Ex. 192
Indicate the proper sequence of the steps in the accounting cycle by placing numbers 1-8 in the blank spaces.
____a.Analyze business transactions.
____b.Journalize and post adjusting entries.
____c.Journalize and post closing entries.
____d.Journalize the transactions
____e.Prepare a post-closing trial balance.
____f.Prepare a worksheet.
____g.Prepare financial statements.
____h.Post to ledger accounts.
Ex. 193
Ridge Properties discovered the following errors made in January 2011. Prepare the necessary correcting entry for each of the following.
a........................................................A collection on account of $370 from a customer was credited to Accounts Receivable $730 and debited to Cash $730.
b........................................................The purchase of supplies on account for $250 was recorded as a debit to Equipment $250 and a credit to Accounts Payable $250.