Exercise 02.11 – Bloomer Construction
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Record each transaction (stock, loan, equipment, advertising, revenue, salary).
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Record each transaction (stock, loan, equipment, advertising, revenue, salary).
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Assess whether the record transaction is correct or not.
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Determine whether the each transaction is recorded correctly and if not, make the corrections.
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Given a list of transactions… post the transactions to a T-account along with calculating the ending balance.
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Given a list of journal entries along with beginning balances… post each to a T-account.
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NOTE: This solver answers TWO separate Huskies problems! The second calculator is below the first one! Involves two questions. First question gives a list of transactions where you need to record adjusting entries at year-end. Second question gives you a list of transactions where you need to calculate the effect on net income.
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Contains two questions. First asks you to prepare to adjust journal entries given a list of transactions. Second asks you to determine the effect that the transactions would have on the assets, liabilities, and equity on the balance sheet.
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Update account balances for the year-end information by recording any necessary adjusting entries. Rent, Revenue, Salary, Supplies.
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Calculate the balance of retained earnings each year for each company.
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Prepare the necessary closing entries and calculate the ending balance of Retained Earnings.
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