Chapter 4: Completing the Accounting Cycle

Mary Smith is the controller for ABC Printing Service. Mary has been putting in a lot of overtime; therefore, she has been allowed hire an assistant. Marys assistant is a bright, high school graduate, but he has never taken an accounting class. Mary is trying to decide which accounting activities could be delegated to her assistant. Mary is willing to give the assistant a few simple instructions on how to complete each task, but she doesnt have time to teach the assistant to be an accountant.

For each task listed, state whether Mary should continue to do the work or delegate the task to her assistant. Please explain each answer.

List the account balances from the general ledger in the Trial Balance columns of the end-of-period spreadsheet.
Add the Debit and Credit columns of the trial balance.
Make the adjusting entries on the spreadsheet.
Complete the spreadsheet.
Type the formal financial statements using the data from the Income Statement and Balance Sheet columns of the spreadsheet.
Journalize and post the adjusting entries.
Responses to Classmates:

Please let your classmates know why Accounts Receivable can never have a credit balance. Please let them know why Accounts Payable can never have a debit balance.

Response to Instructor:

Please check your thread for questions or comments from me and be sure to provide a comprehensive response, as requested.


Please make sure that your initial post contains a properly cited reference. Please use APA style. You should cite your text as a minimum. Additionally, check your spelling and proofread your post before you hit the submit button.

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