Quiz – China Tea Company
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given an adjusted trial balance prepare the closing entries for the company for the year end.
Calculator Preview
Your numbers will vary.
Given an adjusted trial balance prepare the closing entries for the company for the year end.
Your numbers will vary.
Given an adjusted trial balance they ask you to prepare a classified balance sheet.
Your numbers will vary.
Given an adjusted trial balance, prepare an income statement for the year-end.
Your numbers will vary.
Prepare the four adjusting journal entries.
Your numbers will vary.
Given an annual report to shareholders, they ask you to prepare the income statement for the year-end.
Your numbers will vary.
Given an annual report to shareholders, they ask you to prepare the balance sheet.
Your numbers will vary.
Prepare the appropriate journal entry for each of 5 transactions.
Your numbers will vary.
Indicate the accounts to be debited and credited in the transactions below using the provided chart of accounts. Also, specify whether the transaction is an external transaction, an adjusting journal entry, or a closing entry (using the numbers 1, 2, or 3). The company uses a perpetual inventory system, and all prepayments are initially recorded in permanent accounts.
The statement of shareholders’ equity presents the modifications in the temporary accounts of shareholders’ equity.
Analyze the impact of omitted information on Laramie Company’s 2021 Income Statement and 12/31/2021 Balance Sheet using the provided code (N, O, U) to indicate overstatements, understatements, or no effect on each component.