2. Prepare the following: a) Journal Entry b) T-account c) Trial Balance d) Balance Sheet
Q: Among these, which item is used as the base for preparing unadjusted trial balance? a. General…
A: The correct option is a. General Ledger
Q: 1. What is the Supplies Expense in the adjusted trial balance columns of worksheet? A. Income…
A: Lets understand the meaning of the how adjustment is made for supplies expense for adjusted trail…
Q: A. Analyze business transactions. B. Journalize the transactions. C. Post to ledger accounts. D.…
A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…
Q: A chart of accounts is a(an) O Flowchart of all the transactions O Accounting procedure manual O…
A: Solution 1: A chart of accounts is a list of all the accounts in the general ledger of a company. In…
Q: From the following list of steps in the accounting cycle, identify what two steps are missing:…
A: Accounting cycle: The accounting cycle is a step by step process of analyzing, classifying, and…
Q: Which is the correct order of the following steps in the accounting cycle? Group of answer choices…
A: The accounting cycle start with journal entry , ledger , unadjusted trial balance, adjusting entries…
Q: When preparing a worksheet, real accounts in the a trial balance are extended to the a. Balance…
A: Solution: Real accounts are those accounts which are related to the material assets and liabilities…
Q: 1. Number in order the following steps in the accounting cycle: a. Prepare a trial balance. b. Post…
A: The accounting cycle is the procedure of recording the financial transactions in the books of…
Q: For each account, identify whether it is included in a post- closing trial balance. Included in…
A: All the temporary accounts like expenses, revenus and dividends are closed and are not shown in the…
Q: rder the following steps in the accounting process that focus on analyzing and recording…
A: Solution- A trial balance is a listing of all accounts (in this order: asset, liability, equity,…
Q: Order the following steps in the accounting process that focus on analyzing and recording…
A: Accounting: It can be defined as the process of summarizing and recording all the financial events…
Q: What is used in preparing trial balance? a. Ledger Accounts. b. General Journal. c. Specialized…
A: Trial balance is something which is usually prepared to verify if the debits in the books are equal…
Q: Which one of the following is used to prepare ledger account? a. Transactions b. Events c. Income…
A: The right answer is option d. Journal is the primary book of accounting which recognizes all…
Q: Which sequence correctly summarizes the accounting process? O A. Journalize transactions, post to…
A: Solution:- Introduction:- Accounting process also known as accounting cycle. It contains specific…
Q: The steps in preparing a trial balance include all of the following except a. Proving the equality…
A: 17. The trial balance is the account that is prepared by the company for all the accounts in the…
Q: Which sequence correctly summarizes the accounting process? a. Journalize transactions, post to the…
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: Using the journal entries in picture 1, post the journal entries to its individual T-Accounts and…
A: Accounting is the process of recording, classifying, and summarizing accounting transactions.…
Q: Which among the following is prepared to verify that the sum of debits is equal to sum of credits? O…
A: Solution: "Trial balance" is prepared to verify that the sum of debits is equal to sum of credits.…
Q: Rearrange the following steps in the accounting cycle in proper sequence:a. Transactions are…
A: Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting…
Q: Transactions are initially recorded in the a. general ledger. b. general journal. c. trial balance.…
A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…
Q: A-Preparing the SCE _F-Preparing business document B-Preparing SCI G-Analyzing the transactions…
A: Accounting is procedure of analyzing, recording, classifying and reporting of monetary transactions.…
Q: al entry, t-accounts, trial balance, and balance sheet
A: Transactions are first recorded in journal entries which affect two ledgers and then transferred to…
Q: G se or erify that the end-of-period spreadsheet is in b verify that the adjusted trial balance at…
A: Post closing trial balance contains permanent account balances. These are balance sheet items which…
Q: In the blank space beside each account, enter the code for the financial statement column (IS or BS)…
A: The corporation requires preparing financial statement which helps it to analyze its performance in…
Q: project. 1. Record transactions with journal entries in the General Journal. 2. Post journal entries…
A: Journal Entry The purpose of providing the journal entry to enter the required transaction into…
Q: Which of the following account balance will be placed in the credit column of the trial balance? a.…
A: All assets and expense account will normally have debit balance, so these will be part of debit side…
Q: Which sequence correctly summarizes the accounting process? Journalize transactions, post to the…
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: Transactions are first recorded in which book/account? TAccounts Book of Original Entry O Book of…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: a. Post the Transactions to T-Account b. Prepare a Trial Balance
A: Cash Account Date Particulars Dr. Amount Date Particulars Cr. Amount 01-Jun To Farooq Capital…
Q: What are the journal entry, t-account, and trial balance of the following;
A: Journal entries are the entries to record the transactions in the books and every transaction have…
Q: Of the following, which step is not a requirement during the accounting cycle? O a. An end-of-period…
A: Eight important steps of the accounting cycle: 1. Identify transaction. 2. Record Transaction 3.…
Q: Transactions are first recorded in a O A. ledger O B. journal O C. trial balance O D. chart of…
A: The transaction, which is measurable in monetary terms, is an economic event with a third party…
Q: hich of the following is the correct order of an accounting cycle? Select one: A. Posting to the…
A: solution concept there are the steps to the accounting cycle at first we journalize all the…
Q: A prepare a coded chart of accounts for the company B prepare a trial balance in good form C prepare…
A: Income Statement: It is used to report a company financial statement during the accounting period…
Q: 22. A trial balance is made up of a list of debit balances and credit balances. Which of the…
A: >Trial balance is prepared once the process of journal entry recording and ledger posting is…
Q: The individual accounts find a place in a summarised manner which is called a. Financial statements…
A: Answers
Q: 1- Give the journal entry for each transaction. 2- Post each transaction to T accounts.
A:
Q: List (a) through (j) in the order they would be performed in preparing and completing an…
A: Spreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a…
Q: In the blank space beside each account, enter the code for the financial statement column (IS or BS)…
A: a. Equipment - BS
Q: Required: a) Journalize the above transactions in the general journal. b) T-account c) Make a trial…
A: Journal is a financial book in which all business financial transactions are recorded first,…
Q: It is calculated to verify the sum of the debit is equal to the sum of credit a. Journal b. Trial…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Which among the following is considered as the book of original entry? a. Trial Balance b. Balance…
A: Book of original entry means where the transaction is recorded at first at the time of it happened.…
Q: Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: From the financial transactions in c, prepare the pro-forma templates for the following: i. Journal…
A: Accounting cycle is a step-by-step process of recording, classifying, and preparing summary of…
Q: Using the journal entries in Picture #1, post the journal entries to its individual T-Accounts and…
A: A group of accounts is known as ledger. After transactions have been recorded in the journal the…
Q: Randomly listed below are the steps for preparing a trial balance: (1) Verify that the total of the…
A: Solution: Steps for preparing a trial balance are as under: 1. List the name of the company, the…
Q: Can you help me create a trial balance and balance sheet please for the following information
A: Trial balance shows summary of all general ledger account balances of business as on a particular…
Q: teps in the Accounting Cycle Rearrange the following steps in the accounting cycle in proper…
A: Accounting cycle is a series of different steps starting from the identification of a transaction,…
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- Lavender Company started its business on April 1, 2019. Using the following accounts, prepare the journal entries below in the General Journal. PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions. Cash Petty Cash Accounts Receivable Office Supplies Computer Equipment Accounts Payable Unearned Services Income Services Income Lavender, Capital Dividends Maintenance Expense Miscellaneous Expense Rent Expense Wages Expense Cash Short and Over The following are the transactions that happened during the month of April. PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). The owner invested $7,500 from their personal account to the business account DR CR Paid rent $600 with check #101. DR CR Initiated a petty cash fund $250 check #102. DR CR…Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.5. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on the account.6. He earned P19,250 revenues on cash basis for the first half of the month.7. He bought…Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.
- Question Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.5. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on the account.6. He earned P19,250 revenues on cash basis for the first half of the month.7. He…Falcon Incorporated has the following transactions with Wildcat Corporation. Transactions Falcon’s Related Account 1. Falcon purchases common stock of Wildcat. 2. Falcon borrows from Wildcat by signing a note. 3. Falcon provides services to Wildcat. 4. Falcon pays interest to Wildcat on borrowing. Investment Notes payable Service revenue Interest expense Required:1. For each transaction, indicate whether Falcon would report the related account in the balance sheet or income statement.2. For accounts in the balance sheet, indicate whether it would be classified as an asset, liability, or stockholders’ equity. For accounts in the income statement, indicate whether it would be classified as a revenue or an expense.3. Indicate whether each transaction is classified as operating, investing, or financing activity.The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
- SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Opened an account with Bank and made initial deposit1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Bought Equipment on Account3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In…Requirements: A. Prepare the journal entries for the October Transactions on journal sheets. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment: Accounts Payable; Ruiz, Capital; Ruiz, Drawings; Accounting Service Revenues; Salaries Expense; Rent Expense B. Use separate journal sheets for your answers. Rerey Ruiz had just opened his business for Accounting Services. During the month of October 2020, the following are his transactions: Oct. 01 Rerey Ruiz obtained the funds to start the business by withdrawing P650,000 from his personal savings and deposited the money in the name of the firm, Ruiz Accounting Services. 03 Ruiz bought a computer, a copy machine, a fax machine, calculators and other necessary equipment from M. Mercado, Inc. at a cost of P100,000. M. Mercado Inc. on account. 05 Ruiz placed an order for various supplies that had a total cost P20,000. The entity that sold the items, Cavite Supplies, Inc. requires cash…SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Paid employees salaries1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid business permits3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb. Accounts Receivablec. Unused…
- Which of the following is the entry to be recorded by alaw firm when it receives a payment from a new client thatwill be earned when services are provided in the future?a. Debit Accounts Receivable; credit Service Revenue.b. Debit Unearned Revenue; credit Service Revenue.c. Debit Cash; credit Unearned Revenue.d. Debit Unearned Revenue; credit CashConsider the following note payable transactions of Cargo Video Productions. i (Click the icon to view the transactions.) Requirements 1. Journalize the transactions for the company. 2. Considering the given transactions only, what are Cargo Video Productions' total liabilities on December 31, 2025? Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Sep. 1, 2024: Purchased equipment costing $270,000 by issuing a nine-year, 7% note payable. The note requires annual principal payments of $30,000 plus interest each September 1. Date Accounts and Explanation Debit Credit 2024 Sep. 1 Equipment 270,000 Notes Payable 270,000 Purchased equipment by issuing a 9-year, 7% note. Dec 31, 2024: Accrued interest on the note payable. Date Accounts and Explanation Debit Credit 2024 Dec. 31 Interest Expense 6,300 Interest Payable 6,300 Recognized accrued interest. Sep. 1, 2025: Paid the first…Indicate the QBO Account Type for each of the following accounts appearing in Mookie The Beagle Concierge’s Chart of Accounts. Account QBO Account Type Checking Accounts Receivable(A/R) Asset Inventory Prepaid Expenses Prepaid Expenses; Insurance Prepaid Expenses: Rent Prepaid Expenses: Supplies Account Payable (A/P) VISA Credit Card Unearned Revenue Owner Distributions Owner’s Investment Retained Earrings Equity Sales Advertising & Marketing Bank Charges & Fees Contractors Insurance: Liability Insurance Expense Insurance: Renter Insurance Expense Interest Paid Legal & Professional Services Meals & Entertainment Office Supplies Asset Rent & Lease Repairs & Maintenance Travel Utilities