ACCT 2000 : Exam One Review Problem ACCT 2000 2
8 views4 pages
Document Summary
The following problem is designed to help you review the beginning steps in the accounting cycle which were learned in chapters 1 through 3. In this problem, you will complete several of the accounting cycle steps for landry accounting services. Steps in the accounting cycle covered in this review. On december 1, 2013, lauren landry launched a cpa firm called landry accounting. Services, which is organized as a corporation and provides bookkeeping, tax, and general accounting services. Landry adopts the calendar year for reporting purposes and expects to prepare the company"s first set of financial statements on december 31, 2013. The chart of accounts for its accounting system is included on the following page. Cash (includes cash on hand and checking account) Dec. 1 landry invested ,000 cash, a ,000 computer system and ,500 of office furniture in the business in exchange for common stock. Dec. 1 borrowed ,000 by signing an 10% note payable with a local bank.