College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 5, Problem 1DQ
Number in order the following steps in the accounting cycle:
- a. Prepare a
trial balance . - b.
Post journal entries to the accounts in the ledger. - c. Journalize and post the
adjusting entries from the data on the work sheet. - d. Analyze source documents and record business transactions in a journal.
- e. Prepare financial statements from the data on the work sheet.
- f. Gather adjustment data and record the adjusting entries on a work sheet.
- g. Journalize and post the closing entries.
- h. Prepare a post-closing trial balance.
- i. Complete the work sheet.
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Chapter 5 Solutions
College Accounting (Book Only): A Career Approach
Ch. 5 - What is the third step in the accounting cycle?...Ch. 5 - Which of the following accounts would be closed...Ch. 5 - If Income from Services had a 20,400 credit...Ch. 5 - Which of the following accounts would appear on a...Ch. 5 - Under the cash basis of accounting, which of the...Ch. 5 - Prob. 6QYCh. 5 - Number in order the following steps in the...Ch. 5 - List the steps in the closing procedure in the...Ch. 5 - What is the purpose of closing entries? What is a...Ch. 5 - What are real accounts? What are nominal accounts?...
Ch. 5 - What is the purpose of the Income Summary account?...Ch. 5 - What is the purpose of the post-closing trial...Ch. 5 - Write the third closing entry to transfer the net...Ch. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - Classify the following accounts as real...Ch. 5 - The ledger accounts after adjusting entries for...Ch. 5 - As of December 31, the end of the current year,...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - After all revenue and expenses have been closed at...Ch. 5 - Identify whether the following accounts would be...Ch. 5 - Prob. 8ECh. 5 - Indicate with an X whether each of the following...Ch. 5 - Prepare a statement of owners equity for The...Ch. 5 - Prob. 1PACh. 5 - The partial work sheet for Ho Consulting for May...Ch. 5 - The account balances of Bryan Company as of June...Ch. 5 - Williams Mechanic Services prepared the following...Ch. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 4PBCh. 5 - Toms Catering Services prepared the following work...Ch. 5 - Rather than going directly to college, some...Ch. 5 - Prob. 2ACh. 5 - The post-closing trial balance submitted to you by...Ch. 5 - You are preparing a post-closing trial balance for...Ch. 5 - The bookkeeper has completed a work sheet and has...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - Prob. 1CP
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- What is the third step in the accounting cycle? Analyze source documents and record business transactions in a journal. Prepare a post-closing trial balance. Journalize and post the closing entries. Prepare a trial balance.arrow_forwardSteps that begin with analyzing source documents and conclude with the post-closing trial balance are called the (a) closing process. (b) accounting cycle. (c) adjusting entries. (d) posting process.arrow_forwardThe __________ is a working paper used by accountants to record necessary adjustments and provide up-to-date account balances needed to prepare the financial statements. a. journal b. balance sheet c. accounting cycle d. work sheetarrow_forward
- Which process of the accounting cycle often requires the most analytical thought? A. making a journal entry B. posting transactions to accounts C. summarizing the trial balance D. preparing the financial statementsarrow_forwardAn accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.arrow_forwardAn accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.arrow_forward
- Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. A. Accounts Receivable B. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent Revenuearrow_forwardPost-closing trial balance An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.arrow_forwardWhich of the following accounting records is the main source of information used to prepare the financial statements? A. journal entries B. T-accounts C. trial balance D. chart of accountsarrow_forward
- Which of these accounts is included in the post-closing trial balance? A. Supplies Expense B. Accounts Payable C. Sales Revenue D. Insurance Expensearrow_forwardThe step-by-step process to record business activities and events to keep financial records up to date is ________. A. day-to-day cycle B. accounting cycle C. general ledger D. journalarrow_forwardAssume that the first two closing entries have been made and posted. Use the T-accounts provided as follows to: A. complete the closing entries B. determine the ending balance in the Retained Earnings accountarrow_forward
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