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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: Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (
A: Given:
Q: Required: Prepare the journal entries, T accounts and trial balance for this business.
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Q: Rearrange the following steps in the accounting cycle in proper sequence: Transactions are analyzed…
A: Following is the appropriate procedure structure of accounting cycle:
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: ial
A: First of all we need to make journal entry of the same. Journal Entry S.No Date Particular…
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: 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: Transform the raw data into an ordered trial balance. Then pass adjusting entries in pure journal…
A: Adjusting entries are entries that are prepared at the end of the period in order to accurately…
Q: What purpose is served by preparing a trial balance in the accounting cycle?
A: Trial Balance: it is the statement of account balance which is prepared from closing balances of 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: a. Prepare the necessary adjusting entry.
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: Question: Explain the steps of the preparation of the trial balance.
A: The financial statements of the business including income statement, and balance sheet are 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: Requirements: • Posting • Trial Balance • Worksheet
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: prepare a trial balance on the sheet provided for the trial balance i included a photo the format…
A: Preparation of trial balance is the third phase in the accounting process. After posting the…
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: 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 the adjusted trial balance The table above is the reference
A: Adjusted trial balance is summary of all general ledger account balances of the business after all…
Q: Requirements: a. Journalize each transaction and prepare the necessary adjusting entries.
A: The transactions for the month of Dec 2021 for K-Dynamite company are given to us. The Company has…
Q: ournalize adjusting entries and prepare a trial balance
A: Trail Balance:- Trail balance helps to check the arithmetic accuracy of books of accounts. Trail…
Q: prepare a corrected trial balance
A: Debit Credit Cash (38400+2400-4200) 36,600 Accounts Receivable…
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: 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: Prepare the T-Account
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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: 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: Summarize the adjusting process.
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Q: Prepare a trial balance using the journal entries. If an amount box does not require an entry, leave…
A: In Trial Balance , its necessary that both the Debit side and Credit should be equal, if its not…
Q: Prepare an adjusted Trial Balance from the following...
A: Adjusted Trial Balance is summary of all general ledger account balances after making all the…
Q: How do I word the data for adjustments in the trial balance?
A: Trial balance: It is a statement that shows the balance of balances. It is prepared at the end of…
Q: ARRANGE AND PREPARE A BALANCE SHEET Use a Separate Sheet an
A: Balance Sheet- Balance sheet accounts are permanent accounts, and their balances carry over to the…
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: can u please make transaction summary table, general journal, general ledger and unadjusted trial…
A: Financial statements consists of the following:- Statement of Financial position; Income Statement;…
Q: REQUIRED: JOURNAL ENTRIES AND TRIAL BALANCE
A: Journal entries recording is the first step of accounting cycle process, under which atleast one…
Q: how the requisite journal entries to correct the balance.
A: Here to made the correction entry to clear the suspense account which was incurred shortage due to…
Q: Is Warehouse included in a post closing trial balance?
A: All balance sheet accounts with non-zero balances at the conclusion of an accounting cycle are…
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: Make income statement , retained earnings and balance sheet from trial balance.
A: The income statement of a firm includes the revenue and expenses. If the revenue is greater than the…
Q: Order the following steps in the accounting process that focus on analyzing and recording…
A: Accounting process: It can be defined as the process of gathering and recording the financial data…
Q: Posting:a. involves transferring the information in journal entries to the general ledger.b. is an…
A: Companies maintain detailed records of their balances, whether they be revenues, costs, or…
Q: Prepare normal adjusted trial balance.
A:
Q: Post this journal to ledgers then trial balance. Please use column format for ledgers, not T account…
A: A ledger is a log or list of accounts that keeps track of account transfers. A trial balance's main…
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- create a income statement for: The following transactions apply to Ozark Sales for Year 1: The business was started when the company received $50,000 from the issue of common stock. Purchased equipment inventory of $380,000 on account. Sold equipment for $510,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $330,000. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 2 percent of sales. Paid the sales tax to the state agency on $400,000 of the sales. On September 1, Year 1, borrowed $50,000 from the local bank. The note had a 4 percent interest rate and matured on March 1, Year 2. Paid $6,200 for warranty repairs during the year. Paid operating expenses of $78,000 for the year. Paid $250,000 of accounts payable. Recorded accrued interest on the note issued in transaction no. 6.The following items were selected from among the transactions completed by Aston Mar-tin Inc. during the current year: Apr. 15. Borrowed $225,000 from Audi Company, issuing a 30-day, 6% note for that amount. May 1. Purchased equipment by issuing a $320,000, 180-day note to Spyder Manufacturing Co., which discounted the note at the rate of 6%. 15. Paid Audi Company the interest due on the note of April 15 and renewed the loan by issuing a new 60-day, 8% note for $225,000. (Record both the debit and credit to the notes payable account.) July 14. Paid Audi Company the amount due on the note of May 15. Aug. 16. Purchased merchandise on account from Exige Co., $90,000, terms, n/30. Sept. 15. Issued a 45-day, 6% note for $90,000 to Exige Co., on account. Oct. 28. Paid Spyder Manufacturing Co. the amount due on the note of May 1. 30. Paid Exige Co. the amount owed on the note of September 15. Nov. 16. Purchased store equipment from Gallardo Co. for $450,000, paying $50,000 and issuing a…PHE, Inc.estimates warranty expense at 2% of sales. Sales during the year were $4 million and warranty related cash expenditures were $34,000. What was the balance in the Warranty Liability account at the end of the year? Select one: O a. $56,000 O b. $34,000 c. $80,000 O d. $36,000 O e. $46,000
- The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: Received $40,500 cash from the issue of a short-term note with a 6 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. Received $117,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 5 percent. Paid $70,500 cash for other operating expenses during the year. Paid the sales tax due on $97,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2. Recognized the accrued interest at December 31, Year 1. The following transactions apply to Walnut Enterprises for Year 2: Paid the balance of the sales tax due for Year 1. Received $142,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 5 percent. Repaid the principal of the note and applicable interest on April 1, Year 2. Paid $83,500 of…Refer to Chapter 9, page 511: Current Liabilities The following transactions apply to Ozark Sales for Year 1: The business was started when the company received $50,000 from the issue of common stock. Purchased equipment inventory of $380,000 on account. Sold equipment for $510,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $330,000. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 2 percent of sales. Paid the sales tax to the state agency on $400,000 of the sales. On September 1, Year 1, borrowed $50,000 from the local bank. The note had a 4 percent interest rate and matured on March 1, Year 2. Paid $6,200 for warranty repairs during the year. Paid operating expenses of $78,000 for the year. Paid $250,000 of accounts payable. Recorded accrued interest on the note issued in transaction no. 6. Required Show the effect of these…Malco Enterprises issued $10,000 of common stock when the company was started. In addition, Malco borrowed $36,000 from a local bank on July 1, Year 1. The note had a 6 percent annual interest rate and a one-year term to maturity. Malco Enterprises recognized $72,500 of revenue on account in Year 1 and $85,200 of revenue on account in Year 2. Cash collections of accounts receivable were $61,300 in Year 1 and $71,500 in Year 2. Malco paid $39,000 of other operating expenses in Year 1 and $45,000 of other operating expenses in Year 2. Malco repaid the loan and interest at the maturity date. What amount of interest expense would be reported on the Year 2 income statement? What amount of cash flows from operating activities would be reported on the Year 2 cash flow statement? What amount of assets would be reported on the December 31, Year 2, balance sheet?
- Malco Enterprises issued $10,000 of common stock when the company was started. In addition, Malco borrowed $36,000 from a local bank on July 1, Year 1. The note had a 6 percent annual interest rate and a one-year term to maturity. Malco Enterprises recognized $72,500 of revenue on account in Year 1 and $85,200 of revenue on account in Year 2. Cash collections of accounts receivable were $61,300 in Year 1 and $71,500 in Year 2. Malco paid $39,000 of other operating expenses in Year 1 and $45,000 of other operating expenses in Year 2. Malco repaid the loan and interest at the maturity date. What amount of total liabilities would be reported on the December 31, Year 1, balance sheet? What amount of retained earnings would be reported on the December 31, Year 1, balance sheet? What amount of cash flow from financing activities would be reported on the Year 1 statement of cash flows?Malco Enterprises issued $10,000 of common stock when the company was started. In addition, Malco borrowed $36,000 from a local bank on July 1, Year 1. The note had a 6 percent annual interest rate and a one-year term to maturity. Malco Enterprises recognized $72,500 of revenue on account in Year 1 and $85,200 of revenue on account in Year 2. Cash collections of accounts receivable were $61,300 in Year 1 and $71,500 in Year 2. Malco paid $39,000 of other operating expenses in Year 1 and $45,000 of other operating expenses in Year 2. Malco repaid the loan and interest at the maturity date. Organize the information in accounts under an accounting equation. What amount of net cash flow from operating activities would be reported on the Year 1 cash flow statement? What amount of interest expense would be reported on the Year 1 income statement?Valero’s energy’s balance sheet showed total current assets of $3000 all of which were required in operations. It’s current liabilities consists of $905 of accounts payable $600 of 6% short term notes payable to the bank and $250 of acute wages and taxes. What was its net operating working capital?
- The following transactions apply to Ozark Sales for Year 1: The business was started when the company received $50,000 from the issue of common stock. Purchased equipment inventory of $380,000 on account. Sold equipment for $510,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $330,000. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 2 percent of sales. Paid the sales tax to the state agency on $400,000 of the sales. On September 1, Year 1, borrowed $50,000 from the local bank. The note had a 4 percent interest rate and matured on March 1, Year 2. Paid $6,200 for warranty repairs during the year. Paid operating expenses of $78,000 for the year. Paid $250,000 of accounts payable. Recorded accrued interest on the note issued in transaction no. 6. Required Show the effect of these transactions on the financial statements using a…The following transactions apply to Ozark Sales for Year 1: The business was started when the company received $50,000 from the issue of common stock. Purchased equipment inventory of $178,000 on account. Sold equipment for $192,000 cash (not including sales tax). Sales tax of 6 percent is collected when the merchandise is sold. The merchandise had a cost of $117,000. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 5 percent of sales. Paid the sales tax to the state agency on $142,000 of the sales. On September 1, Year 1, borrowed $21,500 from the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2. Paid $5,900 for warranty repairs during the year. Paid operating expenses of $56,000 for the year. Paid $124,000 of accounts payable. Recorded accrued interest on the note issued in transaction no. 6. Required Record the given transactions in a horizontal statements model. Prepare the…The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the mer-chandise sold was $14,400. 13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchan-dise sold was $54,000. Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. May 11. Received from Bradford & Co. the amount due on the note of March 12. 13. Dry Creek Co. dishonored its note dated March 14. July 12. Received from Dry Creek Co. the…