Acct 2001 accounting - Study guides, Class notes & Summaries

Question: (TCO 3) Closing temporary accounts is necessary at the end of the accounting period. (1) Explain the closing process, include each set of entries required (15 points) and (2) provide an example of closing the Dividend account in the form of a journal entry. (10 points). (Points : 25) Question: (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how information from the journal entries get into...

(ACCT 212 Week 8 Final Exam Summer 2020) Question: (CO 3) Explain why adjusting entries are required at the end of each accounting period (15 points), and provide an example of a … journal entry for either the consumption of supplies or insurance (10 points). Question: (CO 2) If the two columns of a trial balance are equal, does it mean that there are no errors in the accounting records? Explain (15 points). If the totals of the trial balance columns do not equal, what are some corrective ac...

ACCT 212 Week 8 Final Exam Question: At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (15 points) and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry. (10 points)(Points : 25) Question: (TCO 2) In accounting it is necessary to understand which accounts have a debit balance and which accounts have a credit balance. (1) Name 2 accounts that have a normal debit balance...

Question: At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (15 points) and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry. (10 points)(Points : 25) Question: (TCO 2) In accounting it is necessary to understand which accounts have a debit balance and which accounts have a credit balance. (1) Name 2 accounts that have a normal debit balance (10 points). (2) Name 2 accounts...