+1(323)689-1506 support@essayhubmarket.com

Looking for help with an assignment? Connect with an assignment Expert Now!

The accounting rules determine the proper debits and credits in our journal entries

Class,

We are now at the end of our first module in our class.

Accounting has long been regarded as the language of business. In this module, the principal focus was about financial accounting geared toward external reporting. We explored the measurement of income via the Income Statement and the balance sheet that provides a listing of the assets, liabilities, and equity sections of all businesses.

Here’s a tutorial on closing journal entries (not required in the course project)

https://www.youtube.com/watch?v=LHchevi1nwI&list=PL9WjeFIqaX5K9NN4yOy0NIrS1TiJYEp3J&index=5 (Links to an external site.)

TOPIC B – posted Wednesday – GAAP

#1. The accounting rules determine the proper debits and credits in our journal entries

Match the definitions to these terms, commonly known as generally accepted accounting principles (GAAP)

Relevance

Reliability

Comparability

Consistency

Monetary Unit

Economic Entity

Time Period

Going Concern

Cost Principle

Full Disclosure

Materiality

Conservatism

1) Ability to easily evaluate one company’s results relative to another’s.

2) Belief that a company will continue to operate for the foreseeable future.

3) The judgment concerning whether an item is large enough to matter to decision makers.

4) The reporting of all information that would make a difference to financial statement users.

5) The practice of preparing financial statements at regular intervals.

6) The quality of information that indicates the information makes a difference in a decision.

7) A belief that items should be reported on the balance sheet at the price that was paid to acquire the item.

8) A company’s use of the same accounting principles and methods from year to year.

9) The use of accounting methods that do not overstate assets or income.

10) Tracing accounting events to particular companies.

11) The desire to minimize errors and bias in financial statements.

12) Reporting only those things that can be measured in dollars.

#2. On which Financial Statement are each of these accounts reported?

(a) Common stock, (b) Income tax payable, (c) Dividends, (d) Income tax expense, (e) Ending balance of retained earnings, (f) Total assets, (g) Long-term debt, (h) Revenue, (i)Cash spent to acquire a building, (j)Selling, general & administrative expenses, (k), Adjustments to reconcile net income to net cash from operations, (l)Ending cash balance, (m) Current liabilities, (n) Net income

TOPIC A – posted Sunday – select as many as you wish

(1) What is the purpose of the journal in accounting? How is it related to the ledger? Briefly describe the steps in the accounting cycle.

(2) Briefly explain the rules of debits and credits as they relate to assets, liabilities, equity, revenue, and expenses.  Do debits always increase an account?  Do credits always decrease an account?  Give examples.

(3) Prepare the income statement and balance sheet from this trial balance.

ACCT212TBExc2.png

(3) Prepare journal entries for these transactions and calculate the account balances that would be reported on the trial balance. Does the accounting equation balance?

1Received $50,000 cash and issued stock to the owners2Paid $40,000 cash for land3Bought $3,700 of supplies on account4Received $7,000 cash from customers for service revenue earned5Performed services for customers on account, $3,0006Paid cash expenses: rent, $1,100; employee salary, $1,200; utilities, $4007Paid $1,900 on the account payable created in transaction 38Received $1,000 on account9Sold land for cash at the land’s cost of $22,00010Declared and paid a dividend of $2,100 to the stockholders

Get a Quick Quote

Approximately 250 words
Total price (USD) $: 10.99

Reviews from Clients who Ordered From Us:

Kate Hogan

They are my go to assignment helper and have been a great help. Thank you!

Sheena easton

I`ve been working with this website for over a year! Here`s what I liked the most about them. First, quality of writing (creative and with catchy titles).

Our Benefits

Get your essay writing needs completed by us and enjoy these and more benefits:

Fast

Whether you have a last minute discussion post due in a couple of hours or the last day in class and you totally forgot to work on that research paper, we always put everything aside to save your grade

Custom Essay

Our qualified team of experts have access to varied online library databases to help with recent and well researched tools that help in writing your paper to deliver a profound research that earns you a stellar grade

80+ Subjects

We do not turn down any type of work. We have qualified writers holding bachelors, graduate and Doctoral certificates matched with skill and expertise. Get help with homework acroos varied subject

Real Time Tracking

We have a user friendly interface to help you track the progress on your order from your client portal. Additionally, with each and every step, you will get notified on the status of your paper to give you an easy time to do other kinds of stuff

Order Our Custom Essay Writing Service

1. Making an Order Tip and Tricks

  • Choose the type of assignment, topic, subject, length, and deadline for your paper.
  • Indicate the following order parameters: service, chosen writer level, number of cited sources, and citation style.
  • Add your document or provide instructions for paper in a specific form.
Image showing step 1 of making an order
Image showing how to make payment for your order

2. Tips and Tricks for Choosing the Right Writer

  • Log in using your email address or your Facebook account.
  • A list of suitable writers will be offered to you. Before making a selection, you can read testimonials or engage in a Live Chat with authors.
  • Check your balance and, if necessary, add funds to your account. Here you will also find exclusive bargains.
  • Put money into the account of the chosen writer.

3. Tips and Tricks for Supervising the Writing Process

  • Get the chance to keep track of the process and connect with your writer.
  • If required, include updated instructions.
  • Have a conversation with your author.
Image showing how to supervise writing process
Image showing how to download your completed results

4. Tips and Tricks to Enjoy the Results

  • You will receive the paper. You have the option of requesting modifications if they are required. Before giving it back to the writer, make a list of the adjustments that need to be made.
  • Accept the paper and send the money to the author.
  • Rate your writer, submit your request, then sit back and enjoy the results.

How can we even make your school life easier with our services?

We always strive to provide the best techniques and skills that help your essay a stellar paper. We have achieved this through the years by offering features such as:

Progressive Delivery

Your order is assigned to a writer who delivere’s your bulk research projects in small chunks and making edits upon feedback from the professor

Native Writers

Our writers are varied across different coutnries such s Canada, Australia, U.K and the United States. Request a native speaker writer to help you ace that paper

Powerpoint slides & other visuals

Order a visual such as Powerpoint to better expound your research paper at $10 per slide including speaker notes

Top rated writers

Order from among the top 10 rated writers at no extra cost