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BUS112 Introduction To Financial Accounting

tag 0 Download 1 Pages / 105 Words tag 16-07-2021

Question:

a. Prepare a T Account for each account with beginning balances
b. Record and post transactions of September 20 through September 30
c. Prepare a Trial Balance with accounts in correct order
d. Record and post any required adjusting entries for the following:
 
You may add any accounts you feel necessary.
a. Unearned service revenue that has been earned, $1,650
b. On September 13 hired Executive Assistant at salary of $4,000 per month, to be paid on the and 16 of each month. Start date is September 16.
c. Accrued service revenue, $35,000 d. Supplies used in operations, $3,100
e. Expired prepaid insurance, $1,500
f. Accrued one half month salary expense
g. Depreciation expense on building, $2,600
e. Prepare a bank reconciliation, record and post any related adjusting entries using the bank statement, deposit register, check register and other information given on the following page.
f. Prepare an Adjusted Trial Balance
g. Prepare a Classified Balance Sheet, Income Statement, and Statement of Retained Earnings for the year ended September 30, 2016.
h. Record all required Closing Entries
i. Prepare a Post Closing Trial Balance j. What are the following: I Working Capital 2 Current Ratio 3 Profit Margin 4 Debt Ratio.
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