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May 6 2012 K.K. INDIVIUAL PROJECT 2 Okay minion you have been given to me to train on adjusting entries. What I tell all my trainees just read understand and you may ask questions through, but you might want to wait until the end and ask all of them in the end. Adjusting entries are made so that records adhere to the revenue identification and corresponding principles. Adjusting entries may have an effect on monies or overhead in more in multiple accounting periods and not all of these
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University of Phoenix Material QuickBooks® Online Assignment Supplementary Material Use the following information to complete your QuickBooks® Online assignments in Week’s 2–4. Week 2 Creating Deposits • Select the large + sign in the upper-middle part of the screen. • On the right-hand side under the Other menu, select Bank Deposit. • At the top left of the deposit screen, make sure account 100 Cash-Checking Acct is selected. • Enter the appropriate date to match data
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Bookkeepers analyze the transaction and record it in the general journal with a journal entry. The debits and credits from the journal are then posted to the general ledger where an unadjusted trial balance can be prepared. After accountants and management analyze the balances on the unadjusted trial balance, they can then make end of period adjustments like depreciation expense and expense accruals. These adjusted journal entries are posted to the trial balance turning it into an adjusted trial
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of source documents are bank statements, checks and purchase orders. After we have analyzed the transactions, events and source documents, we are ready for the next step, journalizing. Journalizing is the process of recording a transaction in the journal. To do this we 1) record the date of the transaction in the date column, 2) the title of the account to be debited is recorded at the left hand margin under the description column, and the amount to be debited is entered in the debit column, 3) the
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Description ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation, JOURNAL Entries July 19 Made payment on account to Lakeside Company, $400. July 31 Received cash for landscaping revenue for the last half of July, $2,620. July 31 Declared and paid cash dividend of $1,600. Prepare journal entries to record the July transactions in the General Journal below. Use the following account names for journal entries. General Journal Chart of Accounts: Account Title (Normal Balance) Date Description(Account
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vendors & 2 new customers I also include the opening balances as of December 1, 2011. When it was time to input Journal Entries in phase 4, I went to the Company menu; (in QuickBooks) select make general journal entries. Select the Date for the journal entry which will be Dec 1, 2011 because this is generally Day Company’s start date. Assign a Number to the journal entry and then from the Account drop down, choose or create the account to be entered. (This is the reason why we setup the chart
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Accg100 Accounting 1A Lecture Notes Semester 2, 2012 1 Table of Contents Lecture Notes Week 1: Introduction to Accounting, Ethics, Business Entities, Financial Statements Week 2: Accounting for Transactions –Part 1 Week 3: Accounting for Transactions –Part 2 Week 4: Accounting for Adjustments- Part 1 Week 5: Accounting for Adjustments- Part 2 Week 6: Completion of Accounting Cycle Accounting Systems Revision Chapters 1 – 4 Week 8: Accounting for Retailers Week 9: Accounting for Inventories
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Accg100 Accounting 1A Lecture Notes Staff version Semester 1, 2014 Table of Contents Lecture Notes Week 1: Week Week Week Week Week Week Week Week Week Week 2: 3: 4: 5: 6: 8: 9: 10: 11: 12 Introduction to Accounting, Ethics, Business Entities, Financial Statements Accounting for Transactions –Part 1 Accounting for Transactions –Part 2 Accounting for Adjustments- Part 1 Accounting for Adjustments- Part 2 Completion of Accounting Cycle Accounting Systems Revision Chapters 1 - 4 Accounting
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12-1 Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2014, for $78,790. The patent has a remaining legal life of 17 years. Celine Dion feels the patent will be useful for 10 years. Prepare Celine Dion’s journal entries to record the purchase of the patent and 2014 amortization. Account Titles and Explanation Debit Credit Patents 78,790 Cash 78,790 (To record purchase of patents) Amortization Expense 7,879 Patents 7,879
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