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3 years ago

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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An adjusting entry was made on year-end December 31 to accrue salary expense of $3,000. Assuming the company does not prepare re

wel

Answer:

Dr Salaries Payable $3000

Dr Salaries Expense $3600

Cr Cash $6600

Explanation:

Preparation of the entries to record the $6600 payment of salaries in January of the following year.

Based on the information given Appropriate journal entries to record the $6600 payment of salaries in January of the following year will be:

Dr Salaries Payable $3000

Dr Salaries Expense $3600

($6600-$3000)

Cr Cash $6600

(To record payment of salaries)

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2 years ago

What two companies rate and publish bonds? a. Poor Richard s and Moody s c. Sampson s and Monroe s b. Standard and Poor s and Mo

Andrej [43]

I think the correct answer from the choices listed above is option B. The two companies that rates and publish bonds are Moody's and Standard's and Poor. These companies had <span>maintained high level of credibility and their ratings are highly respected worldwide. Hope this answers the question.</span>

5 0

3 years ago

Read 2 more answers

Tatum Manufacturing recently opened a new facility in Hong Kong. The firm can most likely expect the Hong Kong government to ___

pickupchik [31]

The expectation of the Tatum Manufacturing firm from the Hong Kong government is to <u>ensure fair competition </u>with its competitors.

<h3>What is a manufacturing firm?</h3>

A manufacturing firm is a firm that engages in massive scale production of goods and commodities that uses physical labor and/or machinery to turn raw materials and parts, into finished goods or completed items.

The finished goods could be sold:

To other manufacturers for the fabrication of more sophisticated products,
To wholesalers that redistribute the goods to retail traders, or
To final consumers directly.

The role of the Hong Kong government to Tatum Manufacturing Firm in as much they comply with the government regulations and taxes is for the government to ensure that there is fair competition for Tatum Firm with its competitors.

Learn more about a manufacturing firm here:

brainly.com/question/24519299

4 0

2 years ago

Sketches Inc. purchased a machine on January 1, 2016. The cost of the machine was $29,000. Its estimated residual value was $9,0

ivolga24 [154]

Answer:

Annual depreciation= $4,000

Explanation:

Giving the following information:

The cost of the machine was $29,000. Its estimated residual value was $9,000 at the end of estimated 5-year life.

<u>To calculate the depreciation expense, we need to use the following formula:</u>

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (29,000 - 9,000)/5

Annual depreciation= $4,000

8 0

3 years ago

The accounts in the ledger of Seaside Furniture Company as of August 20Y5 are listed in alphabetical order as follows. All accou

musickatia [10]

Answer:

Cash $426,800.00

Debit side $6,500,000.00

Credit side $6,500,000.00

Explanation:

Preparation of the Unadjusted trial balance

SEASIDE Unadjusted Trial Balance

DEBIT SIDE

Cash 426,800.00

Accounts Receivable 660,500.00

Prepaid Insurance 21,600.00

Supplies 11,200.00

Land 1,850,000.00

Dividends 36,000.00

Wages Expense 2,950,000.00

Utilities Expense 82,000.00

Rent Expense 390,000.00

Supplies Expense 23,700.00

Insurance Expense 18,000.00

Miscellaneous Expense 30,200.00

TOTAL $6,500,000.00

CREDIT SIDE

Notes Payable 75,000.00

Accounts Payable 118,600.00

Unearned rent 12,000.00

Common stock 150,000.00

Retained Earnings 1,814,400.00

Fees Earned 4,330,000.00

TOTAL $6,500,000.00

CASH will be the balancing figure since the total of both Debit and Credit columns of trial balance must equal.

Therefore the Unadjusted trial balance be:

Debit side $6,500,000.00

Credit side $6,500,000.00

8 0

2 years ago

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

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