Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 1, Problem 7SE
Use the following accounts and balances to prepare a
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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
complete the table by using 2 Data Tables. Given that the balance sheet is at May31,2020.
There are options provided for the "Accounts" column in the second attachment , choose the most suitable 4 options among the 9 and write down its debit and credit.
Select 30 transactions of various kinds such as sales, costs (direct and indirect), revenues earned, revenue received in advance, expenses incurred, paid in advance, outstanding expenses, assets (current, non-current), liabilities (current, long term), Equity and so on.1. Record those transactions in journal,2. post them to ledger,3. Transfer the balances in trail balance,4. Prepare income statement and balance sheet.5. Follow the proper format considering IAS-1.6. Explanation: At the end, apply the concepts such as long term assets, capital or revenueincomes or expenses and their treatment involved in your above requirements
Transactions of Mr. Akram travel world business
Mr Akram started business with cash for rs 400,000.
Paid wages rs 20,000.
Paid office rent in advance 2000.
Paid rs 10000 for insurance in advance.
Babar and sons paid 2500 for goods on advance.
Purchased office equipment on credit rs 5000.
Paid 7000 for advertising expenses.
Paid 3000 to accounts payable.
Provided…
Chapter 1 Solutions
Principles of Accounting
Ch. 1 - What makes accounting a valuable discipline?Ch. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - How are expenses and withdrawals similar, and how...Ch. 1 - How do generally accepted accounting principles...Ch. 1 - Why do managers in governmental and not-for-profit...Ch. 1 - Prob. 1SECh. 1 - Match the descriptions that follow with the...Ch. 1 - Determine the amount missing from each accounting...Ch. 1 - Use the accounting equation to answer each...
Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Prob. 6SECh. 1 - Use the following accounts and balances to prepare...Ch. 1 - Randall Company engaged in activities during the...Ch. 1 - Prob. 9SECh. 1 - Prob. 10SECh. 1 - Prob. 1EACh. 1 - Financial accounting uses money measures to gauge...Ch. 1 - You have been asked to compare the sales and...Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Daiichi Companys total assets and liabilities at...Ch. 1 - 1. Indicate whether each of the following accounts...Ch. 1 - Listed in random order are some of Oxford Services...Ch. 1 - Dukakis Company had the following accounts and...Ch. 1 - Prob. 9EACh. 1 - Prob. 10EACh. 1 - Complete the financial statements that follow by...Ch. 1 - Prob. 12EACh. 1 - Match the terms that follow with the appropriate...Ch. 1 - Prob. 14EACh. 1 - Prob. 15EACh. 1 - Prob. 1PCh. 1 - The following three independent sets of financial...Ch. 1 - Fuel Designs financial accounts follow. The...Ch. 1 - The accounts of Frequent Ad, an agency that...Ch. 1 - Athena Riding Clubs financial statements follow.Ch. 1 - A list of financial statement items follows....Ch. 1 - Three independent sets of financial statements...Ch. 1 - Prob. 8APCh. 1 - Prob. 9APCh. 1 - Aqua Swimming Clubs financial statements follow....Ch. 1 - Costco Wholesale Corporation is Americas largest...Ch. 1 - Prob. 2CCh. 1 - Prob. 3CCh. 1 - Prob. 4CCh. 1 - Refer to the CVS annual report and the financial...
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- Select 30 transactions of various kinds such as sales, costs (direct and indirect),revenues earned, revenue received in advance, expenses incurred, paid in advance, outstanding expenses, assets (current, non-current), liabilities (current, long term), Equity and so on.1. Record those transactions in journal2. post them to ledgerarrow_forwardIndicate the sequential order of the following steps in the accounting information processing cycle: Analyzing transactions Preparing financial statements Developing a trial balance Collecting original data Posting to the accounts Journalizing transactions 16. 17. 18. 19. 20. 21.arrow_forwardThis problem is designed to enable you to apply the knowledge you have acquired in the preceding chapters. In accounting, the ultimate test is being able to handle data in real-life situations. This problem will give you valuable experience. CHART OF ACCOUNTS You are to record transactions in a two-column general journal. Assume that the fiscal period is one month. You will then be able to complete all of the steps in the accounting cycle. When you are analyzing the transactions, think them through by visualizing the T accounts or by writing them down on scratch paper. For unfamiliar types of transactions, specific instructions for recording them are included. However, reason them out for yourself as well. Check off each transaction as it is recorded. Required 1. Journalize the transactions. (Start on page 1 of the general journal if using Excel or Working Papers.) 2. Post the transactions to the ledger accounts. (Skip this step if using CLGL.) 3. Prepare a trial balance. (If using a work sheet, use the first two columns.) 4. Data for the adjustments are as follows: a. Insurance expired during the month, 1,020. b. Depreciation of building for the month, 480. c. Depreciation of pool/slide facility for the month, 675. d. Depreciation of pool furniture for the month, 220. e. Wages accrued at July 31, 920. Your instructor may want you to use a work sheet for these adjustments. 5. Journalize adjusting entries. 6. Post adjusting entries to the ledger accounts. (Skip this step if using CLGL.) 7. Prepare an adjusted trial balance. 8. Prepare the income statement. 9. Prepare the statement of owners equity. 10. Prepare the balance sheet. 11. Journalize closing entries. 12. Post closing entries to the ledger accounts. (Skip this step if using CLGL.) 13. Prepare a post-closing trial balance. Check Figure Trial balance total, 601,941; net income, 16,293; post-closing trial balance total, 569,614arrow_forward
- This problem is designed to enable you to apply the knowledge you have acquired in the preceding chapters. In accounting, the ultimate test is being able to handle data in real life situations. This problem will give you valuable experience. CHART OF ACCOUNTS You are to record transactions in a two-column general journal. Assume that the fiscal period is one month. You will then be able to complete all of the steps in the accounting cycle. When you are analyzing the transactions, think them through by visualizing the T accounts or by writing them down on scratch paper. For unfamiliar types of transactions, specific instructions for recording them are included. However, reason them out for yourself as well. Check off each transaction as it is recorded. Required 1. Journalize the transactions. (Start on page 1 of the general journal if using Excel or Working Papers.) 2. Post the transactions to the ledger accounts. (Skip this step if using CLGL.) 3. Prepare a trial balance. (If using a work sheet, use the first two columns.) 4. Data for the adjustments are as follows: a. Insurance expired during the month, 1,000. b. Depreciation of pool structure for the month, 715. c. Depreciation of fan system for the month, 260. d. Depreciation of sailboats for the month, 900. e. Wages accrued at June 30, 810. Your instructor may want you to use a work sheet for these adjustments. 5. Journalize adjusting entries. 6. Post adjusting entries to the ledger accounts. (Skip this step if using CLGL.) 7. Prepare an adjusted trial balance 8. Prepare the income statement 9. Prepare the statement of owners equity. 10. Prepare the balance sheet. 11. Journalize closing entries. 12. Post closing entries to the ledger accounts. (Skip this step if using CLGL.) 13. Prepare a post-dosing trial balance. Check Figure Trial balance total, 281,858; net income, 7,143; post-dosing trial balance total, 263,341arrow_forwardThe following transactions occurred for Luminary Engineering: View the transactions. View the journal entries. Read the requirements. Requirements 1 and 2. Post the journal entries (including dates) to the T-accounts. Compute the July 31 balance for each account. Use a "Bal." posting reference on the proper side of each account to show the ending balances of the accounts. (For accounts with a $0 balance, make sure to enter "0" in the appropriate input field on the normal side of the account.) Accounts Payable Cash Accounts Receivable Supplies Equipment Notes Payable Common Stock Dividends Service Revenue Utilities Expense Transactions Jul. 2 Jul. 4 Jul. 5 Jul. 10 Jul. 12 Jul. 19 Jul. 21 Jul. 27 Requirements Received $9,000 contribution from Bob Luminary in exchange for common stock. Paid utilities expense of $420. Purchased equipment on account, $2,400. Performed services for a client on account, $2,900. Borrowed $7,600 cash, signing a notes payable. Paid cash dividends of $500 to…arrow_forwardFollowing is the General Journal for Hammad and Co. You are required to prepare the General Ledger out of thatarrow_forward
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