transaction analysis and ends 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
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following the same steps as in a manual system. TRUE 9. Adjusting entries are often made because some business events are not recorded as they occur. TRUE 10. Adjusting entries are recorded in the general journal but are not posted to the accounts in the general ledger. FALSE 11. Adjusting entries are not necessary if the trial balance debit and credit columns balances are equal. FALSE 12. An adjusting entry always involves two balance sheet accounts. FALSE 13. The accounting
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sheet is a convenient means of remembering the rule that an increase in an asset is recorded on the left side and the asset account normally has a debit balance b. Credit: increases in liability and owners equity accounts are recorded by credit entries and decreases in these accounts are recorded by debits. The liabilities and owner’s equity belong on the right side of the balance sheet‚ whether there be a increase it will still reside on right hand side‚ and liabilities and owner’s equity accounts
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Long Term Liabilities – Bonds MULTIPLE CHOICE QUESTIONS EXERCISE 1. From the standpoint of the issuing company‚ a disadvantage of using bonds as a means of long-term financing is that a. bond interest is deductible for tax purposes. b. interest must be paid on a periodic basis regardless of earnings. c. income to stockholders may increase as a result of trading on the equity. d. the bondholders do not have voting rights. 2. If a corporation issued $3‚000‚000 in bonds which pay 5% annual interest
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Luck is on Wiesel’s Side"I am too old‚ my son‚" he answered. "Too old to start a new life. Too old to start from scratch in some distant land…" (9)This scene where Elie’s father rejects his son’s request to liquidate everything and flee from the place where the extermination of Jews may occur‚ reminds me of a vivid conversation I once engaged in‚ with my two former North Korean grandparents. The Korean War (1950-53) and the Holocaust (1938-45) are in most aspects different‚ however‚ there is a heartbreaking
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1. Passage 1 (page[s] 170). “At Least half of my anger at you was sheer resentment that you had done something that I knew‚ buried deep in my heart‚ I should have done. But you weren’t the cause of my joining up either.. . you merely helped trigger it and you did control the service that I chose.” Here Juan’s Father is explaining to him why he decided to join the Mobile Infantry after he practically excommunicated Juan from the family a few years ago for doing the very same thing. Juan’s Father
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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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capitalized 5. ABC Corporation issues 100 shares of $1 par common stock at $5 per share‚ which of the following is the correct journal entry? Cash | $500 | | Paid-in Capital‚ Excess of Par | | $400 | Common Stock | | $100 | 6. In the first month of operations‚ the total of the debit entries to the cash account amounted to $1‚400 and the total of the credit entries to the cash account amounted to $600. The cash account has a A. $600 credit balance B. $1‚400 debit balance C. $800 debit
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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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Salaries Payable.|D.|Owner‚ Withdrawals.|E.|Sales Salaries Expense.|| 7.|A balance column ledger account is: A.|An account entered on the balance sheet.|B.|An account with debit and credit columns for posting entries and another column for showing the balance of the account after each entry is posted.|C.|Another name for the withdrawals account.|D.|An account used to record the transfers of assets from a business to its owner.|E.|A simple form of account that is widely used in accounting to illustrate
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