Loose Leaf For Fundamental Accounting Principles Format: Loose-leaf
Loose Leaf For Fundamental Accounting Principles Format: Loose-leaf
24th Edition
ISBN: 9781260158557
Author: Wild
Publisher: Mcgraw Hill Publishers
Question
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Chapter 2, Problem 5E
To determine

Accounting equation:

In general the accounting equation states that assets equals liabilities plus equity i.e. Assets = Liabilities + Equity. In simple terms the total of assets must equal the total of liabilities and equity.

Journal:

In book keeping the procedure of recording financial transaction in date wise order is known as journal. It is referred commonly as the book of original entry.

Ledger:

Ledger is called as the book of final entry. It is a record of financial transactions in a summarized and classified form with debits and credits and shows the beginning and ending balances.

Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment (1) $10,000 cash, (2) equipment worth $80,000 and (3) to assume responsibility for a $28,000 note payable related to the equipment. For this transaction, (a) analyze the transaction using the accounting equation, (b) record the transaction in journal entry form, and (c) post the entry using T=-accounts to represent ledger accounts. Us the following (partial) chart of accounts − account numbers in parentheses: Cash (101); Supplies (124); Equipment (167); Accounts Payable (201); Note Payable (245); Owner Capital (301); and Revenue (404).

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Chapter 2 Solutions

Loose Leaf For Fundamental Accounting Principles Format: Loose-leaf

Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Identifying source documents C1 Identify the items...Ch. 2 - Identifying financial statement accounts C2...Ch. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Identifying normal balance C4 Identify the normal...Ch. 2 - QS 2–5 Linking debit or credit with normal...Ch. 2 - Prob. 6QSCh. 2 - Analyzing debit or credit by account A1 Identify...Ch. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Preparing journal entries P1 Prepare general...Ch. 2 - Preparing an income statement P3 Liu Zhang...Ch. 2 - Preparing a statement of owner's equity P3 Use the...Ch. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Exercise 21 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Exercise 2-3 Identifying a ledger and chart of...Ch. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Exercise 28 Preparing Taccounts (ledger) and a...Ch. 2 - Prob. 9ECh. 2 - Exercise 2-10 Preparing a trial balance P2 After...Ch. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Exercise 2-13 Entering transactions into...Ch. 2 - Exercise 2-14 Preparing general journal entries P1...Ch. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Exercise 2-22 Calculating and interpreting the...Ch. 2 - Exercise 2-23 Preparing journal entries P1 Prepare...Ch. 2 - Prob. 1APSACh. 2 - Prob. 2APSACh. 2 - Prob. 3APSACh. 2 - Prob. 4APSACh. 2 - Prob. 6APSACh. 2 - Prob. 7APSACh. 2 - Prob. 1BPSBCh. 2 - Prob. 2BPSBCh. 2 - Prob. 3BPSBCh. 2 - Prob. 4BPSBCh. 2 - Problem 2-5B Computing net income from equity...Ch. 2 - Prob. 6BPSBCh. 2 - Problem 2-7B Preparing an income statement,...Ch. 2 - SP 2 On October 1, 2019, Santana Rey launched a...Ch. 2 - Using transactions from the following assignments...Ch. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Refer to Apple's financial statements in Appendix...Ch. 2 - Prob. 2AACh. 2 - Key comparative figures for Apple, Google, and...Ch. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTN
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