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AC1220 ACCOUNTING I Lab 2.1

A lab assignment for AC 1220 Accounting I, focusing on accounting for transactions and financial statements.

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AC1220 ACCOUNTING ILab2.11AC1220 ACCOUNTING I Lab 2.1For the AC1220 Lab 2.1 assignment, consider the following accounting scenarios based on transactions at Jake’s Computer RepairService. Jones must journalize these transactions, make the necessary adjustments, and prepare financial statements for February 20x1.In your response, ensure you address each of the following:1.Journalize the transactions for the month of February 20x1, as described in Requirement 1.2.Make the adjustment entries for February 20x1 based on the information provided in Requirement 2.3.Complete the accounting worksheet in Requirement 3 by calculating the adjusted balances for each account and identifying theadjustments (i)-(l).4.Prepare an income statement, a statement of owner’s equity, and a balance sheet for Jake’s Computer Repair Service as ofFebruary 28, 20x1, using the adjusted trial balance from Requirement 3.5.Identify the basis of accounting Jones is applying (cash basis or accrual basis) in Requirement 5, explaining your choice.6.Explain the accounting principle or concept Jones is applying when adjusting revenues and expenses for February 20x1 inRequirement 6.7.Determine whether the statement regarding adjustment entries affecting the cash account is true or false in Requirement 7.8.Discuss the effect on the income statement if Jones had failed to accrue interest on the note payable in Requirement 8.9.Answer whether the cash basis of accounting is required under GAAP for financial statement preparation, as outlined inRequirement 9.Your answer should be detailed, clear, and organized. Be sure to include all necessary calculations and explanations for eachrequirement.Word Count Requirement: 800–1,200 words

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Document Details

University
ITT Technical Institute Chantilly
Course
AC 1220
Subject
Accounting

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