mans a Showbiz Video is a business owned by Greg Failla. The transactions ftha. follow are shown as they would appear in the accounting equation. INSTRUCTIONS In your working papers, describe what has happened each transaction. Transaction 1 is completed as an example. Example: 1. The owner invested $30,000 in the business. onwo

mans a Showbiz Video is a business owned by Greg Failla. The transactions ftha. follow are shown as they would appear in the accounting equation. INSTRUCTIONS In your working papers, describe what has happened each transaction. Transaction 1 is completed as an example. Example: 1. The owner invested $30,000 in the business. onwo

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 28MC: Big data is mined ________. A. to find business trends B. to record transactions C. as an...

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Create your own company describing the nature of the company and what it provides (should be providing services like consulting and digital marketing, not retail (no COGs)), and assume it is a sole proprietorship. Show in details the Accounting cycle (journalizing in general journal, posting in general ledger and preparing financial statements ) taking into consideration the following : Transaction to start with not less than 25 transactions ( including at least one unearned and one prepaid transactions ) Use the coding for the accounts used During the adjusting period please make sure you have covered all six categories discussed in class Make sure to show the method used to calculate the depreciation highlighting over the reason on choosing this specific method Complete the accounting cycle till closing stage and present all financial statements and reports needed .
In Chapter 11, the first step of the computer accounting cycle is to: Question 26 options: Post entries to the general ledger Set up a business and select a chart of accounts Journalize entries Change accounting periods Print the general ledger trial balance
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After completing your first degree in accounting you have been employed by XYZ Company as an account officer. The Management of the company has tasked you to implement a computerized accounting system.RequiredIn a paragraph each, address the following questions:a) Discuss five benefits associated with the implementation of the computerizedaccounting system within the company.b) Giventhattherearesomanyaccountingpackagesonthemarket,whatshouldyoube looking for when selecting a computerized accounting package for the company?Explain any five factors to considerc) Assuming you procure a Sales Ledger package, what kind of reports should weexpect? List five types of reports expected to be generated.d) Explainthedifferencebetweenastand-alonepackageandanintegratedpackage?Explain two advantaged and two disadvantages of an integrated packagee) Before a new accounting package can be deployed, it needs to be configured. What does it mean to configure an accounting package? Explain the processes…
PART A: Knowledge and Understanding Complete the following sentences by inserting the correct word or words in the blanks. (You will find the words in the box below, together with additional words that don't apply). 1. The General Ledger is a collection of all the _(s) that a business uses in their daily accounting transactions. 2. A definition of _ is to transfer information about transaction from a journal to a ledger. 3. The process of continuing a General Ledger account or a journal page by carrying forward all the relevant information from the completed page is known as 4. An error found soon after it is made is corrected by. SC and writing the correct amount immediately the incorrect amount. 5. An error found after quite some time requires a journal entry. 6. There are six steps in posting. The number of steps completed in the ledger is and in the journal 7. The General Ledger page has 3 columns where dollar amounts are listed (money columns). Each column is titled "Credit", “ *…
Review the chart of accounts in Ch 2. In Excel, create a four column chart of accounts for a fictitious company in your pathway. The company should be a sole proprietor and a service business. In the upper left side of your worksheet list your name, your company name and your pathway. List at least 16 accounts. At least 6 account titles should be customized for your specific company or industry. Assign a three digit account number to your accounts following the example chart of accounts. Group the accounts, as in the example, as Assets, Liabilities, Owner’s Equity, Revenue and Expense. In the last two columns, state what the normal balance of the account is (debit or credit), and state how the account is increased (debit or credit). Your four columns should have the following titles: Account number Account title normal balance increases with The row for cash could have the following information: 101 Cash Debit Debit Examples…
ABC Co. has a contract with Xero, a cloud-based accounting software platform for small- and medium-sized businesses. As the accountant of ABC, you use Xero to record transactions and generate reports. How would you account for the payments made to Xero?
action Analysis: Debit and Credit Rules Chap APPLY WHAT YOU HAVE LEARNED 2-1. Accounting equation. Use the following table to show the effects of transactions 1-10. Use+ or – and the dollar amount to show the effects. If a transaction affects only one cell, show the dollar amount and both + and -. The transactions describe events for Copymaster Corporation, a photocopying business. Assets Liabilities 1. 000 Equity t 5060 2. 5. 6. 7. 8. 9. 10. 1. Shareholders invested $5,000 cash to begin the business. 2. Copymaster bought a copying machine for $1,500 cash. 3. Copymaster sold copies to customers for $500 cash. 4. Copymaster produced copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the month. bloe 5. Copymaster paid employees $600. 6. Copymaster bought supplies for $300. 7. Copymaster paid rent of $700. 8. Copymaster paid utilities of $200. 9. Copymaster bought office furniture for $500. 10.…
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Question One : Create your own company (any company) describing the nature of the company and what it provides (should be providing services like consulting and assume it is a sole proprietorship) . Show in details the Accounting cycle (journalizing in general journal, posting in general ledger and preparing financial statements ) taking into consideration the following : Transaction to start with not less than 25 transactions ( including at least one unearned and one prepaid transactions ) Use the coding for the accounts used During the adjusting period please make sure you have covered all six categories discussed in class Make sure to show the method used to calculate the depreciation highlighting over the reason on choosing this specific method Complete the accounting cycle till closing stage and present all financial statements and reports needed .
Required information [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents inform accounting processes. She also needs some help reconciling NGS's bank account. Required: 1. For each source information shown below, prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Purchase order dated October 13 for massage chairs costing $840 and oil supplies costing $315. b. Remittance advice from customer for $108, received October 17. c. Receiving report indicating October 22 receipt of October 13 order. Also received supplier invoice totaling $1,155. d. NGS check for payment in full of October 13 order.
Required information [The following information applies to the questions displayed below) The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $20,000 of common stock for cash. 2. Recognized $60,000 of service revenue earned on account. 3. Collected $54,000 from accounts receivable. 4. Paid operating expenses of $37,800. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account The following transactions apply to Jova for Year 2 1. Recognized $67,500 of service revenue on account. 2. Collected $62,000 from accounts receivable 3. Determined that $800 of the accounts receivable were uncollectible and wrote them off 4. Collected $300 of an account that had previously been written off. 5. Paid $47,500 cash for operating expenses. 6. Adjusted the accounts to recognize…