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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)
How do you prepare the adjusting journal entry to record bad debt expense?
The bad debt is recorded against the asset, which is the debtors control account, or account recievable, for example company A is owed $1000 by company B, during the year, company B approaches company A and states that it is going out of business and can only pay them $600, therefore the bad debt is $400 Credit the debtors account of company b with $400 and debit bad debt expense $400
What are the job specifications of a receptionist?
The receptionist usually presents the first impression of the company or organization to clients and customers. In general receptionists deal with visitors and answer the phone for the company. They are responsible for providing the correct information about the organization to the public. In addition they may be required to prepare and type documents, distribute incoming mail, organize deliveries and schedule appointments.
What are the steps in chronological order that a company goes through to make an initial public offering?
The procedural steps of filing an IPO consist of 4 general steps:Disclosure documents drawn up - The company's lawyers prepare to disclose the company's financial position.Paperwork is filed with the SEC - The company files its prospectus with the Securities and Exchange Commission.Bankers recruit brokers to sell the stock - The company conducts an advertising campaign to advertise the company to stock brokers.Stock is sold - The company's stock is sold to the public in a stock exchange.
What is the purpose of a personal finance company?
The purpose of a personal finance company, is to help families on a fixed income prepare their finances easily and asses future spending needs. The company makes it easier for families to plan their funding for the future.
General journal entries?
Journal Entries are used to record accounting transactions. blady bastered............
Prepare the journal entries for the company for both 2004 and 2005.assume that the net price method is used to accout for the credit terms?
Thats not a question.
Prepare the journal entries for the following transactions for Guang Corporation for 20x1 and 20x2 Please provide?
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.
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
Journal entries at year end?
journal entries can be prepared at any time.there is no particular time/day/month/year.only if it is mentioned in question we prepare it according to given data.
The accounting process is correctly sequenced as?
Inentify the transaction Analyze the transaction Journal Entries Post to Ledger Trial Balance Adjusting entries Adjusted Trial Balance Financial Statements Closing Entries After-Closing Trial Balance
How do you prepare journal entries to record income tax expense and the effects of net operating loss carrybacks?
no one knows
How do you rectify the errors by passing journal entries and prepare a suspense account?
Errors can be rectify by adjusting the previously made journal entries as per the errors found and suspense account is created when there is some confusion or information missing without which it is not possible to prepare full double entry so that suspense account is used there to temporarily complete the transaction.
What should the post closing trial balance is best prepared from?
The General Ledger provides all the information you need to prepare a Post Closing Trial Balance as well as a Trial Balance, etc. A post closing trial balance is a trial balance that is prepared "before" accounts are closed out for the accounting period, such as expenses, revenues, etc. Adjusting entries are made to the General Ledger from the Journal entries and then a PCTB is prepared using the information obtained in the Ledger.
What are the accounting cycle steps of a merchandising company?
The accounting cycle steps of a merchandising company include: 1) identifying and analyzing transactions related to sales and purchases, 2) recording these transactions in journals, 3) posting the journal entries to the general ledger, 4) preparing an unadjusted trial balance, 5) making necessary adjusting entries, 6) preparing adjusted trial balance, 7) creating financial statements (income statement, balance sheet, and cash flow statement), and finally, 8) closing the temporary accounts to prepare for the next accounting period. This cycle ensures accurate financial reporting and compliance with accounting principles.
Why is journal prepare?
Special journal is prepared to save time and minimize the errors.
How to prepare journal entries 1. received a 900 utility bill today. Next that utility bill is paid.?
Debit utility expenses 900Credit expenses payable 900Debit expenses payable 900Credit cash / bank 900
