3021\ INTERMEDIATE ACCOUNTING II REVIEW PRACTICE PROBLEM\ **Due at the beginning of class on Thursday, January

25^(th )

\ PURPOSE:\ The purpose of the practice problem is to review what you should recall from Intermediate Accounting I that relates, in general, to the accounting cycle and Intermediate II - the procedures that businesses normally use to record transactions and prepare financial statements. The accounting cycle is discussed in detail in Chapter 3 of your textbook. Having successfully completed Intermediate Accounting I will help you understand and complete the practice problem.\ To review the accounting cycle, you will act as the accountant for Koors Auto, a sole proprietorship owned by Michael Koors. The post-closing trial balance for Koors Auto for December 31, 2020 is given below:\ Koors Auto\ Post-Closing Trial Balance\ December 31,2020\ \\\\table[[,

Debit _()

,Credit],[Cash,

$11,520

,],[Accounts Receivable,3,820,

-0-

*De at the beginning of class on Thursday, January 25th PURPOSE: The purpose of the practice problem is to review what you should recall from Intermediate Accounting I that relates, in general, to the accounting cycle and Intermediate II - the procedures that businesses normally use to record transactions and prepare financial statements. The accounting cycle is discussed in detail in Chapter 3 of your textbook. Having successfully completed Intermediate Accounting I will help you understand and complete the practice problem. To review the accounting cycle, you will act as the accountant for Koors Auto, a sole proprietorship owned by Michael Koors. The post-closing trial balance for Koors Auto for December 31, 2020 is given *De at the beginning of class on Thursday, January 25th PURPOSE: The purpose of the practice problem is to review what you should recall from Intermediate Accounting I that relates, in general, to the accounting cycle and Intermediate II - the procedures that businesses normally use to record transactions and prepare financial statements. The accounting cycle is discussed in detail in Chapter 3 of your textbook. Having successfully completed Intermediate Accounting I will help you understand and complete the practice problem. To review the accounting cycle, you will act as the accountant for Koors Auto, a sole proprietorship owned by Michael Koors. The post-closing trial balance for Koors Auto for December 31, 2020 is given