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Recognize the importance of accounting ethics and interperson resolving accounting issues. Interpret and apply Generally Accepted Accounting Principles (GAAP) to analyze, record, and report
Recognize the importance of accounting ethics and interperson resolving accounting issues. Interpret and apply Generally Accepted Accounting Principles (GAAP) to analyze, record, and report financial information for a service business using computerization. Evaluate a complete accounting cycle, including the analysis and recording process, through post-closing trial balance, for a service business using computerization. Directions Using the information below, put the transactions in pro forma and complete the Word document OR the Excel template provided in Blackboard. (10 transactions @5 pts required journal entries, posting, and check your work with a trial balance. Use this each, 20 general ledger postings @ 1.5 pts each, and Trial Balance 20 pts total) 1-Mar The owner of KJO Withholdings invested $75,000 cash into the company. 2-Mar The company purchased $2,725 worth of supplies on account. 5-Mar The company purchased equipment worth $5,700 on the account. Paid 24 months of insurance in advance for $4,500 cash. 15-Mar Received $8,525 cash for services rendered to WBR Inc. 17-Mar The company billed D&T Automotive $5,520 for services rendered. 12-Mar 20-Mar Received a down payment of $3,570 cash for work to be performed next from WBR Inc. 25-Mar The owner withdrew $2,000 for personal use.
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