Accounting Review
x0mchi- I need you to create a review worksheet for me that has an example of each bullet listed. The examples must have numerical values, not simply (debit xx, credit xx) I need examples with the work shown. This includes formulas, written explanations if possible, and the answer. I'm using this as my study guide for midterm.
- Buying inventory using perpetual inventory and paying taking a discount and not taking a discount. Understand and prepare the journal entry.
- Play with the accounting equation – how is the accounting equation is affected by a transaction.
- How are the financial statements connected?
- Analyze journal entries - select the correct entry for a particular event.
- Calculate the book value (cost less accumulated depreciation) using the straight line method.
- Prepare adjusting entries and the balance of the accounts for service revenue, prepaid expenses, interest expenses, interest revenues.
- Determine the cost of inventory
- Select the entry to record the purchase of equipment with a down payment and a loan.
- Errors detected by checking the trial balance (in balance or out of balance).
- Determine the balance of cash and bank reconciliations.
- Which accounts are permanent or temporary?
- Journal entry when the inventory count shows a difference with the inventory records.
- What is the amount of understatement or overstatement of an expense or revenue when you fail to do an adjustment?
- Determine the total liabilities or total assets based on certain transactions during a month.
- Look at a T account and calculate the ending balance.
- Calculate the current assets looking at a balance sheet.
- Look at the 10 column worksheet and determine the net income.
- Normal balances of accounts.
- What are depreciation expense and accumulated depreciation?
- Calculate net income.
- FOB destination or shipping point, understand 2/10, n30.
- Matching principle.
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