The following transactions pertain to Star Training for December 2016

1. Edcel, the owner, established the business when it acquired 75,000 cash from his retirement benefits.

2. Paid business licenses, 8,000.

3. Paid rent for office rent for 6 months, 24,000.

4. Purchased office equipment, 50,000 ; scrap value 10,000 ; estimated useful life 5 years.

5. Paid advertising for 12 months, 18,000

6. Purchased 5,000 worth of supplies on account.

7. Received 60,000 cash in advance for services to be provided over twelve months.

8. Paid accounts payable, 2,000.

9. Billed customers for services rendered 45,000.

10. Accepted a new contract and finished on time. Received 40,000 cash and 60,000 on account

11. Paid 15-day salaries 15,000.

12. Collected 1/3 of transaction No. 6.

13. Paid business tax 4,000.

14. Withdrew cash, 30,000.

15. Adjusted the following:

a. Supplies on hand 3,000.

b. Accrued 15-day salaries

c. One month rent expense, depreciation expense, and advertising.

Make the following:

1. Cash Flow Statement

2. Prepare Closing Entries

3. Prepare the Trial Balance after Closing Entries

Steps of accounting process

use number 1-10 to place the following steps of the accounting cycle in their proper order. 1 being the first and 10 the last.

______Analyze business transactions

______Collect / verify source documents

______Complete the worksheet

______Journalize business transactions

______Journalize / post adjustments

______Journalize / post closing entries

______Post journal entries

______Prepare financial statements

______Prepare a post-closing trial balance

_____Prepare trial balance

Steps in accounting Process

Accounting functions

Ten events common to the accounting function of a business entity are listed below. Place the letters of the events in the sequence in which they would logically occur. A being the first and J being the last.

______Determining ledger account balances

______Analyzing the transactions

______Preparing the Statement of Financial Position

______Preparing the trial balance

______Occurence of a business transaction

______Posting from the journal to the ledger

______Preparing a business document

______Preparing a Statement of Comprehensive Income

______Journalizing the transactions

______Praparing the statement of owner's equity