Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts. Standard form of account: It is the statement representing a ledger account enumerating all the debit and credit transactions in one place and showing the debit and credit amounts separately. Trial Balance : It is prepared at the end of an accounting period listing all the ledgers and their balances. The total of the debit balances in the trial balance shall be equal to the total of the credit balances. It is prepared to check whether there is any mathematical error in the accounts. To Prepare: Journal entries for the transaction on May 31, 2019.

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Chapter 2, Problem 2.2AP

(a)

To determine

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Standard form of account: It is the statement representing a ledger account enumerating all the debit and credit transactions in one place and showing the debit and credit amounts separately.

Trial Balance: It is prepared at the end of an accounting period listing all the ledgers and their balances. The total of the debit balances in the trial balance shall be equal to the total of the credit balances. It is prepared to check whether there is any mathematical error in the accounts.

To Prepare: Journal entries for the transaction on May 31, 2019.

(b)

To determine

To Post the transactions.

(c)

To determine

To Prepare trail balance as on 31 May 2019.

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