prepare a trial balance all account names would
Prepare a trial balance
All account names would be listed in left-hand column. Place the account balance in appropriate debit or credit column for those accounts which have balances. Remember that credits and debits MUST balance.
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state about the reporting sales taxes collectedsales tax payable - credit balancesales returns involving a sales taxtax should also be returned to
determine the types of credit card salesbank credit card sales - most retail businesses accept bank credit cards treated as a cash salerecording bank
recording private company credit card salesgoes to the individual company-not a banktreated as a sale on accountcredit card company is responsible
state the list of special journalspurchases - all credit purchases of merchandisecash payments - all payments of cashsales - all credit sales of
prepare a trial balance all account names would be listed in left-hand column place the account balance in appropriate debit or credit column for
determining needed adjustmentsadjustments are required since certain changes take place during the accounting period as time passes although the
explain in detail about the merchandise inventorycost of merchandise purchased during an accounting period is debited to purchases account to
state the steps of merchandise inventory1 transfer the beginning inventory figuredebit income summary for beginning inventory amountcredit
what is the end-of-period worksheetshow trial balance-debits must equal creditsshow adjustments-debits must equal creditscarry adjustments forward to
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