Reinforcement Activity 1 Part A P 153 Answer Key Full ^hot^ Jun 2026

Expenses: Debit the specific Expense account (e.g., Rent Expense); Credit Cash.

If Income Statement Credits exceed Debits, you have a . Write "Net Income" in the account title column.

: Cash (110), Petty Cash (120), Accounts Receivable, Supplies, Prepaid Insurance, Accounts Payable, and various Expense accounts (510–550). The Accounting Cycle: A Procedural Analysis reinforcement activity 1 part a p 153 answer key full

Reinforcement Activity 1, Part A on page 153 lays the foundational groundwork for Part B, which will require you to create adjustments, a worksheet, and financial statements like an Income Statement and a Balance Sheet. Nailing Part A is absolutely essential for your success in the rest of the course.

The final step of Part A is moving your ledger balances onto a . For Part A, you are specifically focusing on the Trial Balance columns (Columns 1 and 2). How to Verify Your Answers on Page 153: Expenses: Debit the specific Expense account (e

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+---------------------------+-------------------+-------------------+-------------------+-------------------+-------------------+ | | Trial Balance | Adjustments | Adjusted T/B* | Income Statement | Balance Sheet | | Account Title +---+---------------+---+---------------+---+---------------+---+---------------+---+---------------+ | |Dr.| Cr. |Dr.| Cr. |Dr.| Cr. |Dr.| Cr. |Dr.| Cr. | +---------------------------+---+---------------+---+---------------+---+---------------+---+---------------+---+---------------+ : Cash (110), Petty Cash (120), Accounts Receivable,

Never close asset, liability, or capital accounts. They are permanent accounts. 📋 Step 6: Post-Closing Trial Balance

Don't forget to enter the in the journal to indicate that the entry has been posted to the ledger. Step 3: Determine New Account Balances

Record end-of-period adjustments to bring asset and expense accounts up to date. Debit Supplies Expense; Credit Supplies.

Ensure every transaction has at least one debit and one credit that balance.