1. Select a business of your choice, write 10 different transactions for a month with imaginary figures. i) You are required to analyze the transactions and discuss the effects of the transaction in Accounting Equation. Also required to Show the effect of above transactions on accounting equation and prove the accounting equation at the end. ii) You are required to discuss the journalizing process based on the double entry rules for all the 10 transactions. Also required to prepare the necessary journal entry for all 10 transactions.
Q: Pam Fisher opens a web consulting business called Fisher Consulting and completes the following…
A: Financial statements include the primary four elements, namely, Income statement, statement of cash…
Q: anis Engle has prepared the following list of statements about the accounting cycle. 1. “Journalize…
A: Financial Statement:- These are statements prepared at the end of the financial year to know the…
Q: ou are an accounting intern working for SpringFit Corporation. You have recently been assigned to…
A: The bonds are issued at discount , if market rate is higher than the stated rate of interest. The…
Q: Ramierez Company received its first electric bill in the amount of $60 which will be paid next…
A: Accounting equation says that total assets should always be equals to total liabilities and…
Q: In Chapter 11, the first step of the computer accounting cycle is to: Question 26 options:…
A: The steps in computer Accounting cycle is as follows 1. Set up a business and select a chart of…
Q: A- The two main sets of accounting standards followed by businesses are GAAP and IFRS. Briefly…
A: (A). The following is a brief explanation about balance sheet under generally accepted accounting…
Q: During June, Thuy Bui’s business performed services for a specific customer for which the fee was…
A: The revenues and expense are reported on the income statement when they are earned and incurred,…
Q: Samantha Summers opened a medical practice. During July, the first month of operation, the business,…
A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…
Q: From the trial balance you are to complete the three basic financial statements in the correct order…
A: Financial statements are the reports that indicate the financial position of the business. The…
Q: $8,000 cash for six month
A: The journal entry is given as,
Q: Use the following information for Exercises 16-18 below. [The following information applies to the…
A: The balance sheet is an essential part of financial statements. It is prepared by the management and…
Q: HENDERSON COMPANY On April 1, Mary Henderson started Henderson Company. The company was organized…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: On November 10, 2014, Flash Trucking Services started its operation with its location in Baguio…
A: Journal entries represent recording day-to-day business-related transactions that are in monetary…
Q: Use the table provided to analyze and indicate the effect of the following transactions on the…
A: Accounting Equation: Assets = Liabilities + Capital
Q: 4. Capstone Consulting Company is preparing the closing entries at the end of the accounting period.…
A: 1. Closing Entries - Closing entries are required to close the temporary accounts after making…
Q: Use the following information to answer Exercises E2-18 and E2-19. The following transactions…
A: Journal entries are the transactions that are recorded in the primary book. They are chronological…
Q: Describe and illustrate how business transactions can be recorded in terms of the resultingchange in…
A: Transaction Effect 1 Received cash from owner as additional investment C 2…
Q: The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: A business has the following transactions in a month. Journalise each of the transactions. What is…
A: Journal entries recording is the first step in accounting process, in which atleast one account is…
Q: The two main sets of accounting standards followed by businesses are GAAP and IFRS. Briefly explain…
A: A) The balance sheet is a statement prepared to ascertain the true position of assets and…
Q: After you prepare journal entries, prepare an August 31 trial balance for Pose for Pic. (Use the…
A: PARTICULARS AMOUNT PARTICULARS AMOUNT TO OFFICE SUPPLIES $5250 CONSULTING FEE EARNED $27000 TO…
Q: A- The two main sets of accounting standards followed by businesses are GAAP and IFRS. Briefly…
A: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Activity 1. Listed below are seven business transactions of EMF Company during its first month of…
A: The accounting equation states that total assets are equal to total liabilities and shareholders'…
Q: Review accounting terms by completing the following crossword puzzle. Across: Down: 5. Copy data…
A: The accounting terms in crossword puzzle are: Post. When the journal transactions are copied in the…
Q: The two main sets of accounting standards followed by businesses are GAAP and IFRS. Briefly explain…
A: Hi, Thank you for the Question. As per the honor code, we’ll answer the first question since the…
Q: The first seven transactions of Whittier Advertising, Inc., have been posted to the company's…
A: Journal Entry Accounts and Explanations Debit Credit 1 Cash 9,000 Common Stock…
Q: Creating a chart of accounts Raymond Autobody Shop has the following accounts: Accounts Payable…
A: Chart of Accounts: The purpose of chart of accounts is to identify the particular account with the…
Q: As staff accountant for a local accounting firm, your supervisor asks you to confirm equity amounts…
A: Accounting equation is the most basic equation in the accounting system. It is the one which is used…
Q: EMB Consulting Services had the following transactions for the month of November. Journalize the…
A: Journal entry: It can be defined as the recording of financial events and transactions that have…
Q: General Ledger Tab - To see the detail of all transactions that affect a specific account, or the…
A: General Ledger :— A general ledger (GL) is a set of numbered accounts a business uses to keep track…
Q: Using the partial worksheet image shown, the correct closing entry for the Advertising Expense…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: he entries to record the transactions. Refer to the Chart of Accounts for exact wording of account…
A:
Q: Pam Fisher opens a web consulting business called Fisher Consulting and completes the following…
A: Statement of owners equity :— It is one of the financial statement that shows capital introduced and…
Q: The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of…
A: All revenues are closed by crediting the income summary account and expenses are closed by debiting…
Q: In recording 400 fees earned on account during a single month, how many times will it be necessary…
A: 1. a400 times will be necessary to Fees Earned if each transaction, including fees earned, is…
Q: Using the the following trial balance, with a closing stock of $1,000, prepare an Income Statement…
A: The income statement represents the net income of the company that is calculated by deducting the…
Q: You are an accounting intern working for SpringFit Corporation. You have recently been assigned to…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Listed below in random order are the eight steps comprising a complete accounting cycle:Prepare a…
A:
Q: A company had the following accounts and balances at year-end: Account Balance Cash $23 Common…
A: A TRIAL BALANCE IS A BOOKKEEPING WORKSHEET IN WHICH THE BALANCE OF ALL LEDGERS ARE COMPLIED INTO…
Q: After preparing and posting the closing entries for revenues and expenses, the income summary…
A: The closing entries are prepared to close the temporary accounts of the business including revenue,…
Q: - The two main sets of accounting standards followed by businesses are GAAP and IFRS. Briefly…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: 5 ‘o clock deadline. Hannah will look for the difference next week when she has more time. Discuss…
A:
Q: Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial…
A: 1.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 5 images
- This problem is designed to enable you to apply the knowledge you have acquired in the preceding chapters. In accounting, the ultimate test is being able to handle data in real life situations. This problem will give you valuable experience. CHART OF ACCOUNTS You are to record transactions in a two-column general journal. Assume that the fiscal period is one month. You will then be able to complete all of the steps in the accounting cycle. When you are analyzing the transactions, think them through by visualizing the T accounts or by writing them down on scratch paper. For unfamiliar types of transactions, specific instructions for recording them are included. However, reason them out for yourself as well. Check off each transaction as it is recorded. Required 1. Journalize the transactions. (Start on page 1 of the general journal if using Excel or Working Papers.) 2. Post the transactions to the ledger accounts. (Skip this step if using CLGL.) 3. Prepare a trial balance. (If using a work sheet, use the first two columns.) 4. Data for the adjustments are as follows: a. Insurance expired during the month, 1,000. b. Depreciation of pool structure for the month, 715. c. Depreciation of fan system for the month, 260. d. Depreciation of sailboats for the month, 900. e. Wages accrued at June 30, 810. Your instructor may want you to use a work sheet for these adjustments. 5. Journalize adjusting entries. 6. Post adjusting entries to the ledger accounts. (Skip this step if using CLGL.) 7. Prepare an adjusted trial balance 8. Prepare the income statement 9. Prepare the statement of owners equity. 10. Prepare the balance sheet. 11. Journalize closing entries. 12. Post closing entries to the ledger accounts. (Skip this step if using CLGL.) 13. Prepare a post-dosing trial balance. Check Figure Trial balance total, 281,858; net income, 7,143; post-dosing trial balance total, 263,341Sage Learning Centers was established on July 20, 2016, to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger, and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?This problem is designed to enable you to apply the knowledge you have acquired in the preceding chapters. In accounting, the ultimate test is being able to handle data in real-life situations. This problem will give you valuable experience. CHART OF ACCOUNTS You are to record transactions in a two-column general journal. Assume that the fiscal period is one month. You will then be able to complete all of the steps in the accounting cycle. When you are analyzing the transactions, think them through by visualizing the T accounts or by writing them down on scratch paper. For unfamiliar types of transactions, specific instructions for recording them are included. However, reason them out for yourself as well. Check off each transaction as it is recorded. Required 1. Journalize the transactions. (Start on page 1 of the general journal if using Excel or Working Papers.) 2. Post the transactions to the ledger accounts. (Skip this step if using CLGL.) 3. Prepare a trial balance. (If using a work sheet, use the first two columns.) 4. Data for the adjustments are as follows: a. Insurance expired during the month, 1,020. b. Depreciation of building for the month, 480. c. Depreciation of pool/slide facility for the month, 675. d. Depreciation of pool furniture for the month, 220. e. Wages accrued at July 31, 920. Your instructor may want you to use a work sheet for these adjustments. 5. Journalize adjusting entries. 6. Post adjusting entries to the ledger accounts. (Skip this step if using CLGL.) 7. Prepare an adjusted trial balance. 8. Prepare the income statement. 9. Prepare the statement of owners equity. 10. Prepare the balance sheet. 11. Journalize closing entries. 12. Post closing entries to the ledger accounts. (Skip this step if using CLGL.) 13. Prepare a post-closing trial balance. Check Figure Trial balance total, 601,941; net income, 16,293; post-closing trial balance total, 569,614
- Toms Catering Services prepared the following work sheet for the year ended December 31, 20--. Required 1. Complete the work sheet. (Skip this step if using QuickBooks or general ledger.) 2. Prepare an income statement. 3. Prepare a statement of owners equity; assume that there was an additional investment of 2,500 on December 1. (Skip this step if using QuickBooks. The additional investment assumption has already been completed in the data file.) 4. Prepare a balance sheet. 5. Journalize the closing entries with the four steps in the correct sequence. 6. Prepare a post-closing trial balance. (For QuickBooks, select the trial balance report, then modify the report name to Post-Closing Trial Balance.) Check Figure Net income, 19,567Following is the chart of accounts of Smith Financial Services: Smith completed the following transactions during June (the first month of business): Required 1. Journalize the transactions for June in the general journal. 2. Post the entries to the general ledger accounts. (Skip this step if you are using CLGL.) 3. Prepare a trial balance as of June 30, 20. 4. Prepare an income statement for the month ended June 30, 20. 5. Prepare a statement of owners equity for the month ended June 30, 20. 6. Prepare a balance sheet as of June 30, 20.Following is the chart of accounts of Sanchez Realty Company: Sanchez completed the following transactions during April (the first month of business): Required 1. Journalize the transactions for April in the general journal. 2. Post the entries to the general ledger accounts. (Skip this step if you are using CLGL.) 3. Prepare a trial balance as of April 30, 20. 4. Prepare an income statement for the month ended April 30, 20. 5. Prepare a statement of owners equity for the month ended April 30, 20. 6. Prepare a balance sheet as of April 30, 20. If you we using CLGL, use the year 2020 when preparing all reports.
- Multiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows: a. Prepare a multiple-step income Statement for the year ended March 31, 20Y5. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.During the first month of operations, Landish Modeling Agency recorded transactions in T account form. Foot and balance the accounts. Then prepare a trial balance, an income statement, a statement of owners equity, and a balance sheet dated March 31, 20--.Williams Mechanic Services prepared the following work sheet for the year ended March 31,20--. Required 1. Complete the work sheet. (Skip this step if using CLGL.) 2. Prepare an income statement. 3. Prepare a statement of owners equity. Assume that there was an additional investment of 5,000 on March 13. 4. Prepare a balance sheet. 5. Journalize the closing entries using the four steps in the correct sequence. 6. Prepare a post-dosing trial balance. Check Figure Post-closing trial balance total, 31,765
- Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 2016, follows: The following business transactions were completed by Elite Realty during April 2016: Instructions 1. Record the April 1, 2016, balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the Posting Reference column. 2. Journalize the transactions for April in a two-column journal beginning on Page 18. Journal entry explanations may be omitted. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance of the ledger as of April 30, 2016. 5. Assume that the April 30 transaction for salaries and commissions should have been 19,100. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting entry. (c) Is this error a transposition or slide?Complete accounting cycle For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 20Y6, Jeff decided to move to rented quarters and to operate the business, which was to be known as Rosebud Consulting, on a full-time basis. Rosebud entered into the following transactions during April: Record the following transactions on Page 2 of the journal: Instructions 1. Journalize each transaction in a two-column journal starting on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of April, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). (a) Insurance expired during April is 350. (b) Supplies on hand on April 30 are 1,225. (c) Depreciation of office equipment for April is 400. (d) Accrued receptionist salary on April 30 is 275. (e) Rent expired during April is 2,000. (f) Unearned fees on April 30 are 2,350. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 3 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 4 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.The transactions completed by PS Music during June 2016 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: Enter the following transactions on Page 2 of the two-column journal: PS Musics chart of accounts and the balance of accounts as of July 1, 2016 (all normal balances), are as follows: Instructions 1. Enter the July 1, 2016, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column, and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2016.