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college accounting a practical approach

Questions and Answers of College Accounting A Practical Approach

With the flashing insertion point positioned in the Account No field, click on the pull down menu (magnifying glass icon) and double click on “1110 Cash”. The program will enter the account
Enter “10000” into the Debit field. Dollar amounts can be entered in several ways. For example, to enter $10,000.00, type 10000, or 10,000.00 or 10,000. The comma separator is always optional
With the flashing insertion points positioned in the Account No field, click on the pull down menu. Double click on “3110 Owner’s Capital”. Use the scroll bar if the account is not visible in
Press the TAB key twice to move to the Credit field. Enter “10000” as you did in step LO.1
Hit TAB twice to move the cursor back to the Account No field. This completes the data you need to enter into the General Journal dialog box to record the journal entry for the initial investment of
Before posting this transaction, you should verify that the transaction data are correct by reviewing the journal entry. Review the journal entry for accuracy, noting any errors. LO.1
After verifying that the journal entry is correct, click on the Post icon to post this transaction. A blank General Journal dialog box is displayed, ready for additional General Journal transactions
Record the following additional journal entries. Enter the Date listed for each transaction (you may use the “ + ” key to advance the date or use the calendar icon next to the field to select the
After you have posted the additional journal entries, click on the close button to close the General Journal dialog box. This will restore the menu window. LO.1
Select General Ledger from the Reports menu to bring up reports associated with the general ledger such as the General Journal and the Trial Balance. 4 How to display Select General Journal from the
The scroll bars can be used to advance the display to view other portions of the report. Note: You may display the entire General Journal Display window by clicking the maximize icon. LO.1
Click on the Print icon to print the General Journal. If you experience any dif¬ ficulties with your printer (for example, the type size is too small), refer to Part F of the Computerized Accounting
Review your printed General Journal. If you note an error at this point, it can be easily fixed. With the General Journal report on your screen, place your cursor over the incorrect entry (it will
After making the necessary changes, click on the Post icon to save your changes. You will be returned to your report where you can view the changes made. LO.1
Click on the Close icon to close the General Journal report. If you originally used the menu method to bring up the General Journal report, you are taken back to the report selection window where you
You will not see the entire report on the screen. The scroll bars can be used to advance the display to view other portions of the report. You may also double click your mouse on any transaction to
Click on the Print icon to print the General Ledger report. LO.1
Click on the close button to close the General Ledger report and return to the reports selection window. Click on the General Ledger Trial Balance option from this window. Your screen will look
The scroll bar can be used to advance the display to view other portions of the report. You may also display zero balance accounts by clicking on the Options icon and clicking the box next to Include
Click on the Print icon to print the Trial Balance. LO.1
Again click on the close button to close the Trial Balance report. Select Chart of Accounts from the report selection window. Your screen will look some¬ thing like the following: LO.1 The Atlas
Click on the close button to close the Chart of Accounts window and return to the Menu Window. LO.1
Click on the Menu Window File menu; then click on Exit to end the current work session and return to your Windows desktop. Your work will automati¬ cally be saved. LO.1
You can exit from Peachtree Complete Accounting 8.0 at any time during a current work session from any window that offers the File menu. You may be asked if you wish to save any unposted work. LO.1
There is no need to save your work in Peachtree. Each time you make a change and click post, your work is automatically saved. You should back up your work after each session. This will be discussed
Adjustments: prepaid rent, office supplies, depreciation on equipment, and accrued salaries, (p. 117) LO.1
Preparation of adjusted trial balance on the worksheet, (p. 124) LO.1
The income statement and balance sheet sections of the worksheet, (p. 125) LO.1
Preparing financial statements from the worksheet, (p. 130) LO.1
What is an Advisory Council? Why do you think that the business consultant recommended that Fred seek their advice? LO.1
Why do you think that some small business owners fear computerization and equate it with a loss of financial control? LO.1
Why is a clear worksheet helpful even after that month's statements have been prepared? LO.1
The formal statements prepared from a worksheet do not have debit or credit columns. LO.1
Revenue and expenses go on the income statement. Beginning capital plus net income less withdrawals (or: beginning capital minus net loss, less withdrawals) go on the statement of owner’s equity.
Worksheets are required in every company’s accounting cycle. Please agree or disagree and explain why. LO.1
What is the purpose of adjusting accounts? LO.1
What is the relationship of internal transactions to the adjusting process? LO.1
Explain how an adjustment can affect both the income statement and bal¬ ance sheet. Please give an example. LO.1
Why do we need the accumulated depreciation account? LO.1
Depreciation expense goes on the balance sheet. True or false. Why? LO.1
Each month the cost of accumulated depreciation grows while the cost of equipment goes up. Agree or disagree. Defend your position. LO.1
Define accrued salaries. LO.1
Why don’t the formal financial statements contain debit or credit columns? LO.1
Explain how the financial statements are prepared from the worksheet. LO.1
Complete the following table. LO.1 Account Accounts Payable Prepaid Insurance Equipment Accumulated Depreciation A. Jax, Capital A. Jax, Withdrawals Salaries Payable Depreciation Expense Normal Which
Use transaction analysis charts to analyze the following adjustments:a. Depreciation on equipment, $500.b. Rent expired, $200. LO.1
From the following adjustment data, calculate the adjustment amount and record appropriate debits or credits:a. Supplies purchased, $600.Supplies on hand, $200.b. Store equipment, $10,000.Accumulated
From the following trial balance and adjustment data, complete a worksheet for J. Trent as of December 31, 200X: LO.1 a. Depreciation expense, equipment b. Insurance expired c. Store supplies on hand
From the completed worksheet in Exercise 4-4, preparea. An income statement for December.b. A statement of owner’s equity for December.c. A balance sheet as of December 31,200X. LO.1
Click on the Start button. Point to Programs; point to the Peachtree folder and select Peachtree Complete Accounting. Your desktop may have the Peachtree icon allowing for a quicker entrance into the
Follow the “Open a File” instructions in Part A of the Computerized Accounting appendix at the back of this book to open The Zell Company. You may be ini¬ tially presented with the Peachtree
Click on the Company Name entry field at the end of The Zell Company. If it is already highlighted, press the right arrow key. Add a dash and your name “-Student Name” to the end of the company
In the Computerized Accounting Application assignment in Chapter 3 you learned how to record journal entries in the General Journal dialog box. Compound journal entries can also be recorded in the
With the flashing insertion point positioned in the Account No field, click on the pull down menu (magnifying glass icon) and double click on “1110 Cash”. The program will enter the account
With the flashing insertion point positioned in the Account No field, click on the pull down menu (magnifying glass icon) and double click on “1230 Automobile”. Press TAB to move to the
With the flashing insertion point positioned in the Account No field, click on the pull down menu and double click on “3110 Owner’s Capital”. Press TAB to move to the Description field. This
After verifying that the compound journal entry is correct, click on the Post icon to post this transaction. LO.1
Record the following additional journal entries. Enter the Date listed for each transaction (you may use the “+” key to advance the date or use the calendar icon next to the field to select the
After you have posted the additional journal entries, close the General Journal dialogue box and print the following reports accepting all defaults:a. General Journal (Totals = 22,825.00)b. General
Review your printed reports. If you have made an error in a posted journal entry, see step 18 from the Chapter 3 assignment. LO.1
Open the General Journal dialogue box; then record adjusting journal entries based on the following adjustment data (Date: 1/31/01; Reference: Memo). You may enter all of the adjustments on the same
After you have posted the adjusting journal entries, close the General Journal dialogue box and print the following reports from the General Ledger option of the Reports menu:a. General Journalb.
Select the Financial Statements option of the Reports menu. Select Income Stmnt. An Options dialog box will appear asking you to define the information you want displayed. Press the OK button to
The scroll bars can be used to advance the display to view other portions of the report as needed. LO.1
Click on the Print icon to print the Income Statement. LO.1
Close the Income Statement window. This should return you to the Select a Report dialogue box. Select Balance Sheet. An Options dialogue box will appear asking you to define the information you want
Use the scroll bars to advance the display to the Owner’s Equity section of the Balance Sheet. Note that the program has included the Statement of Owner’s Equity information directly in the
Click on Print to print the Balance Sheet and then close the Balance Sheet window. LO.1
Setting up and organizing a chart of accounts. (p. 42) LO.1
Recording transactions in T accounts according to the rules of debit and credit. (p. 43) LO.1
Preparing a trial balance. (p. 52) LO.1
Preparing financial statements from a trial balance. (p. 53) LO.1
Why is the cash account so important in Fred's busi¬ ness? LO.1
Why do you think that most owners of the larger shops use accountants to do their books instead of doing them themselves? LO.1
Is the difference between debits and credits important to shop owners who don't do their own books? LO.1
Define a ledger. LO.1
Why is the left-hand side of an account called a debit? LO.1
Footings are used in balancing all accounts. True or false? Please explain. LO.1
What is the end product of the accounting process? LO.1
What do we mean when we say that a transaction analysis chart is a teaching device? LO.1
What are the five steps of the transaction analysis chart? LO.1
Explain the concept of double-entry bookkeeping. LO.1
A trial balance is a formal statement. True or false? Please explain. LO.1
Why are there no debit or credit columns on financial statements? LO.1
Compare the financial statements prepared from the expanded accounting equation with those prepared from a trial balance. LO.1
From the following, foot and balance each account.Transaction Analysis LO.1 4/8 4/12 Cash 110 3,000 4/4 B. Angel, Capital 311 2,000 3/7 6,000 6,000 3/9 3,000 4/12 6,000
Complete the following:Transaction Analysis LO.1 Account A. Land B. Prepaid Rent C. Accounts Payable D. R. Snow, Capital E. R. Snow, Withdrawals F. Legal Fees G. Salary Expense Normal Category
Record the following transaction into the transaction analysis chart:Provided legal services for $4,000, receiving $3,000 cash with the remain¬ der to be paid next month.Trial Balance LO.1 Accounts
Rearrange the following titles in the order they would appear on a Trial Balance: LO.1 Selling Expense Accounts Receivable Accounts Payable D. Cope, Capital Computer Equipment Legal Fees D. Cope,
From the following Trial Balance, identify which statement each title will appear on:▼ Income Statement (IS)▼ Statement of Owner’s Equity (OE)▼ Balance Sheet (BS) LO.1 LOGAN CO. TRIAL BALANCE
From the following, prepare a chart of accounts, using the same numbering system used in this chapter.DVD Players Professional Fees Rent Expense A. Sting, Capital Accounts Payable Cash Accounts
Record the following transaction into the transaction analysis chart: Lois Lony bought a new piece of office equipment for $14,000, paying $3,000 down and charging the rest. LO.1
Complete the following table. For each account listed on the left, fill in what category it belongs to, whether increases and decreases in the account are marked on the debit or credit sides, and
Given the following accounts, complete the table by inserting appropriate numbers next to the individual transaction to indicate which account is deb¬ ited and which account is credited.Example:A.
From the following trial balance of Hall’s Cleaners, prepare the following:▼ Income Statement▼ Statement of Owner’s Equity▼ Balance Sheet LO.1 Cash Equipment Accounts Payable J. Hall,
The following transactions occurred in the opening and operation of Gail’s Bookkeeping Service.a. Gail Smith opened the bookkeeping service by investing $7,000 from her personal savings account.b.
Carol Miller opened a travel agency, and the following transactions resulted:a. Carol invested $30,000 in the travel agency.b. Bought office equipment on account, $4,000.c. Agency received cash for
From the following T accounts of Mike’s Window Washing Service, I Preparing a trial balance(a) record and foot the balances in the Study Guide and Working Papers q from the T accounts, where
From the trial balance of Gracie Lantz, Attorney-at-Law, prepare (a) an income statement for the month of May, (b) a statement of owner’s equity for the month ended May 31, and (c) a balance sheet
The chart of accounts for Angel’s Delivery Service is as follows:Angel’s Delivery Service completed the following transactions during the month of March: LO.1 Assets Cash 111 Chart of Accounts

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