Arrange the steps in their proper order as they should occur in the accounting cycle. Then turn to page 153 and check yourself.
| Step 1 | a. prepare financial statements | ||||
| Step 2 | b. prepare a post-closing trial balance | ||||
| Step 3 | c. post from the journal to the ledger | ||||
| Step 4 | d. prepare a source document from a transaction | ||||
| Step 5 | e. journalize and post closing entries | ||||
| Step 6 | f. analyze and journalize transactions | ||||
| Step 7 | g. journalize and post adjusting entries | ||||
| Step 8 | h. complete a worksheet | ||||
| Step 9 | i. prepare a trial balance | ||||
7. Complete the text using phrasal verbs about money: pay back, run up, bail out, catch up, shell out, dip into, put aside, splash out, lay out, save up, scrap by, tide over, get by. Pay attention to the form.
Well, last week I finally... that money that I had been... for the past year and a half. I decided that I should really enjoy myself so I... and had a great meal at Andy's. Next, I went to Macys on Saturday and... $400 for that suit I'd told you about. Of course, I used a great deal of what I to... that bill I had... on my Visa card. It feels great to finally have some money after all those years of.... Thanks again for... me...during that long winter of '95. I don't think I would have.. without your... … Unfortunately, I also had to... about $250 in insurance costs. Oh well, I guess... the cash for those things is just as necessary as anything else. ….
The Chief accountant has noticed some mistakes in the General Journal. He has asked you to write a memo reminding staff how important it is to make the financial statements right. Use these points to write the memo.
- check you have entered all the checks;
- check you put in all of the deposits;
- check you entered all of the receivables and payables;
- check you have done the bank reconciliations.
9. Complete the bill of exchange below with the following information:
– Payment is due 30 days after date;
– The bill is for $50,000;
– It was drawn on 12 November 200_;
– The drawer is Henderson Electronics Plc;
– The order number is 45342311;
– The bill is being drawn on International Boats Ltd, 153 Western Road, Brighton, Sussex, BN1 4EX;
– The drawer’s name is Humbolt Exporters Ltd, Chertsey Road, Nottingham, NG1 1EP, and will be signed by Ms G. Hind, the financial director.
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Past continuous, past perfect and past perfect continuous
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