office furniture for $4,600, on account.
Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time).
Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment.
Oct. 27 Pays $700 on account for the office furniture purchased...
of the most valuable assets for organizations around the world. Very often, the success of a business depends on effective creation, management, and use of information. As companies become ever more reliant on technology, the need for welleducated Management Information Systems (MIS) auditors and control...
what is credit, but $assets increase for $100 in supplies what does not affect assets or net income | -$100 | $ 0 |
(b) | Recorded an adjustingentry to record use of $30 of the above supplies.Supplies Supplies Expense $100 ...
+ C/S + R/E(beginning) + change of R/E = Liabilities + C/S + R/E(beginning) + Revenue – Expenses - Dividends * Assets have the capacity to provide future services or benefits. Liabilities are claims against assets. Stockholders’ equity (residual equity) is equal to total assets minus total liabilities...
business in exchange for common stock.
4 Purchased land costing $30,000 for cash.
8 Incurred advertising expense of $1,800 on account.
11 Paid salaries to employee $1,500.
12 Hired park manager at a salary of $4,000 per month, effective May 1.
ACCT201DL: Exam #1- Covering Chapters 1, 2, 3 & 4
* You have 2 hours to write this exam after you have logged on. Please use your time wisely.
* Read each question carefully and then select the best most correct answer for that question.
* There are 96 multiple...
provide future services/benefits Liabilities: claims against assets, i.e. debts and obligations Equity:
the ownership claim on total assets; equal to total assets minus total liabilities Includes share capital-ordinary (amounts paid by shareholders for ordinary shares they purchased) and retained earnings...
balance sheet/income statement
- perpetual and periodic
- financial report
- framework (prelims)
Chapter 4 “Completion of the accounting cycle”
USING A WORKSHEET
A worksheet is a multiple-column form used for the adjustment process...
8General Ledger, Financial Reporting, and Management Reporting Systems TRUE/FALSE 1. The most common means of making entries in the general ledger is via the journal voucher. ANS: T PTS: 1 2. Individuals with access authority to general ledgeraccounts should not prepare journal vouchers. ANS: T PTS: 1...
Account - a device for recording the changes (increases or decreases) in the fundamental accounting elements.
Accountant - one who is concerned with the design of the system of records, the preparation of reports based upon the recorded data, and the interpretation of the reports.
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 the ledger(s).
5. Take a trialbalance after adjusting (adjusted trial balance)...
2794T_c03_094-143.qxd 6/5/08 5:54 PM Page 94 TEAM-B 108:JWCL039:Ch03:
3 Adjusting the Accounts
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Scan Study Objectives Read Feature Story Read Preview Read text and answer DO IT! p. 98 ■ p. 106 ■ p. 111 ■ Work Comprehensive DO IT! p. 118 Review Summary...
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Preface from the eight edition:
Philosophy and purpose
Imagine that you have graduated from college without taking an accounting course. You are employed by a company as a sales person, and you eventually...
shares of stock.
2 Identify the users and uses of accounting information.
Internal users are managers who need accounting information to plan, organize, and run business operations. The primary external users are investors and creditors. Investors (stockholders) use accounting information to help them decide...
Problem set C
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...
After studying this chapter, you should be able to: 1 Describe the primary forms of business organization. 2 Identify the users and uses of accounting information. 3 Explain the three principal types of business activity. 4 Describe the content and purpose of each of the financial statements...
to the ledger.
4. Taking an unadjusted trialbalance.
5. Making adjustingentries.
6. Taking an adjusted trialbalance.
7. Prepare financial statements.
8. Complete closing entries and post to the ledger.
9. Take an after closing trialbalance.
10. If needed, do reversing entries and post to the...
The complete process of the accounting transaction or records started from the first date of accounting period till the end of the accounting period called Accounting Cycle.
The following is the complete sequence and steps involved in accounting cycle.