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. Accounting rules for journal entries: To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. To prepare: Journal entries.

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Answer 1

Question

Chapter 2, Problem 2CCCP

(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.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: Journal entries.

(b)

To determine

Ledger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book.

To prepare: Ledger accounts

(c)

To determine

Trial Balance: Trial balance is the record of accounts and their balances prepared at the end of accounting period. It is the prepared after journal and ledger and gives the summary of transactions occurred in the business. Debit balances are given in left column and credit balances are given in right column of trial balance.

To prepare: A trial balance.

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1. How can an accounting system help you find anomalies or variances in financial data? 2. Assume you calculated a financial ratio variance of 2x the usual balance for accounts receivable. Why did you calculate a financial ratio variance of 2x the usual balance? 3. You are a small company that calculates a normal current ratio at 1.95. This period the current ratio is only 1.45. Why has the ratio decreased?

Answer 2

Question

Chapter 2, Problem 2CCCP

(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.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: Journal entries.

(b)

To determine

Ledger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book.

To prepare: Ledger accounts

(c)

To determine

Trial Balance: Trial balance is the record of accounts and their balances prepared at the end of accounting period. It is the prepared after journal and ledger and gives the summary of transactions occurred in the business. Debit balances are given in left column and credit balances are given in right column of trial balance.

To prepare: A trial balance.

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Answer 3

Question

Chapter 2, Problem 2CCCP

(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.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: Journal entries.

(b)

To determine

Ledger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book.

To prepare: Ledger accounts

(c)

To determine

Trial Balance: Trial balance is the record of accounts and their balances prepared at the end of accounting period. It is the prepared after journal and ledger and gives the summary of transactions occurred in the business. Debit balances are given in left column and credit balances are given in right column of trial balance.

To prepare: A trial balance.

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Answer 4

Question

Chapter 2, Problem 2CCCP

(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.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: Journal entries.

(b)

To determine

Ledger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book.

To prepare: Ledger accounts

(c)

To determine

Trial Balance: Trial balance is the record of accounts and their balances prepared at the end of accounting period. It is the prepared after journal and ledger and gives the summary of transactions occurred in the business. Debit balances are given in left column and credit balances are given in right column of trial balance.

To prepare: A trial balance.

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Answer 5

Chapter 2, Problem 2CCCP

(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.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: Journal entries.

(b)

To determine

Ledger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book.

To prepare: Ledger accounts

(c)

To determine

Trial Balance: Trial balance is the record of accounts and their balances prepared at the end of accounting period. It is the prepared after journal and ledger and gives the summary of transactions occurred in the business. Debit balances are given in left column and credit balances are given in right column of trial balance.

To prepare: A trial balance.

Answer 6

Chapter 2, Problem 2CCCP

(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.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: Journal entries.

Answer 7

Chapter 2, Problem 2CCCP

(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.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: Journal entries.

Answer 8

(b)

To determine

Ledger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book.

To prepare: Ledger accounts

Answer 9

(b)

To determine

Ledger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book.

To prepare: Ledger accounts

Answer 10

(c)

To determine

Trial Balance: Trial balance is the record of accounts and their balances prepared at the end of accounting period. It is the prepared after journal and ledger and gives the summary of transactions occurred in the business. Debit balances are given in left column and credit balances are given in right column of trial balance.

To prepare: A trial balance.

Answer 11

(c)

To determine

Trial Balance: Trial balance is the record of accounts and their balances prepared at the end of accounting period. It is the prepared after journal and ledger and gives the summary of transactions occurred in the business. Debit balances are given in left column and credit balances are given in right column of trial balance.

To prepare: A trial balance.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 2 - Prob. 1Q Ch. 2 - Prob. 2Q Ch. 2 - 3. Heath Precourt, a fellow student, contends that...Ch. 2 - Prob. 4Q Ch. 2 - Prob. 5Q Ch. 2 - 6. What is the normal balance for each of the...Ch. 2 - Prob. 7Q Ch. 2 - Prob. 8Q Ch. 2 - Prob. 9Q Ch. 2 - Prob. 10Q

Ledger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book. To prepare: Ledger accounts

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Chapter 2 Solutions

Ledger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book.

To prepare: Ledger accounts