Vicki Lake Is a Computer Consultant

question 2

Essay

Vicki Lake is a computer consultant.Shown below are (a)several accounts in her ledger with each account preceded by an identification number and (b)several transactions completed by Lake.Indicate the accounts debited and credited when recording each transaction by placing the proper account identification numbers to the right of each transaction.
$\begin{array}{|l|l|l|l|}\hline\text { 1. } & \text { Accounts Payable } & 7 . & \text { Telephone Expense } \\\hline 2 . & \text { Accounts Receivable } & 8 . & \text { Unearned Consulting Fees } \\\hline \text { 3. } & \text { Cash } & 9 . & \text { Common Stock } \\\hline \text { 4. } & \text { Consulting Fees Earned } & 10 . & \text { Dividends } \\\hline \text { 5. } & \text { Office Supplies } & 11 . & \text { Insurance Expense } \\\hline \text { 6. } & \text { Office Supplies Expense } & 12 . & \text { Prepaid Insurance }\\\hline\end{array}$

$\begin{array}{|l|l|c|c|} \hline& & \text { Debit } & \text { Credit } \\\hline & \text { Example } & & \\\hline & \text { Completed consulting work for a client } & 2 & 4 \\\hline \text { A } & \text { Rho will pay at a later date } & & \\\hline & \text { for designing a software package } & & \\\hline \text { B } & \text { Purchased office supplies on credit } & & \\\hline & & & \\\hline \text { C } & \text { Paid for the supplies purchased in B } & & \\\hline & & & \\\hline \text { D } & \text { Received the telephone bill of the business } & & \\\hline & \text { and immediately paid it } & & \\\hline \text { E } & \text { Paid for a 3-year insurance policy } & & \\\hline & & &\\\hline\end{array}$

Understand the purpose and components of the end-of-period spreadsheet in the accounting cycle.

Identify the types of accounts and entries that appear in different sections of the end-of-period spreadsheet.

Describe the process for preparing financial statements from the end-of-period spreadsheet.

Analyze how adjustments on the end-of-period spreadsheet impact financial statements.

---

Definitions:

Unconditioned Stimulus

A stimulus that naturally triggers a reflexive response without any prior learning.

Salivation

The secretion of saliva, often triggered reflexively by the anticipation or presence of food as a part of the digestive process.

Blood Sugar

The concentration of glucose in the blood, crucial for energy provision in the body.

Wagner's SOP Model

A theoretical model in psychology that explains how stimuli are processed into memories, focusing on the processes of acquisition, storage, and retrieval.