Chapter 7 Week 2 Spring 2010 Revised

Chapter 7 Week 2 Spring 2010 Revised - Chapter 7 Week 2...

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Unformatted text preview: Chapter 7 Week 2 March 29 th and 31 st Accounting Information Systems 7-1 7-2 The Accounting Cycle Record events in the general journal Post to the general ledger Prepare a trial balance Prepare adjusting entries Prepare an adjusted trial balance Prepare financial statements Prepare closing entries Prepare a post-closing trial balance 7-3 Accounting Cycle Example David Martin set up his law practice on October 1 st . The company will be organized as a corporation. The following transactions occurred during October 7-4 Accounting event #1 The corporation issued David stock for $25,000. 7-5 Post to General Ledger Cash Capital Stock 25,000 25,000 7-6 David paid $5,400 in advance for three months rent of an office. Accounting event #2 7-7 Accounting event #3 David purchased office supplies for cash, $900. 7-8 Accounting event #4 David purchased $4,800 of office furniture on account. 7-9 Accounting event #5 David paid $250 for advertising in the current months local newspaper. 7-10 Accounting event #6 David prepared a will for a client and sent a bill for $850 for services rendered. 7-11 Accounting event #7 David reviewed a contract for a client and immediately collected $350. 7-12 Accounting event #8 David paid the October insurance premium of $300 on October 15th. 7-13 Accounting event #9 David received a $5,000 deposit for legal services to be performed for the Corrella Company beginning next week. 7-14...
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This note was uploaded on 04/18/2010 for the course ACCT 12995 taught by Professor Krisj.clark during the Spring '10 term at Georgia State University, Atlanta.

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Chapter 7 Week 2 Spring 2010 Revised - Chapter 7 Week 2...

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