Prepare a trial balance
Q: V. Prepare the Trial Balance
A: Trial balance means the statement prepared from ledger account where all debit and credit balance…
Q: Define adjusting entries and discuss their purpose.
A: Adjusting entries:Adjusting entries are the journal entries, which are recorded at the end of the…
Q: Create a Trial Balance.
A: The trial balance has been prepared from the general journal. The general journal and trial balance…
Q: Prepare the post closing trial balance
A: Trial balance refers to the statement or workbook in which all the closing balances of ledgers are…
Q: Required: Prepare the journal entries, T accounts and trial balance for this business.
A:
Q: Explain how to prepare adjusted trial balance.
A: An adjusted trial balance is an internal document that summarizes all of the current balances…
Q: Posting the journal entry is the preparation of the trial balance. True O False
A: Accounting is a process of identifying, recording, classifying, summarising and then analysing…
Q: Whats a trial balance
A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…
Q: Please prepare a trial balance for Kate
A:
Q: Summary account will showa balance of
A: It is pertinent to note that nominal accounts that is income , expense , losses and profit accounts…
Q: The term Journalizing is related to which of the following? O a. Reporting O b. Identifying and…
A: The term "Journalizing" is the main process that is involved in recording a business transaction in…
Q: Explain the steps of the preparation of the trial balance.
A: Trial Balance - After transferring all the transactions into Ledgers Company closes the accounts and…
Q: Explain what an account is and how it helps in the recording process
A: An account is used to record changes in the asset, liability, equity, revenue, and expense. It is…
Q: Prepare a post close trial balance
A: Post closing trial balance is the trial balance which is prepared by making the final closing…
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: Prepare adjusting trial balance
A: Solution: Introduction: Adjusting Entries are the journal entries that are made at the year end but…
Q: What is the ledger? How to make a ledger out of the trial balance given below?
A: Ledgers are prepared in form of T accounts, which shows classification of journal entries posted.…
Q: Calculate ROA based on the attached Adjusted Trial balance
A: Net Income = =2,500-6,000+63,500-5,000-1,667-120-40,000-1,700-,1500=10,013 Total Assets…
Q: Define Adjusted Trial Balance
A: To verify the accuracy of transactions posted in journals and Ledgers Trial Balance is prepared…
Q: Define the term adjusted trial balance.
A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…
Q: write a note on/define general journal, Ledger and trial balance. with explanation?
A: General journal, Ledger and trial balance all are the part of accounting system. Accounting is a…
Q: Prepare the following: Post-closing Trial Balance
A: The question is related to Trial Balance. Trial Balance is the third stage of Accounting. After…
Q: What is a book of original entry O ledger O jounral trial balance Obalance sheet
A: A book of original entry is an accounting book in which day-to-day business transactions of…
Q: Is it necessary that a trial balance be prepared periodically? What purpose does it serve?
A: Trial balance: A trial balance is the list of all the ledger accounts. The trial balance is prepared…
Q: What do you mean by adjusted trial balance? What is a worksheet, how is it used to help prepare an…
A: Adjusted trial balance: Adjusted trial balance refers to an internal document that is prepared that…
Q: prepare a corrected trial balance
A: Debit Credit Cash (38400+2400-4200) 36,600 Accounts Receivable…
Q: 1. PREPARE THE TRIAL BALANCE
A: Trial balance: In the trial balance, the closing balance of all the accounts in the ledger are…
Q: can you help me doing adjustment to the trial balance?
A: The Trail Balance as on 31st December 2020 given. Adjustments are given Required Prepare Trail…
Q: trial balance
A: Definition: Trial Balance: It is a book keeping method in which all the balance of ledger accounts…
Q: Prepared a trial balance
A: Adjusted Trial Balance is prepared after adjusting the adjustment entries to the respective account…
Q: what is adjusted trial balance. Explain?
A: The explanation is provided as follows:
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: Compare and explain the data presented
A: Solution Working note Presentation in tabular form 2019 2020 Total assets 1141044000…
Q: Requirements: . Journalize every transa Post every general jour Prepare a trial balance
A: Trial Balance is an account prepared to check the accuracy of ledger accounts. All the debit and…
Q: Show the closing entries and post-close trial balance
A: Closing entries: These entries are passed to close the revenues, expenses, income/loss and any…
Q: can you help me to adjust the trial balance?
A: The Trial Balance as on 31st December 2020 given. Adjustments are given Required Prepare Trial…
Q: Explain the processes that take place before the Trial Balance is prepared. Describe the elements…
A: Trial Balance: It is a worksheet in bookkeeping process in which all general ledger accounts are…
Q: Section of a Statement of Fi rom the trial balance of
A: Shareholders equity section of a statement of financial position…
Q: How to construct an Adjusted Trial Balance?
A: Before making adjusted Trial balance, the following steps must be taken.1. Unadjusted trial balance…
Q: Prepare a correct trial balance.
A:
Q: Define post-closing trial balance.
A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…
Q: When is an adjusted trial balance prepared, and what is its purpose?
A: Adjusted Trial balance: Adjusted trial balance lists all the account titles and the balances which…
Q: The closing entry for interest received given in the trial balance will
A: Interest received: Interest received is treated as an income for the organization and it is shown in…
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: I need help prparing a post closing trial balance.
A: A post-closing trial balance indicates the balance of all permanent accounts (ie balance sheet…
Q: Enter the trial balance on a worksheet and complete the worksheet.
A: Here is the solution to the above question.
Prepare a
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- Consider the following financial statement information: Item Beginning Year Ending Inventory € 9.780 € 11.380 € 4.108 € 4.938 € 7.636 € 7.927 Accounts Receivable Accounts Payable Credit Sales Cost of Goods Sold € 89.804 € 56.384 Calculate the operating and cash cycles. How do you interpret your answer?Details Debit Credit General expenses 11700 cash 5100 Salaries 9300 rent 1560 Account Payable 3575 Other income 2500 Net sales 150060 Cost of goods sold 99700 calculate net profit Select one: a.RO 34775 b. RO 30300 c. correct answer not available d.RO 31200 e.RO 39815Question Make a transaction for each of the following general journal. Bank Cash 10000 10000 Account Payable Motor Vehicle 50000 50000 Account Payable Purchase Return 30000 30000 Cash Sales Discount Sales 25000 10000 35000 Account Payable Purchase Discount Cash 45000 9000 36000
- Calculate net profit Details Debit(OMR) Credit(OMR) General expenses 11700 Prepaid Rent 5100 Cost of goods sold 99700 Salaries 9300 Depreciation 1560 Account Payable 3575 Net Sales 150000 Other income 2500 Select one: a. OMR 34715 b. OMR 30240 c. OMR 39815 d. OMR 31140Debit Credit Cash 67500 Accounts Receivable 46000 Allowance for Doubtful accounts 2000 Merchandise Inventory 60000 Office supplies 2800 Accounts payable 16000 Salaries payable 850 Common Stock 20000 Retained Earnings 60630 Sales 550000 Sales return and allowance 4500 Sales discounts 4250 COGS 382450 Salaries expense 44000 Advertising Expense 8150 Rent expense 24325 Other operating expense 450 Interest expense 5055 649480 649480 Above is the adjusted trial balance What is the amount of net assets? What is the amount of retained earnings after the closing entries have been posted? What is the amount of gross profit? What is the amount of total expense Record the closing entries in theDebit Credit Cash 67500 Accounts Receivable 46000 Allowance for Doubtful accounts 2000 Merchandise Inventory 60000 Office supplies 2800 Accounts payable 16000 Salaries payable 850 Common Stock 20000 Retained Earnings 60630 Sales 550000 Sales return and allowance 4500 Sales discounts 4250 COGS 382450 Salaries expense 44000 Advertising Expense 8150 Rent expense 24325 Other operating expense 450 Interest expense 5055 649480 649480 Above is the adjusted trail balance. What is the amount of total expense Record the closing entries
- Debit Credit Cash 67500 Accounts Receivable 46000 Allowance for Doubtful accounts 2000 Merchandise Inventory 60000 Office supplies 2800 Accounts payable 16000 Salaries payable 850 Common Stock 20000 Retained Earnings 60630 Sales 550000 Sales return and allowance 4500 Sales discounts 4250 COGS 382450 Salaries expense 44000 Advertising Expense 8150 Rent expense 24325 Other operating expense 450 Interest expense 5055 649480 649480 Above is the adjusted trail balance. What is the amount of net sales? What is the amount of total assets What is the amount of total liabilities What is the amount of net assets What is the amount of retained earnings after the closing entries have been posted? What is the amount of gross profit? What is the amount of total expense Record the closing entries in theYear Ended December 31, Debit Credit Cash $ 624,500 Accounts Receivable 100,233 465,099 277,340 Equipment Merchandise Inventory Accounts Payable Common Stock Sales Interest Revenue $ 287,693 564,500 885,244 216,745 Rent Revenue 101,600 Sales Salaries Expense Office Supplies Expense Sales Discounts 29,878 5,942 112,431 Interest Expense Sales Returns and Allowances Cost of Goods Sold 9,560 162,312 Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals 208,016 19,191 8,657 10,234 22,389 $2,055,782 $2,055,782 A. Use the data provided to compute net sales for 2019. B. Compute the gross margin or 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth) D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.Cash Note Receivable Accounts Receivable P 67,075 70,000 176,500 Allowance for Bad Debts 5,400 60,900 34,100 Merchandise Inventory, Jan. 1 Funiture & Fixtures Accumulated Depreciation - Furn. & Fixt. Ofice Equipment Accumulated Depreciation- Ofice Eaput Note Payable Accounts Payable Leonard Capital Leonard Drawing Sales Sales Returns Sales Discount 3,100 15,500 1,500 20,000 94,750 265,000 9,500 572,875 11,000 6,400 390,750 5,415 Purchases Freight in Parchase Returns Purchase discount 3,630 6,885 Salaries Expense Rent Expense Insurance expense Office supplies expense Rental Income 99.550 24,000 5,250 2.200 5,000 Additional information: Merchandise Inventory, December 31, P 76,000 How much is the gross profit? P186.925 P 189.425 P154925
- 2:31 G ileo The following are taken from the records of Debit Credit Sales P764985 Purchase Discount 8200 Purchase returns and allowances 5465 Purchases 159990 Freight-in 9180 Sales Discount 13300 Sales returns and allowances 5455 Depreciation expense Amortization expense 25000 10000 Salarics cxpcnsc Utilities expense Advertising cxpensc Rent expense 80000 55000 35000 60000 Interest incomc 5440 Interest expense 5677 Gain on salc of PPE 5465 Bad debts expense ? Humility Company for the year ended December 31, 2019: Based on actual physical count, inventory balance are as follows: January 1, 2019 December31, 2019 P25455 P20765 Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: а. Net sales b. Net purchases I U A II BGiven the following data; TOTAL PURCHASES OMR 150000 CASH PURCHASES OMR 45000 PURCHASE RETURN OMR 5000 OPENING CREDITORS OMR 30000 CLOSING CREDITORS OMR 20000 What will be the amount of Net Credit Purchase? a. OMR 100000 O b. OMR 150000 O c. OMR 45000 O d. OMR 105000Calculate the gross profit from the following: OMR. Sales Discount 2750 Total Sales 178000 Sales Returns and Allowances 900 Freight In 1150 Salary Expense 9200 Purchase Discount 1800 Purchases 72000 Rent Expense 8400 Purchase Returns and Allowances 1950 Opening Inventory 22400 Closing Inventory 16800 Select one: a. 99350 OMR b. 57400 OMR c. 75000 OMR d. 95700 OMR