03 Oct rial Balance in the Worksheet
We will continue our study this week of the accounting cycle for a service based company. Keep in mind the steps in the accounting cycle as we work through each week:
- Analyze business transactions
- Journalize the transactions
- Post journal entries to general ledger accounts
- Prepare a Worksheet
- 4aPrepare a Trial Balance in the Worksheet
- 4bRecord Adjusting Entries in the Worksheet
- 4cPrepare Adjusted Trial Balance in the Worksheet
- 4dComplete and Balance the Balance Sheet and Income Statement columns in theWorksheet
5.Prepare the Four Basic Financial Statements (Income Statement, Owners Equity, Balance Sheet and Cash Flow) using data from the Worksheet
6. Record the adjusting entries in the General Journal and post to Ledger Accounts.
7. Record Closing Entries in General Journal and post to Ledger Accounts
8. Prepare Post-closing Trial Balance
9. Review the Financial Statements and Interpret the financial information
Last week we analyzed business transactions using the T account. This has prepared us to learn about the second step in the accounting cycle this week – journalizing the transactions in the General Journal.
As the full-time bookkeeper, your job is to make sure all transactions are recorded properly. If there is an error, each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease.
What are some examples of transactions that would need to be recorded or journalized? Can you provide an example of a transaction and the journal entry from either Chapter 4 of our textbook or from your current employer? Why is it important to accurately record the transaction you selected?
Can you think of any events that where no entry would be recorded?
Suppose, a co-worker has recorded a cash receipt twice and wants you to record a correcting entry that will reverse the mistakes. The correcting entry will record a credit to the Cash account and a debit to the Sales account. Your co-worker has offered to buy you dinner for fixing this mistake.
What should you investigate before making a decision about the correcting entry? What is happening to the Cash account? Would you accept a dinner offer from your co-worker for fixing the mistake?
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.