Prepare a trial balance
Q: V. Prepare the Trial Balance
A: Trial balance means the statement prepared from ledger account where all debit and credit balance…
Q: Define adjusting entries and discuss their purpose.
A: Adjusting entries:Adjusting entries are the journal entries, which are recorded at the end of the…
Q: Create a Trial Balance.
A: The trial balance has been prepared from the general journal. The general journal and trial balance…
Q: Prepare the post closing trial balance
A: Trial balance refers to the statement or workbook in which all the closing balances of ledgers are…
Q: Required: Prepare the journal entries, T accounts and trial balance for this business.
A:
Q: Explain how to prepare adjusted trial balance.
A: An adjusted trial balance is an internal document that summarizes all of the current balances…
Q: Posting the journal entry is the preparation of the trial balance. True O False
A: Accounting is a process of identifying, recording, classifying, summarising and then analysing…
Q: Whats a trial balance
A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…
Q: Please prepare a trial balance for Kate
A:
Q: Summary account will showa balance of
A: It is pertinent to note that nominal accounts that is income , expense , losses and profit accounts…
Q: The term Journalizing is related to which of the following? O a. Reporting O b. Identifying and…
A: The term "Journalizing" is the main process that is involved in recording a business transaction in…
Q: Explain the steps of the preparation of the trial balance.
A: Trial Balance - After transferring all the transactions into Ledgers Company closes the accounts and…
Q: Explain what an account is and how it helps in the recording process
A: An account is used to record changes in the asset, liability, equity, revenue, and expense. It is…
Q: Prepare a post close trial balance
A: Post closing trial balance is the trial balance which is prepared by making the final closing…
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: Prepare adjusting trial balance
A: Solution: Introduction: Adjusting Entries are the journal entries that are made at the year end but…
Q: What is the ledger? How to make a ledger out of the trial balance given below?
A: Ledgers are prepared in form of T accounts, which shows classification of journal entries posted.…
Q: Calculate ROA based on the attached Adjusted Trial balance
A: Net Income = =2,500-6,000+63,500-5,000-1,667-120-40,000-1,700-,1500=10,013 Total Assets…
Q: Define Adjusted Trial Balance
A: To verify the accuracy of transactions posted in journals and Ledgers Trial Balance is prepared…
Q: Define the term adjusted trial balance.
A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…
Q: write a note on/define general journal, Ledger and trial balance. with explanation?
A: General journal, Ledger and trial balance all are the part of accounting system. Accounting is a…
Q: Prepare the following: Post-closing Trial Balance
A: The question is related to Trial Balance. Trial Balance is the third stage of Accounting. After…
Q: What is a book of original entry O ledger O jounral trial balance Obalance sheet
A: A book of original entry is an accounting book in which day-to-day business transactions of…
Q: Is it necessary that a trial balance be prepared periodically? What purpose does it serve?
A: Trial balance: A trial balance is the list of all the ledger accounts. The trial balance is prepared…
Q: What do you mean by adjusted trial balance? What is a worksheet, how is it used to help prepare an…
A: Adjusted trial balance: Adjusted trial balance refers to an internal document that is prepared that…
Q: prepare a corrected trial balance
A: Debit Credit Cash (38400+2400-4200) 36,600 Accounts Receivable…
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: can you help me doing adjustment to the trial balance?
A: The Trail Balance as on 31st December 2020 given. Adjustments are given Required Prepare Trail…
Q: trial balance
A: Definition: Trial Balance: It is a book keeping method in which all the balance of ledger accounts…
Q: Prepared a trial balance
A: Adjusted Trial Balance is prepared after adjusting the adjustment entries to the respective account…
Q: what is adjusted trial balance. Explain?
A: The explanation is provided as follows:
Q: a. Post the Transactions to T-Account b. Prepare a Trial Balance
A: Cash Account Date Particulars Dr. Amount Date Particulars Cr. Amount 01-Jun To Farooq Capital…
Q: What are the journal entry, t-account, and trial balance of the following;
A: Journal entries are the entries to record the transactions in the books and every transaction have…
Q: Compare and explain the data presented
A: Solution Working note Presentation in tabular form 2019 2020 Total assets 1141044000…
Q: Requirements: . Journalize every transa Post every general jour Prepare a trial balance
A: Trial Balance is an account prepared to check the accuracy of ledger accounts. All the debit and…
Q: Show the closing entries and post-close trial balance
A: Closing entries: These entries are passed to close the revenues, expenses, income/loss and any…
Q: can you help me to adjust the trial balance?
A: The Trial Balance as on 31st December 2020 given. Adjustments are given Required Prepare Trial…
Q: Explain the processes that take place before the Trial Balance is prepared. Describe the elements…
A: Trial Balance: It is a worksheet in bookkeeping process in which all general ledger accounts are…
Q: Section of a Statement of Fi rom the trial balance of
A: Shareholders equity section of a statement of financial position…
Q: How to construct an Adjusted Trial Balance?
A: Before making adjusted Trial balance, the following steps must be taken.1. Unadjusted trial balance…
Q: Prepare a correct trial balance.
A:
Q: Define post-closing trial balance.
A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…
Q: When is an adjusted trial balance prepared, and what is its purpose?
A: Adjusted Trial balance: Adjusted trial balance lists all the account titles and the balances which…
Q: The closing entry for interest received given in the trial balance will
A: Interest received: Interest received is treated as an income for the organization and it is shown in…
Q: Can you help me create a trial balance and balance sheet please for the following information
A: Trial balance shows summary of all general ledger account balances of business as on a particular…
Q: I need help prparing a post closing trial balance.
A: A post-closing trial balance indicates the balance of all permanent accounts (ie balance sheet…
Q: Enter the trial balance on a worksheet and complete the worksheet.
A: Here is the solution to the above question.
Prepare a
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- Debit Credit Cash 67500 Accounts Receivable 46000 Allowance for Doubtful accounts 2000 Merchandise Inventory 60000 Office supplies 2800 Accounts payable 16000 Salaries payable 850 Common Stock 20000 Retained Earnings 60630 Sales 550000 Sales return and allowance 4500 Sales discounts 4250 COGS 382450 Salaries expense 44000 Advertising Expense 8150 Rent expense 24325 Other operating expense 450 Interest expense 5055 649480 649480 Above is the adjusted trail balance. What is the amount of total expense Record the closing entriesDebit Credit Cash 67500 Accounts Receivable 46000 Allowance for Doubtful accounts 2000 Merchandise Inventory 60000 Office supplies 2800 Accounts payable 16000 Salaries payable 850 Common Stock 20000 Retained Earnings 60630 Sales 550000 Sales return and allowance 4500 Sales discounts 4250 COGS 382450 Salaries expense 44000 Advertising Expense 8150 Rent expense 24325 Other operating expense 450 Interest expense 5055 649480 649480 Above is the adjusted trail balance. What is the amount of net sales? What is the amount of total assets What is the amount of total liabilities What is the amount of net assets What is the amount of retained earnings after the closing entries have been posted? What is the amount of gross profit? What is the amount of total expense Record the closing entries in theQuestion 4 a) You have collected the following information for Fishy Berhad. Item Beginning Ending Inventory RM20,700 RM43,00 Account rceivable RM9,900 RM11,500 Account payable RM16,500 RM22,700 Other information provided are credit sales RM210,000 and cost of goods sold RM198,000. Calculate: i) Operating cycle ii) Cash cycle
- Make the cost of goods sold and balance sheet Cash ₱ 5,596.00 Account Recievable 20,760.00Equipment 9,000.00Supplies 6,500.00Notes Payable ₱ 20,000.00Capital 52,000.00Personal 2,050.00Purchases 73,020.00purchase Return 1,200.00Purchase Discount 302.00Frienght In 275.00Sales 54,960.00Sales Return 753.00Sales Discount 558.00Freight Out 225.00General Expenses 950.00Miscellenous Exp. 750.00Salary Expense 4,500.00Rent Expense 3,000.00Selling Expense 350.00Tax Expense 175.00Totals ₱ 128,462.00110 Cash $ 63,600 112 Accounts Receivable 153,900 115 Merchandise Inventory 602,400 116 Prepaid Insurance 16,800 117 Store Supplies 11,400 123 Store Equipment 469,500 124 Accumulated Depreciation—Store Equipment 56,700 210 Accounts Payable 96,600 211 Salaries Payable — 310 Rocky Hansen, Capital, August 1, 2009 555,300 311 Rocky Hansen, Drawing 135,000 312 Income Summary — 410 Sales 3,221,100 411 Sales Returns and Allowances 92,700 412 Sales Discounts 59,400 510 Cost of Merchandise Sold 1,623,000 520 Sales Salaries Expense 334,800 521 Advertising Expense 81,000 522 Depreciation Expense — 523 Store Supplies Expense — 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 182,100 531 Rent Expense 83,700 532 Insurance Expense — 539 Miscellaneous Administrative Expense 7,800 South…Date Explanation F Debit Credit JULY 1 CASH 250,000 MERCHANDISE INVENTORY 60,000 HENRY SY CAPITAL 310,000 2 DADA STORE 19,936 SALES 17,800 VAT PAYABLE 2,136 3 CASH 31,920 SALES 28,500 VAT PAYABLE 3,420 4 SALES RETURN AND ALLOWANCES 780 ACCOUNTS RECEIVABLE 780 5 TELEPHONE EXPENSE 550 UTILITIES PAYABLE 550 10 BANK 49500 INTEREST EXPENSE 500 BANK LOAN 50000 11 UTILITIES PAYABLE 550 BANK 550 13 TABLES AND CHAIRS A/C 35000 VAT PAID 4200 BANK 3920 PRIME FURNITURE HOUSE A/C 35280 14 MERCHANDISE (GOODS) 60000 VAT PAID 7200 BANK 13440…
- Date Explanation F Debit Credit JULY 1 CASH 250,000 MERCHANDISE INVENTORY 60,000 HENRY SY CAPITAL 310,000 2 DADA STORE 19,936 SALES 17,800 VAT PAYABLE 2,136 3 CASH 31,920 SALES 28,500 VAT PAYABLE 3,420 4 SALES RETURN AND ALLOWANCES 780 ACCOUNTS RECEIVABLE 780 5 TELEPHONE EXPENSE 550 UTILITIES PAYABLE 550 10 BANK 49500 INTEREST EXPENSE 500 BANK LOAN 50000 11 UTILITIES PAYABLE 550 BANK 550 13 TABLES AND CHAIRS A/C 35000 VAT PAID 4200 BANK 3920 PRIME FURNITURE HOUSE A/C 35280 14 MERCHANDISE (GOODS) 60000 VAT PAID 7200 BANK 13440…110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 652,400 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation—Store Equipment 56,700 210 Accounts Payable 96,600 211 Customer Refunds Payable 50,000 212 Salaries Payable — 310 Lynn Tolley, Capital, June 1, 20Y6 685,300 311 Lynn Tolley, Drawing 135,000 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 520 Sales Salaries Expense 664,800 521 Advertising Expense 281,000 522 Depreciation Expense — 523 Store Supplies Expense — 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 382,100 531 Rent Expense 83,700 532 Insurance Expense — 539 Miscellaneous Administrative Expense 7,800 Part 1: Using the attached spreadsheet, journalize the transactions for May, the last month of the fiscal year, below. Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end…Details Debit Credit General expenses 11700 cash 5100 Salaries 9300 rent 1560 Account Payable 3575 Other income 2500 Net sales 150060 Cost of goods sold 99700 calculate net profit Select one: a.RO 34775 b. RO 30300 c. correct answer not available d.RO 31200 e.RO 39815
- what is balance sheet? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633GENERAL JOURNAL DR CR JULY 1 CASH 250,000 MERCHANDISE INVENTORY 60,000 HENRY SY CAPITAL 310,000 2 DADA STORE 19,936 SALES 17,800 VAT PAYABLE 2,136 3 CASH 31,920 SALES 28,500 VAT PAYABLE 3,420 4 SALES RETURN AND ALLOWANCES 780 ACCOUNTS RECEIVABLE 780 5 TELEPHONE EXPENSE 550 UTILITIES PAYABLE 550 10 BANK 49500 INTEREST EXPENSE 500 BANK LOAN 50000 11 TELEPHONE EXPENSE 550 BANK 550 13 TABLES AND CHAIRS A/C 35000 VAT PAID 4200 BANK 3920 PRIME FURNITURE HOUSE A/C 35280 14 MERCHANDISE (GOODS) 60000 VAT PAID 7200 BANK 13440…T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.