You have recently been hired by Bougie Academy as an accounting assistant. Bougie Academy is a private educational institution. During your first month as an employee of Bougie, the school’s accountant was fired. The owner of the school has asked for your help in preparing the next set of financial accounts to 31 October 2021. You eagerly begin to assist with the preparation of the next set of financial accounts to 31 October 2021. Firstly, you locate the account balances related to 30 September 2021:- Cash at bank $267,000; Furniture and fittings $24,000; Equipment $60,000; Capital $351,900; Accounts receivable – T. Steward - $6,900; Accounts payable - R. Maskell- $6,000. Secondly you identify the transactions that occurred during October 2021. 1.    On Oct 1 2021, The owner withdrew $7,000 from the business bank account for personal reasons. 2.    On Oct 1 2021, Bougie Academy paid $6,000 towards the amount owed to R. Maskell. 3.    On Oct 1 2021 Bougie Academy paid business…

You have recently been hired by Bougie Academy as an accounting assistant. Bougie Academy is a private educational institution. During your first month as an employee of Bougie, the school’s accountant was fired. The owner of the school has asked for your help in preparing the next set of financial accounts to 31 October 2021. You eagerly begin to assist with the preparation of the next set of financial accounts to 31 October 2021. Firstly, you locate the account balances related to 30 September 2021: - Cash at bank $267,000; Furniture and fittings $24,000; Equipment $60,000; Capital $351,900; Accounts receivable – T. Steward - $6,900; Accounts payable - R. Maskell- $6,000. Secondly you identify the transactions that occurred during October 2021. On Oct 1 2021, the owner withdrew $7,000 from the business bank account for personal reasons. On Oct 1 2021, Bougie Academy paid $6,000 towards the amount owed to R. Maskell. On Oct 1 2021Bougie Academy paid business insurance for the next 12…

You have recently been hired by Bougie Academy as an accounting assistant. Bougie Academy is a private educational institution. During your first month as an employee of Bougie, the school’s accountant was fired. The owner of the school has asked for your help in preparing the next set of financial accounts to 31 October 2021. You eagerly begin to assist with the preparation of the next set of financial accounts to 31 October 2021. Firstly, you locate the account balances related to 30 September 2021:- Cash at bank $267,000; Furniture and fittings $24,000; Equipment $60,000; Capital $351,900; Accounts receivable – T. Steward - $6,900; Accounts payable - R. Maskell- $6,000. Secondly you identify the transactions that occurred during October 2021. 1.    On Oct 1 2021, The owner withdrew $7,000 from the business bank account for personal reasons. 2.    On Oct 1 2021, Bougie Academy paid $6,000 towards the amount owed to R. Maskell. 3.    On Oct 1 2021 Bougie Academy paid business…

Journalizing and posting closing entries is a required step in the accounting cycle. Discuss why it is necessary to close the books at the end of an accounting period. If closing entries were not made, how would the preparation of financial statements be affected?

Do you agree to the student answer to this question   Buddy Dupree is the accounting manager for On-Time Geeks, a tech support company for individuals and small businesses. As part of his job, Buddy is responsible for preparing the company’s trial balance. His supervisor placed a “hard deadline” of Friday at 5p.m. for the completion of the trial balance. Unfortunately, Buddy was unable to get the trial balance to balance by the due date. The credit side of the trial balance exceeded the debit side by $3,000. To make the deadline, Buddy decided to add $3,000 debit to the vehicles account balance. He selected the vehicles account because it will not be significantly affected by the additional $3,000.   Questions: Is Buddy behaving ethically? Why or why not? Who is affected by Buddy’s decision? How should Buddy have handled this situation?   Businesses, proprietors, and or individuals, are entrusting that when someone is put into a position such as an accounting manager they are going…

Which of the following account is not a temporary account while closing all temporary accounts In the closing process at the end of a financial year? Select one: a. Sales Revenue b. Insurance expense c. Cash d. Income Summary

Lucy must close the accounting books in the old system to have a complete set of financial statements to bring into the new system. How would you guide Lucy through the process of closing the accounting books in the old system? Explain.

What Would You Say? You are the new bookkeeper for a small business. The bookkeeper whose job you are taking is training you on the businesss manual system. As he journalizes, he writes the account number in the Post. Ref. column because he believes its easier. His thinking is that, when he posts, he wont be bothered writing the account numbers. How would you explain why he should not write the account number in the Post. Ref. column immediately and instead should enter the account number after he has posted the amount to the ledger?

As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each account should be active for accumulation of costs, revenues, and expenses. In July, the accounts payable (A/P) clerk asked you to open an account named New Expenses. You know that an account name should be specific and well defined, and you're afraid the A/P clerk might charge some expenses to the account that are inappropriate.   Why do you think the A/P clerk needs the New Expenses account? Who needs to know this information and what action should you consider?