Journalize the adjusting - Study guides, Class notes & Summaries

1. Welcome to Lululemon! We are happy to have you as a co-op student. The fundamental steps in the accounting process are those involved in the accounting cycle: Analyze transactions to determine if an economic exchange has taken place and, if so, journalize and post the transaction. An unadjusted trial balance is then prepared to help identify potential adjustments. Appropriate adjusting entries are journalized and posted and an adjusted trial balance is generated from which the financial...

QUESTIONS AND ANSWERS

Unit 1.0 Fundamentals of Accounting and Bookkeeping Proprietorship / Sole Prop - Answer- A business owned by one person. Simplest structure and not separate from its owner for legal purposes Partnership - Answer- Business owned by two or more persons, the owners are called partners. Not a separate legal entity. Profit/Loss "Pass through" to owners. Corporation - Answer- Business organized as a separate legal entity Limited Liability Company "LLC" - Answer- Separate Business and l...

What determines a company's use of the specific identification method of costing? A : when the company purchases a large number of low-unit-cost items B : when the company sells large numbers of low-unit-cost items C : when the company sells a limited number of high-unit-cost items D : when the physical flow of units cannot be determined - answer-C ________ is located on the balance sheet as a current asset immediately below receivables. A : Cost Of Goods Sold B : Gross Profit ...

Intermediate Accounting 1- D103: Units 2-4 Pre-Assessment Test Answered Correctly!!

Principles of Accounting PJSO Test Questions And Answers What must an accountant record when journalizing a transaction? - ANSWER- Description of the transaction What does double-entry accounting refer to? - ANSWER- Recording equal debits and credits for each transaction What are the key components of every double-entry accounting record? - ANSWER- At least one debit entry and at least one credit entry What is a characteristic of an asset account? - ANSWER- Increases with a debit...

ACCT 212 Week 7 Homework – Graded An A+ Preston Stores is authorized to issue 18,000 shares of common stock. During a two-month period, Preston completed these stocktransactions: Question 1 a: Journalize the first transaction. (Record debits first, then credits. Exclude explanations from any journal entries.) Answer 1a: Explanation 1a: We are told that on February 23, the company issued 1,700 shares of $2.00 par common stock for cash of $12.50 per share. Before we can journalize the transactio...

Intermediate Accounting 1- D103: Units 2-4 Pre-Assessment Exam With 100% Correct Answers 2023

Terms in this set (108) Report a $3500 sale on account Debit: Accounts Receivable $3500; Credit: Service Revenue $3500 Journalize depreciation for the equipment that is $5,000 Debit: Depreciation Expense $5000; Credit: Accumulated-Depreciation Equipment $5000 Journalize the adjusting entry for an employer that owes $1300 for payroll on Jan 10, 2021, for the payroll period ending December 31, 2020. Debit: Salaries and Wages Expense $1300; Credit: Salaries and Wages Payable $1300 ...

Awesome Sweets sells different kinds of cookies, candies, and other sweets. Awesome Sweets has a return on assets (ROA) of 6.9% How does Awesome Sweets know if the 6.9% ROA is a good return to attract possible investors? The return on assets (ROA) would have to be compared to the ROA's of competing businesses that sell the same type of products. If 6.9% is higher than the ROA of other companies in the same type of business, then it would be a good investment. A field of accounting that...