AutoSave . Off H 9 Accounting 1C Module VII Test - Compatibility Mode - Word Search Aaron C Villagomez AC X File Home Insert Draw Design Layout References Mailings Review View Help Share Comments Accounting 1C Arrange the following sequence in proper order: (10 points) Module VII Transactions are entered in the journal Financial Statements are prepared. Name: Score: DLC: The transactions are analyzed from the source document OnMOODD A worksheet is prepared. Closing entries are prepared Address: Transactions are posted to the ledger. A trial balance is prepared. II. Based on the following data, prepare the necessary adjusting entries at MODULE TEST the end of the accounting period, December 31. (20 points) I. Matching Type: Match Column A to Column B. Write only the letter of A. the correct answer on the blank provided before the number. (x2; total = 20 Office Equipment costing P 55,000 was acquired on March 1 of the current year. It has an estimated salvage value of P 1,000 and points) useful life of 10 years. B B. Rent for nine months from May 1 was paid and charged to Prepaid Rent account, P 45,000. 1. These are entries made at the end of the a. Accrued Expense C. accounting period in order to bring the ledger b. Nominal or Of the balance in advertising expense account of P 60,000; P up-to-date. Temporary Accounts 10,000 is applicable for next year. 2. Balance sheet items such as assets, c. Allowance for liabilities, and capital. Doubtful Accounts D. Interest Accrued on Notes Receivable, P 760. 3. These are income statement items such d. Indirect Method Interest Accrued on Notes Payable , P 900. as revenues, cost and expenses Post-Closing Trial Balance 4. Expenses already incurred but not yet Direct Extension Method (SEE NOS. 4, 5 & 6 OF "INSTRUCTIONS TO THE STUDENT") paid. g. Reversing Entries 5. It prepares the two adjustments for h. Doubtful Accounts merchandise inventory and enter them in the i. Real Accounts adjustment columns. . All temporary or nominal 6. No adjustment is prepared for the accounts Inventory. k. Adjusting Entries 7. It is a trial balance after closing entries 1. Closing Entries have been posted. 8. These are entries made at the beginning of the accounting period to reverse the effects of a previous adjustment by debiting what was credited and crediting what was debited. _9. Accounts in the general ledger that must be closed at the end of the accounting period. 10. An account that is not closed at the end of the month. Page 1 of 2 405 words X English (United States) Focus + 100% Type here to search OG MEETER 9 w ~ ) ENG 2:38 am 3 04/03/2021