a. Post the Transactions to T-Account b. Prepare a Trial Balance
Q: The matching principle a.requires that the dollar amount of debits equal the dollar amount of…
A: Accounting is a process of recording the financial transactions of an organisation. Accounting is…
Q: Create a Trial Balance.
A: The trial balance has been prepared from the general journal. The general journal and trial balance…
Q: Question Required 1- Recording the flowing-mentioned operations in the journal and transferring them…
A: A journal entry is made to record the financial transaction in the books of accounts. T-account: The…
Q: 2. Prepare the following: a) Journal Entry b) T-account c) Trial Balance d) Balance Sheet
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Among these, which item is used as the base for preparing unadjusted trial balance? a. General…
A: The correct option is a. General Ledger
Q: Required: a.) Prepare general journal entries to record the above transaction. Open the accounts…
A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…
Q: Prepare an unadjusted trial balance, in correct format, from the following alphabetized account…
A: The unadjusted trial balance is the summary of all the ledger accounts that appears on the ledger…
Q: From the following list of steps in the accounting cycle, identify what two steps are missing:a.…
A: Accounting cycle: Accounting cycle is a step by step process of analyzing, classifying, and…
Q: balances, prepare the trial balance for Craymar Fu ure Repair's accounts.)
A: A trial balance is a list of all the ledger accounts with their closing balances reflecting on the…
Q: prepare a trial balance asap
A: Trial balance in the shows summary of all general ledger account balances in the business.
Q: A. Analyze business transactions. B. Journalize the transactions. C. Post to ledger accounts. D.…
A: SOLUTION ACCOUNTING CYCLE IS A COLLECTIVE PROCESS IDENTIFYING ,ANALYSING AND RECORDING THE…
Q: Order the following steps in the accounting process that focus on analyzing and recording…
A: Accounting: It can be defined as the process of summarizing and recording all the financial events…
Q: What is used in preparing trial balance? a. Ledger Accounts. b. General Journal. c. Specialized…
A: Trial balance is something which is usually prepared to verify if the debits in the books are equal…
Q: The steps in preparing a trial balance include all of the following except a. Proving the equality…
A: 17. The trial balance is the account that is prepared by the company for all the accounts in the…
Q: Put the following steps in the accounting cycle in the correct order (1-9). Prepare the post-closing…
A: Below is the correct accounting cycle: Analyze transactions and events Journalize transactions and…
Q: Which of the following is the order of steps to journalize an entry? O A. Record the transaction…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Below are the steps in the measurement process of external transactions. Arrange them from first (1)…
A: Measurement process of external transactions:
Q: instructions a) prepare the for Good luckKCo. elosing ejournalentries b) prepare a post-closing…
A: Closing Journal Entries: Closing journal entries are those journal entries that are prepared at the…
Q: Preparation of the trial balance 2 pc ensures that all amounts have been posted to the correct…
A: Solution: Preparation of Trial balance: 1. Do not ensure that all amounts have been posted to…
Q: Documentary evidence of transaction is called as O a. voucher O b. chart of accounts O c. invoice O…
A: Invoices is commercial document issued by a seller to the buyer in connection with a sale…
Q: A Trial balance is prepared:(a) After preparation financial statement.(b) After recording…
A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…
Q: Record the following transactions to the journal and post it to the T-accounts. Make a footing and…
A: The first step of recording any transaction is a journal entry. A Journal book is a book of the…
Q: A date-wise record of transactions expressed as debits and credits to accounts is provided by
A: The answer is Option (a.) Journal
Q: From the following list of steps in the accounting cycle, identify what two steps are missing:a.…
A: Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting…
Q: 1. PREPARE THE TRIAL BALANCE
A: Trial balance: In the trial balance, the closing balance of all the accounts in the ledger are…
Q: G se or erify that the end-of-period spreadsheet is in b verify that the adjusted trial balance at…
A: Post closing trial balance contains permanent account balances. These are balance sheet items which…
Q: Which one of the following step does not involve Posting from journal to the ledger? a. Enter the…
A: The primary reporting of the transactions in the accounting books can be done using Journal entries.…
Q: Which sequence correctly summarizes the accounting process? Journalize transactions, post to the…
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: Prepare two T accounts for each transaction. On each T account, select the account title of one of…
A: After maintain of journal entry the accounts are posted to T-accounts. It is an important part of…
Q: Of the following, which step is not a requirement during the accounting cycle? O a. An end-of-period…
A: Eight important steps of the accounting cycle: 1. Identify transaction. 2. Record Transaction 3.…
Q: prepare the trial balance
A: Trail Balance is the statement which is prepared with the aim to determine whether the posting…
Q: Post to a ledger using the T-acvount format. B.Journalize the above transaction
A: Journal entries and Ledgers are basics of accounting
Q: It is prepared with an objective to test the arithmetic accuracy of the accounts a. Ledger b. Books…
A: The transaction recording is a process in which various steps are involved. Like recording the…
Q: The double-entry system requires that each transaction must be recorded Select one: a. in at least…
A: Double Entry system: According to double entry system every business transaction has a dual aspect.…
Q: Transactions are first recorded in a O A. ledger O B. journal O C. trial balance O D. chart of…
A: The transaction, which is measurable in monetary terms, is an economic event with a third party…
Q: 22. A trial balance is made up of a list of debit balances and credit balances. Which of the…
A: >Trial balance is prepared once the process of journal entry recording and ledger posting is…
Q: List (a) through (j) in the order they would be performed in preparing and completing an…
A: Spreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a…
Q: Required: a) Journalize the above transactions in the general journal. b) T-account c) Make a trial…
A: Journal is a financial book in which all business financial transactions are recorded first,…
Q: From the following list of steps in the accounting cycle, identify what two steps are missing:…
A: Accounting cycle: It describes the steps when processing transactions (analyzing, journalizing,…
Q: Arrange the following steps in the posting process in correct order: a. Write the ledger account…
A: Solution:- The following steps in the posting process in correct order as follows under:-
Q: 1. For each account listed in the trial balance, enter the balance in the appropriate Balance column…
A: We are given the unadjusted trial balance of Lakota Freight Co as at 31st March, 20Y4 for which a…
Q: It is calculated to verify the sum of the debit is equal to the sum of credit a. Journal b. Trial…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The purpose of the post-closing trial balance is to a. provide the account balances for the…
A: Solution: The purpose of Post closing trial balance is to "ensure that the ledger is in balance for…
Q: The required steps in the accounting cycle are listed in random order below. List the steps in…
A: Accounting Cycle: Accounting cycle refers to the process of recording a business transaction in the…
Q: Journalise and post to ledger May transactions Prepare the trial balance end in May
A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…
Q: Using the journal entries in Picture #1, post the journal entries to its individual T-Accounts and…
A: A group of accounts is known as ledger. After transactions have been recorded in the journal the…
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- The following trial balance has been extracted from the ledger of Mr. Cole, a sole trader:Trial balance as at 31 December, 2020Particulars Debit ¢ Credit ¢Sales 138,000Purchases 82,350Travel expenses 5,200Drawings 7,800Rent, rates & insurance 6,600Postage and stationery 3,000Advertisement 1,330Salaries and wages 26,420Bad debt 8,700Investment Income 15,890Debtors 12,120 Creditors 130Cash in hand 1,700Cash at bank 1,000Inventory as at 1 January, 2020 11,800Equipment at cost 58,000Loan 19,000Capital 53,000226,020 226,020Inventory at the close of business has been valued at ¢13,500Required;Prepare an income statement for the year ending 31st December 2020 and a balance sheet as at that date.Please try to answer accurately and accordance with requirements.Thank you!The general ledger of Emerates Traders Ltd includes the following accounts as at 30 June 2018:$000Sales Revenue 8,280Dividend Received 126Interest Received 65Cost of Sales 1,105Selling and Distribution expenses 450Administration expenses 1,550Finance costs 16Valuation loss on trading investments (considered a material item) 250Income tax expense charged to profit and loss 1,500Expenses classified by nature include:Auditors Remuneration:Audit of accounts 20Information technology controls advice 5 25Depreciation expense:Buildings 120Plant and Equipment 225 345Additional InformationThe valuation loss on investments held for trading is not tax deductible.Task 4a. Complete a Statement of Comprehensive Income showing expenses classified byfunction on the face of the Income Statement together with notes to the incomestatement including the material item.- Note that Emerates Traders Ltd discloses material items on the…Balance off the accounts and extract a trial balance for sole trader Airman Co. as at 30 September2020:DR CR£ £Capital 306,070Drawings 26,500Cash at bank 20,000Cash in hand 8,500Accounts receivable (Debtors) 70,000Accounts payable (Creditors) 16,000Inventory (Stock): 30 September 2019 36,000Van 16,000Fixtures and Fittings 32,000Sales 80,000Purchases 150,000Return inwards (Sales Returns) 2,000Carriage inwards 720Returns outwards (Purchase Returns) 600Carriage outwards 400Motor expenses 1,200Rent 5,000Telephone charges 620Wages and salaries 32,000Insurance 830Office expenses 600Sundry expenses 300402,670 402,670Inventory as at 30 September 2020 was £120,000.Required a. Draft an Income Statement for Airman Co. for the year ending 30th September 2020 b. The records show that the Airman Co. has been profitable during 10 years since 2009. Due to COVID-19 outbreak, explain the possible impact of COVID-19 on company Income statement items.
- 1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading.Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166Required: i. Statement of Profit or Loss and Others Comprehensive Income for the year ended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.Then balance off the accounts and extracted a trial balance for sole trader Airman Co. as at 30September 2020:DR CR£ £Capital £306,070Drawings 26,500Cash at bank 20,000Cash in hand 8500Accounts receivable (Debtors) 70,000Accounts payable (Creditors) 16,000Inventory (Stock): 30 September 2019 36,000Van 16,000Fixtures and Fittings 32,000Sales 80,000Purchases 150,000Return inwards (Sales Returns) 2,000Carriage inwards 720Returns outwards (Purchase Returns) 600Carriage outwards 400Motor expenses 1200Rent 5,000Telephone charges 620Wages and salaries 32,000Insurance 830Office expenses 600Sundry expenses 300437,600 437,600Inventory as at 30 September 2020was £120,000.Requireda. Draft an Income Statement for S. Keyes for the year ending 30th September 201926.The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P10,000Accounts Payable, end P8,000Inventory, beg P17,000Inventory, end P9,000Payment to creditors 287,000Purchase returns, P15,000How much was the cost of goods sold during the period? 285,000 293,000 300,000 315,000
- 42.The following data were available for ABC Company, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P15,000Accounts Payable, end P10,000Inventory, beg P17,000Inventory, end P9,000Cash payment to creditors(net of 2% discount) 294,000Purchase returns, P5,000How much were the credit purchases during the period? 285,000 294,000 300,000 315,000Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading. Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166 Required:i. Statement of Profit or Loss and Others Comprehensive Income for the yearended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…
- The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 918,000 $ 964,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 828,900 761,940Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268,460 1,162,980Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,340 35,100Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,900 479,700Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,500 900,900Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . . . . . . .…The following trial balance was extracted from the books of J. Brown as at 31 May 2021. DRCR $$ Purchases and Sales65,730 125,910 Stock at June 1, 202015,480 - Bank overdraft- 13,050 Capital- 21,600 Cash270 - Discounts4,320 2,880 Return inwards2,430 - Return outwards- 1,710 Carriage outwards6,480 - Carriage inwards2,850 - Rent and Rates5,220 - Provision for bad debts- 1,980 Machinery5,100 - Van9,300 - Provision for depreciation on Vans- 3,000 Provision for depreciation on Machinery- 1,500 Accounts Receivable and Payables35,730 18,180 Drawings8,640 - Wages and Salaries26,820 - General office expenses1,440 - 189,810 189,810 Notes:Closing stock $22,000Wages and salaries: accrual $900; Office expenses accrued $500Rent and rates prepaid $800Increase the provision for bad debts to $2,000Provision for depreciation Van 10% of cost, and Machinery 15% on the reducing balance method.(See requirements on next page.) Required:1: Prepare an Income Statement for the year ended May 31, 2021 2: From…Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.