please see attached - thank you in advance Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 1st. For each transaction that follows the transaction on the 1st, calculate the balance in each account after analyzing its effect on the accounting equation. Enter each transaction from the 28th on separate lines and in the same order aspresented in the problem statement (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses.Abbreviations used: A/P = Accounts Payable; A/R = Accounts Receivable; Adv. = Advertising: Cap. = Treyson, Capital; Exp. = Expense; Liab. = Liabilities; Off. Sup. = Office Supplies; Serv. Rev. = Service Revenue; Util. = Utilities; Wage = Wages; Withdr. = Treyson, Withdrawals.)ASSETS= LIAB.EQUITYCash+A/ROf.A/PСар.Сap.Withdr.+ Serv.RentUtl.Wage- Adv.Sup.Rev.Exp.Еxp.Exp.Exp12/112/2+Bal.++=12/5Bal.12/9Bal.+12/10+Bal.+12/15+Bal.+12/20+Bal.++12/25Bal.12/28+12/28+Bal.12/30Bal.12/31Bal. Dec. 1Treyson contributed $16,000 cash in exchange for capital.Dec. 2Received $2,400 cash from customers for services performed.Dec. 5Paid $550 cash for office supplies.Dec. 9Performed services for a customer and billed the customer for services rendered, $2,000.Dec. 10Received $550 invoice for utilities due in two weeks.Dec. 15Paid for advertising in the local paper, $300.Dec. 20Paid utility invoice received on December 10.Dec. 25Collected cash in full from customer billed on December 9.Dec. 28Paid rent for the month, $1,400.Dec. 28Paid $1,550 to assistant for wages.Dec. 30Received $2,000 cash from customers for services performed.Dec. 31Treyson withdrew $3,000.

The transactions of the company will be recorded first in the company's books which is called as…

Dec. 1 Treyson contributed $16,000 cash in exchange for capital. Dec. 2 Received $2,400 cash from customers for services performed. Dec. 5 Paid $550 cash for office supplies. Dec. 9 Performed services for a customer and billed the customer for services rendered, $2,000. Dec. 10 Received $550 invoice for utilities due in two weeks. Dec. 15 Paid for advertising in the local paper, $300. Dec. 20 Paid utility invoice received on December 10. Dec. 25 Collected cash in full from customer billed on December 9. Dec. 28 Paid rent for the month, $1,400. Dec. 28 Paid $1,550 to assistant for wages. Dec. 30 Received $2,000 cash from customers for services performed. Dec. 31 Treyson withdrew $3,000.

Dec. 1 Treyson contributed $16,000 cash in exchange for capital. Dec. 2 Received $2,400 cash from customers for services performed. Dec. 5 Paid $550 cash for office supplies. Dec. 9 Performed services for a customer and billed the customer for services rendered, $2,000. Dec. 10 Received $550 invoice for utilities due in two weeks. Dec. 15 Paid for advertising in the local paper, $300. Dec. 20 Paid utility invoice received on December 10. Dec. 25 Collected cash in full from customer billed on December 9. Dec. 28 Paid rent for the month, $1,400. Dec. 28 Paid $1,550 to assistant for wages. Dec. 30 Received $2,000 cash from customers for services performed. Dec. 31 Treyson withdrew $3,000.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter3: Processing Accounting Information

Section: Chapter Questions

Problem 3.1KTQ: Read each definition below and write the number of the definition in the blank beside the...

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Monet Paints Co. is a newly organized business with a list of accounts arranged in alphabetical order, as follows: Construct a chart of accounts, assigning account numbers and arranging the accounts in balance sheet and income statement order, as illustrated in Exhibit 2. Each account number is three digits: the first digit is to indicate the major classification (1 for assets, for example); the second digit is to indicate the subclassification (11 for current assets, for example); and the third digit is to identify the specific account (110 for Cash, 112 for Accounts Receivable, 114 for Merchandise Inventory, etc.).
Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Event External event Internal event Transaction Source document Account Chart of accounts General ledger Debit Credit Double-entry system Journal Posting Journalizing General journal Trial balance A numerical list of all accounts used by a company. A list of each account and its balance; used to prove equality of debits and credits. A happening of consequence to an entity. An entry on the right side of an account. An event occurring entirely within an entity. A piece of paper that is used as evidence to record a transaction. The act of recording journal entries. An entry on the left side of an account. The process of transferring amounts from a journal to the ledger accounts. An event involving interaction between an entity and its environment. A record used to accumulate amounts for each individual asset, liability, revenue, expense, and component of stockholders equity. A book, a file, a hard drive, or another device containing all of the accounts. A chronological record of transactions. Any event that is recognized in a set of financial statements. The journal used in place of a specialized journal. A system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance.
Arrange the following steps in the posting process in correct order: a. The amount of the balance of the ledger account is recorded in the Debit Balance or Credit Balance column. b. The amount of the transaction is recorded in the Debit or Credit column of the ledger account. c. The ledger account number is recorded in the Post. Ref. column of the journal. d. The date of the transaction is recorded in the Date column of the ledger account. e. The page number of the journal is recorded in the Post. Ref. column of the ledger account.
Identify whether the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Indicate the normal balance of the account. Table 3.20
Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.
The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.
Enter the amount of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign. Enter as per the transaction order provided in the question data.)
Below are the steps in the measurement process of external transactions. Arrange them from first (1) to last (6).__________ a. Post the transaction to the T-accounts in the general ledger.__________ b. Assess whether the impact of the transaction results in a debit or credit to account balances.__________ c. Use source documents to identify accounts affected by an external transaction.__________ d. Analyze the impact of the transaction on the accounting equation.__________ e. Prepare a trial balance.__________ f. Record the transaction using debits and credits.
When a financial transaction occurs, it affects at least two accounts and every ledger account has two sides. How can you know on which side the increase or decrease in an account is to be recorded?
Listed below are all the steps in the accounting cycle.(a) Record and post adjusting entries.(b) Post the transaction to the T-account in the general ledger.(c) Record the transaction.(d) Prepare financial statements (income statement, statement of stockholders’ equity, balance sheet, and statement of cash flows).(e) Record and post closing entries.(f) Prepare a trial balance.(g) Analyze the impact of the transaction on the accounting equation.(h) Assess whether the transaction results in a debit or a credit to the account balance.(i) Use source documents to identify accounts affected by external transactions.Required: List the steps in proper order.
Posting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.
The trial balance is used to prove the equality of total debits and total credits of all accounts in the ledger; it is also used to prepare the financial statements. Select one: O True O False