CONNECT F/ INTERMEDIATE ACCTING>I<
CONNECT F/ INTERMEDIATE ACCTING>I<
10th Edition
ISBN: 9781260951585
Author: SPICELAND
Publisher: MCG
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Chapter 2, Problem 2.5E
To determine

Accounting Cycle:

Accounting cycle refers to the process of recording a business transaction in the books of accounts. This cycle concludes when the financial statements are prepared.

To pair: Each item from List A with the item from List B that is most appropriately associated with it.

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EB2.  LO 7.1The following information pertains to Crossroads Consulting, Inc. Match each of the following parts of Crossroad’s accounting information system in the left-hand column with the appropriate item(s) from the right-hand column. You may use items in the right-hand column more than once or not at all. There may be several answers for each item in the left-hand column. You may choose items in the right-hand column more than once. A. Source document i. Sales invoice from cleaning company B. Output device ii. Printed check to be mailed to phone company C. Input device iii. Dropbox (online storage) D. Data and information storage iv. Voice-to-text software E. Information processing v. QuickBooks Accounting Software   vi. Keyboard   vii. Printer   viii. Bar code scanner   ix. Computer screen   x. Flash drive   xi. Text scanner   xii. Computing interest on a loan
BE3.7 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
Ch.2 #4 The duality of effects can be described best as follows 1) When a transaction is recored in the accounting system, and at least 2 effects on the basic accounting equation will result 2) When an exchange takes place betwen two parties both parties must record, one account will account will decrfeaste 3) When a transaction is recorded, one will always increase and one account will always stay the same 4) When a transaction is recorded, one account will always and one account will always decrease

Chapter 2 Solutions

CONNECT F/ INTERMEDIATE ACCTING>I<

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