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Assignment #4 Chapter 4

The document outlines an accounting assignment involving a case study with various account balances and a trial balance. It includes instructions for identifying steps in the accounting cycle and recording transactions for different accounts. Additionally, it discusses the potential efficiency of recording transactions directly to the ledger and raises an ethical question regarding this practice.

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Valentina
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52 views11 pages

Assignment #4 Chapter 4

The document outlines an accounting assignment involving a case study with various account balances and a trial balance. It includes instructions for identifying steps in the accounting cycle and recording transactions for different accounts. Additionally, it discusses the potential efficiency of recording transactions directly to the ledger and raises an ethical question regarding this practice.

Uploaded by

Valentina
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

ASSIGNMENT #4 (Ch.

4 Case Study, page 205 of the Workbook)


(a) ACCOUNT NAME BALANCE
Accounts Payable $5,900
Accounts Receivable 6,400
Cash 4,500
Equipment 13,400
Lambton, Capital 18,400
Lambton, Withdrawals -
Bank Loan -
Prepaid Insurance -
Insurance Expense -
Office Supplies Expenses -
Rent Expense -
Salaries Expense -
Service Revenue -
Unearned Revenue -
Utilities Expense -
Total

(b) Identify the steps in the accounting cycle that need to be done repeatedly during the accounting period before th

c) Date Account Title and Explanation


Account: Cash
Date Description

Account: Accounts Receivable


Date Description

Account: Prepaid Insurance


Date Description

Account: Equipment
Date Description

Account: Accounts Payable


Date Description
Account: Unearned Revenue
Date Description

Account: Bank Loan


Date Description

Account: Lambton, Capital


Date Description

Account: Lambton, Withdrawals


Date Description

Account: Service Revenue


Date Description

Account: Office Supplies Expense


Date Description

Account: Salaries Expense


Date Description
Account: Rent Expense
Date Description

Account: Insurance Expense


Date Description

Account: Utilities Expense


Date Description

(d) Trial
Balance

e) In order to improve the efficiency of the accounting process, Mary is considering recording transactions directly t
ACCOUNT CATEGORY DEBIT CREDIT
Liabilities $5,900

he accounting period before the trial balance can be prepared at the end of the accounting period.

PR Debit Credit
GL No: 110
PR DR CR Balance

GL No: 120
PR DR CR Balance

GL No: 130
PR DR CR Balance

GL No: 150
PR DR CR Balance

GL No: 210
PR DR CR Balance
GL No: 220
PR DR CR Balance

GL No: 230
PR DR CR Balance

GL No: 310
PR DR CR Balance

GL No: 320
PR DR CR Balance

GL No: 410
PR DR CR Balance

GL No: 500
PR DR CR Balance

GL No: 510
PR DR CR Balance
GL No: 520
PR DR CR Balance

GL No: 530
PR DR CR Balance

GL No: 540
PR DR CR Balance

cording transactions directly to the ledger and eliminating the use of a journal. Would it be ethical to do so? Explain.
so? Explain.

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