Create your own company describing the nature of the company and what it provides (should be providing services and assume it is a sole proprietorship) . Show in details the Accounting cycle (journalizing in general journal, posting in general ledger and preparing financial statements ) taking into consideration the following : Transaction to start with not less than 25 transactions ( including at least one unearned and one prepaid transactions ) Use the coding for the accounts used During the adjusting period please make sure you have covered all six categories discussed in class Make sure to show the method used to calculate the depreciation highlighting over the reason on choosing this specific method Complete the accounting cycle till closing stage and present all financial statements and reports needed .

From the topics in the accounting course: "Analyzing Transaction, The Adjusting Process, The Accounting Cycle, Inventories, Internal Control & Cash, Accounting for Retail Businesses and Long-term Assets: Fixed & Intangible" What is 1 major thing that can be learned that would help you in one's future career?

Studypug.com Recliner Company wants to verify that all of its accounts are in balance. Which of the following will be prepared for this purpose?   a.Balance sheet b.General ledger c.Trial balance d.Chart of accounts

Why is it important to keep a schedule of accounts payable? O A. to keep track of how many vendors a company has O B. to keep track of what a company owes O C. to determine a company's income after expenses O D. to update all current account balances

Select the item that best completes each of the descriptions below. a. A collection of accounts and account balances is referred to as a(n) b. A(n). such as a bank statement, is objective evidence of transactions and their amounts. c. Increases and decreases in a specific asset, liability, equity, revenue, or expense are recorded in a(n) d. A(n) _ асcount has a complete record of every transactions recorded. journal e. A list of all ledger accounts and identification numbers, not including account balances, is called a(n). of accounts.

Sweet Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Sweet Corporation gave the machine plus $503 to Pharoah Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines. Sweet Corp. Pharoah Co. (Old Machine) (New Machine) Machine cost $429 $400 Accumulated depreciation 207 -0- Fair value 126 629 For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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", “ *…

Question 6 of 20: Select the best answer for the question. 6. To determine the effects of an entire accounting transaction, you would consult the accounting record called the A. journal O B. register. C. T-account O D. ledger Mark for review (Will be highlighted on the review page) << Previous Question Next Question

The General Ledger Question: What is the Account Number found in the General Ledger, (Ex. No.101, 301)? Why does each account such as Cash or Owner's capital have their own account number? This account number is then added to the general journal, in the Ref column. Please Explain.

Which of the following, if performed by a firm as part of the accounting cycle, would not be considered part of the step in which the firm interprets the financial information?   Multiple Choice   determining how much the business owes its suppliers   determining what the profit or loss was for the period   determining how much customers owe the business   determining the correct journal entry while analyzing a transaction