accounting-assignment 1

You must complete the following tasks below for the month of April in the Excel workbook provided. Required: Part 1. Prepare a journal entry to record each transaction.  You must provide a short explanation for each transaction. Part 2. Setup appropriate T-accounts. All accounts begin with 0 balances. Part 3. Record in the T-accounts the effects of each transaction for Sydney Stables in April, referencing each transaction in the accounts with the transaction letter.  Show the ending balances in the T-accounts. Part 4. Prepare a trial balance. Part 5. Prepare a statement of earnings, a statement of shareholders’ equity and a statement of financial position for the month ended April 30, 2020.

You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, Year 1 PAGE 15   GENERAL JOURNAL ACCOUNTING EQUATION     DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash   1,062,060.00   ↑     2   Premium on Bonds Payable     62,060.00   ↑   3   Bonds Payable     1,000,000.00   ↑   4 Jun. 30 Interest Expense   19,397.00       ↓ 5   Premium on Bonds Payable   3,103.00     ↓   6   Cash     22,500.00 ↓     7 Jul. 1 Cash   1,921,280.00   ↑     8   Discount on Bonds Payable   78,720.00     ↓…

You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, Year 1 PAGE 15   GENERAL JOURNAL ACCOUNTING EQUATION     DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash   1,062,060.00   ↑     2   Premium on Bonds Payable     62,060.00   ↑   3   Bonds Payable     1,000,000.00   ↑   4 Jun. 30 Interest Expense   19,397.00       ↓ 5   Premium on Bonds Payable   3,103.00     ↓   6   Cash     22,500.00 ↓     7 Jul. 1 Cash   1,921,280.00   ↑     8   Discount on Bonds Payable   78,720.00     ↓…

The completed work sheet for Valerie insurance agency as of December 31 is presented below, along with the general ledger as of December 31 before adjustments. write the balances from the unadjusted trial balance in the general ledger. Post the transactions in the order of journalizing them in the general ledger.

= You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, 20Y4 PAGE 15   JOURNAL ACCOUNTING EQUATION     DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash   1,008,960.00   ↑     2   Premium on Bonds Payable     58,960.00   ↑   3   Bonds Payable     950,000.00   ↑   4 Jun. 30 Interest Expense   18,427.00       ↓ 5   Premium on Bonds Payable   2,948.00     ↓   6   Cash     21,375.00 ↓     7 Jul. 1 Cash   1,729,164.00   ↑     8   Discount on Bonds Payable   70,836.00     ↓   9…

Instructions: 1. You MUST open the excel file attachment available in this HOMEWORK 1 assignment in Teams and fill it in with your solution to the requirements a)-d) below within the assigned deadline, i.e. by April 13, 2024, 6:59 PM. 2. Wherever possible, avoid retyping of information already entered, using references. 3. Answer as completely as possible. The Accounting Cycle - Problem Set ABC Company Ltd. Balance Sheet as at Nov. 30, 2023 Assets Land Equities 3 600 Paid-in Capital 7 100 Equipment 2 500 Retained Earnings 2 500 Office Supplies Inventory 2 500 Tax payable 1 300 Accounts Receivable 5 000 Loan Payable 3 000 Cash, Bank 3 800 Accounts payable 3 500 Total assets 17 400 Total equities 17 400 Summary of transactions during December: 1. Paid outstanding tax payables. 2. Paid outstanding trade creditors in the amount of €1500. 3. Received a bank transfer for €3000 from a customer for services rendered in October. 4. Purchase of €1050 of Equipment on credit. 5. Performed…

The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional. Part 4:  At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is $275.b. Supplies on hand on May 31 are $715.c. Depreciation of office equipment for May is $330.d. Accrued receptionist salary on May 31 is $325.e. Rent expired during May is $1,600.f. Unearned fees on May 31 are $3,210. Part 6:  Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2.

CLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to thework sheet in Problem 6-7A for Megaffin's Repairs. The trial balanceamounts (before adjustments) have been entered in the ledger accountsprovided in the working papers. If you are not using the working papersthat accompany this book, set up ledger accounts and enter thesebalances as of January 31, 20--. A chart of accounts is provided attached.   REQUIRED 1. Journalize (page 10) and post the adjusting entries.2. Journalize (page 11) and post the closing entries.3. Prepare a post-closing trial balance.

The work sheet for Major Advising to complete this exercise is as follows. 1.  Prepare the closing entries. If an amount box does not require an entry, leave it blank. Do not enter the posting references until you complete part 2. 2.  Post the closing entries to the T accounts. If there is more than one closing entry for an account, enter in the order given in the journal. Then complete the posting in part 1. Major AdvisingWork Sheet (Partial)For Month Ended January 31, 20 --   Income Statement Balance Sheet Account Title Debit Credit Debit Credit Cash     1,342   Accounts Receivable     933   Supplies     335   Prepaid Insurance     856   Office Equipment     3,510   Accum. Depr.—Office Equipment       185 Accounts Payable       981 Wages Payable       319 Ed Major, Capital       4,147 Ed Major, Drawing     915   Advising Fees   4,199     Wages Expense 738       Advertising Expense 94       Rent Expense 499       Supplies Expense 126       Phone…

The following transactions occurred for Luminary Engineering: View the transactions. View the journal entries. Read the requirements. Requirements 1 and 2. Post the journal entries (including dates) to the T-accounts. Compute the July 31 balance for each account. Use a "Bal." posting reference on the proper side of each account to show the ending balances of the accounts. (For accounts with a $0 balance, make sure to enter "0" in the appropriate input field on the normal side of the account.) Accounts Payable Cash Accounts Receivable Supplies Equipment Notes Payable Common Stock Dividends Service Revenue Utilities Expense Transactions Jul. 2 Jul. 4 Jul. 5 Jul. 10 Jul. 12 Jul. 19 Jul. 21 Jul. 27 Requirements Received $9,000 contribution from Bob Luminary in exchange for common stock. Paid utilities expense of $420. Purchased equipment on account, $2,400. Performed services for a client on account, $2,900. Borrowed $7,600 cash, signing a notes payable. Paid cash dividends of $500 to…

For Course Project Milestone 3: (due at the end of Week 8) Record the closing entries. Post the closing entries to the general ledger. Prepare the post-closing trial balance.

Guardian Carpets Incorporated provided the following accounts related to beginning balances in its accounts receivable and allowance accounts for the current​ year:   Accounts Receivable   Beginning Balance 6,000,000                             Allowance for Uncollectible     Accounts           2,000,000 Beginning Balance               Question content area top right Part 1 Requirement Prepare the journal entries to record the following transactions that occurred during the current year. Prepare a schedule for both accounts receivable and the allowance for uncollectible accounts that shows the beginning​ balances, the various items that change the beginning​ balance, and the ending balance.   Question content area bottom Part 1 Prepare the journal entries to record the following transactions that occurred during the current year. ​(Record debits​ first, then credits. Exclude explanations from any journal​…

Please provide a 2-paragraph response by the end of Thursday. You must provide your initial posting before you can see other member's comments. Before the following Monday, provide at least one follow-up posting to your classmates. All postings should be substantive and thought-provoking, adding new and unique content to the discussion. New Wave Images is a graphics design firm that prepares its financial statements using a calendar year. Manny Kinn, the company treasurer and vice president of finance, has prepared a classified balance sheet as of December 31. In January, this balance sheet will be submitted along with an application for a loan from First Peoples Community Bank. An excerpt from the balance sheet follows:Cash ............ $25,000 Accounts receivable.....$85,000 Total assets............$250,000 The accounts receivable balance includes a $56,000 loan to Tom Morrow, the company president. Tom borrowed the money from New Wave 18 months earlier for a down payment on a new…

10:04 Assignment Details ATG-110-20A01: Financial Accounting (Session II Summer 2021) 7474 unread replies.7575 replies. Please read and respond to TIF 12-2 on page 623. Review the rubric to ensure you receive full points for this discussion. Discussion Rubric- 25 points(1)_(3).docx *After you have posted your answers, please reply to three other students' posts. This discussion board was set up so that you will not be able to see others replies until you post your own. Search entries or author Filter replies by unreadUnread Collapse replies TIF 12-2 Issuing Stock 1. ETHICS Lou Hoskins and Shirley Crothers are organizing Red Lodge Metals Unlimited Inc. to undertake a high-risk gold mining venture in Canada. Lou and Shirley tentatively plan to request authorization for 400,000,000 shares of common stock to be sold to the general public. Lou and Shirley have decided to establish par of $0.03 per share in order to appeal to a wide variety of potential investors. Lou and Shirley believe…

Accounting Homework

Prepare the unadjusted trial balance. Note that you should use the T account balances completed in the previous step to prepare the unadjusted trial balance portion of the “Trial Balance” tab in your workbook.   Peyton Approved   General Journal Entries    Jul-18             Date Accounts Debit Credit   1-Jul Cash     10,000.00          Common Stock       10,000.00   July,1  Baking Supplies $6,500       Accounts Payable   $6,500   July, 3 Cash $10,000       6% Note Payble   $10,000   July, 7 Prepaid Rent $1,500       Rent Expense $1,500       Cash   $3,000   July, 10 Liccensing Fee $375       Cash   $375   July, 11 Miscellaneous Expense $250       Cash   $250   July, 13 Baking Equipment $6,000       Common Stock   $6,000   July, 13 Advertising Expense $200       Cash   $200   July, 14 Office Supplies $300       Cash   $300   July, 30 Telephone Expense $75       Accounts Payable   $75   July, 31 Prepaid Insurance $2,400       Cash…

Selected September T accounts for Kaufman Company follow in attached image. 1.In which of the accounts would a reversing entry be helpful? Why? 2.Prepare the appropriate reversing entry. 3.Prepare the journal entry to record a payment on October 25 for wages totaling $3,140. How much of this amount represents wages expense for October?

ACCT2401Instructions for CompletingComprehensive ProblemThe comprehensive problem provides an illustration of the basic accounting cycle. Studentsmust complete the following items for the first month of operation (January) and the secondmonth of operations (February). Hint: Complete all items listed below (#1-#11) for Januaryprior to starting February.1. Record transactions with journal entries in the General Journal.2. Post journal entries to the General Ledger.3. Prepare the trial balance before adjustment (on the worksheet).4. Prepare the adjusting journal entries.5. Post the adjusting entries to the General Ledger.6. Prepare the adjusted trial balance (on the worksheet).7. Complete the worksheet.8. Prepare closing journal entries.9. Post the closing entries to the General Ledger.10. Prepare the post-closing trial balance.11. Prepare the following financial statements:

Selected accounts and related amounts for Druid Hills Co. for the fiscal year ended May 31, 20Y8, are presented in Problem 6-5A.   Adjunt problem 6-5A Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 12. 2. Prepare closing entries as of May 31, 20Y8.