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 trial balance with incorrect inputs… use that information to prepare a properly formatted trial balance.
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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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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 a list of four scenarios they ask you to determine how the assets, liabilities, and shareholders’ equity would be different if none of the entries were recorded.
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Given four situations regarding loans, rent, supplies, and vacation pay they ask you to prepare adjusting entries.
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Prepare the necessary closing entries.
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Given a list of cash flows regarding salaries, utilities, and advertising they ask you to complete a table for accrual net income.
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