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Vilka [71]
3 years ago
7

From the following list of steps in the accounting cycle, identify what two steps are missing:

Business
1 answer:
katrin2010 [14]3 years ago
4 0

Answer:

d. Adjustment data are assembled and analyzed.

h. Closing entries are journalized and posted to the ledger.

Explanation:

The fourth step is missing which is to adjust the data. After the unadjusted trial balance is prepared, if the debit side and the credit side do not match, the data will need to be adjusted and that is what this step is for.

The penultimate step is also missing being the journalizing of the closing entries and posting them to the ledger. This is done to close out the accounts for the year and bring all accounts except permanent ones to zero.

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Peter is consulting someone who sells commercial real estate. Peter wants to make sure he's in a good place business wise and that it is the best time before he makes the purchase for a new building. By consulting the agent, he can get a better understanding of when the right time to purchase will be. 
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On June 1 of Year 1, a company paid $2,400 cash to rent office space for one year beginning immediately. Based solely on this in
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With an assumption that the company's accounting year is same as the calender year, the income statement would show $1,000 of rent expense.

<h3>What is an income statement?</h3>

An income statement refers to a financial statement that shows a firm's income and expenditures for an accounting year.

Rent expenses = $2,400 prepaid rent / 12 months

Rent expenses = $200 per month

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In conclusion, with an assumption that the company's accounting year is same as the calendar year, the income statement would show $1,000 of rent expense.

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2 years ago
Quality improvement teams are groups of people from various work areas who define, analyze, and solve common production problems
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Answer: True

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3 years ago
On January 1, 2022, The Eighties Shop has 100,000 shares of common stock outstanding. The Eighties Shop incurred the following t
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Answer:

Date        General Journal                Debit            Credit

March 1   Bank A/c                        $2,650,000

                  (53,000 × $50)

                       Share Capital A/c                            $53,000

                        (53,000 × $1)

                        Share Premium A/c                        $2,597,000

                        [53,000 × $49 ($50 - $1)}  

                (Being additional 53,000 issued shares for $50)

May 10     Treasury Stock A/c            $254,400

                (4,800 × $53)

                        Cash A/c (4,800 × $53)                  $254,400

               (Being purchase of 4,800 treasury stock for $53 )    

June 1       Retained Earning A/c        $207,480  

                 (1,53,000- 4,800) × $1.4

                          Dividend Payable A/c                   $207,480

                           [(153,000 - 4,800) × $1.4]

                 (Being cash dividend declared)

July 1        Dividend Payable A/c       $207,480

                           Cash A/c                                        $207,480

                 (Being cash dividend paid)

October 21  Cash A/c (2,400 × $58)   $139,200

                          Treasury Stock (2,400 × $53)          $127,200

                          Paid in Capital from treasury Stock $12,000

                           (2400 × $5)

                    (Being 2,400 Treasury Stock sold for $58)

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