ACCT 203 Study Guide - Midterm Guide: Free Cash Flow, Current Asset, Calendar Date

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byzantiumwoodchuck93

18 Sep 2017

School

George Mason University

Department

Accounting

Course

ACCT 203

Professor

Hylton

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Document Summary

If the trial balance has total debits equal to total credits, then accounts were used in the journal entry. Which of the following steps is not included in preparing a trial balance? transferring journal amounts to ledger accounts. What is the usual order of accounts in the general ledger? assets, liabilities, revenues, and expenses. When journalizing a transaction, a short explanation is written journal entry. Which of the following is true in journalizing? describe the content of the account. Which of the following describes the standard form of a journal entry? entered first at the extreme left margin. How must each transaction be recorded in the double-entry system? different accounts. Which of the following statements about credits is true? increase liabilities. What is a t-account? the basic form of an account that aligns information in three parts. The first step in the recording process is to analyze the transaction. A business__________ accounts receivable (asset account) and ___________ service.

Related Questions

A. Posting
B. Mixed Accounts
C. Liabilities
D. Trial Balance
E. General ledger account
F. Debit
G. Asset
H. Revenues
I. Temporary Equity Accounts
J. Worksheet
K. Expenses

1. Cost that relate to the earning of revenue
2. Something a company owns of value
3. Listing of the ending balances of all ledger accounts thatproves the equality of total debits and credits
4. The left side of a T account
5. Process of transferring accounts and amounts from a journal toledger
6. Complete record of transactions recorded in each individualaccount
7. Working paper that is used to record adjustments and gatherinformation to prepare the financial statements
8. Accounts that are partly income statement and partly balancesheet accounts
9. Account classifications that are closed into the Income Summaryaccount
10. The credit to Income Summary the total

pearwolf332

PLEASE FOLLOW THE GUIDELINESâ

Posting Journal Entries to General Ledger Accounts

Journalize and post business transactions for the following account:

General Ledger

101 Cash in Bank
102 Accounts Receivable
120 Grooming Supplies
130 Office Furniture
140 Grooming Equipment
205 Accounts Payable
301 Rex s Capital
305 Rex s Withdrawals
402 Boarding Revenue
410 Grooming Revenue
505 Salary Expenses

January 2005

Jan 1	Rex invested $5,000 in the business, Memorandum 10.
Jan 3	Rex transferred furniture valued at $2,000 to the business, Memorandum 11.
Jan 10	Issued check No. 501 for $400 for grooming supplies.
Jan 15	Bought grooming equipment on account for $2000 from Pets Inc.; Invoice 201.
Jan 17	Paid Pets, Inc. $500; check No. 105.
Jan 20	Rex withdrew $1,000 cash from business; check No. 59.
Jan 29	Salary paid to employee: $300 via check No. 60.
Jan 30	Deposited $2,000 received from client for rendering service; Receipt Nos. 124-130

Guidelines:

In your working paper, open an account in the general ledger for each of these accounts.

Record the January transactions on page 1 of the general journal.

Post each journal entry to the appropriate account.

Prove the ledger account by preparing a trial balance.

Cash in Bank
Debit	Credit
$5,000.00


Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit





Rexâs Capital
Debit	Credit
	$5, 000.00





Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit

General Journal
Date	Description	Post. Ref.	Debit	Credit
20- Jan. 1	Cash	101	$5,000.00
	Rexâs Capital	301		$5,000.00

General Ledger

Account Name: Cash Account No.101

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit
20- Jan. 1		J1	$5,000.00		$5,000.00

Account Name: Account No.102

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.120

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.130

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.140

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.205

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Rexâs Capital Account No.301

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit
20-- Jan. 1		J1		5000		5000

Account Name: Account No.305

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.402

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.410

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.505

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Trial Balance

Account Number	Account Name	Trial Balance
Account Number	Account Name	Debit	Credit

fuchsiamuskrat244

PLEASE ANSWER ALL OF THESE QUESTIONSâ