The Accounts and the Adjusted Trial Balance Section of Spencer

question 46

Essay

The accounts and the Adjusted Trial Balance section of Spencer Manufacturing's worksheet are given below.
ADJUSTED TRIAL BALANCE


Instructions:
(1)Enter the account names in the Account Name column and the adjusted trial balance in the Adjusted Trial Balance columns of a 12-column manufacturing worksheet. Or use a 10-column worksheet and use the last four columns, changing the column headings as needed.
(2)Extend the balances to the appropriate columns and complete the worksheet for the year ended December 31, 2019.
(3)Record the closing entries for all revenue and expense accounts and the Manufacturing Summary account on page 9 of a general journal. Omit descriptions.

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Definitions:

Stop Payment

A stop payment is a request made to a financial institution to cancel the processing of a check or payment transaction before it has been finalized.

Bills Of Exchange Act

Legislation governing the creation, transfer, and payment of bills of exchange, a type of negotiable instrument.

Cheque

A bill of exchange that is drawn on a banking institution, and payable on demand.

Drawer

In the context of banking and finance, a drawer is the person who writes or issues a check, directing a bank to pay the stated amount from the drawer's account.