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Prepare the journal entries for the following transactions for Guang Corporation for 20x1 and 20x2 Please provide?
Wiki User
∙ 9y ago
A person would need to know what the transactions are to be able to prepare the journal entries for them. It is important to also include what the following transactions are.
Wiki User
∙ 9y ago
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What transactions might require reverse entries?
What transactions in accounting might not require reversing entries
Prepare general journal entries for the following transactions of this company for the current year?
DateItemDebitCredit25-AprNotes Receivable$4,500Sales$4,50024-JunInterest Receivable$75Interest Revenue$7524-JunAccounts Receivable$4,575Notes Receivable $4,500Interest Receivable$75
Do All accounting transactions require two offsetting entries?
Yes, all accounting transactions require two entries to offset each other. This helps the organization balance their books on a regular basis.
What are adjusting entries and why they made?
Adjusting entries are made to rectify any previous erroneous entry or adjust any data in previously record transactions.
Enumerate the 10 steps of the accounting cycle?
Collecting and analyzing data from transactions and events.Putting transactions into the general journal.Posting entries to the general ledger.Preparing an unadjusted trial balance.Adjusting entries appropriately.Preparing an adjusted trial balance.Organizing the accounts into the financial statements.Closing the books.Preparing a post-closing trial balance to check the accounts.Making reversing entries.
General journal entries?
. 1. Based on the bank reconciliation prepare the journal entries.. Alaine Alvarez consulting July 31
What transactions might not require reversing entries?
What transactions in accounting might not require reversing entries
What transactions might require reverse entries?
What transactions in accounting might not require reversing entries
Prepare general journal entries for the following transactions of this company for the current year?
DateItemDebitCredit25-AprNotes Receivable$4,500Sales$4,50024-JunInterest Receivable$75Interest Revenue$7524-JunAccounts Receivable$4,575Notes Receivable $4,500Interest Receivable$75
What are the proforma journal entries?
Proforma journal entries are hypothetical journal entries prepared before actual transactions occur. They help in understanding the potential impact of transactions on financial statements. These entries are used for forecasting and planning purposes.
Do All accounting transactions require two offsetting entries?
Yes, all accounting transactions require two entries to offset each other. This helps the organization balance their books on a regular basis.
What is the relationship of internal transactions to the adjusting process?
Adjusting entries are not based on external transactions, they are corrections made internally to a set of books
What are adjusting entries and why they made?
Adjusting entries are made to rectify any previous erroneous entry or adjust any data in previously record transactions.
What is the correct sequence of the accounting cycle?
This is the formal sequence of steps in the accounting cycle:journalisation i.e. recording transactions into the general journalposting these transactions to the general ledgers.summarise these transactions into the trial balancepass adjusting entries (bad debts, accruals and prepayments and depreciation)prepare adjusted trial balancemake income statement (statement of comprehensive income)write balance sheet (statement of financial position)
When are you journal voucher use in tally?
All transactions entries which will not do to any other accounting vouchers.
Enumerate the 10 steps of the accounting cycle?
Collecting and analyzing data from transactions and events.Putting transactions into the general journal.Posting entries to the general ledger.Preparing an unadjusted trial balance.Adjusting entries appropriately.Preparing an adjusted trial balance.Organizing the accounts into the financial statements.Closing the books.Preparing a post-closing trial balance to check the accounts.Making reversing entries.
What do you get instead of a bond certificate when you buy a bond?
Before the possibility of paperless transactions, bond certificates were issued, but now transactions tend to be book entries only.
