Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello

تمرين 30

The Accounting Cycle: Journalizing, Posting, and Preparing a Trial Balance
In M arch 2015, Mary Tone organized a corporation to provide package delivery services. The company, called Tone Deliveries, Inc., began operations immediately. Transactions during the month of March were as follows:

The account titles used by Tone Deliveries are:

Instructions
a. Analyze the effects that each of these transactions will have on the following six components of the company's financial statements for the month of March. Organize your answer in tabular form, using the column headings shown below. Use I for increase, D for decrease, and NE for no effect. The March 2 transaction is provided for you:

b. Prepare journal entries (including explanations) for each transaction.
c. Post each transaction to the appropriate ledger accounts (use a running balance format as shown in Exhibit 3-4 , page 97).
EXHIBIT
Ledger Showing Transactions

d. Prepare a trial balance dated March 31, 2015.
e. Using figures from the trial balance prepared in part d, compute total assets, total liabilities, and owners' equity. Are these the figures that the company will report in its March 31 balance sheet? Explain your answer briefly.