Accounting Questions And Problems

Accounting Questions And Problems

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Accounting Comprehensive Problem 1.

1. Create a Journal

1. C. Journalize each of the May transactions in the two-column journal starting on Page 5 of the journal. Refer to the Chart of Accounts for exact wording of account titles. (Do not insert the account numbers in the journal at this time.)
2. B.  Add the appropriate posting reference to the journal in CengageNOW.
6. A. Journalize the adjusting entries on Page 7 of the journal. Refer to the Chart of Accounts for exact wording of account titles.
6. C. Add the appropriate posting reference to the journal in CengageNOW.

2. Create A Ledger

SPREADSHEET

 and save the Excel file to your computer. Use the spreadsheet to post the May transactions from the journal to a ledger of four-column accounts.  Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem.  Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem.

1. B. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, enter Balance in the Item column and enter ‘X’ in the Posting Reference column.
2. A. Post the May transactions from the journal to a ledger of four-column accounts.
6. B. Post the adjusting entries to the ledger of four-column accounts, inserting balances in the accounts affected.

 

3. Prepape a Unadjusted Trial Balance

Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions:

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