FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Bookkeeping
Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.
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Question 4) Below is Tom's balance sheet at the start of December and his T-Accounts for the month. Fill in his balance sheet for the end of December. Balance Sheet (Beginning of December) Asset Total Description Wages Sold Iphone Cash Investment Bike Asset + Total + Cash - Description LV Bag 2,100 Diamond Ring 1,400 50 cash Non-cash Asset 2,670 2,100 LV Bag 700 7,000 4,000 800 11, 800 Other Assets 1,400 Diamond Ring 300 Description Balance Sheet (End of December) Description Investment lost Bike Depreciation 6,870 Liability Total Student Loan Net Worth Description Loan Payment Description Credit Card Speeding Ticket Total 10,000 Net Worth 10,000 1,800 Liabilities 400 635 + 80 635 Expense/Income 80 + 2,670 700 Description Credit Card Speeding Ticket Liability Student 10,400 Loan Description Wages Sold Iphone 10,400
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Transcribed Image Text:Question 4) Below is Tom's balance sheet at the start of December and his T-Accounts for the month. Fill in his balance sheet for the end of December. Balance Sheet (Beginning of December) Asset Total Description Wages Sold Iphone Cash Investment Bike Asset + Total + Cash - Description LV Bag 2,100 Diamond Ring 1,400 50 cash Non-cash Asset 2,670 2,100 LV Bag 700 7,000 4,000 800 11, 800 Other Assets 1,400 Diamond Ring 300 Description Balance Sheet (End of December) Description Investment lost Bike Depreciation 6,870 Liability Total Student Loan Net Worth Description Loan Payment Description Credit Card Speeding Ticket Total 10,000 Net Worth 10,000 1,800 Liabilities 400 635 + 80 635 Expense/Income 80 + 2,670 700 Description Credit Card Speeding Ticket Liability Student 10,400 Loan Description Wages Sold Iphone 10,400
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Step 1 Calculation of Closing Balances at the end of the December
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Step 2 Balance sheet for the end of December month
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