFTWARE SYSTEM DOCUMENTATION GENERAL LEDGER
NETWORK BUSINESS SYSTEMS SOFTWARE SYSTEM DOCUMENTATION GENERAL LEDGER FEATURES Allows 99 divisions within 99 companies Separate General Ledger Data for Multiple Companies with Multiple Division and Multiple
More informationIntroduction Cengage Learning. All Rights Reserved.
Introduction How would you obtain a balance for any account recorded in the journal? How do you keep track of cash received and spent? Name different ways you can pay with cash. What types of accounts
More informationSolution Manual for College Accounting 12th Edition by Jeffrey Slater 2 Debits and Credits: Analyzing and Recording Business Transactions
Solution Manual for College Accounting 12th Edition by Jeffrey Slater 2 Debits and Credits: Analyzing and Recording Business Transactions Chapter 2: Debits and Credits: Analyzing and Recording Business
More informationTeacher: Mr. Jones ACCOUNTS WORKBOOK GRADE 11 PRINCE WILLIAMS HIGH SCHOOL TERM 1
Name: Class: Option: 1 Teacher: Mr. Jones ACCOUNTS WORKBOOK GRADE 11 PRINCE WILLIAMS HIGH SCHOOL TERM 1 INSTRUCTIONS TO CANDIDATES REVIEW NOTES AND ANSWER QUESTIONS PROVIDED ALL YOUR ANSWERS MUST BE WRITTEN
More informationOnce the financial position of a business is determined in the form of a balance sheet, there is a need to record it in permanent form.
Opening Entries Once the financial position of a business is determined in the form of a balance sheet, there is a need to record it in permanent form. The journal is the book of original entry. The journal
More informationEnter account titles and their unadjusted balances in the Trial Balance columns Total the amounts
Process by which companies produce their financial statements Chapter 4 Copyright 2009 Prentice Hall. All rights reserved 2 Journalize Transaction Post to Accounts Adjust Accounts Prepare an accounting
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 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 informationVISUAL #16-1 CLASSIFYING ACTIVITIES IN THE STATEMENT OF CASH FLOWS OPERATING ACTIVITIES INVESTING ACTIVITIES FINANCING ACTIVITIES
VISUAL #16-1 CLASSIFYING ACTIVITIES IN THE STATEMENT OF CASH FLOWS OPERATING ACTIVITIES Cash inflows from Cash outflows to Customers for cash sales Collections on credit sales Borrowers for interest Dividends
More informationwww.assignmentstudio.net WhatsApp: +61-424-295050 Toll Free: 1-800-794-425 Email: contact@assignmentstudio.net Follow us on Social Media Facebook: https://www.facebook.com/assignmentstudio Twitter: https://twitter.com/assignmentstudi
More informationPROBLEM 3-2B. (a) J1 Date Account Titles Ref. Debit Credit May 31 Insurance Expense Prepaid Insurance...
PROBLEM 3-2B (a) J1 Date Account Titles Ref. Debit Credit May 31 Insurance Expense... 722 190 Prepaid Insurance... ($2,280 X 1/12) 130 190 31 Supplies Expense... Supplies ($2,200 $)... 631 126 1,450 1,450
More informationFull file at Chapter 2: Analyzing Business Transactions
Chapter 2: Analyzing Business Transactions TRUE/FALSE 1. When a company receives a product previously ordered, a recordable transaction has occurred. T PTS: 1 OBJ: LO1 KEY: business transactions 2. When
More informationAccounting Principles
Accounting Principles Second Canadian Edition Weygandt Kieso Kimmel Trenholm Prepared by: Carole Bowman, Sheridan College CHAPTER 2 THE RECORDING PROCESS THE ACCOUNT An account is an individual accounting
More information