a. Post the Transactions to T-Account b. Prepare a Trial Balance
Q: The matching principle a.requires that the dollar amount of debits equal the dollar amount of…
A: Accounting is a process of recording the financial transactions of an organisation. Accounting is…
Q: Create a Trial Balance.
A: The trial balance has been prepared from the general journal. The general journal and trial balance…
Q: Question Required 1- Recording the flowing-mentioned operations in the journal and transferring them…
A: A journal entry is made to record the financial transaction in the books of accounts. T-account: The…
Q: 2. Prepare the following: a) Journal Entry b) T-account c) Trial Balance d) Balance Sheet
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
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: Required: a.) Prepare general journal entries to record the above transaction. Open the accounts…
A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…
Q: Prepare an unadjusted trial balance, in correct format, from the following alphabetized account…
A: The unadjusted trial balance is the summary of all the ledger accounts that appears on the ledger…
Q: From the following list of steps in the accounting cycle, identify what two steps are missing:a.…
A: Accounting cycle: Accounting cycle is a step by step process of analyzing, classifying, and…
Q: balances, prepare the trial balance for Craymar Fu ure Repair's accounts.)
A: A trial balance is a list of all the ledger accounts with their closing balances reflecting on the…
Q: prepare a trial balance asap
A: Trial balance in the shows summary of all general ledger account balances in the business.
Q: A. Analyze business transactions. B. Journalize the transactions. C. Post to ledger accounts. D.…
A: SOLUTION ACCOUNTING CYCLE IS A COLLECTIVE PROCESS IDENTIFYING ,ANALYSING AND RECORDING THE…
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: 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: Put the following steps in the accounting cycle in the correct order (1-9). Prepare the post-closing…
A: Below is the correct accounting cycle: Analyze transactions and events Journalize transactions and…
Q: Which of the following is the order of steps to journalize an entry? O A. Record the transaction…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Below are the steps in the measurement process of external transactions. Arrange them from first (1)…
A: Measurement process of external transactions:
Q: instructions a) prepare the for Good luckKCo. elosing ejournalentries b) prepare a post-closing…
A: Closing Journal Entries: Closing journal entries are those journal entries that are prepared at the…
Q: Preparation of the trial balance 2 pc ensures that all amounts have been posted to the correct…
A: Solution: Preparation of Trial balance: 1. Do not ensure that all amounts have been posted to…
Q: Documentary evidence of transaction is called as O a. voucher O b. chart of accounts O c. invoice O…
A: Invoices is commercial document issued by a seller to the buyer in connection with a sale…
Q: A Trial balance is prepared:(a) After preparation financial statement.(b) After recording…
A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…
Q: Record the following transactions to the journal and post it to the T-accounts. Make a footing and…
A: The first step of recording any transaction is a journal entry. A Journal book is a book of the…
Q: A date-wise record of transactions expressed as debits and credits to accounts is provided by
A: The answer is Option (a.) Journal
Q: From the following list of steps in the accounting cycle, identify what two steps are missing:a.…
A: Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting…
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: 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: Which one of the following step does not involve Posting from journal to the ledger? a. Enter the…
A: The primary reporting of the transactions in the accounting books can be done using Journal entries.…
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: Prepare two T accounts for each transaction. On each T account, select the account title of one of…
A: After maintain of journal entry the accounts are posted to T-accounts. It is an important part of…
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: prepare the trial balance
A: Trail Balance is the statement which is prepared with the aim to determine whether the posting…
Q: Post to a ledger using the T-acvount format. B.Journalize the above transaction
A: Journal entries and Ledgers are basics of accounting
Q: It is prepared with an objective to test the arithmetic accuracy of the accounts a. Ledger b. Books…
A: The transaction recording is a process in which various steps are involved. Like recording the…
Q: The double-entry system requires that each transaction must be recorded Select one: a. in at least…
A: Double Entry system: According to double entry system every business transaction has a dual aspect.…
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: 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: 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: 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: From the following list of steps in the accounting cycle, identify what two steps are missing:…
A: Accounting cycle: It describes the steps when processing transactions (analyzing, journalizing,…
Q: Arrange the following steps in the posting process in correct order: a. Write the ledger account…
A: Solution:- The following steps in the posting process in correct order as follows under:-
Q: 1. For each account listed in the trial balance, enter the balance in the appropriate Balance column…
A: We are given the unadjusted trial balance of Lakota Freight Co as at 31st March, 20Y4 for which a…
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: The purpose of the post-closing trial balance is to a. provide the account balances for the…
A: Solution: The purpose of Post closing trial balance is to "ensure that the ledger is in balance for…
Q: The required steps in the accounting cycle are listed in random order below. List the steps in…
A: Accounting Cycle: Accounting cycle refers to the process of recording a business transaction in the…
Q: Journalise and post to ledger May transactions Prepare the trial balance end in May
A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…
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…
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- Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.A arch Presented below is a list of possible transactions. Analyze the effect of the 18 transactions on the financial statement categories indicated. 1. R F 2. 3. V Transactions Purchased inventory for $80,000 on account (assume perpetual system is used). Issued an $80,000 note payable in payment on account (see item 1 above). Recorded accrued interest on the note from item 2 above. ACC341-2022-Ho...xlsx % 5 T G B Ot n 21 6 Y music 2 jpeg H & 7 Assets 8 6 O N M K O F10 ( 9 Liabilities F11 ) O L Z 888 F12 P : Owners' Equity Home C ? V End - Net Income ] Rain off and on Insert A Delete Backsp Det inRefer to RE6-3. Assume Long records accounts receivable and sales using the net price method. Prepare the related journal entries for Long.
- 27. The average payment period of an organization is calculated by __________. a. Average payables / Daily credit purchases b. Average payables / Net purchases c. Accounts payables / Total purchases d. Opening account payable + Closing account payable /2Shttps://anu.instructure.comytourses/7789/quires/34131/take Question 7 Sps What is the impact on the accounting equatioon when an accunts receivable is collected? both sides increase both sides decrease only the Asset side changes the total of neither side changes Question 8 SptsIhe accourtsfor the statement of fihancial postionandincame statemert a Altredo Escarno, CPAare a tollows: Alteda Ie, CRA Adjunn TrialEe nce Decem ber31, 20X Cad it N1,500 Accnun Debit Accounts hyable Accounts Beoeivable Accu nauilatel Depredsion - Bualing Acu naulated Deprednion -Ofice Eqrip ment Autiing Laenua Bul ding Cath Dereivtion Expas e-Baling Doreciation Ispase-Otice Eqip mat Isano, Capital, Isano, Wahdrawals n1,000 110,00 120,000 1,361,500 750,000 11 S00 55,000 60,000 1,215,500 165,000 75,000 60,000 362,500 96,000 26,000 6,500 52,500 735,000 Ind Mots Becdusble Oftice Equap nent Oftice Supplie Expense Office Supplis Profeiond Deudep mat Ixpense Rent Expense Salades Ixpense Salades Pyable Trud Expense Uhlitis Expense TOTAL 30,500 41,000 18,000 P2 PO1000 RB0 1000 Required: Bepae in goodfom te icome statement andthe statenet f firndalpostion f Altredo Escano, CPAfrte year ended Deombe 31 201X
- Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date: Cr. (Rs.) Dr. (Rs.) 10,000 46,000 1,50,200 3,400 22,660 600 38,600 840 1,640 280 3,300 4,000 200 29,000 Drawings Stack on 01/01/2019 Purchases and Purchases Returns Cash in Hand Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising Professional Charges Commission Received Investments as on 1" Jan. @ 10% Interest on above Sundry Debtors and Creditors Wages Salaries Capital Income Tax Discount allowed and received Sales Returns and Sales Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions Total Adjustments: 36,000 25,000 14,000 1,14,000 1,600 6,300 550 3.200 4,600 2,08,950 10,000 3,050 4,000 670 3.71,320 3,71,320 (a) Provide for wages Rs. 5,000. (b) Write Off 5%…MULTIPLE CHOICE 1. These represent open accounts with customers. a. Trade receivables b. Nontrade receivables c. Accounts receivable d. Notes receivables 2. Upon initial recognition, accounts receivable are measured at а. Face value b. Discounted value c. Maturity value d. Net realizable value 3. Trade receivables that are expected to be collected within 12 months after the reporting period shall be presented in the statement of financial position at a. Net realizable value b. Maturity amounts c. Face amounts d. Discounted values 4. Receivables denominated in a foreign currency should be a. Translated to local currency using the exchange rate at the time of recognition b. Shown at face value of the foreign currency c. Translated to local currency using the exchange rate at closing rate d. Translated to local currency using the exchange rate when the financial statements are authorized for issue 5. Which valuation allowance is a proper deduction from trade accounts receivable in…d) Payables payment period in days e) Number of days inventory on hand 2. Analyse and interpret the following ratios calculated above a) Receivables collection period b) Payables payment period c) Number of days inventory on hand
- Use the following T-account for Careful Corporation to answer questions 11 and 12: Accounts Receivable Beg. Bal. $ 187 18 150 6 64 15 19 End. Bal. $ ? The ending balance of Accounts Receivable for Careful is: Group of answer choices A. $401 debit B. $343 debit C. $343 credit D. $ 58 creditOkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…Indicate whether the general ledger accounts will be debited or credited when recording the following entries: Sell goods to a customer for R500 Debtors: DEBIT Debtors: CREDIT