Review for Comprehensive Final Exam Multiple choice questions o What accounts require posting to the general ledger AND the subsidiary ledgers o What accounts do you debit and credit in the closing entries o What amounts and accounts to debit and credit for adjusting entries (really study new onesunearned rent, merchandise inventory) o Study the merchandise inventory account and Cost of Goods Sold o What category is Merchandise Inventory o What is a Payroll Register o Understand the connection between the general ledger balances and the trial balance on the worksheet o Review the income statement and balance sheet for a merchandising company o Know what to debit and credit for a return of merchandise bought on account by the purchaser know what to debit and credit for a return of merchandise that was sold to a customer o What is the Income Summary account used for o Know what accounts to debit and credit for recording payroll o Know what to debit and credit when an asset is purchased on account with a partial down payment Classification of Accountstemporary permanent, normal balance debit or credit, which are contra accounts, which financial statements do the accounts go on and how are they classified on the financial statements Create all financial statements Journalize and post transactions to general ledger and subsidiary ledger(s)including sales transactions where you have to compute sales tax Prepare Schedule of A R or A P or both Prepare a worksheet for a merchandising business, including analyzing computations for adjustments Label Adjustments Prepare a bank reconciliation Entries needed for establishing petty cash account and what is needed to replenish petty cash account Complete a payroll register and figure taxable earnings for all tax liabilities

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 28, 2024

Review for Comprehensive Final Exam

Multiple choice questions.
o What accounts require posting to the general ledger AND the subsidiary ledgers?
o What accounts do you debit and credit in the closing entries?
o What amounts and accounts to debit and credit for adjusting entries (really study new onesunearned rent, merchandise inventory)
o Study the merchandise inventory account and Cost of Goods Sold.
o What category is Merchandise Inventory?
o What is a Payroll Register?
o Understand the connection between the general ledger balances and the trial balance on the worksheet.
o Review the income statement and balance sheet for a merchandising company.
o Know what to debit and credit for a return of merchandise bought on account by the purchaser; know what to debit and credit for a return of merchandise that was sold to a customer.
o What is the Income Summary account used for?
o Know what accounts to debit and credit for recording payroll.
o Know what to debit and credit when an asset is purchased on account with a partial down payment.

Classification of Accountstemporary/permanent, normal balance/debit or credit, which are contra accounts, which financial statements do the accounts go on and how are they classified on the financial statements.

Create all financial statements
Journalize and post transactions to general ledger and subsidiary ledger(s)including sales transactions where you have to compute sales tax.Prepare Schedule of A/R or A/P or both.