Concept explainers
1.
Introduction:
To prepare: The general
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Introduction: Cash Flow Analysis is a technique used by the company to know the overall worth of the company as well as its subsidiary or branches. Cash flow analysis helps in analyzing the company’s cash outflow and inflow through different activities like financing activities, investing activities, operating activities. This analysis shows how the company generates money or revenue for its working.
To prepare: Ledger for the following transactions.
3.
Introduction: Cash Flow Analysis is a technique used by the company to know the overall worth of the company as well as its subsidiary or branches. Cash flow analysis helps in analyzing the company’s cash outflow and inflow through different activities like financing activities, investing activities, operating activities. This analysis shows how the company generates money or revenue for its working.
To prepare: Trail balance.
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Loose Leaf for Financial Accounting: Information for Decisions
- The general ledger of Jay Consulting shows the following balances at July 31: Jay has asked you to develop a worksheet that will serve as a trial balance (file name PTB). Use the data provided as input for your model. Review the Model-Building Problem Checklist on page 154 to ensure that your worksheet is complete. Print the worksheet when done. Check figure: Total debits, 17,731. To test your model, use the following balances at August 31: Print the worksheet when done. Check figure: Total debits, 18,810. CHART (optional) Using the test data worksheet, prepare a pie chart showing the percentage of each asset to total assets. Print the chart when done.arrow_forwardRearrange the following steps in the accounting cycle in proper sequence:a. Transactions are analyzed and recorded in the journal.b. An unadjusted trial balance is prepared.c. Transactions are posted to the ledger.d. Adjustment data are assembled and analyzed.e. An adjusted trial balance is prepared.f. Adjusting entries are journalized and posted to the ledger.g. An optional end-of-period spreadsheet is prepared.h. A post-closing trial balance is prepared.i. Financial statements are prepared.j. Closing entries are journalized and posted to the ledger.arrow_forwardOn September 1, Cullumber Company has the following accounts and account balances: Cash $21,600, Accounts Receivable $2,480, Supplies $2,360, Accounts Payable $1,240, Unearned Revenue $1,980, Owner's Capital $19,880, Service Revenue $5,080, and Salaries Expense $1,740 During the month of September, the bookkeeper for Cullumber Company prepared the following journal entries: 1. 2. 3. 4. 5. Cash Service Revenue (To record cash received from services performed.) Salaries Expense Cash (Paid salaries to date.) Accounts Payable Cash (Paid creditors on account.) Cash Accounts Receivable (Received cash in payment of account.) Unearned Revenue Service Revenue (Provided services.) 6. Supplies Accounts Payable (To record supplies purchased on account.) 1,490 870 250 1,240 1,490 1.240 1,490 870 250 1,240 1,490 1,240 SUPPOarrow_forward
- Requirements: Record the transactions stated above in the general journal. Post the transactions to the general ledger and balance off each account Extract a trial balance on August 31st.arrow_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_forwardPrepare general journal entries to record the transactions below for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Fees Earned; and Rent Expense. Use the letters beside eachtransaction to identify entries. After recording the transactions, post them to T-accounts, which serve as the general ledger for this assignment. Determine the ending balance of each T-account.arrow_forward
- A. Record the above transaction to the Journal.B. Post the recording to the T accounts, using the following Account Titles:- Cash- Office Equipment- Notes Payable- Land- Delivery Vehicles- Accounts Payable- Buildings- Capital StockC. Prepare a trial balance at July 31 by using the form provided to you in the theory’s example (create the heading and the columns accordingly).arrow_forward1) Journalize the September transactions and post to the ledger. 2) Make a T-Accounts each of the following accounts: 3) Perform footing and determine the balances on each accountarrow_forwardComplete the ledger T-accounts, find december 1 balances and post the December transactions.arrow_forward
- Select the best answer for the question 12. One of the primary purposes of preparing a trial balance is to O A. rearrange the accounts in alphabetical order OB. determine that the total dollar amount of the debits equals the total dollar ambam of the credits OC. ensure that the number of accounts with debit balances is equal to the number of accounts with credit balances OD. prepare the accounts for posting to the ledger # Mark for review (Will be highlighted on the review page) << Previous Question Type here to search Next Questio Oarrow_forwardRearrange the following steps in the accounting cycle in proper sequence: Transactions are analyzed and recorded in the journal. An unadjusted trial balance is prepared. Transactions are posted to the ledger. Adjustment data are assembled and analyzed. An adjusted trial balance is prepared. Adjusting entries are journalized and posted to the ledger. An optional end-of-period spreadsheet is prepared. A post-closing trial balance is prepared. Financial statements are prepared. Closing entries are journalized and posted to the ledger.arrow_forwardPlease verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021 trial balance before posting. There are two tabs in the Excel spreadsheet: Income Statement Accounts and Balance Sheet Accounts. You will need both tabs to post to all the accounts. Use the given information from the General Journal below to fill in the Ledger for the balance sheet and income statement account sheets through the month of June. General Journal Date Description Post Ref. Debit Credit June 3 Inventory 116 50,400 Accounts Payable 210 50,400 June 6 Accounts Receivable 111 17,400 Sales 410 17,400 Costs Of Goods Sold 510 12,000 Inventory 116 12,000 June 8 Notes Receivable 114 500 Bad Debt Expense 522 500 June 10 Cash 104 40,000 Salaries Payable 211 40,000 Cash 104 26,000 Office Salaries Expense…arrow_forward
- Excel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage Learning