Identify which accounts should be closed on May 31 st
The accounts below to be closed out on May 31 st
Salaries and Wages Expense
What is the difference between the Trial Balance, the Adjusted Trial Balance, and the
Post Closing Trial Balance? When would each be used and when would management
use each of these reports?
The trial balance demonstrates where the organization remains at
What are the steps in completing the accounting cycle? How do the different steps
affect the financial statements? What is the effect on the financial statements of missing
a step when completing the accounting cycle?
According to reading of Chapter four,
What are some of the differences between net income and cash provided by operating
activities? Why would management need to be aware of these differences?
From our reading of chapter 4 and attempting to put into own and understanding words
of some of the
Identify the major adjusting entries that most companies will need to journalize. Which
would be considered accruals and which would be considered deferrals? Why are the
adjusting entries needed? What is the long term advantage to entering adjusting
Hello Teri and Class,
Adjusting entries are usually entered on the last day of an accounting period so that the financial
statements reflect revenues earned and incurred during that accounting period. Adjusting entries help
ensure all revenues earned with
USE FOR ACC290 ACCOUNTING PRINCIPLES 1
Answer the following:
Commercial accounting and generally accepted accounting principles, generally prescribe the accrual basis of accounting over the cash basis.
Describe both bases of accounting and explain the dif
SAMPLE, WEEK 2
A tabular analysis of the transactions made during August 2012 by SAMPLE Company
Part A. Describe each transaction.
Part B. Determine how much stockholders' equity increased for the month.
Part C. Compute the net income for the mo