Find answers to questions asked by students like you.
Q: What is the name of the accounts that are used to monitor the changes in resources and give the…
A: Active Account shows the balance of the assets. Passive Accounts show the balance of the…
Q: Required: Prepare all the entries for the above transactions.
A: Preference shares: Shares of the company that are paid dividend before the common stock shares are…
Q: Properly record these transactions in order of occurrence, i.e. establish, reimburse, increase, in…
A: Petty Cash It is a small amount of cash which is kept by business units to cover minor expenses, Eg:…
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: Required: For each transaction below, indicate the account to be adjusted. Explain your answers and…
A: Click to see the answer
Q: Give t accounts for the following
A: Raw material A/C To opening Balance $ 42,000 By Raw material used in production $…
Q: I only need the account titles to be used in each transaction
A: Given below are the account titles to be used for adjusting entries:
Q: 1. Prepare the necessary journal entries to record the above transactions
A: 1. Date Account Debit Credit Feb 28 No journal entry as value of investment remains the same.…
Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…
A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…
Q: xplain the accounting process in det
A: Answer: Accounting process is the process which involves maintaining books of accounts and record…
Q: hat are the accounting information needed by: a. Internal users b. External users
A: Accounting Information:- This is that information that is required by both external and internal…
Q: INSTRUCTION: Indicate the amount on the appropriate side of the affected elements of the above…
A: Assets are the instruments which give future economic benefit to the business. Liabilities are the…
Q: Recorde . Collecte I. Recorde account s the total e
A: Free cash flow is the money a business entity left over after paying its…
Q: identify the correct financial statement that each account would appear on.
A: Income statement: It is a financial statement prepared by a company that reports revenues and…
Q: al entry, t-accounts, trial balance, and balance sheet
A: Transactions are first recorded in journal entries which affect two ledgers and then transferred to…
Q: epare adjusting entries for this case transaction :
A: Adjusting entries are the type of journal entries being prepared at the year end to adjust the…
Q: Required Prepare a tabular summary of the transactions
A: Tabular Summary of the Transaction represents transaction to be recorded in a table form following…
Q: please solve this question with all steps and workings of notes to account as well following IND AS
A: 1. Profit and Loss - Profit and loss accounts show the profit earned and loss incurred by the…
Q: Please conduct a balance sheet for this them park.
A: Assets Amount($) Liabilities Amount($) Profit and Loss(Debit balance) 145000 SRP Bank 750000…
Q: types of accounts are available
A: Checking Account: Checking accounts are opened with the financial institutions and they provide max…
Q: 1) What are the items to provide the reporting? (short answer)
A: Annual Financial Report Annual financial report which was published by the company for the result of…
Q: Explain the double-entry system of accounting.
A: Journal entries are the entries which are required to be posted in the accounting books of the…
Q: Trial Balance is An Account A Statement A Subsidiary Boo
A: A trial balance is a compilation of all the balances of debit and credit accounts in a column format…
Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b) assumption,…
A: Accounting concepts and principles: Financial statements are prepared in accordance with the…
Q: I need the Journal Entry and T Accounts
A: The journal entries are prepared using double entry concept. These are to be posted in the ledger…
Q: What entry would you use to account for the initial transaction?
A: The accounting process consists of various steps to record, analyze and report the data.
Q: What is reconciling an account? Why it is needed? Give three examples?
A: Reconciliation:It is a process of accounting process that compares two sets of record to check…
Q: State two users of accounting information and what type of information they need.
A: There are various users of accounting information.
Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…
A: Definition: Accounting concepts and principles: Financial statements are prepared in accordance with…
Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption,…
A: Time period is the accounting assumption.
Q: Please provide explanation or justification on the effects of the transactions.
A: Explanation are as follows for above transaction.
Q: These are the things that I want to know: - accounting entries for the letter E-L
A: Journal: Journal is considered as a book of original entry because all the transactions that have…
Q: Activity 2 Use the information in the sum following General Ledger acco systems
A: Ledger Account The purpose of preparing the ledger account is to know the actual balance which are…
Q: Prepare the SFP in Account Form
A: SFP is statement of financial position, which is one of the financial statement that is being made…
Q: “A worksheet is a permanent accounting record, and itsuse is required in the accounting cycle.” Do…
A: Worksheet: A worksheet is the summarized form of accounting information which is made in order to…
Q: ow is accounting information used in busi
A: Accounting is the combination of various steps like recording, analyzing, summarizing, and…
Q: hich of the following is/are true regarding the T-account? a. the name or title of the account…
A: The following statement is/are true regarding the T-account: a. the name or title of the…
Q: H hystematie procedure has been adopted for th Accounting itat Cmut Standand in Andia" Justify issue…
A: Since 1977 once the govt. passed a statute, the accounting principle Board (ASB) a committee of the…
Q: 1. Prepare the journal entries to record these transactions.
A: The first question is answered for you. Please resubmit specifying the question number you want…
Q: Under the imprest system, which amount the following situations when accounting entry is/are made?
A: Petty cash fund under the Imprest system does not record any entries unless the account is being…
Q: to be useful, accounting information should be presented using
A: The company will record each and every day to day transactions happened during the operations of the…
Q: Identify whether the account is increased with a Debit (DR) or Credit (CR)
A: Ledger account: It is used to record the business transactions that were made during a financial…
Q: Multiple choice: Accounts are grouped in a book called the: A. trial balance B. chart of accounts C.…
A: Journal entries are used to record the transactions, while ledgers are classified into different…
Q: Based on this information, record these transactions into the basic accounting equation.
A: Accounting Equation: accounting equation is the basis of accounting which is Total Asset = Total…
Q: Required: Enter the impact of each transaction on individual items of the accounting equation. minus…
A: Important Accounting Equation Assets = Liabilities + Equity This Equation helps in the Preparation…
Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…
A: Assets are anything of significant worth that is possessed by people, organizations, and governments…
Q: Determine the difference in the following terms: posting, closing, balancing, journalizing.
A: Posting transactions: The process of transferring the journalized transactions into the accounts of…
Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…
A: We have to classify given account as an asset (A), liability (L), or equity (EQ) account.
Q: account should be debited and which account should be credited
A: As per double entry system of accounting, one account is debited and other account is credited while…
Q: Which of the fóllówing are A Faithful representation and completeness Revenue and Expenses only C)…
A: Financial statement elements are the main groupings of line items observed in the statements. These…