CONNECT ONLINE ACCESS FOR INTERMEDIATE
10th Edition
ISBN: 9781264798834
Author: SPICELAND
Publisher: MCG
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Question
Chapter 2, Problem 2.3BE
To determine
Accounting Cycle:
Accounting cycle refers to the process of recording a business transaction in the books of accounts. This cycle concludes when the financial statements are prepared.
T-account:
- T-account is the form of the ledger account, where the
journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’. - The components of the T-account are as follows:
-
- a) The title of the account
- b) The left or debit side
- c) The right or credit side
To Post: The prepared journal entries to the T-accounts.
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Students have asked these similar questions
Pg 37 T- Accounts
Please find the missing amount on the follwoing T-Account. and explain CLEARLY and indepth (showing formula or method) on how you found the amount.
Accounts Payable
DRs
6/4 Transaction A 1500
6/8 Transaction C 2000
CRs
Beginning Balance 3000
6/6 Transaction B UNKOWN
6/29 Transaction D 3,400
Ending Balance 6,700
Question 9
4G
illll 2:54 3.80
* 4G,
89
KB/s
< ACC - Disimpan
1.PREPARE THE POST CLOSING TRIAL BALANCE
ACCOUNTT TITLE
DEBIT
CREDIT
account payable
60,000
Account receivable
Bank
Capital
65,000
38,000
170,000
Cash
2,000
Comission paid
4,300
Comission received
1,500
Discount Allowed
2,300
Discount Received
3,500
Donations
Drawings
Fixture and Fittings
500
500
35,000
Freight inwards
Freight outward
General Expenses
Insurance premium
Interest received on investment
Land and building
1000
1,400
2300
3,600
5,000
80,000
Loan from Mbb
67,500
opening inventory 1 JAN 2019
Patent
26.000
50,000
Printing and stationery
Purchases
700
65,000
Rates and taxes
3,200
Rental paid
4,000
Rental revenue
Return inwards
2,000
1,500
Returns Outwars
1,800
Sales
,000
Wages and salaries
Electricity bills
Accrued Electricity
12,000
1,566
1,566
Utility bills
Depreciation
Accumulated Depreciation
unearned Rental Revenue
Prepaid rental
500
7,000
7,000
1,000
1.500
Total
408866
408866
Chapter 2 Solutions
CONNECT ONLINE ACCESS FOR INTERMEDIATE
Ch. 2 - Explain the difference between external events and...Ch. 2 - Each economic event or transaction will have a...Ch. 2 - What is the purpose of a journal? What is the...Ch. 2 - Explain the difference between permanent accounts...Ch. 2 - Describe how debits and credits affect assets,...Ch. 2 - Describe how debits and credits affect temporary...Ch. 2 - What is the first step in the accounting...Ch. 2 - Prob. 2.8QCh. 2 - Prob. 2.9QCh. 2 - Prob. 2.10Q
Ch. 2 - What is an unadjusted trial balance? An adjusted...Ch. 2 - Define adjusting entries and discuss their...Ch. 2 - Define closing entries and their purpose.Ch. 2 - Define prepaid expenses and provide at least two...Ch. 2 - Deferred revenues represent liabilities recorded...Ch. 2 - Define accrued liabilities. What adjusting journal...Ch. 2 - Prob. 2.17QCh. 2 - [Based on Appendix A] What is the purpose of a...Ch. 2 - [Based on Appendix B] Define reversing entries and...Ch. 2 - [Based on Appendix C] What is the purpose of...Ch. 2 - Prob. 2.21QCh. 2 - Transaction analysis LO21 The Marchetti Soup...Ch. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Prob. 2.3BECh. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries; income determination LO24,...Ch. 2 - Prob. 2.12BECh. 2 - Journal entries LO22 Prepare journal entries to...Ch. 2 - T-accounts and trial balance LO23 Post the...Ch. 2 - Prob. 2.5ECh. 2 - Debits and credits LO22 Indicate whether a debit...Ch. 2 - Prob. 2.7ECh. 2 - Prob. 2.8ECh. 2 - Reversing entries Appendix 2B The employees of...Ch. 2 - Special journals Appendix 2C The White Companys...Ch. 2 - Prob. 2.24ECh. 2 - Prob. 2.3PCh. 2 - Prob. 2.4PCh. 2 - Prob. 2.8PCh. 2 - Prob. 2.12PCh. 2 - Judgment Case 21 Cash versus accrual accounting;...Ch. 2 - Communication Case 23 Adjusting entries LO24 I...Ch. 2 - Prob. 2.1DA
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