u02a1 Artina McRae.docx

u02a1 Artina McRae.docx - U02A1 Artna McRae 1 Question 1...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
U02A1 Artina McRae 1. Question 1: Proficient: Describe the steps in recording and posting the effects of a business transaction and provide some examples of source documents used in these steps. S1: Business XYZ begins a business transaction S2: The transaction is supported by a source document Ex: - Employee timesheet is a source document for wages paid - Supplier Invoice is a source document for materials purchased - Receipt from Cash/ Credit Card Sale S3: The document is used to create a journal entry S4: The entry is posted to the accounts in the ledger Define debit and credit and name the types of accounts that are (three correct responses): Debit : Entry on the left side of the T-Account Credit : Entry listed on the right side of the T-Account Increased by a debit. - Assets (Cash, Accounts Receivable, Equipment, Expense, Dividend) Decreased by a debit. – Liability, SE & Revenue (Notes Payable, Salaries, Accounts payable) Increased by a credit. – Liability, SE, (Revenues, Retained Earnings) Decreased by a credit. – Assets, Dividends, Expenses 2. Question 2: Proficient: Which steps in the accounting cycle are performed throughout the accounting cycle? The following are steps of the accounting cycle performed throughout the cycle: Analyze transactions (review source docs) Journalize transactions Post entries in ledger Which of the steps in the accounting cycle are performed only at the end of the accounting period? The following are steps in the accounting cycle are performed only at the end of the cycle: Prepare trial balance Prepare financial statements Journalize & Post adjustments Journalize & Post closing entries Prepare post-closing trial balance Distinguished:
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern