Bundle: Financial Accounting: The Impact on Decision Makers, Loose-Leaf Version, 10th Edition + LMS Integrated for CengageNOWv2â„¢, 1 term Printed Access Card
10th Edition
ISBN: 9781305793217
Author: Gary A. Porter, Curtis L. Norton
Publisher: CENGAGE L
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Chapter 1, Problem 1.4AP
1.
To determine
Introduction:
To prepare: Corrected balance sheet of I Enterprises
2.
To determine
Introduction: Balance sheet is one of the mandatory financial statements. It shows that the summation of equity and liabilities equal to the assets of the company. It helps the users of financial statements to analyze the financial position of the firm.
To prepare: Memo stating the difference the previous balance sheet and corrected balance sheet.
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ACCOUNTING PROCEDURES, POLICIES, AND
INSTRUCTIONS
I. Maja’s Consultancy reports its operations monthly.
II. Maja’s Consultancy uses voucher system for every cash disbursement.
III. Prepaid expenses are recorded using asset method.
IV. Instructions:
a) Journalize each transaction using the source documents provided.
b) Post the journalized transactions to its corresponding general ledger.
c) Prepare trial balance.
d) Determine the balances in each account and prepare the unadjusted trial
balance in the worksheet.
e) Answer the data for adjustments.
f) Journalize the adjusting entries and prepare it in the worksheet.
g) Complete the worksheet.
h) Prepare the financial statements.
i) Post the adjusting entries
j) Journalize and post the closing entries.
k) Prepare the post-closing trial balance.
V. Data for adjusting entries:
a) Per count, the office supplies on hand amounted to P2,000.
b) Received the September billing from PLDT, P1,500.
c) 1% of accounts receivable is uncollectible.…
*
Required:
a. Prepare the adjusting entries required for the cash account. Calculate the adjusted balance per books.
b. Prepare a bank reconciliation as at January 31.
Note:-
Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.
Chapter 1 Solutions
Bundle: Financial Accounting: The Impact on Decision Makers, Loose-Leaf Version, 10th Edition + LMS Integrated for CengageNOWv2â„¢, 1 term Printed Access Card
Ch. 1 - Prob. 1.1KTQCh. 1 - Prob. 1.1ECh. 1 - Prob. 1.2ECh. 1 - The Accounting Equation For each of the following...Ch. 1 - The Accounting Equation Ginger Enterprises began...Ch. 1 - The Accounting Equation Using the accounting...Ch. 1 - Changes in Owners Equity The following amounts are...Ch. 1 - The Accounting Equation For each of the following...Ch. 1 - Classification of Financial Statement Items...Ch. 1 - Classification of Financial Statement Items Regal...
Ch. 1 - Net Income (or Loss) and Retained Earnings The...Ch. 1 - Statement of Retained Earnings Ace Corporation has...Ch. 1 - Accounting Principles and Assumptions The...Ch. 1 - Prob. 1.13ECh. 1 - Prob. 1.14ECh. 1 - Prob. 1.15MCECh. 1 - Prob. 1.16MCECh. 1 - Prob. 1.1PCh. 1 - Users of Accounting Information and Their Needs...Ch. 1 - Prob. 1.3PCh. 1 - Prob. 1.4PCh. 1 - Income Statement, Statement of Retained Earnings,...Ch. 1 - Income Statement and Balance Sheet Green Bay...Ch. 1 - Prob. 1.7PCh. 1 - Statement of Retained Earnings for The Coca-Cola...Ch. 1 - Prob. 1.9PCh. 1 - Prob. 1.10MCPCh. 1 - Prob. 1.1APCh. 1 - Users of Accounting Information and Their Needs...Ch. 1 - Prob. 1.3APCh. 1 - Prob. 1.4APCh. 1 - Income Statement, Statement of Retained Earnings,...Ch. 1 - Income Statement and Balance Sheet Fort Worth...Ch. 1 - Corrected Financial Statements Heidis Bakery Inc....Ch. 1 - Statement of Retained Earnings for Brunswick...Ch. 1 - Prob. 1.9APCh. 1 - Prob. 1.10AMCPCh. 1 - Prob. 1.1DCCh. 1 - Reading and Interpreting Chipotles Financial...Ch. 1 - Comparing Two Companies in the Same Industry:...Ch. 1 - Prob. 1.5DCCh. 1 - Prob. 1.6DCCh. 1 - Prob. 1.7DC
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