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  • Acc 290 Week 3

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    hwsoloutions
    13 vues3 pages
    ACC 290 Week 3, ACC 290 Week 3 Complete, 1- The process for completing accounting circuit includes … Analyzing business transactions (to judge what was purchased and what accounts it affects) Journalizing the transactions (place the entries in the correct accounts dr. & cr.) Post to ledger accounts (post to the correct ledger account dr. & cr.) 2- In order for me to remember which is a permanent account and which is a temporary account – temporary – revenues, expenses, and dividends permanent – all balance sheet accounts because they are carried forward to the next accounting period – assets, liabilities, and stockholder’s equity. The four closing journal entries are a- Revenue accounts are closed to income summary 3- A worksheet is a beneficial extra that sometimes makes it easier to prepare adjusting entries and financial statements. In larger corporations worksheets are helpful when making many adjustments and when using a computer, spreadsheet columns can be set up for trail balance, adjustments, and adjusted balances – there are also useful for the computation of net income/loss on the worksheet. Worksheets can be prepared manually, in an excel spreadsheet, or purchased with programmable Assignment BE4-1 cash net income A. B. C. D. E. F. -100 0 0 +800 -2,500 0 0 -20 +1,300 0 0 -600 P4-2A Date Accounts Debit Credit 1. June 30 Accounts Rec. 3,900 3,900 2. 30 Unearned Service Rev. 4,100 4,100 3. 30 Insur. Exp. 240 240 Week Three Reflection Summary The knowledge of the team members continue to expand in accounting in week two. The team members gain knowledge on the difference between the accrual and cash accounting, creating adjusting entries, and preparing an adjusted trial balance.

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    ACC 290 WEEK 3

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    ACC 290 Week 3, ACC 290 Week 3 Complete, 1- The process for completing accounting circuit includes … Analyzing business transactions (to judge what was purchased and what accounts it affects) Journalizing the transactions (place the entries in the correct accounts dr. & cr.) Post to ledger accounts (post to the correct ledger account dr. & cr.) 2- In order for me to remember which is a permanent account and which is a temporary account – temporary – revenues, expenses, and dividends permanent – all balance sheet accounts because they are carried forward to the next accounting period – assets, liabilities, and stockholder’s equity. The four closing journal entries are a- Revenue accounts are closed to income summary 3- A worksheet is a beneficial extra that sometimes makes it easier to prepare adjusting entries and financial statements. In larger corporations worksheets are helpful when making many adjustments and when using a computer, spreadsheet columns can be set up for trail balance, adjustments, and adjusted balances – there are also useful for the computation of net income/loss on the worksheet. Worksheets can be prepared manually, in an excel spreadsheet, or purchased with programmable Assignment BE4-1 cash net income A. B. C. D. E. F. -100 0 0 +800 -2,500 0 0 -20 +1,300 0 0 -600 P4-2A Date Accounts Debit Credit 1. June 30 Accounts Rec. 3,900 3,900 2. 30 Unearned Service Rev. 4,100 4,100 3. 30 Insur. Exp. 240 240 Week Three Reflection Summary The knowledge of the team members continue to expand in accounting in week two. The team members gain knowledge on the difference between the accrual and cash accounting, creating adjusting entries, and preparing an adjusted trial balance.

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    13 vues3 pages

    Acc 290 Week 3

    Transféré par

    hwsoloutions
    ACC 290 Week 3, ACC 290 Week 3 Complete, 1- The process for completing accounting circuit includes … Analyzing business transactions (to judge what was purchased and what accounts it affects) Journalizing the transactions (place the entries in the correct accounts dr. & cr.) Post to ledger accounts (post to the correct ledger account dr. & cr.) 2- In order for me to remember which is a permanent account and which is a temporary account – temporary – revenues, expenses, and dividends permanent – all balance sheet accounts because they are carried forward to the next accounting period – assets, liabilities, and stockholder’s equity. The four closing journal entries are a- Revenue accounts are closed to income summary 3- A worksheet is a beneficial extra that sometimes makes it easier to prepare adjusting entries and financial statements. In larger corporations worksheets are helpful when making many adjustments and when using a computer, spreadsheet columns can be set up for trail balance, adjustments, and adjusted balances – there are also useful for the computation of net income/loss on the worksheet. Worksheets can be prepared manually, in an excel spreadsheet, or purchased with programmable Assignment BE4-1 cash net income A. B. C. D. E. F. -100 0 0 +800 -2,500 0 0 -20 +1,300 0 0 -600 P4-2A Date Accounts Debit Credit 1. June 30 Accounts Rec. 3,900 3,900 2. 30 Unearned Service Rev. 4,100 4,100 3. 30 Insur. Exp. 240 240 Week Three Reflection Summary The knowledge of the team members continue to expand in accounting in week two. The team members gain knowledge on the difference between the accrual and cash accounting, creating adjusting entries, and preparing an adjusted trial balance.

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    ACC 290 WEEK 3

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    ACC 290 Week 3,
    ACC 290 Week 3 Complete,
    1The process for completing accounting circuit includes
    Analyzing business transactions (to judge what was purchased and what accounts it affects)
    Journalizing the transactions (place the entries in the correct accounts dr. & cr.)
    Post to ledger accounts (post to the correct ledger account dr. & cr.)
    2In order for me to remember which is a permanent account and which is a temporary account
    temporary revenues, expenses, and dividends
    permanent all balance sheet accounts because they are carried forward to the next accounting
    period assets, liabilities, and stockholders equity.
    The four closing journal entries are
    a- Revenue accounts are closed to income summary
    3A worksheet is a beneficial extra that sometimes makes it easier to prepare adjusting entries and
    financial statements. In larger corporations worksheets are helpful when making many adjustments
    and when using a computer, spreadsheet columns can be set up for trail balance, adjustments, and
    adjusted balances there are also useful for the computation of net income/loss on the worksheet.
    Worksheets can be prepared manually, in an excel spreadsheet, or purchased with programmable
    Assignment
    BE4-1
    cash net income
    A.
    B.
    C.

    D.
    E.
    F.
    -100
    0
    0
    +800
    -2,500
    0
    0
    -20
    +1,300
    0
    0
    -600
    P4-2A
    Date Accounts Debit Credit
    1.
    June 30
    Accounts Rec.
    3,900
    3,900
    2. 30 Unearned Service Rev.
    4,100
    4,100
    3. 30 Insur. Exp.
    240
    240
    Week Three Reflection Summary
    The knowledge of the team members continue to expand in accounting in week two. The team
    members gain knowledge on the difference between the accrual and cash accounting, creating
    adjusting entries, and preparing an adjusted trial balance.

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