Name: Learning Team Course: ACC/280 Date: P4-2A The adjusted trial balance columns of the worksheet for Porter Company are as follows. (a) Complete the worksheet by extending the balances to the financial statement columns. PORTER COMPANY Work Sheet (Partial) For the Year Ended December 31‚ 2008 Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit
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Matric no: ______________ Group: _________ Attendance list no: _____________ Tutorial 1: Chapter 1‚ 2‚ 3 DUE DATE: 3 OCTOBER 2013 1. Accounting is a process involving the following activities‚ EXCEPT: A. recording of economic activities B. communicating to stakeholders C. identifying relevant economic activities D. guaranteeing profitability of business operation 2. A senior accountant working at the Account Department of Universiti Utara Malaysia is also known as: A. a public
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Example: Purchased raw materials (GI Sheets) for $125‚125 from Sheets Supplier Company on credit. We have Raw Materials Inventory (Real Account) and Sheets Supplier Company (Personal Account). Golden Rule for Personal account Credit the giver. So entry would be : Raw Materials(Sheets) Inventory Debit $125‚125 Sheets Supplier Company Credit $125‚125 Nominal Account All expenses & Losses should be Debited All income & gains should be Credited Example : Used Sheets for $50‚100 for
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secs 10 / 20 (50%) # Correct: 5 Grade Details - All Questions 1. Question : Carlton Company sold equipment for $3‚700 that originally cost $22‚000. The balance of the Accumulated Depreciation account related to this equipment was $19‚000. The entry to record the disposal of this equipment would include a debit to Loss on Sale of Equipment of $700. credit to Gain on Sale of Equipment of $700. credit to Equipment of $3‚000. debit to Gain on Sale of Equipment of $700. 0 of 2 Student Answer:
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suffered enough. A-rt of making yourselves unsleep for several nights. C-an make you feel tulala na wala sa sarili. C-hallenges you to shift. O-A sa hirap ng problems kahit unrealistic. U-maga na gising ka pa with matching eyebags. N-o calcu‚ no entry. T-amang hula ang need sa pagsagot. (Iyong tipong first instinct.) I-kaw lagi may pagkukulang‚ hindi si prof. N-galay na neck mo‚ ‘di ka pa nangangalahat sa exam. G-ive you traumatic experiences A doctor’s mistake is buried. A lawyer’s mistake
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Cost Accounting Principles of Accounting II Cost Accounting Accounting is the accumulation and aggregation of info for decision makers including administrators‚ traders‚ authorities‚ loan providers‚ as well as the general public. Accounting systems impact behavior and administration and have effects across divisions‚ companies‚ and even nations. This report will provide the reader a knowledge regarding cost accounting. This report will talk about: Why is cost accounting so essential to the achievement
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sale of goods or services. (an increasing in equity resulting from the sale of goods or services) Expenses: which are the costs related to the revenues. Drawing: which are the owner’s withdrawals for personal use. Purpose of expanding the system: -The new accounts in the equity section of the ledger have one main purpose. -Provide essential information about the progress of the business. -Information need by managers and owners to see if the business is being run profitably and make
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There are Five Basic Elements of Accounting and Financial Statements: |Assets |Economic resources owned by the company which are expected to provide future | | |benefits. Historically‚ assets have been accounted for at cost. However‚ current | | |accounting guidance is moving towards more fair value asset valuation models. | |
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Find needed answers here https://bitly.com/12B18Ql This document ACC 205 Week 5 Discussion Question 2 Current Liabilities comprises solution of this task: "There are two types of current liabilities that must be estimated. Describe them and explain why they must be estimated. How are the financial statements affected if they are not estimated? Respond to at least two of your classmates Deadline: ( )‚ Business - Accounting Week1 D1: As you have learned in this week’s readings the Accounting
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with closing of the books. Step 1. Collect and analyze the transactions and determine their effect on the financial position of the company. Step 2. Journalize transactions into the general journal‚ also known as the book of original entry. Step 3. Post to the general ledgers which are organized by account. Step 4. Prepare an unadjusted trial balance to ensure that debits and credits are indeed equal. Step 5. Prepare adjustments to bring accounts to their proper balances
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