The following independent situations require professional judgment for determining when to recognize revenue from the transactions. Identify when revenue should be recognized in each of the situations. a. Southwest Airlines sells you an advance-purchase airline ticket in September for your flight home in December. b. Ultimate Electronics sells you a home theater on a "no money down and full payment in three months" promotional deal. c. The Toronto Blue Jays sell season tickets online to games in the Skydome. Fans can purchase the tickets at any time, although the season doesn't officially begin until April. The major league baseball season runs from April through October. d. RBC Financial Group loans money on August 1. The loan and the interest are repayable in full in November. e. In August, a customer orders a sweater from the Target website, paying with a Target credit card. The sweater arrives in September. Target sends a bill in October and receives payment in October. Click if you would like to Show Work for this question: Open Show Work
Q: The following information relates to the first two months’ trading of Dana, who is in business as a…
A: Trial balance: It is the balance of a statement prepared with debit and credit balances of the…
Q: According to the revenue recognition principle, revenues should be recognized when or as the company…
A:
Q: One-half of the basement of Magadjust Tayo Store is rented to another merchant, Isip Mabuti…
A: Solution: Earned rent upto Dec 31 (for 3 months from 1 Oct to Dec 31) = 44000 / 8 months * 3 months…
Q: You have a friend who is a seamstress specializing in Renaissance costumes. She received cash well…
A: When reporting financial data, there are certain rules and guidelines that all companies should…
Q: Mr. ABC has the following transactions in the month of January. Write the Journal Entries for the…
A: In accounting, recording in journal is the first and foremost aspect followed by classifying them…
Q: According to the revenue recognition principle, revenues should be recognized when they areearned,…
A:
Q: For each of the following situations, indicate whether you agree or disagree with the financial…
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: Review the following transactions: A. On July 16, Arrow Corp. purchases 280 computers (Equipment) at…
A: For making journal entries, rules of debit and credit needs to be followed. These rules are…
Q: Ricardo Construction began operations on December 1. In setting up its accounting procedures, the…
A: Journal entries and adjusting entries are as follows :- Journal Entries Date Particulars…
Q: Consider the following situations: 1. American Airlines operates a flight from Dallas to Los Angeles…
A: Accrual Accounting: Accrual accounting is a method of accounting where the revenues and expenses…
Q: According to the revenue recognition principle, revenues should be recognized when or as the company…
A: Revenue recognition principle of accounting says that revenues should only be recognised when…
Q: Your friend, Dean McChesney, requested that you advise him on the effects that certain transactions…
A: 1.) Attached above are the t-accounts prepared by recording transactions with letters. The closing…
Q: Prepare general journal entries to record the following transactions for XYZ Group that occurred…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Up & Away Airlines has provided the following information regarding cash received for…
A: Realization principle: The realization principle states that, under the accrual basis of accounting,…
Q: If you ran the report Transaction List by Vendor, for all dates, what dollar amount will appear…
A: 250 dollar amount will appear under the vendor Today’s CPA
Q: An auto repair shop makes a repair for $1,800 on November 30. The customer is sent a statement on…
A: Revenue recognition principle implies that the recognition of revenue by the entity should be made…
Q: following transactions occur for Badger Biking Company during the month of June: Provide services…
A: Solution: Accounting equation represents assets must equal the total of liabilities and equities.…
Q: Juice World Jamaica Limited, a leading juice manufacturing company has recently hired you as an…
A: Income Statement - This statement shows the income earned and loss incurred by the organization in…
Q: A new client, the Wolf Company, asks your advice concerning the point in time that the company…
A: Accrual basis of accounting is a method of recording expenses when incurred and revenue when earned…
Q: HandiQ Inc. is a hardware store that sells goods and provides services. Analysis of the company's…
A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the current…
Q: Which of the following is not an accrued expense? A. A company prepays for Internet services for…
A: Any expense that is recognized in books but yet to be paid in the future are considered as accrued…
Q: One year ago, Tyler Stasney founded Swift Classified Ads. Stasney remembers that you took an…
A:
Q: Presented below are two independent situations. (a) On April 2, Jennifer Elston uses her JCPenney…
A: Transaction: A business event that has a monetary effect on an entity's financial statements and is…
Q: Do the following events represent business transactions?Explain your answer in each case.(a) A…
A: Business transaction: It is an activity that is measured through the medium of money, which affects…
Q: After completing a trial balance and discovering some transactions that made it to the general…
A: We have the following information: On May 3, 2019, PB&J Cafe paid $2,300 for its rent to Main…
Q: Review the following transactions and prepare any necessary journal entries. A. On July 16, Arrow…
A: Terms of the purchase are 4/10, n/50: It shall mean that if the payment for the goods/assets…
Q: According to the revenue recognition principle, revenues should be recognized when they areearned,…
A: Revenue recognition principle is an integral part of accrual accounting which requires the revenue…
Q: The following transactions are July activities of Noah's Tik Tok Service, which creates videos. a.…
A: Liabilities are firstly recorded in and it is measured in terms of its current cash equivalent which…
Q: On May 5, Johnson Plumbing receives a phone call from a customer needing a new water heater and…
A: As per the revenue recognition principle, revenue is recognized on completion of service to the…
Q: J&J Enterprises received an invoice of ₱10,750 for office materials dated 15 Sept, with terms of…
A: The discount is received when the payment is paid within the discounted period.
Q: Ann Felberg is the sole owner of Fehlberg's Craft Shop. Ann has provided the following trial balance…
A: Opening inventory is to be debited to trading account and from trading account closing inventory has…
Q: You are to enter up the necessary accounts for the month of June from the following information…
A: A Trial Balance is a list of all types of general ledger accounts that are contained in the ledger…
Q: WABWIRE starts business on 1* July 2021, when he pays Sbs. 180,000 into business account. During the…
A: The journal entries are prepared to keep the record of day to day transactions of the business. The…
Q: For each of the following independent items, indicate when revenue should be recognized. a.…
A: Revenue Recognition: One of the important principles of GAAP. This principle deals with certain…
Q: Steven Jobe owns and manages a computer repair service, which had the following trial balance on…
A: Solution:: Introduction: Journal entry is an accounting entry to record every transaction takes…
Q: Terrapin Company engages in the following external transactions for November.1. Purchase equipment…
A:
Q: For each of the following independent situations, prepare journal entries to record the initial…
A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…
Q: During June, Thuy Bui's business performed services for a specific customer for which the fee was…
A: Part a) As per IAS 18, revenue from sale of services is recognised in the period when the service…
Q: The following events occurred for Palette Painters, Inc: September 18 Purchased paint on…
A: The revenue recognition principle is one of the generally accepted accounting principles (GAAP) that…
Q: Selane Eatery operates a catering service specializing in business luncheons for large corporations.…
A: Revenue recognition principle states that the revenue must be recognized when it is earned,…
Q: Consider the following independent situations at December 31: a. On October 1, a business collected…
A: Journal entries: Date Account journal Debit $ Credit $ Oct 1 Unearned revenue (3,000 x 3/12)…
Q: Cox Co. uses the cash basis of accounting. Cox Co. receives cash from customers in September for…
A: Cash basis Accounting system: Under the cash basis accounting system the actual cash receipt and…
Q: The following are two independent situations. (a) On April 2, Pearl Elston uses her JCPenney Company…
A: Journal Entries for (a): Date Account title Debit Credit April 2 Account receivables $1,400…
Q: For each of the following independent items, indicate when revenue should be recognized. a. Interest…
A:
Q: For each of the transactions, if an expense is to be recognized in January, indicate the amount.…
A: Accrual basis implies that the expenses and revenues are recognized as and when it's due…
Q: Review the following transactions, and prepare any necessary journal entries. On July 16, Arrow…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Exercise 3-40 Revenue and Expense Recognition Electronic Repair Company repaired a high-definition television for Sarah Merrifield in December 2019. Sarah paid $80 at the time of the repair and agreed to pay Electronic Repair $80 each month for 5 months beginning on January 15, 2020. Electronic Repair used $120 of supplies, which were purchased in November 2020, to repair the television. Assume that Electronic Repair uses accrual-basis accounting. Required: In what month or months should revenue from this service be recorded by Electronic Repaid? In what month or months should the expense related to the repair of the television be recorded by Electronic Repair? CONCEPTUAL CONNECTION Describe the accounting principles used to answer the above questions.Brief Exercise 2-28 Assumptions and Principles Five common accounting practices are listed below: A customer pays $20 to mail a package on December 30. The delivery company recognizes revenue when the package is delivered in January. Jim Trotter owns C**S Heating Company. In preparing the financial statements, Trotter makes sure that the purchase of a new truck for personal use is not included in C&S’s financial statements. Moseley Inc. recorded land at its purchase price of $50,000. In future periods, the land is reflected in the financial statements at $50,000. Mack Company purchases inventory in March. However, it does not expense that inventory until it is sold in April. Mueller Inc. prepares quarterly and annual financial statements. Required: Identify the amounting principle or assumption that best describes each practiceCase 3-72 Cash- or Accrual-Basis Accounting Karen Ragsdale owns a business that rents parking spots to students at the local university. Karens typical rental contract requires the student to pay the years rent of $450 ($50 per month) on September 1. When Karen prepares financial statements at the end of December, her accountant requires that Karen spread the $450 over the 9 months that each parking Spot is rented. Therefore, Karen can recognize only $200 of revenue (4 months) from each parking spot rental contract in the year the cash is collected and must defer (delay) recognition of the remaining $250 (5 months) to the next year. Karen argues that getting students to agree to rent the parking Spot is the most difficult part of the activity so she Ought to be able to recognize all $450 as revenue when the cash is received from a student. Required: Why do generally accepted accounting principles require the use of accrual accounting rather than cash-basis accounting for transactions like the one described here?
- Exercise 2-38 Events and Transactions The following economic events related to K the bill need not be paid until March 1, 2019. On February, 15, Kqualify and does not qualify. indicate whether each of the above events would qualify as a transaction and be recognized and recorded in the accounting system on the date indicated. 2. CONCEPTUAL CONNECTION For any events that did not qualify as a transaction to be recognized and recorded, explain why it does not qualify.Exercise 3-47 Revenue Adjustments Sentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a full range of passenger services. Sentry engaged in the following activities during the current year: Sentry received $5,000 cash in advance from Richs Department Store for an estimated 250 deliveries during December 2019 and January and February of 2020. The entire amount was recorded as unearned revenue when received. During December 2019, 110 deliveries were made for Richs. Sentry operates several small buses that take commuters from suburban communities to the central downtown area of Atlanta. The commuters purchase, in advance, tickets for 50 one-way rides. Each So-ride ticket costs S500. At the time of purchase, Sentry credits the cash received to unearned revenue. At year end, Sentry determines that 10,160 one-way rides have been taken. Sentry operates buses that provide transportation for the clients of a social agency in Atlanta. Sentry bills the agency quarterly at the end of January, April, July, and October for the that quarter. The contract price is S7,500 per quarter. Sentry follows the practice of recognizing revenue from this contract in the in which the service is On December 23, Delta Airlines chartered a bus to transport its marketing group to a meeting at a resort in southern Georgia. The meeting will be held during the last week in January 2020, and Delta agrees to pay for the entire trip on the day the bus departs. At year end, none Of these arrangements have been recorded by Sentry. Required: Prepare adjusting entries at December 31 for these four activities. CONCEPTUAL CONNECTION What would be the effect on revenue if the adjusting entries were not made?Exercise 2-50 Journalizing Transactions Remington Communications has been providing cellular phone service for several years. During November and December. the following transactions occurred: Nov. 2 Remington received S2,400 for November phone service from Enrico Company. 10 6 Remington purchased S4,750 of supplies from Technology Associates on 10 Remington paid S5,250 to its hourly employees for their weekly wages. 15 Remington paid S4, 750 to Technology Associates in full settlement Of its payable. 28 Remington paid S2, 150 for utilities used during November. 30 Remington received a bill from Monticello Construction for Sl,230 for repairs made to Remingtons loading dock on November I S. Remington plans to pay the bill in early December. Dec. 10 Remington paid S I ,230 to Monticello Construction to settle the repair bill received on
- Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 5. Received cash from clients on account, 2,450. 9. Paid cash for a newspaper advertisement. 225. 13. Paid Office Station Co. for part of the debt incurred on April 5, 640. 15. Recorded services provided on account for the period May 1-15; 9,180. 16. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 17. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. Record the following transactions on Page 6 of the journal: 20. Purchased supplies on account, 735. 21. Recorded services provided on account for the period May 16-20, 4,820. 25. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 27. Received cash from clients on account, 9,520. 28. Paid part-time receptionist for two weeks salary, 750. 30. Paid telephone bill for May, 260. 31. Paid electricity bill for May, 810. 31. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 31. Recorded services provided on account for the remainder of May, 2,650. 31. Paid dividends, 10,500. Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is 275. b. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a retained earnings statement, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account 34 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. Mulberry paid the interest payable of $8,000. A Wages of $379,000 were paid in cash. Repairs and maintenance of $9,000 were incurred and paid. The prepaid rent at the beginning of the year was used in 2019. In addition, $28,000 of computer rental costs were incurred and paid. There is no prepaid rent or rent payable at year-end. Mulberry purchased computer paper for $13,000 cash in late December. None of the paper was used by year-end. Advertising expense of $26,000 was incurred and paid. Income tax of $10,300 was incurred and paid in 2019. Interest of $5,000 was paid on the long-term loan. (Continued) Required: Establish a T-account for the accounts listed above and enter the beginning balances. Use a chart of accounts to order the T-accounts. Analyze each transaction; Journalize as appropriate. (Note: Ignore the date because these events are aggregations of individual events.) Post your journal entries to the T-accounts. Add additional T-accounts when needed. Use the ending balances in the T-accounts to prepare a trial balance.Continuing Problem 3. Total of Debit column: 42,340 The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows The data needed to determine adjustments are as follows: During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3 transaction at the end of Chapter 2. Supplies on hand at July 31, 275. The balance of the prepaid insurance account relates to the July 1 transaction at the end of Chapter 2. Depreciation of the office equipment is 50. The balance of the unearned revenue account relates to the contract between PS Music and KXMD, described in the July 3 transaction at the end of Chapter 2. Accrued wages as of July 31 were 140. Instructions 1.Prepare adjusting journal entries. You will need the following additional accounts: 18 Accumulated DepreciationOffice Equipment 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense 2.Post the adjusting entries, inserting balances in the accounts affected. 3.Prepare an adjusted trial balance.
- Financial statements Assume that you recently accepted a position with Five Star National Bank Trust as an assistant loan officer. As one of your first duties, you have been assigned the responsibility of evaluating a loan request for 300,000 from West Gate Auto Co., a small proprietorship. In support of the loan application, Joan Whalen, owner, submitted a Statement of Accounts (trial balance) for the first year of operations ended October 31, 2019. West Gate Auto Co. Statement of Accounts October 31,2019 Cash 5,000 Billings Due from Others 40,000 Supplies (chemicals, etc.) 7,500 Building 222,300 Equipment 50,000 Amounts Owed to Others 31,000 Investment in Business 179,000 Service Revenue 215,000 Wages Expense 75.000 Utilities Expense 10,000 Rent Expense 8,000 Insurance Expense 6,000 Other Expenses 1,200 425,000 425,000 1.Explain to Joan Whalen why a set of financial statements (income statement, statement of owners equity, and balance sheet) would be useful to you in evaluating the loan request. 2.In discussing the Statement of Accounts with Joan Whalen, you discovered that the accounts had not been adjusted at October 31. Analyze the Statement of Accounts and indicate possible adjusting entries that might be necessary before an accurate set of financial statements could be prepared. 3.Assuming that an accurate set of financial statements will be submitted by Joan Whalen in a few days, what other considerations or information would you require before making a decision on the loan request?Comprehensive Problem 1 8 Net income. 31,425 Kelly Pitney began her consulting business. Kelly Consulting, on April 1, 20Y8. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter During May, Kelly Consulting entered into the following transactions: May 3.Received cash from clients as an advance payment for services to be provided and recorded it as unearned tree 4,500 5.Received cash from clients on account 2,450. 9.Paid cash for a newspaper advertisement 225. 13.Raid Office Station Co for part of the debt incurred on April , 640. 15.Recorded services provided on account for the period May 1-15, 9,180. 16 Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 17.Recorded cash from cash clients for fees earned during the period May 116, 8,360. Record the following transactions on Page 6 of the Journal 20.Purchased support on account 735. 21.Recorded services provided on account for the period May 1620. 4,820 25.Recorded cash from cash clients for fees earned for the period May 1723, 7,900 27.Received cash from clients on account 9,520. 28.Paid part-time receptionist for two weeks salary. 7S0. 30.Raid telephone bill for May. 260 31.Paid electricity bill for May, 810. 31.Recorded cash from cash clients tor lees earned for the period May 2031. 3,300. 31.Recorded services provided on account for the remainder of May, 2,650. 31.Paid dividends 10,500 Instructions 1.The chart of accounts foe Kelly Consulting is shown us Exhibit 9. and the post-closing trial balance as of April 30, 20Y8, is shown in Exhibit 17. for each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1. 20Y8. and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting cm Page of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2.Post the journal to a ledger of four-column accounts. 5.Prepare an unadjusted trial balance. 4.At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). (a)Insurance expired during May is 275. (b)Supplies on hand on May II are 715. (c)Depreciation of office equipment for May is 330. (d)Accrued receptionist salary on May 31 is 325. (e)Rent expired during May is 1600. (f)Unearned fees on May 31 are 3,210 5.(Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet 6.Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7.Prepare an adjusted trial balance. 8.Prepare an income statement, a statement of stockholders equity, and a balance sheet. 9.Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10.Prepare a post-closing trial balance.Continuing Problem 4.Total of Debit column: 40,750 The transactions completed by PS Music during June 20Y5 were described .it the end of Chapter 1. The following transactions were completed during July, the second month of businesss operations: July 1. Peyton Smith made an additional investment k PS Music in exchange for common stock by depositing 5,000 in PS Mu wet checking account. 1.Instead of continuing to share office space with a local real estate agency. Peyton decided to rent office space near a local musk store, Paid rent for July, 1,750. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft and fire. The policy covers a one year period. 2.Received 1,000 on account 3. On behalf of PS Musk, Peyton signed a contract with a local radio station. KXMD, to provide guest spots for the next three months. The contract requires PS Musk to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract Peyton received 7,200 from KXMD as an advance payment for the first two months. 3.Paid 2SO on account 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5.Purchased office equipment on account from Office Mart. 7,500. 8.Paid for a newspaper advertisement 200. 11.Received 1.000 for serving as a disc jockey for a party. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment 14.Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Pane 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 18.Purchased supplies on account 850 21.Paid 620 to Upload Musk for use of its current musk demos in making various musk sets. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23.Served as disc jockey for a party for 2,500 Received 750, with the remainder due August 4.20YS. 27.Paid electric Ml 915. 28.Paid wages of 1,200 to receptionist and part-time assistant. 29.Paid miscellaneous expenses, 540. 30.Served as a disc jockey for a charity ball for 1,500, Received S00 with the remainder due on August 9. 20Y5. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1.400 royalties (musk expense) to National Musk Clearing for use of various artists music during July. 31. Paid dividends, 1,250. PS Musics chart of accounts and the balance of accounts as of July 1, 20Y5 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts Receivable 1,000 14 Supplies 170 15 Prepaid Insurance 17 Office Equipment 21 Accounts Payable 250 23 Unearned Revenue 31 Common Stock 4.000 33 Dividends 500 41 Fees Earned 6,200 50 Wages Expense 400 51 Office Rent Expense 800 52 Equipment Rent Expense 67S 53 Utilities Expense 300 54 Music Expense 1.590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1. Enter the July 1, 20Y5, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column, and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 20Y5.