R‌‌‍‌‌‍‍‍‌‍‍‌‍‍‍‌‌‌‍ecording Business Transactions in accounting cycle

This is a paper  that focuses on the R‌‌‍‌‌‍‍‍‌‍‍‌‍‍‍‌‌‌‍ecording Business Transactions in accounting cycle. The paper also contains several question on proficiency.

R‌‌‍‌‌‍‍‍‌‍‍‌‍‍‍‌‌‌‍ecording Business Transactions in accounting cycle

R‌‌‍‌‌‍‍‍‌‍‍‌‍‍‍‌‌‌‍ecording Business Transactions

This assignment will familiarize you with the beginning steps in the accounting cycle. After completing this assignment, you will understand: The concepts of a general journal, ledger, and chart of accounts. How to prepare journal entries from business transactions. Purposes of a trial balance. The concepts of horizontal and vertical analysis. Instructions Respond to the following questions or problems using grammatically correct language and appropriate APA citations. To achieve a proficient grade in this assignment, answer the proficient-level queries for each question. To achieve a distinguished grade, answer both sets of queries for each question.

Question 1: Proficient: Firstly, describe the nature and purposes of the general journal, ledger, and chart of accounts. Distinguished: Additionally, describe the act of posting a transaction from the general journal to the ledger. What difficulties could arise if no cross-indexing existed between the general journal and also the ledger accounts?
Question 2: Proficient: Secondly, prepare the journal entry required for each of the following transactions. Be sure to identify which part of the entry is the debit and which is the credit. Provide five correct responses: Cash was for services performance for customers, $1,200. Services were performance for customers on account, $4,200. Additionally, purchased machinery for cash, $30,000. Capital stock was issued for $100,000. Salaries for a period were paid to employees, $24,000. Purchased a truck using a note payable, $35,000. Distinguished: Correctly prepare all of the journal entries for the transactions.

R‌‌‍‌‌‍‍‍‌‍‍‌‍‍‍‌‌‌‍ecording Business Transactions in accounting cycle

Question 3: Proficient: Thirdly, what are the purposes of an unadjusted trial balance? Describe the types of accounts that would appear on this type of trial balance. Distinguish: If you found that the total of the debits column of the trial balance for a company is $200,000, while the total of the credits column is $180,000, what are some possible causes of this difference?
Question 4: Proficient:Fourthly, student remembes that the side toward the window in the classroom was the debit side of an account. The student took an examination in a room where the windows were on the other side of the room and became confused and consistently reversed debits and credits. Would the student’s trial balance have equal debit and credit totals? If there were no existing balances in any of the accounts to begin with, would the error prevent the student from preparing correct financial statements? Why? Distinguish: Store equipment purchase was for $2,000. Of what help will the trial balance be in locating this error?

Question 5: Proficient: What is the difference between horizontal and also vertical analysis of financial statements?

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