FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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I am assuming here some of the business transactions as below:
Aug 1 Business started with Capital $ 100,000 Aug 5 Equipment purchased with cash $ 20,000 Aug 10 Goods purchased on account $ 20,000 Aug 15 Goods sold on cash $ 25,000 Aug 20 Cash Paid for Goods purchased on 10 august $ 20,000 Aug 25 Cash paid for Rent $ 10,000 Aug 30 Salaries paid to staff $ 10,000 now lets see impact on
accounting Equation of above transactions.Accounting Equation Assets = Equity + Liability Cash + Account receivables + Equipment = Capital + Retained earnings + Accounts payable Aug-01 1,00,000 + + = 1,00,000 + + Aug-05 -20000 + + 20,000 = + + Aug-10 + + = + -20,000 + 20,000 Aug-15 25,000 + + = + 25000 + Aug-20 -20,000 + + = + + -20000 Aug-25 -10,000 + + = + -10000 + Aug-30 -10000 + + = + -10000 + Total 65,000 + 0 20,000 = 1,00,000 -15,000 0
We have to solve these required for the transaction below
WE ARE REQUIRED TO SOLVE THESES ( ITS CALCULATION QUESTION NOT EXPLAINING )
Step 2 Accounting Cycle – Journalize Business Transactions
You are requested to journalize the assumed transactions for your chosen business during the month of August 2020!
STEP 3 ACCOUNTING CYCLE- Posting or Ledgering the
You are requested to Posting or Ledgering the journal entries the assumed transactions for your chosen business during the month of August 2020!
STEP 4 ACCOUNTING CYCLE –Preparing
You are requested to Preparing Trial Balance the assumed transactions for your chosen business during the month of August 2020!
Step 5 Accounting Cycle –Journalize and Post Adjustments
You are requested to Performing adjusting the assumed transactions for your chosen business during the month of August 2020!
Step 6 Accounting Cycle- Laying down adjusted trial balance
You are requested to Laying down adjusted trial balance the assumed transactions for your chosen business during the month of August 2020!
Step 7 Accounting Cycle – Prepare Financial Statements
You are requested to Prepare Financial Statements the assumed transactions for your chosen business during the month of August 2020!
Step 8 Accounting Cycle- Book Closing
You are requested to Book Closing the assumed transactions for your chosen business during the month of August 2020!
Step 9 Accounting Cycle-Post-closing trial balance
You are requested to Post-closing trial balance the assumed transactions for your chosen business during the month of August 2020!
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