Record and post the required closing entries

Assignment Help Accounting Basics
Reference no: EM131032581

The Double-Entry Accounting System

Roy Edwards started and operated a small family firm in 2015. The firm was affected by two events (1) Edwards provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. There was $250 of supplies on hand as of December 31, 2015. Record in one

a. Open T-accounts and record the two transactions in the accounts

b. Record the required year-end adjusting entry to reflect the use of supplies

c. Record the preceding transactions in a horizontal statement model like this one

Assets = Liab. + Equity

Rev - Exp. = Net Inc.

Cash Flow

Accts, Rec. + Supplies = Accts. Pay. + Ret. Earn.

   

d. Explain why the amounts of net income and net cash flow from operating activities differ

e. Record and post the required closing entries, and prepare a post-closing trial balance.

Reference no: EM131032581

Questions Cloud

What are the implications of short sales : What are the implications of short sales constraints for stock prices?
Did the group in the film demonstrate group polarization : Did the group in the film demonstrate group polarization? Are they at risk for groupthink?
What are different types of securitization : What are different types of securitization? How have they changed the models of finance companies?
What is the future value of an annuity : If you can show me the process. What is the future value of an annuity due with a $20 cash flow, 6% annual interest with quarterly compounding three-years from now?
Record and post the required closing entries : Record and post the required closing entries, and prepare a post-closing trial balance.
Explain the hypothesis you have formulated : Explain how you would prepare yourself to defend your evaluation in the court setting or to relevant third parties. Be sure to support your explanation with professional literature.
What is capm and how do you use it? what about wacc : What is CAPM and how do you use it? What about WACC?
What is the proportion of heads : After 40 tosses, what is the proportion of heads? What is the count of heads? What is the difference between the count of heads and 20 (one-half the number of tosses)?
Balance sheet and income statement : What is the difference between a balance sheet and income statement?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Purpose of preparing a trial balance

When is the trial balance prepared? What is the purpose of preparing a trial balance? What does the trial balance tell you? What does the trial balance not tell you?

  Company has just completed its first year of operations the

company has just completed its first year of operations. the companys accountant has prepared an absorption costing

  Governmental units that issue tax- supported debt

Which of the following is a true statement about governmental units that issue tax- supported debt to finance capital projects?

  Dresser companys weekly payroll paid on fridays totals

dresser companys weekly payroll paid on fridays totals 6200. employees work a 5-day week. prepare dressers adjusting

  Problem related to ordinary loss allocation

An electing S corporation has a $30,000 ordinary loss for the non-leap year. On January 1, Beverly and Sonya own equally all of the S corporation stock. On the 146th day of the year, Beverly gives her one-half of the S corporation stock to her dau..

  Calculate the volume variance and break it down

In order to calculate the volume variance and break it down into enrollment and utilization components, how many flexible budgets must be constructed?

  Cost of goods sold

This question belongs to Accounting and it discuss about Preparing a journal entry to write off the difference between allocated and actual overhead directly to Cost of Goods Sold

  Why do many department stores seek a markup of about 30

why do many department stores seek a markup of about 30 percent when some discount houses operate on a 20 percent

  Make the journal entries to record merrys transactions in

on august 31 2010 merry company acquired four 1000 face value bonds with a 10 interest rate at face value plus accrued

  Allowance account under income statement apprroach

What would be adjusted balance of the Allowance account under Income statement apprroach.

  Banks and the federal reserve system

Take a position on whether federal regulation helps or hurts U.S. banks. Provide support for your position.

  What international accounting standard ifrss applies to

bucks hunting equipment inc. buck is a retailer of hunting equipment hunting apparel and outdoor accessories. bucks

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd