Description ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation, JOURNAL Entries July 19 Made payment on account to Lakeside Company, $400. July 31 Received cash for landscaping revenue for the last half of July, $2,620. July 31 Declared and paid cash dividend of $1,600. Prepare journal entries to record the July transactions in the General Journal below. Use the following account names for journal entries. General Journal Chart of Accounts: Account Title (Normal Balance) Date Description(Account
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vendors & 2 new customers I also include the opening balances as of December 1, 2011. When it was time to input Journal Entries in phase 4, I went to the Company menu; (in QuickBooks) select make general journal entries. Select the Date for the journal entry which will be Dec 1, 2011 because this is generally Day Company’s start date. Assign a Number to the journal entry and then from the Account drop down, choose or create the account to be entered. (This is the reason why we setup the chart
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this chapter, you should be able to: Understand basic accounting terminology. Explain double-entry rules. Explain how transactions affect the accounting equation. Identify the steps in the accounting cycle and the steps in the recording process. Explain the reasons for and prepare adjusting entries. Explain how the type of ownership structure affects the financial statements. Prepare closing entries and consider other matters relating to the closing process. Prepare a 10-column work sheet and
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Accg100 Accounting 1A Lecture Notes Semester 2, 2012 1 Table of Contents Lecture Notes Week 1: Introduction to Accounting, Ethics, Business Entities, Financial Statements Week 2: Accounting for Transactions –Part 1 Week 3: Accounting for Transactions –Part 2 Week 4: Accounting for Adjustments- Part 1 Week 5: Accounting for Adjustments- Part 2 Week 6: Completion of Accounting Cycle Accounting Systems Revision Chapters 1 – 4 Week 8: Accounting for Retailers Week 9: Accounting for Inventories
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Accg100 Accounting 1A Lecture Notes Staff version Semester 1, 2014 Table of Contents Lecture Notes Week 1: Week Week Week Week Week Week Week Week Week Week 2: 3: 4: 5: 6: 8: 9: 10: 11: 12 Introduction to Accounting, Ethics, Business Entities, Financial Statements Accounting for Transactions –Part 1 Accounting for Transactions –Part 2 Accounting for Adjustments- Part 1 Accounting for Adjustments- Part 2 Completion of Accounting Cycle Accounting Systems Revision Chapters 1 - 4 Accounting
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cases it will be decreased. We cannot conclude that Debit implies the increasing value and Credit implies the decreasing value. 3. Heath Precourt, a fellow student, contends that the double-entry system means each transaction must be recorded twice. Is Heath correct? Explain. He is Incorrect. Under the double-entry system, the two-sided effect of each transaction is recorded in appropriate accounts. According to the basic accounting equation, each transaction must affect two or more accounts to keep the
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12-1 Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2014, for $78,790. The patent has a remaining legal life of 17 years. Celine Dion feels the patent will be useful for 10 years. Prepare Celine Dion’s journal entries to record the purchase of the patent and 2014 amortization. Account Titles and Explanation Debit Credit Patents 78,790 Cash 78,790 (To record purchase of patents) Amortization Expense 7,879 Patents 7,879
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D) Accounts receivable Which of the following accounts is NOT an example of an owner’s equity account? A) Drawing B) Capital C) Additional investments D) Cash Accountants first record transactions in the: A) chart of accounts. B) trial balance. C) journal. D) ledger. Which of the following accounts is an asset? A) Salary expense B) Accounts payable C) Service revenue D) Prepaid expenses Which of the following accounts is a liability? A) Accounts payable B) Prepaid expenses C) Salary expense D) Service
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PROJECT GOAL The goal of this graded project is to create the following financial statements for J & L Accounting, Inc.: ■ Balance sheet ■ Income statement ■ Statement of retained earnings ■ Post-closing trial balance The financial statements must be created in one Microsoft Word document (.doc or .docx file). Alternatively, an Excel workbook may be used (.xls or .xlsx file). The Word or Excel file will be uploaded for grading. INSTRUCTIONS Read the following instructions thoroughly before
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also to ensure the accuracy and conformity of financial statements to GAAP. This set of procedures includes: (1) identifying and measuring transactions; (2) journalizing; (3) posting; (4) preparing an unadjusted trial balance; (5) making adjusting entries; (6) preparing an adjusted trial balance; (7) preparing financial statements; and (8) closing (Kieso, Weygandt, & Warfield, 2012) . This paper will summarize the overall accounting cycle for the inventory department at Sunrise Growers. Nowadays
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