THE USERS OF FINANCIAL STATEMENTS WHO USE THE ACCOUNTING INFORMATION FOR DAY TO DAY DECISION MAKING a. Management O b. Labor Unions O c. Owners O d. Employees Question 2 Not yet answered Marked out of 0.50 P Flag question Which among the following is prepared to verify that the sum of debits is equal to sum of credits. O a. Ledger O b. Balance Sheet c. Trial Balance O d. Journal
Q: Record the events under an accounting equation. (Do not round intermediate calculations. balances…
A: The adjusted revenue = Advance revenue received x No.of months completed / 12 = 28800 x 3/12 = $…
Q: Having issue with the attached problem. Thanks
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…
Q: Use the following to answer questions 21-27 LIABILITIES & INCOME STATEMENT ASSETS STOCKHOLDERS'…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Required information [The following information applies to the questions displayed below.] Leach…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation,…
Q: General Questions: Accounting Equation and Revenue - Expense For the following business events,…
A: Asset=Liabilities+Stockholders' equity Net Profit=Revenue-Expenses
Q: For each Account Type, identify the Financial Statement on which the account would appear (balance…
A: Note: As per general accounting rule, All the assets and expenses have the debit balance and all the…
Q: Use the following to answer questions 21 LIABILITIES & INCOME STATEMENT ASSETS STOCKHOLDERS' EQUITY…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Complete the following problem in Excel. Use a different tab for each financial statement. A.…
A: A financial statement refers to the set of statements that is prepared by the company on an annual…
Q: Identify which of the following accounts would be listed on the company’s Post-Closing…
A: Closing entries are those journal entries which are passed at the end of accounting period in order…
Q: Which of the following statements about accounting procedures is not correct? A. The journal shows…
A: Accounting procedure: It can be defined as a standardized process that is used by the business to…
Q: Record each of the following transactions or recognitions in T-account format, label the accounts…
A: A T-Account is a visual presentation of the journal entries recorded in a general ledger account.…
Q: Indicate the correct order in which the following 5 steps of the accounting cycle would normally be…
A: This question deals with determining the correct order of accounting cycle. Accounting cycle is a…
Q: Accounts Cash Salaries expense Retained earnings Advertising Balances $ 6,100 1,800 2,300 1,370…
A: In the Income statement, we record all the incomes and expenses, income like - sale of goods and…
Q: irections: THE EVENTS COMMON TO THE ACCOUNTING FUNCTION OF A BUSINESS ENTITY ARE LISTED BELOW. ON…
A: Introduction:- An accounting cycle is a process of recording, identifying, and analyzing accounting…
Q: Identify the accounting principle or assumption that best reflects each situation. Situation 1.…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: Required a. Organize the transaction data in accounts under the accounting equation for Year 2 and…
A: In an accounting equation the total asset balance must always equal the total liabilities plus…
Q: General Questions: Accounting Equation and Revenue - Expense For the following business events,…
A: Statement of stock holders equity -
Q: A Trail Balance: a. Proves that debits and credits are equal in the ledger. b. Supplies a listing…
A: Trial Balance: A trial balance is referred to as a balance of balances of the financial transactions…
Q: Review accounting terms by completing the following crossword puzzle. Across: Down: 5. Copy data…
A: The accounting terms in crossword puzzle are: Post. When the journal transactions are copied in the…
Q: 12. An accountant wanting to know the balance of a particular account would refer to the a. ledger.…
A: In the process of accounting, there are steps involved in the recording of each and every…
Q: Match the accounting terms with the corresponding definitions. A (Click the icon to view the…
A: The first step in book keeping is to record transactions in journal. The journal entry are then…
Q: < Prev Ne Question 1 View Policies Current Attempt in Progress ns Match the following statements to…
A: The appropriate term for each of the given statement is as follows:
Q: Enter the number for the item that best completes each of the descriptions below. 1. Chart 2.…
A:
Q: A prepare a coded chart of accounts for the company B prepare a trial balance in good form C prepare…
A: Income Statement: It is used to report a company financial statement during the accounting period…
Q: The following table contains several business transactions for the current month. Required:…
A: Basic elements of financial statements are 1. Assets 2. Liabilities 3. Owner's Equity 4. Revenue 5.…
Q: Analyze the effects of a Company's transactions on the accounting equation. Included are the…
A: Accounting Equations:- Accounting equation is also known as the balance sheet equation that shows…
Q: counts in the chart of accounts are arranged according to: Select one: a. liquidity b. account cla
A: A chart of accounts shows different names that are used by the company in preparing the financial…
Q: The individual accounts find a place in a summarised manner which is called a. Financial statements…
A: Answers
Q: Required: a) Journalize the above transactions in the general journal. b) T-account c) Make a trial…
A: Journal is a financial book in which all business financial transactions are recorded first,…
Q: Identifying accounts Consider the following accounts: Accounts Payable Cash Common Stock Accounts…
A: Classification of items:
Q: An accounting entry that is characterized by having multiple debits and/or multiple credits is…
A: A journal entry has always been utilized to disclose a business deal in a company's accounting…
Q: Identify the accounting principle or assumption that best reflects each situation. Situation 1.…
A: 1. Measurement(cost) principle As per cost principle items need to be recorded as the actual price…
Q: Directions: Using terms from the following list, complete the sentences below. Write the letter of…
A: Hi student Since there are multiple sub parts, we will answer first three sub parts.
Q: E2-10 Using accounting vocabulary Match the accounting terms with the corresponding definitions. a.…
A:
Q: elect the best answer for the quest 1. The accounting report which presents a firm's financial…
A: Introduction: Accounting reports are collections of financial data obtained from the accounting…
Q: 1-Accounting software is related to which system of accounting? a. Manual Individual customer…
A: A Creditor of the business uses the financial statement for Evaluating the risks of granting credit…
Q: Which type of accounting reports are prepared on yearly basis? Select one: a. Financial Accounting…
A: Accounting reports: These are defined as the periodic statement that reflects the financial status…
Q: Identify the normal balance (debit or credit) for each of the following accounts. Nomal Ending…
A: Note: generall all the asseta nd expenses have the debit balances and all the income and liabilities…
Q: Which of the following is correct about accounting cycle? Select one: a. A financial transaction is…
A: The accounting is the process of identifying , classifying, and recording the business transactions…
Step by step
Solved in 2 steps
- Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements far Alpine Realty, Inc. prepared after its first month of operations?3. The following was the trial balance extract from ABC Trading as at 31 March 2019.Particulars DEBIT (RM) CREDIT (RM)Purchases and Sales 22,800 41,000Inventory on 1 April 2018 5,100Capital 8,170Bank overdraft 4,300Cash 140Discount allowed and received 1,440Returns inwards and outwards 790Carriage outwards 2,180Office expenses 450Fixtures and fittings 1,210Delivery van 2,000Accounts receivables and account payables 11,900 6,720Rent and insurance 1,790Drawings 2,850Wages and salaries 8,980TOTAL 61,690 61,690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 2019Marked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31
- (B) Assume that BRI reported the following selected balances at 12/31/2022: Accounts receivable (net) $ 299,600 Inventory 572,632 Accounts payable 200,164 Salaries and wages payable 33,670 Compute: Cash collected from customers Cash paid to suppliers Cash paid to employees Adjusted Trial Balance Account Titles Dr Cr Cash 26,143 Equity securities portolio 47,521 Fair value adjustment 3,585 Accounts receivable 284,171 Allowance for doubtful accounts 14,209 Inventory 623,636 Prepaid insurance 11,080 Land 414,518 Buildings 1,455,667 Accumulated depreciation-bldg 490,534 Equipment 1,041,038 Accumulated depreciation-equip 337,259 Deferred tax asset 6,000 Patent 17,970 Accounts payable 205,799 Income taxes…5. Record the following transactions for the month of November 2020 in the generaljournal and post to the appropriate ledger account and balance all the accounts theprepare the trial balance as November 2020. Nov 1 Started business with RM6,000 in the bank2 Bought goods on credit from Ab Bhd RM 390 and XY Trading RM7105 Cash sales RM2407 Paid rent by cheque RM309 Paid sundry expenses by cheque RM20011 Sold goods on credit to Mina RM80 and Chee RM1,15016 Paid wages by cash RM4518 Returned goods to AB Bhd RM20 and XY Trading RM3519 Goods returned by Mina RM10 and Chee RM5021 Bought motor van on credit from Tan Ching Motor RM8,00024 Paid AB Bhd RM250 and XY Trading RM400 by cheque27 Received a loan of RM500 cash from Aman29 Received a cheque from Mina RM70 and Chee RM60030 The owner deposited a further RM1,000 into a business bank accountEA21. Prepare journal entries to record the following transactions.A. July 1, issued common stock for cash, $15,000B. July 15, purchased supplies, on account, $1,800C. July 25, billed customer for accounting services provided, $950
- Question You work as a freelance accounting professional and have beenrecently engaged by the auditors of Life-Positive Inc. for anassignment. In examining the company’s records, you have extractedthe following information: Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales…I need help figuring out the correct journey entries for the items 4d & 10j. Problem#8. Required information [The following information applies to the questions displayed below.] At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash $ 1,990 Accounts payable $ 300 Short-term investments 500 Unearned revenue 1,410 Accounts receivable 3,660 Salaries Payable 960 Supplies 240 Short-term note payable 870 Prepaid expenses 4,810 Common stock ($1 par value) 140 Office equipment 1,620 Additional paid-in capital 6,650 Accumulated depreciation-office equipment* (390) Retained earnings 2,100 *This account has a credit balance representing the portion of the cost of the equipment used in the…Juice World Jamaica Limited, a leading juice manufacturing company has recently hired you asan Accounting Officer. As per job description, you are required to assist in the preparation of thefinancial statements. The Accounts Manager has extracted a list of balances as at December 2021for you to review. $ Revenue 7 600 010Administrative Expenses 2 300 000Distribution Costs 980 231 Interest paid on loan 125 000Purchases 4 500 330Inventories at 1 January 2021 1 018 900Trade receivables 630 340Provision for doubtful debts at Jan 2021 19 634Bad debts 70 110Non- current Investment 300 900Additional notesi. Provide for…
- Ex5.19From the following accounts (not in order), prepare a post-closing trial balance for Winter Co. onOctober 31, 201X. Note: These balances are before closing.Accounts Receivable $19,950P. Winter, Capital $45,300Legal Supplies 9,700P. Winter, Withdrawals 3,000Office Equipment 54,400Legal Fees Earned 28,000Repair Expense 2,700Accounts Payable 48,000Salaries Expense 1,550Cash 30,000Adjustment Dataa. Insurance expired, $100.b. Dance supplies on hand, $1,100.c. Depreciation on dance equipment, $2,000.d. Salaries earned by employees but not to be paid until October, $1,000.Your task is to do the following:1. Prepare a worksheet.2. Journalize adjusting and closing entries.Q1. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31" December, 2020 and Balance Sheet as on that date: Dr. (Rs.) Cr. (Rs.) Drawings 10,000 46,000 1,50,200 3,400 22,660 38,600 840 Stock on 01/01/2019 Purchases and Purchases Returns Cash in Hand 600 Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising 1,640 280 Professional Charges Commission Received Investments as on I" Jan. @ 10% 3,300 4,000 Interest on above 200 Sundry Debtors and Creditors Wages Salaries 36,000 25,000 14,000 29,000 Capital Income Tax 1,14,000 1,600 6,300 Discount allowed and received 4,600 Sales Returns and Sales Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions Total Adjustments: 550 3,200 3,050 4,000 2,08,950 10,000 670 3,71,320 3,71,320 (a) Provide for wages Rs. 5,000. (b) Write Off 5% depreciation on frechold premises and 10% on office furmiture. (e) Insurance to the extent of Rs. 200…Indicate basic debit–credit analysis.LO4 Dudley Advertising Ltd had the following transactions during August of the current year. Indicate (a) the basic analysis and (b) the debit–credit analysis. Aug. 1 Issued shares to investors in exchange for $15 000 cash. 4 Paid insurance in advance for 6 months, $1800. 16 Received $9000 from clients for services rendered. 27 Paid secretary $500 salary. Use the data in previous question and journalise the transactions. (Include narrations.)