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zimovet [89]
2 years ago
12

Which of the following phases of the accounting information processing cycle is performed at the end of the accounting period? A

. A. Adjusting entries. B. Peer reviews. C. Liquidation D. Transaction entries
Business
1 answer:
seropon [69]2 years ago
4 0

Answer:

A. Adjusting entries.

Explanation:

There are various steps in the accounting cycle which are as follows:

1.  Business organization transactions analysis.

2. Recording of journal entries

3. Posting to ledger accounts

4. Preparation of trial balance

5. Record adjusting entries

6. Preparation of adjusted trial balance

7. Preparation of financial statements

8. Close the accounts

9.  At last, Do post-closing of trial balance

So, the correct option is A.

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Lambert Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purc
svetoff [14.1K]

Answer:

Fifo Inventory $665

Moving Average= $ 606

Lifo Inventory $ 592

Explanation:

Purchases                

Date                 Units               Unit Cost             Sales Units     Fifo Inventory

July 1                       13                     $115

<u>July 6                                                                              9              </u>

<u>                                4                      $115                                               $460</u>

July 11                       6                      $122

<u>July 14                                                                               6                            </u>

<u>                                   4                      $122                                             $488</u>

July 21                      7                        $132

<u>July 27                                                                               6                           </u>

<u>                             5                             $ 133                                         </u><u> $665</u>

<u />

Moving Average Method

=   Total Cost of Purchases/ No of items= 13*115 + 6*122+ 7*132/13+6+7

 = 1495+ 732+ 924/26= 3151/26= 121. 192

No of units in the Ending Inventory= 5 * 121.192= $ 605.96

Purchases              

Date                 Units               Unit Cost             Sales Units    Lifo Inventory

July 1                       13                     $115

<u>July 6                                                                              9              </u>

<u>                                4                      $115                                               $460</u>

July 11                       6                      $122

<u>July 14                                                                               6                            </u>

<u>                                   4                      $115                                             $460</u>

July 21                      7                        $132

<u>July 27                                                                               6                           </u>

                              1                          132                                              $132

<u>                             4                            $ 115                                          $460</u>

<u>                             5                                                                       </u><u>       $ 592</u>

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Explanation:

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3 years ago
The money multiplier process also works in reverse when a loan is repaid and the amount of money that is destroyed is equal to t
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The correct answer is TRUE

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Dynamic Apps is an organization specializing in highly specialized technology software, but it found that its original business
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The correct answer is True.

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3 years ago
The following information is for a collateralized mortgage obligation (CMO). Tranche A of $50 million receives quarterly payment
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