I need you to create a review worksheet for me that has an example of each bullet listed. The examples must have numerical values, not simply (debit xx, credit xx) I need examples with the work shown. This includes formulas, written explanations if possible, and the answer. I’m using this as my study guide for midterm.
Buying inventory using perpetual inventory and paying taking a discount and not taking a discount. Understand and prepare the journal entry.
Play with the accounting equation – how is the accounting equation is affected by a transaction.
How are the financial statements connected?
Analyze journal entries – select the correct entry for a particular event.
Calculate the book value (cost less accumulated depreciation) using the straight line method.
Prepare adjusting entries and the balance of the accounts for service revenue, prepaid expenses, interest expenses, interest revenues.
Determine the cost of inventory
Select the entry to record the purchase of equipment with a down payment and a loan.
Errors detected by checking the trial balance (in balance or out of balance).
Determine the balance of cash and bank reconciliations.
Which accounts are permanent or temporary?
Journal entry when the inventory count shows a difference with the inventory records.
What is the amount of understatement or overstatement of an expense or revenue when you fail to do an adjustment?
Determine the total liabilities or total assets based on certain transactions during a month.
Look at a T account and calculate the ending balance.
Calculate the current assets looking at a balance sheet.
Look at the 10 column worksheet and determine the net income.
Normal balances of accounts.
What are depreciation expense and accumulated depreciation?
Calculate net income.
FOB destination or shipping point, understand 2/10, n30.
