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Accounting
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23 Nov 2019

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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Casey Durgan
Casey DurganLv2
23 Nov 2019
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Related questions

The proper sequence for the steps in the accounting cycle is as follows:

 

  1. analyze and record transactions, post-transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare to adjust entries

  2. prepare a trial balance, analyze adjustment data, prepare to adjust entries,  prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger

  3. analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare to adjust entries,  prepare financial statements, journalize closing entries and post to the ledger

  4. prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare to adjust entries.

Please do every step! Thank you!

ABC Corporation had been formed on September 1, 20xx to repairautomobiles.

Requirements:

A) Record the following transactions for the current month inthe General Journal using the account titles from the followingChart of Accounts.

Cash, Accounts recievable, prepaid insurance, equipment,accounts payable, invole taxes payable, dividends payable, unearnedrevenue, common stock, retained earnings, dividends, repairedrevenue, salaries expense, supplies expense, Depreciation expense,equipment, utility expense, insurance expense, income tax expense,income summary.

1. Sold 10,000 shares of stock for $10,000
2. Bought equipment for $6,000 cash
3. Purchased supplies for $2,000 on account
4. Bought a one year insurance policy for $6,000 cash
5. Paid secretary $800 for the month
6. Earned $5,000 for repair work completed. Customer to paynext month
7. Recieved $50 deposit on a repair hich has yet to becompleted
8. Declared a dividend of $1,000

B) Post the Journal entries to the General Ledger attached andcalculate the nding balance in each account. Make sure to includethe beginning balances in the total.

C) Prepare the trial balance

D) Record the following adjusting journal entries in theGeneral Journal and then post them to the General Ledger

1. Record depreciation on the equipment for one month. Assumestraight line depreciation. Assume a 5 year useful life.
2. An electric bill has been recieved for $600 related to themonth just completed. It will be paid at the beginning of the nextmonth.
3. Record the inshrance expense for the next month.
4. Supplies not used as of the end of the month total$1,300.
5. The repair work oted in transaction #7 in part A of thisproblem have been completed during the month.
6. Income taxes expense for the month is $400.

E) Prepare an adjusted trial balance.

F) Prepare the income statement, the statement of retainedearnings and balance sheet. Make sure you prepare a proper headingfor each statement.

G) Record the necessary closing journal entries in the Generaljournal and post those journal entries to the General Ledger.

H) Record the necessary closing Journal entries in the GeneralJournal and post those journal entries to the General ledger.

I) Prepare an after closing trial balance.

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


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.


6.

Prepare an adjusted trial balance.

7.

Prepare an income statement for 2013.


8.

Prepare a balance sheet as of December 31,2013.


9.

Prepare a post-closing trial balance.

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