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- 5. The following state ments pertain to a trial balance 1. It is prepared at the end of every accounting period after all the transactions for the period have been recorded and posted to the general ledger. 2. It provides evidence that the total debits in the general ledger equal total credits 3. It is a control device that helps eliminate accounting errors Which of the above statements is/are correct? A. 1 and 2 only B. 1 and 3 only C. 2 and 3 only D. 1, 2 and 3Chapter 5: #8 Page 115 On October 1, Sancho Dy, Business consultant, Opened Business Solutions Company. Required: a) Prepare your own Chart of Accounts. Start with account no.1 for assets, 11 for plant, property and equipment, 20 for liabilities, 30 for equity, 40 for revenue, and 50 for expenses. b) Record in a two column journal. c) Open the general ledger, post, insert appropriate posting references as each item is posted, foot and extract the balances. d) Prepare a trial balance.What are journals used for in the accounting cycle? Question 14 options: as the books of final entry as the books used to record the days to day activities of a business as the books of original entry as the source of accounting information to prepare a trial balance
- 7. Which is a logical order in the accounting cycle?A. Posting, financial statements and unadjusted trial balanceB. Closing entries, reversing entries and adjusting entriesC. Financial statements, closing entries and reversing entriesD. Financial statements, adjusting entries and recordingPart 1: 3. Record the transaction effects determined in part 2 using journal entries(If no entry is required for a transaction/event, select "No Journal Entry Required" the first account field. Enter your answers in millions (10,000,000 should be entered as 10)) Part 2. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign. Enter your answers in millions (1,0,10,000,000 should be entered as 10).) Part 3 Calculate Trisha's Allen's current ratio at June 30, 2019 prior to the transactions listed above. (Round your answer to 2 decimal places.) Part 4 4. Summarize the journal entry effects from part 3 using T-accounts. Use the June 30, 2019 ending balances as the beginning balances for the July-September 2019 quarter. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10)) Part 5 Prepare a classified balance sheet at September 30, 2019. (Enter your answers in millions (i.e.,…Accounting 1010 Chapter2. provide the names of two (a) assets account. B liability accounts, C equity accounts. 2.what is the difference between a note payable and an account payable? Are debits or credits typically listed first in journal entries? Are the debits or the credit intended? should a transaction be recorded first in a journal or the ledger? If an incorrect amount is journalized and posted to the accounts, how the errors should be corrected? Identify the four financial statements of a business. What information is reported in a balance sheet? What information is reported in the income statement? Define, Asset, Liability, equity and net asset.
- Multiple choice 1. A chronological record of financial transactions expressed as debit and credits to accounts is provided by the A. Ledger B. Journal C. Balance sheet D. Trial balance 2. Because the first formal accounting record of a transaction is made in a journal from source document information, a journal is commonly referred to as a(n) A. Ledger B. Account C. Cross-reference D. Book of original entryYour friend has come to you for advice on how to record a transaction in their accounting records for their proprietorship. 1) Use what you have learned in Chapter 4 to explain what is done at each step up to preparing the trial balance. 2) How would you go about detecting the error(s) if a trial balance resulted in total debits of $23,500 and total credits of $22,700BE3.7 List the required steps in the accounting cycle sequence.LO7 The required steps in the accounting cycle are listed in random order below. List the steps in proper sequence. Journalise the transactions. Post to ledger accounts. Prepare a post-closing trial balance. Prepare an adjusted trial balance. Analyse business transactions. Journalise and post closing entries. Journalise and post adjusting entries. Prepare financial statements. Prepare a trial balance
