Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On December 1, 2022, you were hired as the assistant accountant for Dan's Diamonds Ltd., a small company located in Winnipeg Manitoba. The owner of

On December 1, 2022, you were hired as the assistant accountant for Dan's Diamonds Ltd., a small company located in Winnipeg Manitoba. The owner of the company, Dan Drew, opened the company one year ago and hired Linda, an in house accountant/manager to look after the bookkeeping and help with the finances. Dan hired you to help Linda because of your training and wanted you to take over the bookkeeping while Linda starts more of the store management for him. It is now December 28 and Dan came to you today at lunch time and told you that Linda is sick and unable to come to work. He needs you to help get the financial records ready to send to the auditor. He gave you the opening trial balance and a list of the transactions for December that related to the sales and operations. He also gave you information for accruals and other items that need to be posted before the books are completed for the year. After finishing your lunch you head back to your office to complete the tasks ahead of you. Required: A B C D E F Record the transactions for the month of December using proper journal entries Using the journal entries, record T accounts for all accounts Record the adjusting entries for the year at December 31 Complete the T accounts with the adjusting entries Create the final trial balance Create the balance sheet, income statement, statement of changes in equity, and the cash flow statement using proper form 2512 O2220222 O 36 193 2 Tele
image text in transcribed
On December 1, 2022, you were hired as the assistant accountant for Dan's Diamonds Ltd., a small company located in Winnipeg Manitoba. The owner of the company, Dan Drew, opened the company one year ago and hired Linda, an in house accountant/manager to look after the bookkeeping and help with the finances. Dan hired you to help Linda because of your training and wanted you to take over the bookkeeping while Linda starts more of the store management for him. It is now December 28 and Dan came to you today at lunch time and told you that Linda is sick and unable to come to work. He needs you to help get the financial records ready to send to the auditor. He gave you the opening trial balance and a list of the transactions for December that related to the sales and operations. He also gave you information for accruals and other items that need to be posted before the books are completed for the year. After finishing your lunch you head back to your office to complete the tasks ahead of you. Required: A Record the transactions for the month of December using proper journal er B Using the journal entries, record T accounts for all accounts C Record the adjusting entries for the year at December 31 D Complete the T accounts with the adjusting entries E Create the final trial balance Create the balance sheet, income statement, statement of changes in equit cash flow statement using proper form

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

Issues In Management Accounting

Authors: David Ashton

2nd Edition

0131892509, 978-0131892507

More Books

Students also viewed these Accounting questions