Journalize the adjusting - Study guides, Class notes & Summaries

GAAP Generally Accepted Accounting Principles: Common set of standards that the accounting proessions has developed and generally accepted and universally praticed. SEC Securities and Exchange Commision: the agency of the U.S. Government that oversees U.S. financial markets and accounting standard-setting bodies 00:12 01:14 FASB Financial Accounting Standards Board: The rimary accounting standard- setting body in the United States. Cost Principle Dictates the compani...

AIS Final Exam Textbook Review Questions and Answers describe the activities associated with a manual accounting process there are four activities associated with doing the accounting process manually: 1. Journalize- this records the business event in an original entry that contains the business events listed in chronological order 2. Post- this takes the recording of the business event from the journal to a specific subsidiary ledger. instead of being organized chronologically, these ledger...

This is a summary about an accounting chapter that talks about merchandising operations. It has definitions and formulas of sales revenue, cost of goods sold, gross profit, merchandise inventory, net cost inventory. It explains transportation cost and what FOB shipping point, FOB destination, freight in, freight out mean. There in an example of how to journalize purchases and sales related to merchandise inventory with a detailed explanation of every single step. It also talks about sales return...

Basic Accounting Equation - CORRECT ANSWERS-Assets = Liabilities + Owner's Equity, Owner's Equity = Capital Stock + Retained Earnings, Retained Earnings = Net Income - Dividends, Net Income = Revenue - Expenses. EPS - CORRECT ANSWERS-Earnings Per Share, required on the income statement by GAAP. Current - CORRECT ANSWERS-Assets or liabilities that will be paid or used up with in a year. Objective Vs. Subjective - CORRECT ANSWERS-Objective (not opinion based), Subjective (Opinion based)...

In this file, answers are of following points: Instructions 1. Journalize the adjusting entries necessary on June 30, 20Y4. 2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries. 3. Determine the revenues, expenses, and net income of Milbank Repairs & Service after the adjusting entries. 4. Determine the effect of the adjusting entries on Nancy Townes, Capital.

ACC 290 - Week 3: P 4-3A Quiz. Questions and Answers. Problem 4-3A The Solo Hotel opened for business on May 1, 2014. Here is its trial balance before adjustment on May 31. SOLO HOTEL Trial Balance May 31, 2014 Debit Credit Cash $ 2,718 Supplies 2,600 Prepaid Insurance 1,800 Land 15,218 Buildings 74,800 Equipment 16,800 Accounts Payable $ 4,918 Unearned Rent Revenue 3,300 Mortgage Payable 40,800 Common Stock 60,218 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utiliti...

Liberty University ACCT 370 Exam 3 Complete solution Liberty University ACCT 370 Exam 3 Complete solution 100% satisfied: solutions 1. Under IFRS, deferred taxes: 2. Which of the following items used for resolving intra-firm comparisons is not generally disclosed? 3. Which of the following does not properly describe the presentation by the lessor under ASC 842? 4. Which of the following statements is correct with respect to the use of fair value accounting for liabilities under IFRS?...

A02 Principles of Accounting I All Exams Answers (Ashworth College) EXAM 1 Part 1 of 1 - 100.0/ 100.0 Points Question 1 of 20 5.0/ 5.0 Points Which of the following would result if the business purchased supplies on credit? A. Supplies would increase and Cash would decrease. B. Supplies would increase and Capital would increase. C. Supplies would increase and Accounts Payable would increase. D. The purchase of suppli...

ACC 281 Week 3 Individual Assignment Week 3 Individual AssignmentUniversity of PhoenixACC 281xxxxxxxxxx   E9-3The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000. Instructions(a) If Hixson uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31; assuming Hixson determines that Fell’s $1,400 balance is uncollect...

Steps in accounting cycle Definition and explanation: Accounting Cycle, also known as “accounting process” or “Book-keeping Process” is the start-to-end process to be followed sequentially, or at times, simultaneously for recording the financial and accounting events occurring in any organization. In earlier times, these steps were followed manually and sequentially by an accountant. But these days, many softwares, like Tally, SAP, ERP, etc complete all the steps involved in accou...