4. Prepare a trialbalance of the accounts and complete the work sheet
5. Prepare financial statements
8. Prepare a post-closing trialbalance
6. Journalize and postadjustingentries 7. Journalize and post closing entriesEntry (4...
: | $3,500_____________________________________$10,320 | $3,500_____________________________$10,320 |
(b) | Post the adjustingentries to the ledgeraccounts. Enter the totalsfrom the trialbalance as beginningaccountbalances. UseT accounts.Service rev. $15,400Cash Debit | Credit...
adjustingentries for the month of June. Use J3 as the page number for your journal.
b) Post the adjustingentries to the ledgeraccounts. Enter the totalfrom the trial balane as beginningaccountbalances and place a check mark in the posting reference clumn
c)Prepare an adjusted trialbalance at...
balances carried forward into the next accounting period since the post-closing trialbalance will contain only permanent accounts.
Summary of the Accounting Cycle * Accounting cycle (short version) 1. Identify and journalize accounting events. 2. Adjustingentries. 3. Prepare financial statements. 4...
, post to ledgeraccounts, postadjustingentries
11. Speedy Bike Company received a $640 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $460 and a credit to Service Revenue $460. The correcting entry is
a. Debit Cash, $640; Credit...
ledger, prepare the adjusted trialbalance, enteradjustingentries, prepare financial statements b. record the transaction, prepare the unadjusted trialbalance, record adjusting journal entries, record closing entries, prepare financial statements c. record the transaction, post to the ledger...
(a) Prepare the adjustingentries for the month of June. Use J3 as the page number for your journal.
(b) Post the adjustingentries to the ledgeraccounts. Enter the totalsfrom the trialbalance as beginningaccountbalances and place a check mark in the posting reference column. (c...
. Journalise the transactions
3. Post to ledgeraccounts
4. Prepare a trialbalance
5. Journalise and postadjustingentries: prepayments/accruals
6. Prepare an adjusted trialbalance
7. Prepare financial statements
Statement of changes in equity
Statement of financial position
entry to reflect
“earned” portion of tours sold in advance
RECORD ADJUSTINGENTRIES IN JOURNAL
POSTENTRIES TO THE LEDGERACCOUNT: Capital Stock
Dec. 31, 20X3
PREPARE ADJUSTED TRIALBALANCEFROM...
/5/08 5:54 PM Page 133 TEAM-B 108:JWCL039:Ch03:
Problems: Set A
Instructions (a) Prepare the adjustingentries for the month of June. Use J3 as the page number for your journal. (b) Post the adjustingentries to the ledgeraccounts. Enter the totalsfrom the trialbalance as beginningaccount...
cycle has nine procedures that lay out the logical sequence. The procedures are:
1. Enter the transactions of the period in appropriate journals.
2. Postfrom the journals to the ledger (or ledgers).
3. Take an unadjusted trialbalance.
4. Prepare adjusting journal entries and post to...
month have not been recorded as of June 30. Instructions (a) Prepare the adjustingentries for the month of June. (b) Post the adjustingentries to the ledgeraccounts. Enter the totalsfrom the trialbalance as beginningaccountbalances. UseTaccounts. (c) Prepare an adjusted trialbalance at June...
1. Prepare T-accounts (representing the ledger) with balancesfrom the unadjusted trialbalance.
2. Prepare adjusting journal entries for items (a) through (h) and post them to the T-accounts. Assume adjustingentries are made only at year-end...
. liabilities = capital - assets
7. The steps involved in handling all of the transactions and events completed during an account period, beginning with placing data in a book of original entry and ending with a post-closing trialbalance, are referred to collectively as:
A. accounting B. input...
entries to the accounts in the ledger (Chapter 2). Prepare a trialbalance of the accounts (Chapter 2) and complete the work sheet (Chapter 4).
(This step includes adjustingentriesfrom Chapter 3.)
Prepare financial statements (Chapter 4). Journalize and postadjustingentries (Chapters 3...
Accounting Cycle Paper
The accounting cycle consists of the following ten steps:
1. Analyze and classify events.
2. Journalizing the event.
3. Posting to the ledger.
4. Taking an unadjusted trialbalance.
5. Making adjustingentries.
6. Taking an adjusted trialbalance.
7. Prepare financial...
balance sheet are the same as the totals of the Balance Sheet columns on the worksheet.
248. The amount of owner’s withdrawals can be found on the worksheet.
249. After the adjusting and closing entries have been recorded and posted, the general ledgeraccounts that appear on the balance sheet have...
are posted from the closing journal entry to the ledger, only permanent balance sheet accounts remain in the Texana Restaurant ledger (see Exhibit 1.13). The post-closing trialbalance is the source of information needed to prepare a final balance sheet. From the post-closing trialbalance, a final...
entries are posted to the ledgeraccounts.
b. after closing entries are posted to the ledgeraccounts.
c. before adjustingentries are posted to the ledgeraccounts.
d. only if an error in the accounts is detected.
91. A post-closing trialbalance will show