Unit 3 - Statement of Financial Position

Accounting cycles have multiple steps that must be followed to take in we ar addressing the themeing needs properly. The comp whatsoever I am using is c tout ensembleed The Clarksburg Mission, a dispossessed shelter who buys a trade of supplies to help those in need. 1) line a transaction and right on diagnose the result and produce the source of the document. simulation: A exchange bribe was do for $10,000 of supplies. The handbill is received by the accountant. 2) Analyze the transaction and conclude the amount and determine which accounts atomic number 18 going to be changed by this and the direction of the change. Example: An invoice for the purchase of penning is for $100 on creed. We need to make up ones perspicacity which of the accounts are affected: supplies, cash, inventory, accounts payable, etc. 3) daybook Entries, Transactions are put down in a journal as a character reference and debit. A Journal entry is do under Equipment and cash as well as wh atever other account that is affected. Example:Debit CreditSupplies10,000Cash10,0004) Posting to ledger. Journal entries are transferred into the capable T- Accounts. Example: An entry is made to the T-Account for cash. CASHOctober 15 25,000November 1 10,0005) trial Balance is the calculation of the unification of credit and the sum of debits, which is made in order to compare them and back up the results are equal.

Example: The account should verify all the entries and sum up the debits and credits so that they match. Caution must be used is a discrepancy is found with the new entries. 6) Adjusting Entries. increase and deferred items should be adjusted, all entries journalized a nd posted to T-Accounts in the ledger. Examp! le: If there are any accrued salaries or interests that need to be adjusted, it should be through with(p) at this time for preparation of the pecuniary statements. 7) Adjusted... If you want to grasp a full essay, order it on our website: OrderEssay.net

If you want to get a full information about our service, visit our page: write my essay