Reference no: EM132462813

ALGORITHMIC WORK4ME PROBLEM

Step 1. Move the pointer to Journal/Ledgers/Statements in the Menu Bar, move down to the General Ledger selection and click. The completed Trial Balance will appear on the screen. Print the trial balance.

Step 2. Move the pointer to Check Figures in the Menu Bar. Select Problem Check Figures. Print the Check Figures for Problem Four - Adjusted.

• If all of your totals match the check figures, continue with the instructions that follow.

• If your Trial Balance totals for the accounts shown in the Check Figures do not match, follow the instructions in 'How to Correct Journal Entries."

Step 3. Print the Adjusted Trial Balance for Classic Accounting Services, Incorporated.

Step 4. Click on the Ledger Card button. The Cash ledger card will appear on the screen. Print the Cash account.

Step 5. Using the pull-down screen, select, show, and print each of the following additional ledger cards.

Account number: 105 Accounts Receivable Account number: 201 Accounts Payable Account number: 220 Unearned Consulting Fees Account number: 601 Salaries Expense

Step 6. Move the pointer to Journal/Ledgers/Statements in the Menu Bar, then down to Financial Statements and select Income Statement. Print the document.

Step 7. Select and Print the Retained Earnings Statement.

Step 8. Select and Print the Balance Sheet.

Step 9. When all of the required documents have been printed, you have completed your computer work for Problem 4. To exit this problem, click on Log Out. From the PKL software Home Page you may make another selection or click on File and exit the website.

Step 10. Using your printed documents, answer the questions to the examination on the next page. After you have filled in the answers, log in to Problem 4. Daily and Adjusting Entries, move the pointer to Evaluations and complete Exam 4: Daily and Adjusting Entries. You may print the examination to hand in to your professor or, if required, email your examination to your professor.

ALGORITHMIC WORK4ME PROBLEM FOUR NAME_______________________________________ DAILY & ADJUSTING ENTRIES CLASS DAY AND TIME__________DATE________

Question 1. Do the totals on your printed Adjusted Trial Balances match the figures shown in the Check Figures - Problem 4 - After Adjusting Entries? A) Yes B) No

Question 2. If the ending inventory for office supplies had been only $50, what would have been the balance of the Office Supplies Expense account after the required adjusting entry?

Question 3. If there had not been any accrued salaries and wages for the period, what would have been the balance of the Salaries and Wages Expense account?

Question 4. What is the total of the quarterly operating expenses?

Question 5. What is the total Income From Operations for the quarter ended June 30?

Question 6. The Income From Operations of the business is what percent of the Total Revenues, rounded to the nearest hundredth? On the computer graded examination do not write the word percent or use the percent sign % in the answer to this question.

Question 7. To the nearest hundredth, Salaries and Wages Expense is what percent of total revenues? On the computer graded examination do not write the word percent or use the percent sign [%] in the answer to this question.

Question 8. For the same quarter one year ago, Income From Operations was 55.01% of Salaries and Wages Expense and 17.01% of Total Revenues. This current quarter has shown improvement in: A. Both Items B. Only Salaries and Wages Expense C. Only in Income From Operations to Total Revenues D. None of the areas.

Question 9. If in error, the adjusting entry for the depreciation of the building had not been recorded as required, what would have been the reported total of the Income From Operations for the business?

Question 10. How much has the Retained Earnings account increased this accounting period?

Question 11. What is the net worth or total Stockholders' Equity of Classic Accounting Services, Incorporated?

Question 12. On the June 30 Balance Sheet, what is the book value of Automobiles?

Question 13. On the Cash account ledger card, what was the invoice number for the first June 19 credit entry?

______________ Invoice Number

Question 14. What was the number of the check used to pay the cash dividend on June 30?

______________ Check Number

Question 15. On the Accounts Payable ledger card, what was the number of the check used to pay invoice number V4567?

______________ Check Number

Attachment:- Classic Accounting Services.rar