anis Engle has prepared the following list of statements about the accounting cycle. 1. “Journalize the transactions” is the first step in the accounting cycle. 2. Reversing entries are a required step in the accounting cycle. 3. Correcting entries do not have to be part of the accounting cycle. 4. If a worksheet is prepared, some steps of the accounting cycle are incorporated into the worksheet. 5. The accounting cycle begins with the analysis of business transactions and ends with the preparation of a post-closing trial balance. 6. All steps of the accounting cycle occur daily during the accounting period. 7. The step of “post to the ledger accounts” occurs before the step of “journalize the transactions.” 8. Closing entries must be prepared before financial statements can be prepared. Instructions Identify each statement as true or false. If false, indicate how to correct the statement. Please answer it with proper explanation

PART A: Knowledge and Understanding Complete the following sentences by inserting the correct word or words in the blanks. (You will find the words in the box below, together with additional words that don't apply). 1. The General Ledger is a collection of all the _(s) that a business uses in their daily accounting transactions. 2. A definition of _ is to transfer information about transaction from a journal to a ledger. 3. The process of continuing a General Ledger account or a journal page by carrying forward all the relevant information from the completed page is known as 4. An error found soon after it is made is corrected by. SC and writing the correct amount immediately the incorrect amount. 5. An error found after quite some time requires a journal entry. 6. There are six steps in posting. The number of steps completed in the ledger is and in the journal 7. The General Ledger page has 3 columns where dollar amounts are listed (money columns). Each column is titled "Credit", “ *…

The end-of-period spreadsheet a. is a working paper that is required b. is an integral part of the accounting cycle c. is used to summarize account balances and adjustments for the financial statements d. eliminates the need to rewrite the financial statements

The following transactions occurred for Luminary Engineering: View the transactions. Journalize the transactions of Luminary Engineering. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Notes Payable; Luminary, Capital; Luminary, Withdrawals; Service Revenue; and Utilities Expense. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) July 2: Received $15,000 contribution from Bobby Luminary, owner, in exchange for capital. Date Jul. 2 Transactions Jul. 2 Accounts and Explanation Jul. 4 Jul. 5 Jul. 10 Jul. 12 Jul. 19 Jul. 21 Jul. 27 Debit Received $15,000 contribution from Bobby Luminary, owner, in exchange for capital. Paid utilities expense of $440. Purchased equipment on account, $2,600. Performed services for a client on account, $3,500. Borrowed $7,200 cash, signing a notes payable. Luminary withdrew $650 cash from the business. Purchased…