Journal: Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect. Rules of debit and credit: “An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited. Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”. To Journalize: The transaction occurred on January 7, 2016.

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Answer 1

Question

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

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The Converting Department of Felton Industries had 1,500 units in work in process at the beginning of the period, which were 25% complete. During the period, 18,000 units were completed and transferred to the Packaging Department. There were 1,200 units in process at the end of the period, which were 60% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs.

What was the cost of goods sold?

None

Answer 2

Question

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

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Answer 3

Question

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

Expert Solution & Answer

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Answer 4

Question

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

Expert Solution & Answer

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Answer 5

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

Answer 6

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

Answer 7

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

Answer 8

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

Answer 9

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

Answer 10

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

Answer 11

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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Solution Summary: The author explains that Journal is the book of original entry and consists of the day-to-day financial transactions in a chronological order.

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To prepare: A four- column account for supplies.

To explain: Whether the rules of debit and credit apply to all companies.

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