Chapter 2, Problem 13E

QUESTION 2 Study the following transactions that occurred during August 2022 for Renwick & Co. Aug 2 - Renwick & Co. sold 40 office desks costing $2,000 each, at a unit price of $4,500 to Shams Ltd. Terms: 2/10, n/30. Aug 7- Shams Ltd. Returned for full credit 6 of the desks acquired on August 2 because they were of the incorrect size and style. Aug 8 - Renwick & Co. returned the office desks to its inventory. Aug 9 - Renwick & Co. received payment by cheque from Shams Ltd. for 30 office desks. Aug 27 - Renwick & Co. received payment in cash from Shams Ltd. in full settlement for the remaining office desks acquired on August 2. Renwick & Co. uses the net method to record sales and cash discounts and the perpetual inventory system. You may copy and paste from this list: Accounts receivable Discount Interest income Bad debt expense Bank Cash Cost of Goods Sold COGS REQUIRED: Interest receivable Inventory Notes receivable Par Premium Sales discounts Sales discounts forfeited Sales returns…

Accounting Question

Transform the raw data into an ordered trial balance. Then pass adjusting entries in pure journal form, Then make working notes, then  make adjusted trial balance, then the income statement and balance sheet.

A trial balance represents the:   Multiple Choice   Chronological record of all transactions affecting the company.   Process of transferring debit and credit information from the journal to the accounts in the general ledger.   List of all accounts and their balances at a particular date to ensure that debits equal credits.   Source documents used to determine the effects of transactions on the company's accounts.

Post these transactions from each General Journal into the General Ledger accounts.   When posting transactions to the general ledger, use the transaction letters a, b, c, d, or e as the description for each entry. Also, the dates must be entered in the format dd/mmm (ie, 15/Jan).

The following contains the various steps of the financial reporting process.  Arrange them in proper order and indicate whether each step is a function of the TPS, GLS pr FRS., *Record transaction in special journal. *Make adjusting entries. *Capture the transaction. *Prepare the postclosing trial balance. *Prepare the adjusted trial balance. *Prepare the sales invoices. *Prepare the financial statements. *Journalize and post the adjusting entries. *Post to the subsidiary ledger. *Post to the general ledger. *Issue Official Receipts. *Journalize and post the closing entries. *Prepare the unadjusted trial balance.

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The transactions completed by the MJW Company during January, its first month of operations, are listed below.  Assume that MJW Company uses the following journals:  Cash Receipts (CR), Cash Payments (CP), Revenue (R), Purchases (P), and General (G).  Assume that it uses an Accounts Receivable and an Accounts Payable Subsidiary Ledgers as well as a General Ledger.  Indicate by letters which journal would be used to record each transaction (a journal may be used multiple times).  Also, indicate with a “Yes” (in the “Posting” column) if recording the entry requires a posting to a subsidiary ledger (note: there are only 5 of the 10 that require a posting to the subsidiary ledger).   Journal Posting     _____ ____ (1) Purchased equipment on account. _____ ____ (2) Issued an invoice to a customer. _____ ____ (3) Received a check from a customer for payment on account. _____ ____ (4) Issued check for advertising expense. _____ ____…

Indicate the sequential order of the following steps in the accounting information processing cycle: Analyzing transactions Preparing financial statements Developing a trial balance Collecting original data Posting to the accounts Journalizing transactions 16. 17. 18. 19. 20. 21.