Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions.Required: Assess whether the junior accountant correctly proposes how to record each transaction. If incorrect, provide the correction.
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Why defer revenues?
Describe the new method you learned in this chapter to add a new account from within a journal
Describe the method you learned in this chapter to add a customer to a transaction within a journal l entry
From the following list of steps in the accounting cycle, identify what two steps are missing:a. Transactions are analyzed and recorded in the journal.b. An unadjusted trial balance is prepared.c. Adjustment data are assembled and analyzed.d. An optional end-of-period spreadsheet is prepared.e. Adjusting entries are journalized and posted to the ledger.f. An adjusted trial balance is prepared.g. Closing entries are journalized and posted to the ledger.h. A post-closing trial balance is prepared.
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- Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Event External event Internal event Transaction Source document Account Chart of accounts General ledger Debit Credit Double-entry system Journal Posting Journalizing General journal Trial balance A numerical list of all accounts used by a company. A list of each account and its balance; used to prove equality of debits and credits. A happening of consequence to an entity. An entry on the right side of an account. An event occurring entirely within an entity. A piece of paper that is used as evidence to record a transaction. The act of recording journal entries. An entry on the left side of an account. The process of transferring amounts from a journal to the ledger accounts. An event involving interaction between an entity and its environment. A record used to accumulate amounts for each individual asset, liability, revenue, expense, and component of stockholders equity. A book, a file, a hard drive, or another device containing all of the accounts. A chronological record of transactions. Any event that is recognized in a set of financial statements. The journal used in place of a specialized journal. A system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance.arrow_forwardFrom the following list of steps in the accounting cycle, identify what two steps are missing: Transactions are analyzed and recorded in the journal. Transactions are posted to the ledger. An unadjusted trial balance is prepared. An optional end-of-period spreadsheet is prepared. Adjusting entries are journalized and posted to the ledger. An adjusted trial balance is prepared. Financial statements are prepared. A post-closing trial balance is prepared. Select the steps in the accounting cycle in their proper order and include the two missing steps. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.arrow_forwardFrom the following list of steps in the accounting cycle, identify what two steps are missing:a. Transactions are analyzed and recorded in the journal.b. Transactions are posted to the ledger.c. An unadjusted trial balance is prepared.d. An optional end-of-period spreadsheet is prepared.e. Adjusting entries are journalized and posted to the ledger.f. An adjusted trial balance is prepared.g. Financial statements are prepared.h. A post-closing trial balance is prepared.arrow_forward
- Hello, I am stuck with this problem. I have included the directions below and what I have done so far is included in the images. The Adjusted Trial Balance columns of a work sheet for Planta Company follow. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by entering the amount of net income for the reporting period.arrow_forwardCreate your own company describing the nature of the company and what it provides (should be providing services like consulting and digital marketing, not retail (no COGs)), and assume it is a sole proprietorship. Show in details the Accounting cycle (journalizing in general journal, posting in general ledger and preparing financial statements ) taking into consideration the following : Transaction to start with not less than 25 transactions ( including at least one unearned and one prepaid transactions ) Use the coding for the accounts used During the adjusting period please make sure you have covered all six categories discussed in class Make sure to show the method used to calculate the depreciation highlighting over the reason on choosing this specific method Complete the accounting cycle till closing stage and present all financial statements and reports needed .arrow_forwardYour 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 $22,700arrow_forward
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