What financial statement provides the financial condition of a company on any given day quizlet?

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Journal entries and adjusting entries: A general journal is the collection of all business transactions in an accounting system sorted by date (a journal is a document where business transactions are recorded so there can be also be other types of journals). Journal entries are the records in journals , they are dated and show the accounts affected, the amounts and sometimes an explanation.
A subset of journal entries are typical made at the end of an accounting period to record items such as accruals that are not yet reflected in the accounting system.

AND THAN

General ledger and t accounts: a document that shows all business transactions by account. Contains all of the same entries as that posted to the general journal, the only difference is that the data is sorted by date in a journal and by account in the ledger.

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Trial balance and adjusted trial balance: a document or computer file that list account balances at a particular point in time. Trial balances are typically prepared at the end of an accounting period as a first step in producing financial statements.

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Financial Statements: The financial statements, a final product of the accounting system, are prepared based on the account totals from an adjusted trial balance

In processing a transaction, the sum of the debits equals the sum of the credits, which is consists with the accounting equation.

On January 1, 2017, total assets for Liftoff Technologies were $125,000; on December 31, 2017, total assets were $145,000. On January 1, 2017, total liabilities were $110,000; on December 31, 2017, total liabilities were $115,000. What are the amount of the change and the direction of the change in Liftoff Technologies shareholders' equity for 2017?
A) decrease of $15,000
B) increase of $15,000
C) increase of $30,000
D) decrease of $30,000

Shareholders' equity for Raisin Corporation on January 1, 2017 and December 31, 2017 were $60,000 and $75,000, respectively. Assets on January 1, 2017 and December 31, 2017 were $115,000 and $105,000, respectively. Liabilities on January 1, 2017 were $55,000. What is the amount of liabilities on December 31, 2017?
A) $40,000
B) $15,000
C) $30,000
D) $55,000

On December 15, 2016, a company receives an order from a customer for services to be performed on December 28, 2016. Due to a backlog of orders, the company does not perform the services until January 3, 2017. The customer pays for the services on January 6, 2017. When should revenue be recorded by the company?
A) December 15, 2016
B) January 3, 2017
C) December 28, 2016
D) January 6, 2017

On December 1, 2017, Cream Ale Ltd. receives $1,800 in advance for an agreement to brew beer during the months of December, January, and February. As of December 31, 2017, Cream Ale Ltd:
A) would have a $1,200 liability to its client under accrual accounting, and would have a $1,800 liability to its client under cash-basis accounting
B) would have recognized $600 revenue under accrual accounting, and would have recognized $1,800 revenue under cash-basis accounting
C) would have a $0 liability to its client under accrual accounting, and would have a $1,200 liability to its client under cash-basis accounting
D) would have recognized $600 cash under accrual accounting, and would have recognized 1,800 cash under cash-basis accounting

On December 31, 2017, salaries owed to employees total $5,650 and will be paid on January 4, 2017. The adjusting entry prepared on December 31, 2017, includes a:
A) debit to Salary Expense for $5,650
B) debit to Salary Payable for $5,650
C) credit to Cash for $5,650
D) credit to Salary Expense for $5,650

The balance in Accounts Receivable was $700,000 at the beginning of the year and $780,000 at the end of the year. Credit sales for the year totaled $4,110,000. During the year, $430,000 in customer accounts were written off. How much cash was collected from customers during the period?
A) $3,600,000
B) $4,030,000
C) $4,460,000
D) $4,620,000

Stelloh's Berry Farm accepted a bank-issued credit card in payment of a $1,300 sales transaction. Stelloh's bank charges 3% to process the transaction. The journal entry to record the sales transaction will include (Ignore cost of goods sold.):
A) a debit to Accounts Receivable for $1,261 and a credit to Sales Revenue for $1,261
B) a debit to Cash for $1,300 and a credit to Sales Revenue for $1,300
C) a debit to Cash for $1,261, a debit to Credit Card Fee for $39 and a credit to Sales Revenue for $1,300
D) a debit to Accounts Receivable for $1,300, a debit to Credit Card Revenue for $39 and a credit to Sales Revenue for $1,339

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