Accounting equation : The double entry book keeping system is based on an accounting equation which states that all the assets of the business are financed out of the funds either borrowed from outside or raised from the stakeholders. The accounting equation is: Assets = Liabilities + Stockholder's Equity To indicate: The effect of transactions on accounting equations of L Enterprises.

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Answer 1

Question

Chapter 2, Problem 7E

(a)

To determine

Accounting equation: The double entry book keeping system is based on an accounting equation which states that all the assets of the business are financed out of the funds either borrowed from outside or raised from the stakeholders. The accounting equation is:

Assets=Liabilities+Stockholder's Equity

To indicate: The effect of transactions on accounting equations of L Enterprises.

(b)

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.

To indicate: Journalize the entries of L Enterprises.

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Primo Industries collected $107,474 from customers in 2015. Of the amount collected, $27,373 was from services performed in 2014. In addition, Primo performed services worth $41,264 in 2015, which will not be collected until 2016. Primo Industries also paid $76,280 for expenses in 2015. Of the amount paid, $29,224 was for expenses incurred on account in 2014. In addition, Primo incurred $42,536 of expenses in 2015, which will not be paid until 2016. Compute 2015 cash-basis net income.

What is the value of total assets?

Answer 2

Question

Chapter 2, Problem 7E

(a)

To determine

Accounting equation: The double entry book keeping system is based on an accounting equation which states that all the assets of the business are financed out of the funds either borrowed from outside or raised from the stakeholders. The accounting equation is:

Assets=Liabilities+Stockholder's Equity

To indicate: The effect of transactions on accounting equations of L Enterprises.

(b)

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.

To indicate: Journalize the entries of L Enterprises.

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Answer 3

Question

Chapter 2, Problem 7E

(a)

To determine

Accounting equation: The double entry book keeping system is based on an accounting equation which states that all the assets of the business are financed out of the funds either borrowed from outside or raised from the stakeholders. The accounting equation is:

Assets=Liabilities+Stockholder's Equity

To indicate: The effect of transactions on accounting equations of L Enterprises.

(b)

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.

To indicate: Journalize the entries of L Enterprises.

Expert Solution & Answer

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Answer 4

Question

Chapter 2, Problem 7E

(a)

To determine

Accounting equation: The double entry book keeping system is based on an accounting equation which states that all the assets of the business are financed out of the funds either borrowed from outside or raised from the stakeholders. The accounting equation is:

Assets=Liabilities+Stockholder's Equity

To indicate: The effect of transactions on accounting equations of L Enterprises.

(b)

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.

To indicate: Journalize the entries of L Enterprises.

Expert Solution & Answer

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Answer 5

Chapter 2, Problem 7E

(a)

To determine

Accounting equation: The double entry book keeping system is based on an accounting equation which states that all the assets of the business are financed out of the funds either borrowed from outside or raised from the stakeholders. The accounting equation is:

Assets=Liabilities+Stockholder's Equity

To indicate: The effect of transactions on accounting equations of L Enterprises.

(b)

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.

To indicate: Journalize the entries of L Enterprises.

Answer 6

Chapter 2, Problem 7E

(a)

To determine

Accounting equation: The double entry book keeping system is based on an accounting equation which states that all the assets of the business are financed out of the funds either borrowed from outside or raised from the stakeholders. The accounting equation is:

Assets=Liabilities+Stockholder's Equity

To indicate: The effect of transactions on accounting equations of L Enterprises.

Answer 7

Chapter 2, Problem 7E

(a)

To determine

Accounting equation: The double entry book keeping system is based on an accounting equation which states that all the assets of the business are financed out of the funds either borrowed from outside or raised from the stakeholders. The accounting equation is:

Assets=Liabilities+Stockholder's Equity

To indicate: The effect of transactions on accounting equations of L Enterprises.

Answer 8

(b)

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.

To indicate: Journalize the entries of L Enterprises.

Answer 9

(b)

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.

To indicate: Journalize the entries of L Enterprises.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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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.

To indicate: Journalize the entries of L Enterprises.

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Chapter 2 Solutions

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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. To indicate: Journalize the entries of L Enterprises.

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Chapter 2 Solutions

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.

To indicate: Journalize the entries of L Enterprises.