Chapter 4: Completing the Accounting Cycle The end of period spreadsheet is useful in preparing an...

Chapter 4: Completing the Accounting Cycle

The end of period spreadsheet is useful in preparing an Adjusted Trial Balance from which the three Financial Statements can be prepared. Please indicate the results in the adjusted Trial Balance under the following circumstances. Please provide an example.

a. An account has a debit balance. The adjustment requires a credit to that account. The debit amount is higher than the credit amount. Is the result in the Adjusted Trial Balance a debit or credit? Please provide an example.

b. An account has a debit balance. The adjustment requires a credit to that account. The credit amount is higher than the debit amount. Is the result in the Adjusted Trial Balance a debit or credit? Please provide an example.

c. An account has a credit balance. The adjustment requires a credit to that account. Is the result in the Adjusted Trial Balance a debit or credit? Please provide an example.

d. An account has a debit balance. The adjustment requires a debit to the account. The debit amount is higher. Is the result in the Adjusted Trial Balance a debit or credit? Please provide and example.

Expert Solution

ekkarill92 answered 2 years ago

The end of period spreadsheet is useful in preparing an Adjusted Trial Balance from which the...

The end of period spreadsheet is useful in preparing an Adjusted Trial Balance from which the three Financial Statements can be prepared. Please indicate the results in the adjusted Trial Balance under the following circumstances. Please provide an example. a. An account has a debit balance. The adjustment requires a credit to that account. The debit amount is higher than the credit amount. Is the result in the Adjusted Trial Balance a debit or credit? Please provide an example. b....

Define in own words please CHAPTER 4 – Completing the Accounting Cycle Accounting cycle Closing entries...

Define in own words please CHAPTER 4 – Completing the Accounting Cycle Accounting cycle Closing entries Closing process Closing the books Current liabilities First closing entry Fiscal year Liquidity Long-term liabilities Current Ratio – write the equation for definition Notes receivable Reversing entries Solvency Temporary (nominal) accounts Working capital – write the equation for definition

Chapter 4 Lecture Assignment (part 1) Hide or show questions eBook Calculator Appendix: Completing an End-of-Period...

Chapter 4 Lecture Assignment (part 1) Hide or show questions eBook Calculator Appendix: Completing an End-of-Period Spreadsheet Alert Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet for Alert Security Services Co. If a box does not require an entry, leave it blank. Alert Security Services Co. End-of-Period Spreadsheet (Work Sheet) For the Year Ended October 31, 2019 Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 373...

Appendix: Completing an End-of-Period Spreadsheet Alert Security Services Co. offers security services to business clients. Alert...

Appendix: Completing an End-of-Period Spreadsheet Alert Security Services Co. offers security services to business clients. Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 2016 Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 12 Accounts Receivable 103 Supplies 4 Prepaid Insurance 2 Land 190 Equipment 50 Accum. Depr. - Equipment 7 Accounts Payable 36 Wages Payable 1 Common Stock 50 Retained Earnings 210 Dividends 8 Fees Earned 213 Wages...

Appendix: Completing an End-of-Period Spreadsheet Alert Security Services Co. offers security services to business clients. Complete...

Appendix: Completing an End-of-Period Spreadsheet Alert Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet for Alert Security Services Co. If a box does not require an entry, leave it blank. Alert Security Services Co. End-of-Period Spreadsheet (Work Sheet) For the Year Ended October 31, 2019 Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 250 Accounts Receivable 1,830 Supplies 83 Prepaid Insurance 62 Land 2,080 Equipment 832...

Why do some accountants prepare an end-of-period spreadsheet?

Use the spreadsheet and partially completed Income Summary Account shown. Balloons and Baubbles End-of-Period Spreadsheet For...

Use the spreadsheet and partially completed Income Summary Account shown. Balloons and Baubbles End-of-Period Spreadsheet For the Year Ended December 31, 20-1 1 ACCOUNT TITLE TRIAL BALANCE DEBIT TRIAL BALANCE CREDIT ADJUSTMENTS DEBIT ADJUSTMENTS CREDIT ADJUSTED TRIAL BALANCE DEBIT ADJUSTED TRIAL BALANCE CREDIT 2 Cash 18,000.00 18,000.00 3 Accounts Receivable 12,600.00 12,600.00 4 Merchandise Inventory 67,500.00 (b) 76,500.00 (a) 67,500.00 76,500.00 5 Estimated Returns Inventory 2,880.00 (e) 3,870.00 (d) 2,880.00 3,870.00 6 Supplies 7,200.00 (f) 4,230.00 2,970.00 7 Prepaid Insurance...

What are the steps in completing the accounting cycle? How do the different steps affect the...

What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle? How do these steps play a roll in accrual basis accounting?

Accounting Cycle Review 4-4 (Part Level Submission) At June 30, 2017, the end of its most...

Accounting Cycle Review 4-4 (Part Level Submission) At June 30, 2017, the end of its most recent fiscal year, Blue Computer Consultants’ post-closing trial balance was as follows: Debit Credit Cash $6,380 Accounts receivable 1,460 Supplies 840 Accounts payable $490 Unearned service revenue 1,370 Common stock 4,400 Retained earnings 2,420 $8,680 $8,680 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Blue conducted the following transactions during July 2017, and adjusts its...

Based on the following accounting information, please calculate Inventory period Receivable period Operating Cycle Cash Cycle...

Based on the following accounting information, please calculate Inventory period Receivable period Operating Cycle Cash Cycle Inventory: Beginning = 200,000 Ending = 300,000 Accounts Receivable: Beginning = 150,000 Ending = 200,000 Accounts Payable: Beginning = 50,000 Ending = 100,000 Net sales = 1,500,000 Cost of Goods sold = 800,000

Question