ACC 205 (Principles of Accounting) Ashford
Week 2 DQ 1 (Accounting Cycle)
Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not?
Week 2 DQ 2 (Bank Reconciliation)
What is the purpose of bank reconciliation? What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements? Analyze several of your peers’ posts. Let at least two of your peers know what happens to the discrepancies between the book balance and the bank balance. Could these differences just be written off?
Week 2 Assignments:
ACC 205 Week 2 Exercise Solution Includes:1-(Classification of items for Ron Carroll Company)2-( Computing prepaid account balance of Action Sign Company)-3(Understanding the closing process)4-( Adjusting entries and financial statements for Fixation Enterprises)5-( Adjusting entries preparation for Kathy’s Day Care Center)6-( Palmetto Company’s Bank reconciliation and adjusting entries)7-( Direct write-off method)8-( Allowance method) 9-(Direct write-off and allowance methods)10-( Allowance method)
ACC 205 Week 2 Exercise Assignment Includes: 1-(Recognition of concepts) 2-(. Analysis of prepaid account balance)3-( Understanding the closing process)4-( Adjusting entries and financial statements)5-( Adjusting entries)6-( Bank reconciliation and entries)7-( Direct write-off method)8-( Allowance method: estimation and balance sheet disclosure) 9-(Direct write-off and allowance methods: matching approach)10-( Allowance method: analysis of receivables)
ACC 205 Week 2 Income Statement Journal.