Lucy must close the accounting books in the old system to have a complete set of financial statements to bring into the new system. How would you guide Lucy through the process of closing the accounting books in the old system? Explain.
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Lucy must close the accounting books in the old system to have a complete set of financial statements to bring into the new system. How would you guide Lucy through the process of closing the accounting books in the old system? Explain.
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- The bookkeeper has completed a work sheet and has journalized and posted the closing entries, but he forgot to journalize and post the adjusting entries from the work sheet. What are the effects of these actions and omissions? How would these actions and omissions affect the accounting records and the resulting financial statements?assume that you had to explain to a friend or family member (with no accounting background) the Accounting Cycle and how to complete your Accounting Cycle Project. What would you say?“Since you are enrolled in an introductory accounting class, a friend asks you the following: "I have never understood debits and credits." Provide a brief explanation of the terms debit and credit and how they are used in an accounting information system.
- Please prepare journal entries for the following statements. You will also need to prepare the related T-accounts for each journal entry. Then you should prepare the trial balance, the adjusting entries, the financial statements and the closing entries. Additionally, for each account that you use in the journal entries, please indicate which component of the Accounting Equation this account belongs in (if this is unclear, please ask). 9/1/21 – Mary decides to open a new business. She has $20,000 to invest in the company, and she buys all 100 shares of stock. 9/1/21 – Mary borrows $90,000 from Suntrust Bank. This loan will be repaid in 3 years and will charge interest at 4% semi-annually. She will pay $3,600 per year. 9/1/21 – Mary hires an accountant and financial advisor to help manage her business and her money. She will pay her accountant an hourly rate of $90 per hour. 9/1/21 – Mary signs a contract to provide services to a local school district. She will provide services…Janis Engle has prepared the following list of statements about the accounting cycle. 1. “Journalize the transactions” is the first step in the accounting cycle. 2. Reversing entries are a required step in the accounting cycle. 3. Correcting entries do not have to be part of the accounting cycle. 4. If a worksheet is prepared, some steps of the accounting cycle are incorporated into the worksheet. 5. The accounting cycle begins with the analysis of business transactions and ends with the preparation of a post-closing trial balance. 6. All steps of the accounting cycle occur daily during the accounting period. 7. The step of “post to the ledger accounts” occurs before the step of “journalize the transactions.” 8. Closing entries must be prepared before financial statements can be prepared. Instructions Identify each statement as true or false. If false, indicate how to correct the statement. Please answer it with proper explanationa) Define the term accounitng, explain any five types of accounting informationusers using five different types of industires and how their accounting information would be relevant to decision. b) What do you understand by the term booking, explain the process of bookkeeping to be aopted by a petty trader and the likely summarized doucuments that can come out of the book keeping process? c) The process of preparing accounting records require care and good practice, explain to Maame Monkuah the characteristics of information needed to prepare a balance sheet or profit and loss acccount.
- please answer this question by preparing the general journal entry to record the above transaction is need this answer for my assignment I am a new accounting student so I need the general journal entry allAs an accountant, your new client Michael Sue's he's assistance in setting up his books for his business. To do this successfully, you start by showing him how you perform a transaction analysis based on the accounting equation assets equals liabilities plus owners equity. You explain to Michael how to show increases and decreases in assets liabilities and owners equity accounts using that analysis template. To help Michael understand the transaction analysis you reconcile each side of the equation by balancing out each column at the end of the transaction. complete by using the accounts cash, accounts receivable, supplies, equipment, accounts payable, notes payable, Suze capital, Suze drawing, service revenue, rent expense, salary expense, utilities expense, and advertising expense. Please record the transactions listed in the image.From the topics in the accounting course: "Analyzing Transaction, The Adjusting Process, The Accounting Cycle, Inventories, Internal Control & Cash, Accounting for Retail Businesses and Long-term Assets: Fixed & Intangible" What is 1 major thing that can be learned that would help you in one's future career?
- Mabel, an accountant, discovers that an analyzed transaction has not been entered in to the books.mnat what step in the accounting cycle is she most likely to make the discoveryBelow are several transactions for Scarlet Knight Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions.Required: Assess whether the junior accountant correctly proposes how to record each transaction. If incorrect, provide the correction.What accounts are considered temporary? Describe the process to close these temporary accounts? list the steps in the accounting cycle and describe the importance of each step ? What is liquidity? What is solvency? How are these evaluated in a business ?
