Trial Balance Account Title Debit Credit Cash 12400 Capital 115000 Equipment 55000 20000 30000 Supplies Prepaid Rent Service Revenue Accounts Receivable Accounts Payable Electricity Expense Electricity Payable Telephone Expenses Salaries Expense Drawings 39000 5000 5000 4000 4000 1600 15000 20000 163000 163000

Q: s

A: Auditing refers to the process when an auditor physically checks all the facts and figures of a…

Q: Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills,…

A: 1. To determine the accuracy of the remaining prepaid account balance, I would examine the following…

Q: You are auditing the balance in the prepaid insurance account for your audit client.  a) Name and…

A: Prepaid Insurance : It is a type of current Asset which is shown in the Balance Sheet of a Company…

Q: Using two revenue and capital ledgers, explain how you will treat them in the trial balance

A: A trial balance is one of the intermediate steps in an accounting cycle. The first few steps in the…

Q: Prepare journal entries to record the warranty expense for the period and payment for the actual…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: What are the entries to? Journalize and Post the Closing Entries Prepare the Post Closing Trial…

A: Closing entries are the journal entries which are made at the end to close the temporary accounts…

Q: What are some categories of vacation home rentals in accounting? And, please describe some rules for…

A: When it comes to accounting for vacation home rentals, you generally categorize them under…

Q: Revenue should be recognized at a single point in time when control of a good or service is…

A: Given statement is: Revenue should be recognized at a single point in time when control of a good or…

Q: What are scheduled, interim, and past due statements? Please explain.

A: Financial statements are documents that detail a company's operations and cash flows results. . The…

Q: Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills,…

A: Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills,…

Q: What types of accounts are listed on the post-closing trial balance?

A: Post-Closing Trial Balance: After passing all the journal entries and the closing entries of the…

Q: What are the steps taken by an accountant to locate the errors in the trial balance?

A: Trial Balance: It is a statement prepared by a company to check the debits and credit balances in…

Q: The auditor is MOST likely to learn of retirements of equipment through which of the following? a.…

A: An equipment audit eliminates the possibility of a customer showing up for pick-up only to discover…

Q: In performing substantive procedures for a review of Rental Revenue from Land, Buildings, and…

A: Substantive procedures are those tasks that the auditor conducts to diagnose material…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is