After transactions are recoreded in the general journal, thenext step in the accounting cycle is to......?
Answers:
1) Prepaid adjusting journal entries
2)Prepare adjusted trail balance
3) Prepare financial statements
4) Post transactions to the general ledger
After transactions are recoreded in the general journal, thenext step in the accounting cycle is to......?
Answers:
1) Prepaid adjusting journal entries
2)Prepare adjusted trail balance
3) Prepare financial statements
4) Post transactions to the general ledger
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Related questions
The general ledger of the Karlin Company, aconsulting company, at January 1, 2013, contained the following account balances: |
Account Title | Debits | Credits |
Cash | 30,000 | |
Accounts receivable | 15,000 | |
Equipment | 20,000 | |
Accumulated depreciation | 6,000 | |
Salaries payable | 9,000 | |
Common stock | 40,500 | |
Retained earnings | 9,500 | |
| | |
Total | 65,000 | 65,000 |
| | |
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The following is a summary of the transactions for theyear:
a. | Sales of services, $100,000, of which $30,000was on credit. |
b. | Collected on accounts receivable, $27,300. |
c. | Issued shares of common stock in exchange for$10,000 in cash. |
d. | Paid salaries, $50,000 (of which $9,000 wasfor salaries payable). |
e. | Paid miscellaneous expenses, $24,000. |
f. | Purchased equipment for $15,000 in cash. |
g. | Paid $2,500 in cash dividends to shareholders. |
1. | Accrued salaries at year-end amounted to$1,000. |
2. | Depreciation for the year on the equipment is$2,000. |
Required: |
1. | Prepare a general journal entry for each ofthe summary transactions listed above. |
2. | Prepare the adjusting journal entries. |
3. | Prepare the closing entries. | |||
4. | Post the opening balances, transactions,adjusting and closing entries into the appropriatet-accounts. |
5. | Prepare an unadjusted trial balance. |
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6. | Prepare an adjusted trial balance. |
7. | Prepare an income statement for 2013. |
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8. | Prepare a balance sheet as of December 31,2013. | ||
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9. | Prepare a post-closing trial balance. | ||
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