ACC 290 Week 3

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Week 3 DQ1

What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle?

 

Week 3 DQ2

What are the four closing journal entries? Why are they necessary?  What are reversing entries? Why are they used? What are the pros and cons of using reversing entries? Why are reversing entries optional?

 

Week 3 DQ3

What is the main purpose of a financial statement worksheet and its benefits?   How has automation aided the preparation, accuracy, and use of the financial statement worksheet?

 

ACC 290 Week 3 Individual Assignment Week Three Problems and Exercises

 

 

 

ACC 290 Week 3 Learning Team Reflection Summary

 

 

ACC 290 Week 3 Summary

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Description

ACC 290 Week 3,

ACC 290 Week 3 Complete,

 

1-

The process for completing accounting circuit includes …

Analyzing business transactions (to judge what was purchased and what accounts it affects)
Journalizing the transactions (place the entries in the correct accounts dr. & cr.)
Post to ledger accounts (post to the correct ledger account dr. & cr.)
2-

In order for me to remember which is a permanent account and which is a temporary account –

temporary – revenues, expenses, and dividends

permanent – all balance sheet accounts because they are carried forward to the next accounting period – assets, liabilities, and stockholder’s equity.

The four closing journal entries are

a-      Revenue accounts are closed to income summary

3-

A worksheet is a beneficial extra that sometimes makes it easier to prepare adjusting entries and financial statements. In larger corporations worksheets are helpful when making many adjustments and when using a computer, spreadsheet columns can be set up for trail balance, adjustments, and adjusted balances – there are also useful for the computation of net income/loss on the worksheet. Worksheets can be prepared manually, in an excel spreadsheet, or purchased with programmable

Assignment

 

BE4-1

 

 

cash net income
A.

B.

C.

D.

E.

F.

-100

0

0

+800

-2,500

0

0

-20

+1,300

0

0

-600

 

 

 

 

 

 

 

P4-2A

 

 

 

 

Date Accounts Debit Credit
 

1.

June     30  

Accounts Rec.

 

 

 

3,900

 

 

3,900

2.                         30 Unearned Service Rev.

 

4,100  

4,100

3.                         30 Insur. Exp.

 

  240  

 

240

 

 

Week Three Reflection Summary

The knowledge of the team members continue to expand in accounting in week two.  The team members gain knowledge on the difference between the accrual and cash accounting, creating adjusting entries, and preparing an adjusted trial balance.

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