Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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Please complete the cycle up to preparing trial balance, Income Statement, Statement of Owner's equity, and Balance Sheet. In order to do so, Journal Entry and T-account set up must be done. Can you help me with the Journal Entry and T account, please?
List (a) through (j) in the order they would be performed in preparing and completing an end-of-period spreadsheet.a. Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet to verify that the totals are equal.b. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to verify that the totals are equal.c. Add or deduct adjusting entry data to trial balance amounts, and extend amounts to the Adjusted Trial Balance columns.d. Add the Debit and Credit columns of the Adjustments columns of the spreadsheet to verify that the totals are equal.e. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to determine the amount of net income or net loss for the period.f. Add the Debit and Credit columns of the Adjusted Trial Balance columns of the spreadsheet to verify that the totals are equal.g. Enter the adjusting entries into the spreadsheet, based on the…
Using the journal entries in picture 1, post the journal entries to its individual T-Accounts and
prepare Trial Balance.
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- The general ledger of Jay Consulting shows the following balances at July 31: Jay has asked you to develop a worksheet that will serve as a trial balance (file name PTB). Use the data provided as input for your model. Review the Model-Building Problem Checklist on page 154 to ensure that your worksheet is complete. Print the worksheet when done. Check figure: Total debits, 17,731. To test your model, use the following balances at August 31: Print the worksheet when done. Check figure: Total debits, 18,810. CHART (optional) Using the test data worksheet, prepare a pie chart showing the percentage of each asset to total assets. Print the chart when done.arrow_forwardPosting: involves transferring the information in journal entries to the general ledger. is an optional step in the accounting cycle. is performed after a trial balance is prepared. involves transferring information to the trial balance.arrow_forwardRead 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_forward
- Set up T-accounts and post the original journal entries, adjusting and closing entries. Prepare an adjusted trial balance and post-closing trial balance. Prepare an income statement and balance sheet.arrow_forwardStudypug.com Recliner Company wants to verify that all of its accounts are in balance. Which of the following will be prepared for this purpose? a.Balance sheet b.General ledger c.Trial balance d.Chart of accountsarrow_forwardPlease prepare a full trial balance – Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement, Balance Sheet, and Statement of Owner’s Equity, as well the individual Balance Sheet, Income Statement, and Statement of Owners Equity. Include any journal entries necessary for this assignment. Use T accounts if you find them helpful.arrow_forward
- The required steps in the accounting cycle are listed below in random order. List the steps in the correct order by selecting the numbers 1 to 9 (a) Prepare a post-closing trial balance. (b) Prepare an adjusted trial balance (c) Analyze business transactions (d)Prepare a trial balance. (e)Jornalize the transactions. (f)Journalize and post the closing entries. (g)Prepare the financial statements. (h) Journalize and post the adjusting entries (i) Post to the ledger accounts.arrow_forwardA list of accounts and their balances at a given time is called a(n) Select one: a. posting. b. journal. c. trial balance. d. income statement.arrow_forwardOf the following steps of the accounting cycle, which step should be completed last? a.Transactions are posted to the ledger. b.An adjusted trial balance is prepared. c.An unadjusted trial balance is prepared. d.Adjusting entries are journalized and posted to the ledger.arrow_forward
- 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. 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_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. 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.arrow_forwardyour line manager wants to assess your understanding and ability to prepare and produce the appropriate final accounts such as profit and loss account, owners’ equity statement, and balance sheet as well as how these accounts are differed under different forms and types of business. Produce the final accounts for a sole trader business (Software Programming Company) from task 1 including profit and loss account, owners’ equity statement, and balance sheet for the Period ended July 31st. using the trial balance that you have produced in problem 2/ task1 2) Make the adjustments entries for the following transactions before preparing the final accounts for LLC company: On the 20th of October 2019, the business purchased supplies for 8000 cash. On 31st of December, 2019 the business found out that the supplies still on hand were 4000 only. The business has a Equipment with book value of 17000, with annual depreciation rate of 10%. On the 1st of July the business purchased a…arrow_forward
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