Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please make a t chart. On December 31st, you notice the following: a) You have used up $150 of your supplies b) You have used

please make a t chart.
image text in transcribed
On December 31st, you notice the following: a) You have used up $150 of your supplies b) You have used up $100 of your insurance c) You have used up $125 of your advertising d) You have accumulated $600 interest on the note payable ($120,0006%1/12) e) You have accumulated $375 depreciation on the building [($180,000/40)1/12] f) You have accumulated $500 depreciation on the dancing equip. [($72,000/12)1/12] g) You have accrued salaries of $1,000 The Accounting Cycle 1. Analyze business transactions 2. Journalize the transactions 3. Post to ledger accounts 4. Prepare a trial balance 5. Joumalize and post adjusting entries 6. Prepare an adjusted trial balance 7. Prepare the financial statements (L/S, Stmt of RE, B/S) 8. Joumalize and post closing entries 9. Prepare a post-closing trial balance On December 31st, you notice the following: a) You have used up $150 of your supplies b) You have used up $100 of your insurance c) You have used up $125 of your advertising d) You have accumulated $600 interest on the note payable ($120,0006%1/12) e) You have accumulated $375 depreciation on the building [($180,000/40)1/12] f) You have accumulated $500 depreciation on the dancing equip. [($72,000/12)1/12] g) You have accrued salaries of $1,000 The Accounting Cycle 1. Analyze business transactions 2. Journalize the transactions 3. Post to ledger accounts 4. Prepare a trial balance 5. Joumalize and post adjusting entries 6. Prepare an adjusted trial balance 7. Prepare the financial statements (L/S, Stmt of RE, B/S) 8. Joumalize and post closing entries 9. Prepare a post-closing trial balance

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_2

Step: 3

blur-text-image_3

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

FINANCIAL ACCOUNTING AND COSTING

Authors: Meera Gopi Krishna

1st Edition

979-8604687369

More Books

Students also viewed these Accounting questions

Question

3. Under what circumstances (if any) would you use viral marketing?

Answered: 1 week ago

Question

What do you mean by underwriting of shares ?

Answered: 1 week ago

Question

Define "Rights Issue".

Answered: 1 week ago

Question

Discuss the Rights issue procedure in detail.

Answered: 1 week ago

Question

Discuss the Rights issue procedure in detail.

Answered: 1 week ago

Question

Explain the procedure for valuation of shares.

Answered: 1 week ago