Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Imagine your company operating for the first month of January 2 0 2 4 , creating 1 0 realistic transactions that give the following different

Imagine your company operating for the first month of January 2024, creating 10 realistic transactions that give the following different activities:
Expenses of the country: rent, utilities and insurance (one transaction)
Purchase of assets: supplies and computers, furniture and equipment (cash and credit)(2 transactions)
Service Delivery: Cash and credit bills for different customers (2 transactions)
Prepaid expenses: premiums and rent in advance (single transaction)
Payment of obligations: payment of receivables to creditors (single transaction)
Collection of accounts receivable: collection of receivables from customers (single transaction)
Owner Withdrawals: Withdrawal of cash or assets for personal use (single transaction)
Required
1- Analysis of the impact of each transaction on the accounting equation (assets = liabilities + equity)
2- Record transactions in the journal.
3- Post each journal entry to the same accounts in the ledger.
4- Preparing the unadjusted trial balance.
5. Settlement restrictions: He proposed five types of settlements, including the following:
a. Prepaid expenses (at least two)
b. Outstanding Descriptions (Single Entry)
c. Unearned Revenue (Single Entry)
d. Earned Revenue (one entry)
6. Post settlement entries
7- Preparation of the adjusted trial balance
8- Preparation of financial statements (income statement, statement of change in equity, statement of financial position or general budget)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Financial Accounting

Authors: Richard E. Baker, Valdean C. Lembke, Thomas E. King

5th Edition

0072444126, 978-0072444124

More Books

Students also viewed these Accounting questions