BE 02.03 – Local Company & Missing Balance Sheet Amounts
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Given balance sheet accounts… calculate the missing amounts.
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Given balance sheet accounts… calculate the missing amounts.
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Given transactions (truck, supplies, rent)… record each.
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Given a list of transactions… record each. (Music lessons, insurance, equipment, Note, etc.)
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Given a cash T-Account… determine the balance in the cash account along with determining the transactions that would have resulted in different postings.
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Given three transactions… analyze each using the accounting equation, record each transaction, and post each to T-accounts.
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The firm purchased inventory, paid salaries, sold merchandise, collected cash from customers, and paid suppliers. Create journal entries for each of the above transactions.
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Given a list of transactions and beginning balances they ask you to post each of the transactions to T-accounts.
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Create the necessary adjusting entries at December 31 for each of the 3 items: fire insurance policy, advanced payment to the chief officer with a not due in one year, and equipment purchased for cash given an annual depreciation amount.
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Asks whether net income is higher or lower, by how much based on not making three journal entries of insurance. CEO loan, and depreciation.
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Given four different situations, they ask you to prepare adjusting entries at year-end.
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