In one (1) page or less, choose 5 financial accounting topicsthat weâve covered this semester and relate them to yourpersonal life or the real world(outside of accounting, or course). I have provided a listbelow to give you some ideas, but please feel free to think outsidethe box.
Income Statement
Balance Sheet
Statement of Cash Flows
Bank Reconciliation
Liabilities
Bonds
Notes
Assets
Equity
Chart of Accounts
Debits and Credits
Lower of Cost or Market
Bookkeeping
Payroll
Taxes
Inventory and Cost of Goods Sold
Depreciation
Accumulated Depreciation
Adjusting Entries
Journal Entries
General Ledger
Closing Entries
Receivables
Bad Debt Expense
Interest
Prepaid Expenses
Unearned Revenue
Sales
Sales Returns and Allowances
Sales Discounts
Inventory Valuation
FIFO â First in, First out
LIFO â Last in , First out
Specific Identification
Weighted Average
Sole Proprietorship
Corporation
Conservatism
Creditors
Equipment
T-Accounts
Net Income
Trial Balance
Temporary Accounts
Permanent Accounts
Audit report
Ratios
Debt-to-assets
Asset Turnover
Net Profit Margin
Sarbanes-Oxley Act
IFRS
Segregation of duties
Unqualified Opinion
In one (1) page or less, choose 5 financial accounting topicsthat weâve covered this semester and relate them to yourpersonal life or the real world(outside of accounting, or course). I have provided a listbelow to give you some ideas, but please feel free to think outsidethe box.
Income Statement
Balance Sheet
Statement of Cash Flows
Bank Reconciliation
Liabilities
Bonds
Notes
Assets
Equity
Chart of Accounts
Debits and Credits
Lower of Cost or Market
Bookkeeping
Payroll
Taxes
Inventory and Cost of Goods Sold
Depreciation
Accumulated Depreciation
Adjusting Entries
Journal Entries
General Ledger
Closing Entries
Receivables
Bad Debt Expense
Interest
Prepaid Expenses
Unearned Revenue
Sales
Sales Returns and Allowances
Sales Discounts
Inventory Valuation
FIFO â First in, First out
LIFO â Last in , First out
Specific Identification
Weighted Average
Sole Proprietorship
Corporation
Conservatism
Creditors
Equipment
T-Accounts
Net Income
Trial Balance
Temporary Accounts
Permanent Accounts
Audit report
Ratios
Debt-to-assets
Asset Turnover
Net Profit Margin
Sarbanes-Oxley Act
IFRS
Segregation of duties
Unqualified Opinion
Related questions
On November 1, 2012 the following were the account balances ofSolo Sales and Service, Inc. The perpetual inventory method isused.
| Debits | Credits | |||
| Cash | $4,795 | Accumulated depreciation | $1,000 | |
| Accounts Receivable | 2,320 | Accounts Payable | 6,800 | |
| Supplies | 1,000 | Unearned Service Revenue | 400 | |
| Equipment | 40,000 | Salaries Payable | 550 | |
| Common Stock | 11,000 | |||
| Retained Earnings | 28,365 | |||
| $48,115 | $48,115 |
During November the followingsummary transactions were completed.
Nov. 8 | Paid $1,150 for salaries due employees, of which $550 is forOctober salaries payable and $600 is for November. |
10 | Received $1,400 cash from customers in payment of account. |
11 | Purchased merchandise on account from Midwest Wholesale Supplyfor $6,000, terms 2/10, n/30. |
12 | Sold merchandise on account for $4,500, terms 2/10, n/30. Thecost of the merchandise sold was $3,000. |
15 | Received credit from Midwest Wholesale Supply for merchandisereturned $200. |
19 | Received collections in full, less discounts, from customersbilled on sales of $4,500 on November 12. |
20 | Paid Midwest Wholesale Supply in full, less discount. (Donâtforget the return on the 15th.) |
22 | Received $1,300 cash for services performed in November. |
25 | Purchased equipment on account $3,000. |
27 | Purchased supplies on account $1,300. |
28 | Paid creditors $2,500 of accounts payable due. |
29 | Paid November rent $300. |
29 | Paid salaries $1,100. |
29 | Performed services on account and billed customers for servicesprovided $1,900. |
29 | Received $550 from customers for services to be provided in thefuture. |
Adjustment data:
1. | Supplies on hand are valued at $1,600. |
2. | Accrued salaries payable as of 11/30 are $500. |
3. | Depreciation for the month is $750. |
4. | $650 of the unearned service revenue has not been earned bymonth end. |
Instructions
| Print out the solution pages for thegeneral ledger, journal and worksheet that follow and enter thefollowing transactions (might be a good idea to use pencil): Enter the November 1 balances in ledger accounts. Use T accountsprovided on the next page. Enter the November transactions (not adjusting entries untilrequirement âeâ) in the general journal provided on the nextpage. Post to the ledger accounts. You will need to add someaccounts. Prepare an unadjusted trial balance at November 30 and enter onthe worksheet. Then complete the other worksheet columns. (Seebelow.) Worksheetrequirement: Using your unadjusted trial balance fromabove instructions and the data for adjusting entries, prepare a 10column worksheet similar to the one in the chapter 4 appendix ofyour text. Journalize and post adjusting entries. Prepare a multi-step income statement and aretained earnings statement for November and aclassified balance sheet at November 30. Use yourown paper. (No formatted sheets are supplied as we did for theother items.) These statements must be properlytitled/formatted. Journalize and post closing entries. |
