Assume that you are the Financial Accountant of a newly started business from your chosen in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Assume that you are the Financial Accountant of a newly started business from your chosen in August 2020: You are requested to assume the chosen business transactions during the month of August 2020 and analyze it by shown the impact of these transactions on the accounting equation! Afterthat implement the remain steps of the accounting cycle on the transactions of the chosen business. The Accounting Cycle Learning Objective 4 State the required steps in the accounting cycle. Assets Unbility+ egR-6-0 Vs hare capita Sole Proprieto rship, partrershi , cor Portion. Calle Pors 1. Analyze business transactions ప్రాల Boy ing adsetimen oat payina reat bonklon Asse Re 9. Prepare a post-closing trial balance 2. Journalize the transactions in the henerasiournaM \=abuok Recordim the trnsactio ButelEaplanadi dy Pas f lor 8. Journalize and post closing cashiorslaoa Sletaenve en a0 -Zui Anly zethe dear 3. Post to ledger accounts 2- Dder minat pme ofacconnts entries RG 7. Prepare financial statements 4. Prepare a trial balance 6. Prepare an adjusted trial balance 5. Journalize and post adjusting entries Illustration 4-11 LO 4-1 Steps in the accounting cycle Assume that you are the Financial Accountant of a newly started business from your chosen in August 2020: You are requested to assume the chosen business transactions during the month of August 2020 and analyze it by shown the impact of these transactions on the accounting equation! Afterthat implement the remain steps of the accounting cycle on the transactions of the chosen business. The Accounting Cycle Learning Objective 4 State the required steps in the accounting cycle. Assets Unbility+ egR-6-0 Vs hare capita Sole Proprieto rship, partrershi , cor Portion. Calle Pors 1. Analyze business transactions ప్రాల Boy ing adsetimen oat payina reat bonklon Asse Re 9. Prepare a post-closing trial balance 2. Journalize the transactions in the henerasiournaM \=abuok Recordim the trnsactio ButelEaplanadi dy Pas f lor 8. Journalize and post closing cashiorslaoa Sletaenve en a0 -Zui Anly zethe dear 3. Post to ledger accounts 2- Dder minat pme ofacconnts entries RG 7. Prepare financial statements 4. Prepare a trial balance 6. Prepare an adjusted trial balance 5. Journalize and post adjusting entries Illustration 4-11 LO 4-1 Steps in the accounting cycle
Expert Answer:
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these law questions
-
Assume that you are the accountant for Ellis Corporation, which has issued its 2012 annual report. You have received an inquiry from a stockholder who has questions about several items in the annual...
-
assume that you are the marketing consultant for two IT equipment companies, the first company
-
Next Find the area of a parallelogram formed by the vectors PQ and PR, where P = (0, 5, 4), Q=(-3,0, 6) and R=(-2, 3, 4).
-
You are a financial analyst. Based on your analysis of Macys financial statements, provide a report to guide investors whether Macys is a buy (keep) or sell stock. Your report should include the...
-
Consider a Carnot refrigerator and a Carnot heat pump operating between the same two thermal energy reservoirs. If the COP of the refrigerator is 3.4, the COP of the heat pump is (a) 1.7 (b) 2.4 (c)...
-
Critically discuss the existing pay differential between the average worker and the small elite at the top of business. Is such pay differential fair? Is it justified? Ultimately everyone gets paid...
-
Data set: Weights (in kilograms) of 28 adult male polar bears Construct a frequency distribution and a relative frequency histogram for the data set using five classes. Which class has the greatest...
-
An airline makes 200 reservations for a flight that holds 185 passengers. The probability that a passenger arrives for the flight is 0.9 and the passengers are assumed to be independent. (a)...
-
Steve's Scooters plans to sell a standard scooter for $320 and a chrome scooter for $400. Steve's purchases the standard scooter for $80 and the chrome scooter for $100. Steve's expects to sell one...
-
The City of Smithville created a Street Improvement Bond Debt Service Fund to be used to retire the bonds issued for the purposes described in Chapter 5 of this cumulative problem, and to pay the...
-
Write a review paper of the article: What Makes A Leader by Daniel Goleman
-
What justification has the Supreme Court given for granting lesser First Amendment protection to commercial speech?
-
Where do we have an expectation of privacy?
-
What is the difference in the approach that American courts take regarding indecency and violent speech and their potential impact on children?
-
Why is it not safe to assume that a privacy rule that applies in another state also applies in yours?
-
Are the makers of violent films, games, and music lyrics liable to the families of victims harmed by people inspired to act violently after using such media? Why or why not?
-
An expert in the design, management, and maintenance of a database has the position of "Database Administrator" (dba). Do you think this would be an important position? Why or why not? Would you be...
-
Chao, Louis, and Mari, unrelated individuals, own all of the shares of Cerise Corporation. All three shareholders have been active in the management of Cerise since its inception. In the current...
-
Chico Urgent Care is owned and operated by Dr. Janet Scanlon, the sole stockholder. During July 2007, Chico Urgent Care entered into the following transactions: a. Dr. Scanlon invested $10,000 in...
-
The estimated amount of depreciation on equipment for the current year is $5,000. (a) How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased,...
-
The beginning inventory of drift boats and data on purchases and sales for a three-month period are shown in Problem 6-1A. Instructions 1. Record the inventory, purchases, and cost of merchandise...
-
Steam from an engine exhaust at 1.25 bar flows steadily through an electric calorimeter and comes out at \(1 \mathrm{bar}, 130^{\circ} \mathrm{C}\). The calorimeter has two \(\mathrm{kW}\) heaters...
-
The properties of water and steam become identical at (a) 0.1 bar (b) 1 bar (c) \(100 \mathrm{bar}\) (d) 212.2 bar.
-
In thermodynamic analysis, a pure substance is that which (a) Consists of only a single chemical species (b) has no dissolved impurities (c) may have a number of chemical species but the composition...
Study smarter with the SolutionInn App