Chapter 2, Problem 2.35BP

(1)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

• Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.
• Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

Posting transactions: The process of transferring the journalized transactions into the accounts of the ledger is known as posting the transactions.

Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their balances.

To journalize: The transactions of VY for the month of March

(2)

To determine

To post: The T-accounts for VY and indicate the balance as Bal.

(3)

To determine

To Prepare: trial balance for VY at March 31, 2018.