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 : Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements. To Prepare: Ledger accounts and post the opening balances of Company H for March 31, 2015.

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Answer 1

Question

Chapter 2, Problem 2.5BP

(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:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

To Prepare: Ledger accounts and post the opening balances of Company H for March 31, 2015.

b)

To determine

To Journalize: The transactions of Company H for March 31, 2015.

c)

To determine

To post: The journal entries to ledger accounts of Company H for March 31, 2015.

d)

To determine

To prepare: Trial balance of Company H for March 31, 2015.

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Krypton Corp. estimated manufacturing overhead for the year to be $842,000. At the end of the year, actual direct labor hours were 48,300 hours, the actual manufacturing overhead was $919,500, and manufacturing overhead was overapplied by $76,200. If the predetermined overhead rate is based on direct labor hours, what were the estimated direct labor hours at the beginning of the year used in the predetermined overhead rate?

Answer 2

Question

Chapter 2, Problem 2.5BP

(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:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

To Prepare: Ledger accounts and post the opening balances of Company H for March 31, 2015.

b)

To determine

To Journalize: The transactions of Company H for March 31, 2015.

c)

To determine

To post: The journal entries to ledger accounts of Company H for March 31, 2015.

d)

To determine

To prepare: Trial balance of Company H for March 31, 2015.

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Answer 3

Question

Chapter 2, Problem 2.5BP

(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:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

To Prepare: Ledger accounts and post the opening balances of Company H for March 31, 2015.

b)

To determine

To Journalize: The transactions of Company H for March 31, 2015.

c)

To determine

To post: The journal entries to ledger accounts of Company H for March 31, 2015.

d)

To determine

To prepare: Trial balance of Company H for March 31, 2015.

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Answer 4

Question

Chapter 2, Problem 2.5BP

(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:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

To Prepare: Ledger accounts and post the opening balances of Company H for March 31, 2015.

b)

To determine

To Journalize: The transactions of Company H for March 31, 2015.

c)

To determine

To post: The journal entries to ledger accounts of Company H for March 31, 2015.

d)

To determine

To prepare: Trial balance of Company H for March 31, 2015.

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Answer 5

Chapter 2, Problem 2.5BP

(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:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

To Prepare: Ledger accounts and post the opening balances of Company H for March 31, 2015.

b)

To determine

To Journalize: The transactions of Company H for March 31, 2015.

c)

To determine

To post: The journal entries to ledger accounts of Company H for March 31, 2015.

d)

To determine

To prepare: Trial balance of Company H for March 31, 2015.

Answer 6

Chapter 2, Problem 2.5BP

(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:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

To Prepare: Ledger accounts and post the opening balances of Company H for March 31, 2015.

Answer 7

Chapter 2, Problem 2.5BP

(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:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

To Prepare: Ledger accounts and post the opening balances of Company H for March 31, 2015.

Answer 8

b)

To determine

To Journalize: The transactions of Company H for March 31, 2015.

Answer 9

b)

To determine

To Journalize: The transactions of Company H for March 31, 2015.

Answer 10

c)

To determine

To post: The journal entries to ledger accounts of Company H for March 31, 2015.

Answer 11

c)

To determine

To post: The journal entries to ledger accounts of Company H for March 31, 2015.

Answer 12

d)

To determine

To prepare: Trial balance of Company H for March 31, 2015.

Answer 13

d)

To determine

To prepare: Trial balance of Company H for March 31, 2015.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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 Journalize: The transactions of Company H for March 31, 2015.

To post: The journal entries to ledger accounts of Company H for March 31, 2015.

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