Chapter 1-4 Review

Review over Chapters 1-4 for ACC 111 at Scottsdale Community College.

Review covers:
- Journal entries
- T-accounts
- Trial Balance, Adjusted Trial Balance, Post-Closing Trial Balance
- Financial Statements
- Adjusting Entries
- Closing Entries

Transactions:

July 1 Artie invests $30,000 in the business, Artichokes LLC.
July 1 Signed an office space rental agreement, paying $6,000 for six months.
July 3 Purchased $15,000 of equipment, paying $5,000 in cash and the remainder on account.
July 6 Buy $500 of supplies on account.
July 10 Receive $10,000 payment from a customer for future services.
July 12 Artie withdraws $1,000 cash for personal use.
July 14 Perform services worth $3,000 and bill the customer for the amount.
July 18 Paid employees a total of $2,000.
July 21 Receive payment in full from customer billed on July 14.
July 28 Pay creditors $2,000 for amount owed.
July 30 Perform services for a customer. Earned $12,000 in revenue, received $8,000 in cash and the remainder is on account.

Other data:
1. $150 of supplies were used in July.
2. Employees are owed $1,800 and will be paid on August 2.
3. The equipment has depreciated $125 this month.
4. $8,000 of the unearned revenue remains unearned.
5. One month of the six-month rental agreement has expired.

#accounting #exam #review

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[beebless]

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[christyjohnson]

Extremely helpful! Thank you!!! Thanks to your lesson, I have a better understanding of accounting in Ch 1-4. hopefully, you have a study on chapters 5-7.

[amilynsek]

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[cyrusbfbulan]

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[birukdeme]

So helpful Clear and easy thanks a lot .

[hamzalatif]

Can you please write their questions as well so that Can understand more?

[freshzoother]

This video is incredibly helpful.
Question: If you are using perpetual adjustment method do you just skip the unadjusted trial balance and go straight to the adjusted?

[amerqaraqesh]

Hello Prof Steven,
I hope you are good today
I want to ask about the Adjusting entries
Would it be better if I understood it or saved it?

[Arthatch]

Your numbers don't match on the Debit column. Debit column shows $66225 and Credit column $65425. You are off by $ 800.00

[seeikigai]

Hey, can some one explain to me please, why in adjusting entries salary expense is 1, 800 and not 2000 ? thank you <3