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 format of account, 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: (a) Ledger accounts and post the opening balances (b) Journal entries for the April transactions, (c) ledger accounts and (d) the trial balance as on April 30, 2019.

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Answer 1

Question

Chapter 2, Problem 2.5AP

(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 format of account, 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: (a) Ledger accounts and post the opening balances (b) Journal entries for the April transactions, (c) ledger accounts and (d) the trial balance as on April 30, 2019.

(b)

To determine

Journalize the transactions.

(c)

To determine

Post the transactions in the ledgers.

(d)

To determine

Prepare the trial balance as on April 30, 2019.

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Answer 2

Question

Chapter 2, Problem 2.5AP

(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 format of account, 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: (a) Ledger accounts and post the opening balances (b) Journal entries for the April transactions, (c) ledger accounts and (d) the trial balance as on April 30, 2019.

(b)

To determine

Journalize the transactions.

(c)

To determine

Post the transactions in the ledgers.

(d)

To determine

Prepare the trial balance as on April 30, 2019.

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Answer 3

Question

Chapter 2, Problem 2.5AP

(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 format of account, 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: (a) Ledger accounts and post the opening balances (b) Journal entries for the April transactions, (c) ledger accounts and (d) the trial balance as on April 30, 2019.

(b)

To determine

Journalize the transactions.

(c)

To determine

Post the transactions in the ledgers.

(d)

To determine

Prepare the trial balance as on April 30, 2019.

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Answer 4

Question

Chapter 2, Problem 2.5AP

(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 format of account, 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: (a) Ledger accounts and post the opening balances (b) Journal entries for the April transactions, (c) ledger accounts and (d) the trial balance as on April 30, 2019.

(b)

To determine

Journalize the transactions.

(c)

To determine

Post the transactions in the ledgers.

(d)

To determine

Prepare the trial balance as on April 30, 2019.

Expert Solution & Answer

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Answer 5

Chapter 2, Problem 2.5AP

(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 format of account, 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: (a) Ledger accounts and post the opening balances (b) Journal entries for the April transactions, (c) ledger accounts and (d) the trial balance as on April 30, 2019.

(b)

To determine

Journalize the transactions.

(c)

To determine

Post the transactions in the ledgers.

(d)

To determine

Prepare the trial balance as on April 30, 2019.

Answer 6

Chapter 2, Problem 2.5AP

(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 format of account, 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: (a) Ledger accounts and post the opening balances (b) Journal entries for the April transactions, (c) ledger accounts and (d) the trial balance as on April 30, 2019.

Answer 7

Chapter 2, Problem 2.5AP

(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 format of account, 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: (a) Ledger accounts and post the opening balances (b) Journal entries for the April transactions, (c) ledger accounts and (d) the trial balance as on April 30, 2019.

Answer 8

(b)

To determine

Journalize the transactions.

Answer 9

(b)

To determine

Journalize the transactions.

Answer 10

(c)

To determine

Post the transactions in the ledgers.

Answer 11

(c)

To determine

Post the transactions in the ledgers.

Answer 12

(d)

To determine

Prepare the trial balance as on April 30, 2019.

Answer 13

(d)

To determine

Prepare the trial balance as on April 30, 2019.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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Journalize the transactions.

Post the transactions in the ledgers.

Prepare the trial balance as on April 30, 2019.

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