IntroductionIn this paper I will explain the techniques used to solve the problems in my syllabus for my week two assignment. I will identify the accounting cycle, analyze the effects of a transaction, and show how I reached the beginning and ending amounts of equity using the accounting equation.
Accounting CycleIn order to prepare a statement correctly, you will need to follow the steps in the accounting cycle listed below:1.Analyzing transactions and events2.journalizing transactions and events3.Posting the journal entries4.Preparing the unadjusted trial balance5.Journalizing and posting adjusting entries6.Preparing the adjusted trial balance7.Preparing the financial statements8.Journalizing and posting closing entries9.Preparing the post-closing trial balanceIn this process there is also a reverse option that allows certain adjustments in the next period.
Analyzing TransactionIn this section I analyzed Miranda Right's transactions to determine the company's net income. I have created a table and entered a balance after each transaction to show the effects.
Historical financial statement
English: BoT and BoE financial statement 2010 meet...
balance sheet in chineseI then followed the accounting method in the Fundamental Accounting Principles book to get the following answers:cashacct rec.suppequipbuild Asset totalsA$60,000 $30,000B$50,000 $250,000balance$10,000 $30,000 $250,000 $290,000C$6,000 $6,000balance$4,000 $36,000 $250,000 $290,000D $4,000 $1,000balance$4,000 $4,000 $37,000 $250,000 $295,000E$1,000balance$3,000 $4,000 $37,000 $250,000 $294,000F $4,000balance$3,000 $4,000 $4,000 $37,000 $250,000 $298,000G$8,000balance$11,000 $4,000 $4,000 $37,000 $250,000 $306,000H$1,800balance$9,200 $4,000 $4,000 $37,000 $250,000 $304,200I$3,000 $3,000balance$12,200 $1,000 $4,000 $37,000 $250,000 $304,200J$500balance$11,700 $1,000 $4,000 $37,000 $250,000 $303,700K$2,500balance$9,200 $1,000 $4,000 $37,000 $250,000 $301,200acct payanotes payaM.R. capM.R.wthdrrevexp total$90,000$250,000 $50,000$250,000 $40,000 $0 $290,000$250,000 $40,000 $0 $290,000$5,000$5,000 $250,000 $40,000 $0 $295,000$1,000$5,000 $250,000 $40,000 ($1,000) $294,000$4,000$5,000 $250,000 $40,000 $4,000 ($1,000) $298,000$8,000$5,000 $250,000 $40,000 $0 $12,000 ($1,000) $306,000$1,800$5,000 $250,000 $40,000 ($1,800)$12,000 ($1,000) $304,200$5,000 $250,000 $40,000 ($1,800)$12,000 ($1,000) $304,200$500$4,500 $250,000 $40,000 ($1,800)$12,000 ($1,000) $303,700$2,500$4,500 $250,000 $40,000 ($1,800)$12,000 ($3,500) $301,200Revenue $12,000minus expense $3,500net income $8,500Accounting EquationFor exercise 1-7 I used the following equation to solve these problems:Accounting EquationAssets = Liabilities...