Acct1030-horngren-workbook-ch02

Studocu is not sponsored or endorsed by any college or university ACCT1030 Horngren workbook ch02 Management Accounting I (St. Clair College of Applied Arts and Technology) Studocu is not sponsored or endorsed by any college or university ACCT1030 Horngren workbook ch02 Management Accounting I (St. Clair College of Applied Arts and Technology) Downloaded by Elham Norouzi ([email protected]) lOMoARcPSD|32092703

2 RECORDING BUSINESS TRANSACTIONS Journ al Page 1 Cash Apr. 2 2 5 0,000 Lisa Hunter, Capital Apr. 2 2 5 0,000 Owner,Owner, Assets = Liabilities + Capital− Withdrawals + Revenues − Expenses DrCrDrCrDrCrDrCrDrCrDrCr +−−+−++−−++− Owner's Equity + = Liabilities Assets LEARNING OBJECTIVES 1 Defne and use key accounting terms. 2 Apply the rules of debit and credit. 3 Analyze and record transactions in the journal. 4 Post from the journal to the ledger. 5 Prepare and use a trial balance. SOME USEFUL TEXT INFORMATION (add your own notes too) EXHIBIT 2-7 | Final Rules of Debit and Credit EXHIBIT 2-9 | Making a Journal Entry and Posting to the Ledger Date Account Titles and Explanation Post . Ref. Debit Credit 2019 Apr. 2 Cash 250,000 Lisa Hunter, Capital 250,000 Received initial investment from owner. 31 M02_MILL2421_11_SE_C02.indd 1 17/06/19 3:49 PM Downloaded by Elham Norouzi ([email protected]) lOMoARcPSD|32092703

32 Chapter 2 S2-1 Put the steps in the accounting cycle in the proper sequence by inserting the numbers 1 to 11. a. Prepare a post-closing trial balance b. Prepare an adjusted trial balance c. Identify and analyze the transaction d. Prepare the unadjusted trial balance e. Post adjusting journal entries to the ledger f. Post from the journal to the ledger accounts g. Journalize adjusting journal entries h. Journalize closing entries i. Prepare fnancial statements j. Post closing entries to the ledger k. Record transaction in a journal 1 M02_MILL2421_11_SE_C02.indd 2 17/06/19 3:49 PM Downloaded by Elham Norouzi ([email protected]) lOMoARcPSD|32092703