Accounting

Accounting - 6. Billed customers for services performed....

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Accounting  01/06/2010 18:29:00 ALL ASSIGNMENTS DUE ON FRIDAY! You have 3 attempts and one hr
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01/06/2010 18:29:00
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01/06/2010 18:29:00 Assets = Liability + Stock Holders Equity(must balance both sides) 1. Issued common sock to investors in exchange for cash received from investors Cash is an asset (inc cash, inc common stock) 2. Received cash from customers when service was provided increase cash (revenue) inc in service provided 3. Paid monthly rent. Cash dec and rent dec 4. Paid dividends to stockholders Dividends inc and cash dec 5. Incurred advertising expense on account. dec accounts payable and increased incurred advertising expanse
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Unformatted text preview: 6. Billed customers for services performed. 01/06/2010 18:29:00 The Accounting cycle 1. Analyze business transactions 2. Journalize the transaction 3. Post to ledger accounts 4. Prepare a trial balance 5. Journalize and post adjusting entries: deferrals/accruals 6. Prepare an adjusted trial balance 7. Prepare financial statements: income statements retained earning statements and balance sheet 8. Journalize and post closing entries 9. Prepare a post-closing trial balance DEBIT (left) CREDIT (right) Assets Expenses Dividends Cash- Increasing Liabilities Revenue Common Stock Cash-decreasing...
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Accounting - 6. Billed customers for services performed....

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