"Post The Adjusting Entries To The Ledger Accounts Enter The Totals From The Trial Balance As Beginning Account Balances Use T Accounts" Essays and Research Papers

Post The Adjusting Entries To The Ledger Accounts Enter The Totals From The Trial Balance As Beginning Account Balances Use T Accounts

A 'Trial Balance' is a list of all the General ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit balance value A trial balance only checks the sum of debits against the sum of credits. That is why it does not guarantee that there are no errors. The following are the main classes...

Balance sheet, Bookkeeping, Debits and credits 1018  Words | 3  Pages

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trial balance

What is a Trial Balance? State its objectives and characteristics. Give some reasons for disagreement of the Trial Balance. A 'Trial Balance' is a list of all the General ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit balance value. The debit balance values will be listed...

Balance sheet, Bookkeeping, Debits and credits 1080  Words | 3  Pages

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Control Accounts and Its Uses

CONTROL ACCOUNTS AND ITS USES INTRODUCTION: As the business grows in size, more than one ledger is required for recording its transactions which have also expanded with the business. Since the bulk of the entries are made in the accounts of debtors and creditors, these two classes of accounts are taken out of the General Ledger and put in separate ledgers - the Sales Ledger for debtors' accounts and the Purchases Ledger for creditors' accounts. There may be more than three ledgers but for simplicity...

Accounts receivable, Balance sheet, Creditor 2351  Words | 7  Pages

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The Source and Structure of Trial Balance

3.1 Trial balance 3.1.1 The source and structure of trial balance A trial balance is a list with two columns, which are debit and credit. It is important to every company that they need to check the errors that maybe made during enter the transactions into general accounts. If the principles of the double entry have been correctly applied to the recording of transactions in ledger accounts, the total of debit balances will equal to the total of credit balances. So the total of the debit column should...

Accounting systems, Accounts receivable, Balance sheet 1128  Words | 6  Pages

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Quiz: Accounts Receivable and Trial Balance

Prepare an income statement, an owner's equity statement, and a balance sheet for the dental practice of Carl Craft, DDS, from the items listed below for the month of September. Carl Craft, Capital, September 1 $40,000 Accounts payable 7,000 Equipment 30,000 Service revenue 24,000 Carl Craft, Drawings 5,000 Dental supplies expense 3,500 Cash 6,000 Utilities expense 700 Dental supplies 2,800 Salaries expense 7,000 Accounts receivable 14,000 Rent expense 2,000 Part B: Journalize...

Accounting software, Accounts payable, Accounts receivable 437  Words | 3  Pages

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THE TRIAL BALANCE After all the transactions have been posted, and the accounts balanced off, a Trial Balance may then be prepared. This is a statement that shows all the accounts in use at the end of the accounting period, with their respective debit or credit balance, i.e. the bal b/d. PURPOSES OF THE TRIAL BALANCE There are two main purposes for the preparation of the Trial Balance : a) It serves as an interim check of the accounts in order...

Bookkeeping, Double-entry bookkeeping system, General ledger 1043  Words | 4  Pages

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Accounts Receivables

Accounts receivable is a legally enforceable claim for payment from a business to its customer/clients for goods supplied and/or services rendered in execution of the customer's order. These are generally in the form of invoices raised by a business and delivered to the customer for payment within an agreed time frame. Accounts receivable is shown in a balance sheet as an asset. It is one of a series of accounting transactions dealing with the billing of a customer for goods and services that the...

Accounts receivable, Balance sheet, Bookkeeping 1004  Words | 2  Pages

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the final accounts of a club: (3) Debit credit Prize fund Prize fund Investments 1,20,000 Income from Prize fund Investments Prizes awarded 9000 Q7. 1,20,000 12000 A,B and C are partners sharing profits and losses in the ratio of 1 : 2: 3. They have omitted interest on capital @ 8% p.a. for two years ended 31st March, 2008. Their fixed capitals were Rs. 400000, Rs 600000 and Rs 800000 respectively. Pass the necessary adjusting entry. (3) Raghav limited purchased a running business from Krishna...

Asset, Balance sheet, Depreciation 1757  Words | 7  Pages

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Double Entry 1 Started a business with a cash at bank for RM 15,000 and cash in hand for RM 10,000 3 Purchased machinery on credit from Happy Machine Supplies amounted to RM 90,000 4 Bought inventories amounted to RM 2,000 on cash from Bedah Sdn Bhd 5 The owner contributed another additional RM 10,500 cash at bank 6 Owner took goods worth RM 1,000 for personal use 7 Bought goods by cash at bank from Hamidah for RM 1,500 9 The business purchased goods from Senang...

Bank, Bookkeeping, Currency 441  Words | 4  Pages

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series of procedures in collection, processing, and communication of financial information. There are 7 basis steps of accounting cycle which comprise of source documents, prima entry, ledger, draft trial balances & financial statement, adjustments, adjusted trial balance & financial statement and closing entries. At first source documents, are things like invoice, credit note, debit note, cash bill, payment voucher, official receipt, cheque counterfoil and memo. All this document...

Accounts receivable, Balance sheet, Bookkeeping 647  Words | 2  Pages

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Account Payable

Job Description ----Account Payable---- General Purpose Perform accounting and clerical tasks related to the efficient maintenance and processing of accounts payable transactions. Main Job Tasks and Responsibilities ▪ review invoices and check requests ▪ sort and match invoices and check requests ▪ set invoices up for payment ▪ process check requests ▪ prepare and process accounts payable checks, wire transfers and ACH payments ▪ reconciliation of payments ...

Accounting source documents, Accounts payable, Accounts receivable 1083  Words | 5  Pages

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Balance Sheet and Following Account Balances

he master budget for the first quarter: a. As of December 31, 2011 (the end of the prior quarter), the company’s general ledger showed the following account balances: DEBIT CREDIT $ $ Cash  48,000 Accounts receivable 224,000 Finished goods Inventory  (1000 units) 60,000 Raw Materials inventory (500 units) 10,000 Buildings and equipment (net) 370,000 Accounts payable  93,000 Capital stock 510,000 Retained earnings  109,000 712,000 712,000 b. ‐ Actual sales for December an...

Bookkeeping 625  Words | 2  Pages

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Accounts Receivable and Trial Balance

architectural supplies on account from Spring Green Company $1,000. 10 Completed blueprints on a carport and billed client $1,500 for services. 11 Received $500 cash advance from J. Madison to design a new home. 20 Received $2,300 cash for services completed and delivered to M. Svetlana. 30 Paid secretary-receptionist for the month $1,500. 30 Paid $300 to Spring Green Company for accounts payable due. The company uses these accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Unearned...

Accounting software, Accounts payable, Accounts receivable 363  Words | 2  Pages

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Adjusting Entries - Examples

Adjusting Entries – Examples Let’s work with some examples. We are working with a one year accounting period that ends on 12/31/X2. Let’s use a three step process. Step 1 – Analyze the transaction. Step 2 – Record in the journal. Step 3 – Post to the ledger. Example 1: On 12/31/X2 (before the adjusting process), Supplies, an asset, has a balance of $2,500. Employees take a physical account of the supplies on hand. That physical count reveals that $1,200 of supplies remains. Step 1 ‐‐ The balance...

Accounts receivable, Asset, Balance sheet 1561  Words | 4  Pages

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Depreciation and Checking Account Balance

$2,950 balance. Broom showed a $4,010 checking account balance. The bank did not return the check No. 124 for $1,080 and check No 138 for $720. A $3,200 deposit made on October 30 was in transit. The bank charged Broom $12 for check printing and $18 for an NSF check. Broom forgot to record a $30 withdrawal at the ATM. The bank also collected a $400 note for Broom. Prepare a bank reconciliation. 2. Erasers costs $5 per carton and pencils cost $7 per carton. If an order comes in for a total of 15...

Compound interest, Depreciation, Discount rate 1368  Words | 5  Pages

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Trial Balance Sums

INTRODUCTION: Trial balance is a statement which shows debit balances and credit balances of all accounts in the ledger. Since, every debit should have a corresponding credit as per the rules of double entry system, the total of the debit balances and credit balances should tally (agree). In case, there is a difference, one has to check the correctness of the balances brought forward from the respective accounts. Trial balance can be prepared in any date provided accounts are balanced. DEFINITION ...

Accounting software, Accounts payable, Accounts receivable 658  Words | 3  Pages

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Account Titles

EXAMPLES OF ACCOUNTS FALLING UNDER EACH ACCOUNTING EQUATION ELEMENT: Current Assets Cash - A current asset account which includes currency, coins, checking accounts, and undeposited checks received from customers. The amounts must be unrestricted. (Restricted cash should be recorded in a different account.) Petty Cash Fund - A current asset account that represents an amount of cash for making small disbursements for postage due, supplies, etc. Notes Receivable - An asset representing the...

Accounts receivable, Asset, Balance sheet 1351  Words | 5  Pages

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Accounts Receivable and Debit Credit Balance

J1 Date Account Titles and Explanation Ref. Debit Credit 2014 Cash 101 20,000 May. 1 Common stock 311 20,000 (Issued shares of stock for cash) 3 Supplies 126 1,500 Accounts Payable 201 1,500 (Purchased supplies on account ...

Accounting software, Accounts payable, Accounts receivable 385  Words | 4  Pages

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Balance Sheet Ledger Accounts

Journal Entries Example Company A was incorporated on January 1, 2010 with an initial capital of 5,000 shares of common stock having $20 par value. During the first month of its operations, the company engaged in following transactions: Date Transaction Jan 2 An amount of $36,000 was paid as advance rent for three months. Jan 3 Paid $60,000 cash on the purchase of equipment costing $80,000. The remaining amount was recognized as a one year note payable with interest rate of 9%. Jan 4 Purchased office...

1961, 1967, 1977 1563  Words | 11  Pages

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Effectiveness of Double Entry Accounting System

Giving examples, evaluate the effectiveness of the controls in the double entry system of accounting in ensuring the accuracy of the accounts. As well as examining the controls, your evaluation should consider errors that do not affect the balancing of the trial balance. Double entry accounting system was invented in 15th century and still being in use until today, this is quite an interesting fact; however it indicates that there is something about the system, thus making it so effective and...

Accounting systems, Accounts receivable, Balance sheet 1207  Words | 4  Pages

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Chap 2 E14 JE T Accounts

EXERCISE 2-14 Journal Entries and T-accounts The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year. a. Raw materials purchased on account, $210,000. b. Raw materials issued to production, $190,000 ($178,000 direct materials and $12,000 indirect materials). c. Direct labor cost incurred, $90,000; indirect labor cost incurred, $110,000. d. Depreciation recorded on factory equipment, $40,000. e. Other manufacturing overhead...

Accounting software, Accounts payable, Accounts receivable 327  Words | 2  Pages

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you hand in. Write in dark blue or black pen in the spaces provided on the Question Paper. You may use a soft pencil for rough working. Do not use staples, paper clips, highlighters, glue or correction fluid. Answer all questions. At the end of the examination, fasten all your work securely together. The number of marks is given in brackets [ ] at the end of each question or part question. You may use a calculator. If you have been given a label, look at the details. If any details are incorrect or...

Asset, Balance sheet, Bank 1005  Words | 7  Pages

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Why are accounts important To begin by why accounts are important, a person should first know what accounts actually mean. Accounts are financial records of an organization that register all financial transactions, and must be kept at its principal office or place of business. The purpose of these records is to enable anyone to appraise the organization's current financial position with reasonable accuracy. Firms present their annual accounts in two main parts: the balance sheet, and the income...

Annual report, Balance sheet, Financial statements 1928  Words | 6  Pages

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CHAPTER 2 – Investing and Financing Decisions and the Balance Sheet

and the Balance Sheet I. THE OBJECTIVE OF FINANCIAL REPORTING, THE ELEMENTS OF THE BALANCE SHEET, AND THE RELATED KEY ACCOUNTING ASSUMPTIONS AND PRINCIPLES. A. Primary objective of financial reporting 1. To provide useful economic information about a business to help investors and creditors make good financial decisions. a. Decision makers are expected to have a reasonable understanding of accounting concepts and procedures. b. Decision makers need to be able to use financial...

Accounting equation, Asset, Balance sheet 1100  Words | 7  Pages

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ing)C H A P T E R 3 Analyzing and Recording Transactions Rethink Accounting! Vancouver, BC—Rethink Advertising’s unique approach to marketing has attracted clients that include A&W, A&P, B.C. Automobile Association, Okanagan Springs Brewery, MJB Coffee, and Maclean’s. The owners—Grais, Shepansky, and Staples—established Rethink in 1999 and the company has since grown to 30 employees. When it comes to accounting, the owners agree that the hands-on approach they each learned in postsecondary...

Accounting software, Accounts payable, Accounts receivable 21822  Words | 101  Pages

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Adjusting Entries - Essay

Adjusting Entries Yvenie Desire ACCT205-1203A-11 June 9, 2012 Adjusting Entries Welcome to the company and as an accounting clerk for the department you will be working a lot with the accounting department and with me. I will be mentoring you on certain aspect of accounting and what needs to be done. First we’ll get started with why adjusting entries are necessary. “Adjusting entries ensures that the correct amount of revenues and expenses are recorded in a specified time period.” (Editorial...

Accrual, Adjusting entries, Balance sheet 1210  Words | 4  Pages

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Pickert Real Estate Agency: Trial Balance

gdfdfd I'm stuck on what to put in for cash and accounts payable This information relates to Pickert Real Estate Agency. Oct. 1 Stockholders invested $31,065 in exchange for common stock of the corporation. Oct. 2 Hires an administrative assistant at an annual salary of $42,000. Oct. 3 Buys office furniture for $6,687, on account. Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $12,887 (not paid by Petty at this time). Oct. 10 Receives cash of $1,205 as commission...

Accounting software, Accounts payable, Accounts receivable 407  Words | 3  Pages

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Account Balances

ACCOUNT BALANCES For many purposes, it is necessary to determine the balance in an account. This is accomplished by adding the debits, credits, and determining the difference between the two sums. An account is said to have a debit balance if the sum of the debit entries to that account exceeds the sum of the credit entries. Conversely, an account has a credit balance if the sum of the credit entries exceeds the sum of the debit entries. Asset accounts normally have debit balances inasmuch as...

Accounts receivable, Asset, Balance sheet 495  Words | 2  Pages

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accounting post lecture

HW 8 – 1 ACCOUNTS RECEIVABLE JOURNAL ENTRIES Prepare journal entries to record the following transactions: (1) On December 15, 2008, the company recorded $150,000 sales on credit. (2) On December 31, 2008, the company estimated bad debt expenses of $15,000. (3) On January 12, 2009, collect $100,000 worth of accounts receivable. (4) After many collection attempts, the Company determined on June 15, 2009 that it would not collect $10,000 in accounts receivables from Pendant Publishing...

1930, Accounts receivable, Bad debt 486  Words | 5  Pages

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Chart of Accounts

chart of accounts? Chart of accounts (COA) is a list of the accounts used by an organization. The list can be numerical, alphabetic, or alpha-numeric. The structure and headings of accounts should assist in consistent posting of transactions. Each nominal ledger account is unique to allow its ledger to be located. The list is typically arranged in the order of the customary appearance of accounts in the financial statements, profit and loss accounts followed by balance sheet accounts. It is...

Accounting software, Accounts payable, Accounts receivable 1768  Words | 7  Pages

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Account Analsis

Question 1 a) Identify three accounts on the balance sheet of Sun Hung Kai that represent tangible assets? Fixed assets, Investment properties, Properties for sale. b) What are the differences among these accounts? Fixed assets: Known as a non-current asset or as property, plant, and equipment, is a term used in accounting for assets and property which cannot easily be converted into cash. This can be compared with current assets such as cash or bank accounts, which are described as liquid...

Asset, Balance sheet, Depreciation 1122  Words | 5  Pages

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Pearson Accounts Receveible

pounds sterling (L). a. What is an account receivable? What other names does this asset go by? b. How do accounts receivable differ from notes receivable? c. What is a contra account? What two contra accounts are associated with Pearson's trade receivables (see Note 22)? What types of activities are captured in each of these contra accounts? Describe factors that managers might consider when deciding how to estimate the balance in each of these contra accounts. d. Two commonly used approaches for...

Accounts receivable, Balance sheet, Current asset 1167  Words | 5  Pages

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Consolidated Accounts Balance Sheet

Consolidated Accounts Balance Sheet • Home Page» • Business & Economy» • Accounting Consolidated Accounts Balance Sheet C UNIT 3: CONSOLIDATED BALANCE SHEET Definition of a Group Under IAS 27 Consolidated and Separate Financial Statements, a group exists where one enterprise (the parent) controls, either directly or indirectly, another enterprise (the subsidiary). A group consists of a parent and its subsidiaries. Definition of Control Under IFRS 3 Business Combinations, control...

Accounts receivable, Annual report, Associate company 345  Words | 3  Pages

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Adjusting Accounting Entries

promotion. To better understand accounting we need to know why adjusting entries are so important to a business. Adjusting journal entries are made at the end of each closing period to adjust the account balances. Most of the time, this is necessary in order to achieve a clean cut-off at the end of the accounting period, and to ensure the accounts are complete, and accurate. Current account balances may not represent correct balances, because some mistakes were identified in the posting of transactions...

Accounting software, Accounts receivable, Accrual 849  Words | 3  Pages

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Similarities: Acquired by a business to gain profit or chances of investment Both current and non-current assets are recorded on the balance sheet Differences Current assets are intended for consumption of sale realised during a year Current assets is used for trading or transactions Current assest have direct results of the profit gained in the business such as bank balance Non-current assets are used for a longer duration (12 months) Non-current assets used for productive investment purposes ...

Asset, Balance sheet, Debt 1211  Words | 4  Pages

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National Account

National Accounts •  Gross Domestic Product (GDP) measures the final value of all goods and services that are produced within a country in a given time period. •  There are 4 types of expenditure: 1.  2.  3.  4.  Consumption: expenditure by domestic residents Investment: expenditure by firms on plants & equipment Government purchases: expenditure by governments on goods and services Net exports (exports minus imports): net expenditure by foreigners on domestic goods and services 1 GDP...

Balance of payments, Balance of trade, Capital account 1168  Words | 7  Pages

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Accounts Receivable, Inventory, Long-lived Assets, Bonds

(Accounts Receivable, Inventory, Long-lived Assets, Bonds) 1. GNC has the following information regarding the inventory of its Super Mega, a multivitamins. Assume GNC uses periodic inventory system each quarter and FIFO. a. On July 1, GNC had 200 bottles of Super Mega in stock. Each bottle costs $3. b. On July 15, GNC purchased 5,000 bottles of Super Mega for $25,000 from a supplier, paid $10,000 in cash and the rest was on credit. c. On August 15, GNC purchased another 1,000 bottles of Super...

1916, 1920, 1921 1121  Words | 6  Pages

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Confirmation Procedure of Account Receivable

Obtain Aged Schedule of Accounts Receivable The auditor should obtain an aged schedule of accounts receivable as of the confirmation date. He or she should apply the following procedures to this schedule: Determine that totals are correct. Compare all or a selected sample of account balances with the account balances in the accounts receivable subsidiary ledger. Investigate credit balances.   Step-2. Select Accounts for Confirmation Auditors have used, and some continue to use, judgment in selecting...

Accounting software, Accounts payable, Accounts receivable 1221  Words | 4  Pages

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The Accounting Equation and Double-entry Bookkeeping

Equation and Double-entry Bookkeeping I. Learning objectives After completing this session, students should be able to (1) Define assets, liabilities, owner’s equity, revenue and expenses; (2) Understand the functions of the fundamental accounting equation; (3) Record business transactions and illustrate their effects on the fundamental accounting equation; (4) Understand the accounts payable, accounts receivable, prepaid insurance, and drawing accounts; (5) Understand the...

Asset, Balance sheet, Bookkeeping 792  Words | 4  Pages

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Accounts Receivable and Sales Return

is account receivable? Credit sales, sales on account b. How do accounts receivable differ from notes receivable? Notes Receivable arises when the seller asks for a note to replace an Accounts Receivable when the customer requests additional time to pay a past-due account. A promissory note is a written promise to pay a specific amount of money, usually including interest, at a future date. c. What is a contra asset? An account which offsets another account. A contra-asset account has...

Accounts payable, Accounts receivable, Balance sheet 435  Words | 3  Pages

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Ledger Account

LedgeAccount (Also known as "T" Account and Account) Having passed the double or journal entries, the next step is to post these double or journal entries into Ledger accounts. Ledger account or an account is simply the classification of double entries which we have made in General Journal or any other journal. In an account we bring together all similar entries in one place. For example a company has purchased goods on 4th and 7th January, we would put both entries in purchases account because of their similar...

Accounting software, Accounts receivable, Balance sheet 1538  Words | 14  Pages

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Masasi's Trial Balance

Accounting Adjusting Entries, Posting and Preparing an Adjusted Trial Balance MASASI COMPANY, INC. Trial Balance June 30, 2008 Account Number Debit Credit 101 Cash $ 7,150 112 Accounts Receivable 6,000 126 Supplies 2,000 130 Prepaid Insurance 3,000 157 Office Equipment 15,000 201 Accounts Payable $ 4,500 209 Unearned Service Revenue 4,000 311 Common Stock 21,750 400 Service Revenue 7,900 726 Salaries Expense 4,000 729 Rent Expense 1,000 Total $38,150 Total $38,150 In addition to...

Accounting software, Accounts payable, Accounts receivable 892  Words | 9  Pages

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Adjusting Entries

QUIZ CHAPTER 3 ACTG 500 BE 161 Prepare adjusting entries for the following transactions. Omit explanations. 1. Depreciation on equipment is $800 for the accounting period. 2. There was no beginning balance of supplies and purchased $500 of office supplies during the period. At the end of the period $80 of supplies were on hand. 3. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $600 was unexpired. Solution 161 |1 |Depreciation Expense ...

Deferral, Depreciation, Expense 624  Words | 5  Pages

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Accounts And Classes Of Transactions In The Acquisition And Payment Cycle

Accounts and Classes of transactions in the Acquisition and Payment Cycle. The objective is to evaluate whether the accounts affected by acquisitions of goods and services and cash disbursement for those that are fairly presented in accordance with accounting standards. There are 3 classes of transactions included in the cycle: 1. Acquisitions of goods and services 2. Cash disbursements 3. Purchase returns and allowances and discounts There are 10 accounts involved in the acquisition and payment...

Accounting software, Accounts payable, Accounts receivable 1807  Words | 5  Pages

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Accounts Receivable and Extermination Services Revenue

manufactured by other companies. The following six-column table contains the company's unadjusted trial balance as of December 31, 2011. BUG-OFF EXTERMINATORS December 31, 2011 Unadjusted Trial Balance Cash 17,000 Accounts receivable 4,000 Allowance for doubtful accounts 828 Merchandise inventory 11,700 Trucks 32,000 Accum. depreciation-Trucks - Equipment 45,000 Accum. depreciation-Equipment 12,200 Accounts payable 5,000 Estimated warranty liability 1,400 Unearned services revenue - Interest...

Accounts payable, Accounts receivable, Balance sheet 780  Words | 3  Pages

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Assignment - Preparing Entries and Statements

Preparing Entries and Statements ACC225/Financial Accounting Assignment: Preparing Entries and Statements QS 4-5A The following unadjusted trial balance is for Adams Construction Co. as of the end of its 2005 fiscal year. The June 30, 2004, credit balance of the owner’s capital account was $52,660, and the owner invested $25,000 cash in the company during the 2005 fiscal year. [pic] Prepare a 10-column work sheet for fiscal year 2005, starting with the unadjusted trial balance ...

1919, Accounts receivable, Balance sheet 618  Words | 3  Pages

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Accounts Receivable and Balance Debit Credit

equation are assets, liabilities, and equity. Assets include Cash, Accounts Receivable, Notes Receivable, Prepaid Expenses, Land, Building, Equipment, Furniture, and Fixtures. Liabilities include Accounts Payable, Notes Payable, Accrued Liability, and Unearned Revenue. Equity includes Owner’s Capital, Owner’s Withdrawals, Revenue, and Expenses. 2. Companies need a way to organize their accounts so they use a chart of accounts. Accounts starting with 1 are usually Assets, 2 – Liabilities, 3 – Equity...

Accounts payable, Accounts receivable, Asset 5609  Words | 170  Pages

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Adjusting the Accounts (Reviewer)

affect one period of time. | | | |b. estimates should not be made if a transaction affects more than| | | |one time period. | | | |c. adjustments to the enterprise's accounts can only be made in | | | |the time period when the business terminates its operations. | | | |d. the economic life of a business can be divided into artificial | | | |time periods. ...

Asset, Balance sheet, Deferral 3566  Words | 16  Pages

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The Accounting Cycle

Memo: To: Ms. Aisha Meeks From: Krystal Hall Date: 2/26/2013 Re: The Accounting Cycle Every company has an accounting cycle. An Accounting cycle is the process that begins with analyzing and journalizing transactions and it ends with the post-closing trial balance. When preparing the accounting cycles there are ten steps that are included. They are as follow; transactions are analyzed and recorded in the journal, posted to the ledger, an unadjusted trial balance is prepared, adjustment data...

Asset, Balance sheet, Double-entry bookkeeping system 1023  Words | 4  Pages

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The U.S. Balance of Payments: Current Account Deficit

The U.S. Balance of payments: Current Account deficit Its history, current state and improvement? The U.S. economy is the largest economy in the world with the GDP in purchasing power parity that equals to $10.99 trillion, growth rate of 3.1%, and GDP per capita of $37, 800 (2004 est.), [1]. However, it is an historical fact that the large amount of time the U.S. economy was experiencing the balance of payments' deficits. How come that economic success may go hand by hand with the Current Account...

Balance of payments, Balance of trade, Bretton Woods system 1248  Words | 4  Pages

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Generally Accepted Accounting Principles and Trial Balance

For each of the following entries, enter the letter of the explanation that most closely describes it in the space beside each entry. (You can use letters more than once.) A. To record receipt of unearned revenue. B. To record this period’s earning of prior unearned revenue. C. To record payment of an accrued expense. D. To record receipt of an accrued revenue. E. To record an accrued expense. F. To record an accrued revenue G. To record this period’s use of a prepaid expense. H...

1942, 1948, 1966 1514  Words | 10  Pages

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Accounts Project 2

Introduction to Financial Accounts Final Accounts Project Topic: - Final Accounts Teacher: - Ms. Reshma Shaikh College: - K.C. College Class: -FYBMS Roll No: - 54 Student Name: - Shabbir Mehta What Is Final Accounts? The accounts & accounting statements prepared by a business concern at the end of the accounting year on the basis of trial balance & additional information...

Accounts receivable, Asset, Balance sheet 1257  Words | 5  Pages

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The analysis and application of the balance sheet

 The analysis and application of the balance sheet Kuang xin Financial accounting is one of the most popular major in the world. In the study of accounting, people must know and use expertly the three accounting statement, balance sheets, cash flow, and income statement. It is the most basic and useful skill in one’s career of accounting. But in the four basic financial statement, the balance sheet or called statement of financial position is the...

Accounting equation, Accounts payable, Accounts receivable 1723  Words | 6  Pages

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Accounting. Theory of Accounts

Theory of Accounts 1. The fundamental qualitative characteristic of faithful representation has the components of a. Predictive value and confirmatory value b. Comparability, consistency, and confirmatory value c. Understandability, predictive value, and reliability d. Completeness, neutrality, and freedom from error 2. The amount reported as “Cash” on a company’s balance sheet normally should exclude a. Postdated checks that are payable to the company b. Cash in a payroll account c. Undelivered...

Accounts receivable, Asset, Balance sheet 1863  Words | 7  Pages

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Accounts 3

Unit No(s). 6 & 8 Accounts Assignment 3 Unit Title(s). Financial Accounting & Accounting Systems Applicable to: 90 Credit Diploma P/M/D Criteria Unit 6 P3, M2, & Unit 8 M2, M3, D2 Grading Criteria Unit 6 – M2 – “Assess the impact of adjustments to the profit and loss account and balance sheet for a limited company” Unit 8 – M2 – “Explain the purpose of a trial balance” Unit 8 – M3 – “Explain why the extended trial balance is used to make adjustments to accounts” Unit 8 – D2 – “Evaluate...

Income statement 368  Words | 1  Pages

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Adjusting Entries, Posting, and Preparing an Adjusted Trial Balance Appendix DD

Assignment Material Adjusting Entries, Posting, and Preparing an Adjusted Trial Balance Posting Entries Use this General Ledger to post adjusting entries to all ledger accounts for Modine Company, Inc. The first two accounts are completed for you. Make sure you: a) Fill in the correct information, including account titles and numbers for the remaining accounts; and b) Place a check mark in the reference column, when applicable. You can copy the check mark in the Cash account and paste it when...

Accounting software, Accounts payable, Accounts receivable 386  Words | 11  Pages

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Generally Accepted Accounting Principles and Balance Sheet

F‎151. Assets become liabilities when they expire. F152. Revenue results from collection of accounts receivable. F153. A company’s fiscal year must correspond to the calendar year. T154. Accounting periods should be of equal length to facilitate comparison between periods. T155. When there is no direct connection between revenues and costs, the costs are systematically allocated among the periods benefitted. T156. Applying accrual accounting results in a more accurate measurement of profit for...

Balance sheet, Depreciation, Expense 4320  Words | 11  Pages

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The Accounting Cycle

double entry-accounting system. During this step you have to read the description of the transaction carefully and determine whether an asset, liability, owner’s equity, revenue, expense, or drawing account is affected. For each account that is affected by the transaction you have to determine if the account increases or decreases. You will decide if it will be recorded as a debit or credit. Once you have made your decision you will record the transaction in a journal entry. The...

Asset, Balance sheet, Bookkeeping 760  Words | 3  Pages

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Journal Entries

“JOURNAL ENTRIES” a. JIL made initial cash investment. Cash XXX JIL, Capital XXX b. JIL made an additional investment, Equipment. Equipment XXX JIL, Capital XXX c. Purchased equipment on account. Equipment XXX Accounts Payable XXX d. Purchased equipment for cash. Equipment XXX Cash XXX e. Purchased supplies on account. Supplies XXX Accounts Payable XXX f. Purchased supplies for cash. Supplies XXX Cash XXX g. Rendered services on account. Accounts receivable XXX Service...

Accounting software, Accounts payable, Accounts receivable 426  Words | 3  Pages

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Acc 557 Hmk Assign Week 2

3-1A Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Post entries in the order of journal entries posted in the previous part of the question.) Cash | | | | No. 101 | Date | Explanation | Ref | Debit | Credit | Balance | June 30 | Balance | √ | | | | Accounts Receivable | | | | No. 112 | Date | Explanation | Ref | Debit | Credit | Balance | June 30 | Balance | √ | | | | June 30 | Adjusting | J3 |...

Accounting software, Accounts payable, Accounts receivable 336  Words | 3  Pages

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