have a second homework assignment required in very short order 494691

1. Draw a diagram of the first three steps in the accounting cycle. Then, explain to me the meaning of the three steps, and why they are important? 2. Selected accounts from the general ledger of the Express Lawnmower Service follow. Analyze the following transactions and indicate by number what accounts should be debited and credited for each transaction. Cash Accounts Receivable Supplies 131 Equipment 202 Accounts Payable Thomas Jefferson, Capital 401 Fees Income 511 Rent Expense 514 Salaries Expense Utilities Expense Transactions: 1. Issued a check for $1,700 to pay the monthly rent. 2. Purchased supplies for $1,000 on credit. 3. Collected $4,800 from credit customers. 4. Collected services for $3,900 in cash. 5. Performed services for $3,900 in cash. 6. Issued a check for $1,500 to pay a creditor on account. 7. Purchased new equipment for $2,150 and paid for it immediately by check. 8. Provided services for $5,600 on credit. 9. Sent a check for $600 to the utility company to pay the monthly bill. 10. Gave a cash refund of $180 to a customer because of a lost package (customer had previously paid in cash.) Attach additional paper if necessary to the examination for completion of problem. 3. Tell me why it is important to record transactions in the general ledger, and to prepare compound journal entries? 4. Tell me why it is important to post journal entries to general ledger accounts, and to correct errors made in the journal or ledger? 5. What are three situations you might encounter in which you need to “follow” the audit trail? 6. Tell me why it is important to complete a trail balance on a worksheet, and why it is important to prepare adjustments for unrecorded business transactions? Tell me why if you skip the adjustment process, how will this affect the financial statements? 8. Determine the necessary end-of-June adjustments for Black and…