ACC 110 Lecture Notes - 0 (Year), Income Tax, Cash Flow

• School: Ryerson University
• Department: Accounting
• Course: ACC 110
• Professor: Marla Spergel

Document Summary

E3 1: adjusting entry b, no entry or adjusting (allowed by ifrs, adjusting entry, no entry f, adjusting entry h. i. j, no entry transactional entry transactional entry transactional entry transactional entry. 850,000: the primary purposes of closing entries are to reset the balances in the temporary (income statement) accounts to zero and to transfer the amounts in those accounts to retained earnings. The closing entry is prepared at the end of a reporting period when financial statements must be prepared: net income for 2015 would be overstated by ,000 because all revenues and expenses from. 2014 would be included in 2015 revenues and expenses. E3 5: no impact (cash increases, land decreases) Increase assets, increase retained earnings (increase in revenue) b. c: decrease assets, decrease liabilities, no impact (cash decreases, prepaid rent increases) f. g, no impact (cash increases, accounts receivable decreases, decrease assets, decrease retained earnings. Trans a b c d e f g.