Instructions: 1) Refer to the balance sheet for Metropolitan Movers Company. 2) Using the accounts given, create/make up 10 possible transactions which may happen with this company. Write these transactions on the excel spreadsheet. As you create the 10 transactions, you may create NEW accounts as required, 3) Using the 10 transactions that you created, make a transaction analysis sheet to keep track of your accounts. 4) Using the new balances from your Transaction Analysis Sheet, create a new balance sheet on the same excel spreadsheet to show the new revised balance sheet with today's date. Assets Cash Accounts Receivable B. Cava K. Lincoln Equipment Trucks Total Assets $1 1 5 $60 Metropolitan Movers Co. Balance Sheet August 31, 2021 0 2 00 1 4 0 0 13 5 7 5 42 5 0 0 00 00 00 00 00 6 2 5 00 Liabilities Accounts Payable Central Supply Loan Payable Mercury Finance Total Liabilities Owners' Equity J. Hofner, Capital Total Liabilities and Equity $1 3 25 1 7 $26 $34 $60 1 5 SE 6 5 2 0 00 | C 0 0 00 2 0 00 oo 55 00 00

Instructions: 1) Refer to the balance sheet for Metropolitan Movers Company. 2) Using the accounts given, create/make up 10 possible transactions which may happen with this company. Write these transactions on the excel spreadsheet. As you create the 10 transactions, you may create NEW accounts as required, 3) Using the 10 transactions that you created, make a transaction analysis sheet to keep track of your accounts. 4) Using the new balances from your Transaction Analysis Sheet, create a new balance sheet on the same excel spreadsheet to show the new revised balance sheet with today's date. Assets Cash Accounts Receivable B. Cava K. Lincoln Equipment Trucks Total Assets $1 1 5 $60 Metropolitan Movers Co. Balance Sheet August 31, 2021 0 2 00 1 4 0 0 13 5 7 5 42 5 0 0 00 00 00 00 00 6 2 5 00 Liabilities Accounts Payable Central Supply Loan Payable Mercury Finance Total Liabilities Owners' Equity J. Hofner, Capital Total Liabilities and Equity $1 3 25 1 7 $26 $34 $60 1 5 SE 6 5 2 0 00 | C 0 0 00 2 0 00 oo 55 00 00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please explain proper steps by Step and Do Not Give Solution In Image Format And Fast Answering Please ? And Thanks In Advance
PART A: Knowledge and Understanding Complete the following sentences by inserting the correct word or words in the blanks. (You will find the words in the box below, together with additional words that don't apply). 1. The General Ledger is a collection of all the _(s) that a business uses in their daily accounting transactions. 2. A definition of _ is to transfer information about transaction from a journal to a ledger. 3. The process of continuing a General Ledger account or a journal page by carrying forward all the relevant information from the completed page is known as 4. An error found soon after it is made is corrected by. SC and writing the correct amount immediately the incorrect amount. 5. An error found after quite some time requires a journal entry. 6. There are six steps in posting. The number of steps completed in the ledger is and in the journal 7. The General Ledger page has 3 columns where dollar amounts are listed (money columns). Each column is titled "Credit", “ *…
Required information [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents inform accounting processes. She also needs some help reconciling NGS's bank account. Required: 1. For each source information shown below, prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Purchase order dated October 13 for massage chairs costing $840 and oil supplies costing $315. b. Remittance advice from customer for $108, received October 17. c. Receiving report indicating October 22 receipt of October 13 order. Also received supplier invoice totaling $1,155. d. NGS check for payment in full of October 13 order.
Explain the steps in setting a new business in QuickBooks. What data do you need in order to successfully complete the set-up?
sanju
Create a schedule of accounts receivable using the accounts receivable subsidiary ledger‘s.
Dinesh bhai
Analyze each of the following transactions in terms of their effects on the accounting equation of Osgood Delivery Service. Enter the correct amounts in the columns of the spreadsheet
In the columns Below insert the entry that would be made for each transaction under each accounting basis use an appropriate debit and credit account titles
Can you please help me with this ? 1-7 Enter it in the boxes and show me how to
Please verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021 trial balance before posting. There are two tabs in the Excel spreadsheet: Income Statement Accounts and Balance Sheet Accounts. You will need both tabs to post to all the accounts. Use the given information from the General Journal below to fill in the Ledger for the balance sheet and income statement account sheets through the month of June. General Journal Date Description Post Ref. Debit Credit June 3 Inventory 116 50,400 Accounts Payable 210 50,400 June 6 Accounts Receivable 111 17,400 Sales 410 17,400 Costs Of Goods Sold 510 12,000 Inventory 116 12,000 June 8 Notes Receivable 114 500 Bad Debt Expense 522 500 June 10 Cash 104 40,000 Salaries Payable 211 40,000 Cash 104 26,000 Office Salaries Expense…
Please calculate 1. Accounts receivable collection period 2. Return on equity