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vfiekz [6]
3 years ago
9

Review the steps in the accounting cycle and answer the following​ questions:

Business
1 answer:
GenaCL600 [577]3 years ago
4 0

Accounting cycle has various steps to discuss, which are listed below,

Explanation:

  • The first step in accounting cycle is to analyze and have a record of transactions.
  • Post closing trial balance is an optional step in the accounting cycle.
  • Journalizing and posting the closing entries are the steps required to complete throughout the accounting period.
  • Adjustments of accounts, preparing the financial statements and closing accounts are completed at the end of accounting cycle period.
  • The last step in the accounting cycle is to post closing trial balance.

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Help!
AleksandrR [38]

Answer:

Health insurance

Explanation:

7 0
3 years ago
Read 2 more answers
Mr. Green enters into a contract with Mr. Blue who is a crab fisherman. Mr. Green and Mr. Blue know that Mr. Blue has already ca
kobusy [5.1K]

Answer:

The contract is void since it attempts to contract for services that are illegal

Explanation:

Since there is a contract between the Mr Green and Mr Blue and they already know that the Mr blue has already caught the number of crabs i.e permitted in the season but they agree to exceed the quota

Therefore the status should be void as they want to exceed which is not permitted that results in illegal service contracts

Hence, there is a void contract

4 0
3 years ago
Barlow Company's Accounts Payable balance at December 31, 2008, was P1,800,000 before considering the following transactions: •
mrs_skeptik [129]

Answer: The answer is 1950000

Explanation:

✓ Goods in transit on December 31, 2008:

Goods amounting to 100000 will be added into purchases of the year-end because they have already been sold as risk and rewards have been transferred to the Barlow that is goods have been physically dispatched to the Barlow. Hence this will increase accounts payable by 100000.

✓Goods in transit lost:

These words will also be included in the purchases and accordingly in the accounts payable irrespective of the fact that these have been destroyed. These goods were dispatched to the Barlow and therefore risk and rewards also been transferred hence purchase is done from Barlow's perspective.

So:

Total accounts payables are as under

Opening balance: 180000

Goods in transit reached next year:100000

Goods in transit lost:50000

Total: 1950000

4 0
3 years ago
What are organizations that are in the business of benefiting society and operate like a business called
Rudik [331]

Answer:

Nonprofit organisation

Explanation:

A nonprofit organisation is also known as nonbusiness entity is dedicated to promoting a social cause by taking surplus in the society to further a particular objective. Nonprofit organisations are usually exempt from tax for the contributions they receive.

There are not accountable to shareholders but rather to donors, volunteers, program recipients, and the community at large.

4 0
3 years ago
Choose all that apply.
vesna_86 [32]
Provide information such as the name address date of birth and social security number verify the account provide identification deposit at least the minimum balance sign an authorization card
4 0
3 years ago
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