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Concept Introduction:
Preparing the journal entries is nothing but analyzing the transactions and identification of the accounts that are affected by it , finding it out its nature and at last determine whether it should be debited or credited .
Requirement 1:
To Prepare Prepare journal entries to record each of the January through March transactions
Concept Introduction:
General Ledger:
A ledger that generally contains all the accounts for the transactions recorded that is related to the company and helps in preparing the financial reports is known as General ledger.
Requirement 2:
To Post:
Posting of journal entries to the general ledger account.
Concept Introduction:
6-Column Worksheet:
10-column worksheet consists of balances of all the accounts prepared during an accounting period columns namely unadjusted
Requirement 3:
To Prepare:
Preparation of 6-column worksheet
Concept Introduction:
Single Step Income Statement:
An income statement that requires only one subtraction to arrive the net income is known as Single step income statement.
Multiple Step Income Statement:
An income statement that has to segregate all the revenue and expenses based on their nature like operating, non-operating revenue and expenses part to arrive the net income is known as multiple step income statement.
Requirement 4:
To Prepare:
Prepare Income statement using; (a) Single step format (b) Multiple step format.
Concept Introduction:
Statement of Owner's EquityThe statement of owner's equity shows the change of equity balance over a period of time.
Requirement 5
To Prepare:
Prepare a statement of owner's equity for the three months ended March 31, 2020
Concept Introduction:
Classified Balance sheetA balance sheet that classifies all the assets as current assets, long term investments , Plant , property and equipment etc...and also classifies the liabilities section as current liabilities , long term debt etc.. are known as classified balance sheet.
Requirement 6
To Prepare:
Prepare a classified balance sheet as of March 31, 2020.
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Chapter 5 Solutions
FUND.ACCT.PRIN.-CONNECT ACCESS
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