IntroductionIn this paper I go forth explain the techniques used to turn the problems in my syllabus for my week two assignment. I leave alone identify the accountancy calendar method of birth control, analyze the effects of a transaction, and steer how I reached the beginning and ending amounts of equity using the accounting equation.
Accounting CycleIn order to prepare a statement correctly, you will need to follow the steps in the accounting cycle listed below:1.Analyzing transactions and events2.journalizing transactions and events3.Posting the journal entries4.Preparing the unadjusted rivulet balance5.Journalizing and posting adjusting entries6.Preparing the adjusted trial balance7.Preparing the financial statements8.Journalizing and posting ratiocination entries9.Preparing the post-closing trial balanceIn this process there is also a shiner option that allows certain adjustments in the next period.
Analyzing TransactionIn this section I analyzed Miranda Right?s transactions to determine the come with?s net income. I have created a confuse and entered a balance after each transaction to fancy the effects. I then followed the accounting method in the broad(a) Accounting Principles book to get the following answers:cashacct rec.suppequipbuild Asset totalsA$60,000 $30,000B$50,000 $250,000balance$10,000 $30,000 $250,000 $290,000C$6,000 $6,000balance$4,000 $36,000 $250,000 $290,000D $4,000 $1,000balance$4,000 $4,000 $37,000 $250,000 $295,000E$1,000balance$3,000 $4,000 $37,000 $250,000 $294,000F $4,000balance$3,000 $4,000 $4,000 $37,000 $250,000 $298,000G$8,000balance$11,000 $4,000 $4,000 $37,000 $250,000 $306,000H$1,800balance$9,200 $4,000 $4,000 $37,000 $250,000 $304,200I$3,000 $3,000balance$12,200 $1,000 $4,000 $37,000 $250,000 $304,200J$500balance$11,700 $1,000 $4,000 $37,000 $250,000 $303,700K$2,500balance$9,200 $1,000 $4,000 $37,000 $250,000 $301,200acct payanotes payaM.R. capM.R.
wthdrrevexp total$90,000$250,000 $50,000$250,000 $40,000 $0 $290,000$250,000 $40,000 $0 $290,000$5,000$5,000 $250,000 $40,000 $0 $295,000$1,000$5,000 $250,000 $40,000 ($1,000) $294,000$4,000$5,000 $250,000 $40,000 $4,000 ($1,000) $298,000$8,000$5,000 $250,000 $40,000 $0 $12,000 ($1,000) $306,000$1,800$5,000 $250,000 $40,000 ($1,800)$12,000 ($1,000) $304,200$5,000 $250,000 $40,000 ($1,800)$12,000 ($1,000) $304,200$500$4,500 $250,000 $40,000 ($1,800)$12,000 ($1,000) $303,700$2,500$4,500 $250,000 $40,000 ($1,800)$12,000 ($3,500) $301,200Revenue $12,000minus get down $3,500net income $8,500Accounting EquationFor exercise 1-7 I used the following equation to cipher these problems:Accounting EquationAssets = Liabilities + Equity or Assets- Liabilities = EquityA. Mr. FongB. BeyonceAssets$123,000...
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