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. Rules of Debit and Credit: Following rules are followed for debiting and crediting different accounts while they occur in business transactions: Debit , all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities. Credit , all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses. 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 record: Journal entries for the transaction of Company A for April 30, 2015.

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Answer 1

Question

Chapter 2, Problem 2.2BP

(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.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

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 record: Journal entries for the transaction of Company A for April 30, 2015.

(b)

To determine

To post: The journal entries to the ledger accounts of Company A for April 30, 2015.

(c)

To determine

To prepare: The trial balance of Company A for April 30, 2015.

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Answer 2

Question

Chapter 2, Problem 2.2BP

(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.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

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 record: Journal entries for the transaction of Company A for April 30, 2015.

(b)

To determine

To post: The journal entries to the ledger accounts of Company A for April 30, 2015.

(c)

To determine

To prepare: The trial balance of Company A for April 30, 2015.

Expert Solution & Answer

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Answer 3

Question

Chapter 2, Problem 2.2BP

(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.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

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 record: Journal entries for the transaction of Company A for April 30, 2015.

(b)

To determine

To post: The journal entries to the ledger accounts of Company A for April 30, 2015.

(c)

To determine

To prepare: The trial balance of Company A for April 30, 2015.

Expert Solution & Answer

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Answer 4

Question

Chapter 2, Problem 2.2BP

(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.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

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 record: Journal entries for the transaction of Company A for April 30, 2015.

(b)

To determine

To post: The journal entries to the ledger accounts of Company A for April 30, 2015.

(c)

To determine

To prepare: The trial balance of Company A for April 30, 2015.

Expert Solution & Answer

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See solution

Answer 5

Chapter 2, Problem 2.2BP

(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.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

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 record: Journal entries for the transaction of Company A for April 30, 2015.

(b)

To determine

To post: The journal entries to the ledger accounts of Company A for April 30, 2015.

(c)

To determine

To prepare: The trial balance of Company A for April 30, 2015.

Answer 6

Chapter 2, Problem 2.2BP

(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.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

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 record: Journal entries for the transaction of Company A for April 30, 2015.

Answer 7

Chapter 2, Problem 2.2BP

(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.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

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 record: Journal entries for the transaction of Company A for April 30, 2015.

Answer 8

(b)

To determine

To post: The journal entries to the ledger accounts of Company A for April 30, 2015.

Answer 9

(b)

To determine

To post: The journal entries to the ledger accounts of Company A for April 30, 2015.

Answer 10

(c)

To determine

To prepare: The trial balance of Company A for April 30, 2015.

Answer 11

(c)

To determine

To prepare: The trial balance of Company A for April 30, 2015.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 2 - Prob. 1Q Ch. 2 - Prob. 2Q Ch. 2 - 3. Tom Dingel, a fellow student contends that the...Ch. 2 - 4. Olga Conrad, a beginning accounting student,...Ch. 2 - Prob. 5Q Ch. 2 - Prob. 6Q Ch. 2 - 7. Indicate whether each of the following accounts...Ch. 2 - Prob. 8Q Ch. 2 - 9. Indicate whether the following accounts...Ch. 2 - Prob. 10Q

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To post: The journal entries to the ledger accounts of Company A for April 30, 2015.

To prepare: The trial balance of Company A for April 30, 2015.

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