A C C O U N TA N C Y HIGHER SECONDARY – FIRST YEAR Untouchability is a Sin Untouchability is a Crime Untouchability is Inhuman. TAMILNADU TEXTBOOK CORPORATION College Road, Chennai - 600 006. © Government of Tamilnadu First Edition - 2004 PREFACE CHAIRPERSON Dr. (Mrs) R. AMUTHA Reader in Commerce Justice Basheer Ahmed Sayeed College for Women Chennai - 600 018. REVIEWERS Dr. K. GOVINDARAJAN Reader in Commerce Annamalai University Annamalai Nagar - 608002. Dr. M. SHANMUGAM Reader
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cycle. T8.Purpose of trial balance. T9.General journal. F10.Posting and trial balance. T11.Adjusting entries for prepayments. T12.Example of accrued expense. F13.Book value of depreciable assets. T14.Reporting ending retained earnings. F15.Post-closing trial balance. F16.Closing entries and Income Summary. F17.Posting closing entries. F*18.Accrual basis accounting. F*19.Purpose of reversing entries. F*20.Adjusted trial balance. MULTIPLE CHOICE—Conceptual
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Meng Dai ID:903692 Date: 9/04/2014 ACCT400 Illustrative problem: J. F. Outz, M.D., organized Hearts Inc. three years ago to practice cardiology. During April 2013, Hearts Inc. completed the following transactions: Apr. 1. Paid office rent for April, $800. 3. Purchased equipment on account, $2,100. 5. Received cash on account from patients, $3,150. 8. Purchased X-ray film and other supplies on account, $245. 9. One of the items of equipment purchased on April 3 was defective. It was
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response.) General Journal Merchandise inventory payable lAccounts Debit l,:J l Credit | 21,000 *****-**r*i i {"?1,oqa (Omitthe "$" sign in your record the cashpayment. for 1(b)Prepare entries that the buyershould response.) General Journal *- Debit Credit lAccil *;-i"*"t"il I M"'"h;;.ld I Cash *" lLiulil f)?;ooDl420 f ;t58r Debit Credit (Omitthe "$" sign in your response.) Prepare record thesale. for 2(a) entries theseller that should General Journal lAccountsreceivable
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Payroll Administration Unit 11 – Basic Payroll Accounting Unit 11 Learning Outcomes Describe the interaction with an accounting department Demonstrate a basic journal entry Set up an account Summarize amounts paid Introduction Every business must keep records showing transactions relating to goods or services rendered and the costs incurred to run the business, known as expenses. This process is referred to as bookkeeping, which is simply entering each transaction that affects
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JM Ferreira Student Nr: 10011678860 Hotel Accounting 1 P O Box 10278 Assignment Code: 72367 B Test: 1 Edition 1 FONTEINRIET 1460 Tel: 0829283527 15 March 2015 Question 1. The accounting equation: Indicate classification of the items presented below by a tick, see example 1. | Assets | Liabilities | Owner’s Equity | 1. Cash | | | | 2. Bank Overdraft | | | | 3. Capital | | | | 4. Loans | | | | 5. Salaries Payable | | | |
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completed a job on credit for $15,000 Learning Objective 3: Make adjusting entries Accrual-basis accounting requires adjusting entries at the end of the period in order to produce correct balances for the financial statements 1. Assign revenues to the period in which they are earned 2. Assign expenses to the period in which they are incurred 3. Update the asset and liability accounts Five Categories of Adjusting Entries
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PROJECT GOAL The goal of this graded project is to create the following financial statements for J & L Accounting, Inc.: ■ Balance sheet ■ Income statement ■ Statement of retained earnings ■ Post-closing trial balance The financial statements must be created in one Microsoft Word document (.doc or .docx file). Alternatively, an Excel workbook may be used (.xls or .xlsx file). The Word or Excel file will be uploaded for grading. INSTRUCTIONS Read the following instructions thoroughly before
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principal and interest at 5% are due in one year; and (3) equipment costing $73,000 was purchased at the beginning of the year for cash. | Prepare journal entries for each of the above transactions. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) | Transaction | General Journal | Debit | Credit | 1 | Prepaid insurance | 25,000 | | | Cash | | 25,000 | | | | | 2 | Note receivable |
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Chapter 2-1 The Account Record increases and decreases in a specific asset, liability or equity item Debit = “Left” Credit = “Right” Account Name T-Account form Debit / Dr. Credit / Cr. Chapter 2-2 Debits and Credits Double-entry system Dual effect of transaction Each transaction MUST affect 2 or more accounts to keep the basic accounting equation balance DEBIT = CREDIT for each transaction Chapter 2-3 Summary of Debit/Credit Rules Debits > Credits → Debit balance
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