Horngren's Accounting, The Financial Chapters (12th Edition)
12th Edition
ISBN: 9780134486789
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 9QC
Which sequence correctly summarizes the accounting process?
Learning Obectves 3,4
a. Journalize transactions, post to the accounts, prepare a
b. Journalize transactions, prepare a trial balance, post to the accounts
c. Post to the accounts journalize transactions, prepare a trial balance
d. Prepare a trial balance, journalize transactions, post to the accounts
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(Learning Outcome 2) Which of the following is a collection of all the accounts, the changes in those accounts, and
their balances?
source document
journal
ledger
trial balance
Registers in QBO:
Multiple Choice
Display more detailed information about accounts
Display all transactions for the account
Display a running balance for the account
All of these choices are correct.
Chapter 2 Solutions
Horngren's Accounting, The Financial Chapters (12th Edition)
Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability?...Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct?...Ch. 2 - Your business purchased office supplies of $2,500...Ch. 2 - Sedlor Properties puchased office supplies on...Ch. 2 - Posting a $2,500 purchase of office supplies on...Ch. 2 - Pixel Copies recorded a cash collection on account...Ch. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathvile Laundry reported assets of $800 and...
Ch. 2 - Identify the three categones of the accounting...Ch. 2 - What is the purpose of the chart of accounts?...Ch. 2 - What does a ledger show? What’s the difference...Ch. 2 - Accounng uses a double-entry system. Explain what...Ch. 2 - What is T-account? On which side is the debit? On...Ch. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Identify which types of accounts have a normal...Ch. 2 - What are source documents? Provide examples of...Ch. 2 - Prob. 10RQCh. 2 - Explain the five steps in journalizing and posting...Ch. 2 - What are the four parts of a journal entry?Ch. 2 - What is involved in the posting process?Ch. 2 - What is the purpose of the trial balance?Ch. 2 - What is the differnce between the trial balance...Ch. 2 - If total debits equal total credits on the trial...Ch. 2 - What is the calculation for the debt ratio?...Ch. 2 - Identifying accounts Learning Objective 1 Consider...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying normal balances Learning Objective 2...Ch. 2 - Prob. S2.4SECh. 2 - Journalizing transactions Learning Objective 3...Ch. 2 - S2-6 Journalizing transactions
Learning...Ch. 2 - Journalizing transactions and posting to...Ch. 2 - Prob. S2.8SECh. 2 - Prob. S2.9SECh. 2 - Using accounting vocabulary Learning Objectives 1,...Ch. 2 - Creating a chart of accounts Learning Objective 1...Ch. 2 - Identifying accounts, increases in accounts, and...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying source documents Learning Objective 3...Ch. 2 - Analyzing and journalizing transactions Learing...Ch. 2 - Analyzing and journalizing transactions Leaning...Ch. 2 - Posting journal entries to T-accounts Learning...Ch. 2 - Analyzing and journalizing transactions Learning...Ch. 2 - Posting journal entries to four-column accounts...Ch. 2 - Analyzing transactions from T-accounts Learning...Ch. 2 - Journalizing transactions from T-accounts Learning...Ch. 2 - Preparing a trial balance Learning Objective 4...Ch. 2 - Preparing a trial balance from T-accounts Learning...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Analyzing accounting errors Learning Ojective 4...Ch. 2 - Prob. E2.26ECh. 2 - E2-27 Correcting errors in a trial...Ch. 2 - Prob. E2.28ECh. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Correcting errors in a trial balance Learning...Ch. 2 - Prob. P2.34APGACh. 2 - Prob. P2.35BPGBCh. 2 - Prob. P2.36BPGBCh. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Prob. P2.38BPGBCh. 2 - Correcting errors in a trial balance Learning...Ch. 2 - Prob. P2.40BPGBCh. 2 - Prob. P2.41CTCh. 2 - P2-42 Journalizing transactions, posting to...Ch. 2 - Journalizing transactions, posting to T-accounts,...Ch. 2 - Before you begin this assignment, renew the Tymg...Ch. 2 - Prob. 2.1DCCh. 2 - Prob. 2.1EICh. 2 - Prob. 2.1FCCh. 2 - Prob. 2.1FSC
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- Posting: involves transferring the information in journal entries to the general ledger. is an optional step in the accounting cycle. is performed after a trial balance is prepared. involves transferring information to the trial balance.arrow_forwardPut everything in the general journalarrow_forwardWhy are transactions recorded in the journal? Group of answer choices To ensure that total debit equal total credits To help prepare the financial statements To ensure that all transactions are posted to the ledger To have a chronological record of all transactionsarrow_forward
- A. Enter the transactions in the general ledger (t-accounts) and balance off these accounts B. Extract a Trial Balancearrow_forwardTransferring information from the journal to the ledger is called a. preparing the financial statements. b. journalizing. c. posting. d. tracking.arrow_forwardIn June 2021, Chan Lee opened a photography studio that provides services to public and private schools. His firm's Chart of Accounts and financial activities for the first month of operations appear below: Chan Lee Photography Studio Chart of Accounts ASSETS REVENUE 101 Cash 404 Service Fees 111 Accounts Receivable EXPENSES Rent Expense Salaries Expense Telephone Expense Utilities Expense Miscellaneous Expense Supplies Office Furniture 121 511 141 512 Office Equipment Photographic Equipment LIABILITIES 142 513 151 514 531 202 Accounts Payable OWNER’S EQUITY Chan Lee, Capital Chan Lee, Drawing 301 302 Date Transactions June 1 Chan Lee invested P300,000 cash in the business. 2 Issued Check # 1001 for P30,000 to pay the June rent. 5 Purchased desks and other office furniture for P50,000 from Office Plus; received Invoice # 5312, payable in 60 days. 6 Issued Check # 1002 for P150,000 to purchase photographic equipment. 7 Purchased photography supplies for P40,000, paid with Check # 1003.…arrow_forward
- Posting: transfers ledger transaction data to the journal. a. normally occurs before O b. journalizing. transfers journal entries to ledger accounts. is an optional step in the recording process. d.arrow_forwardPut everything in the general journalarrow_forwardc. Prepare closing entries and post to the accounts.arrow_forward
- 5. Who controls user access and monitors user activity? A. Individual users B. Master Supervisor C. Comptroller D. Master Administrator 6. What account type is considered a liability? A. Fixed Assets B. Accounts Receivable C. Bank D. Accounts Payable 7. Opening balances are entered: A. via the Gear menu B. on the day the expenses were incurred C. on the Chart of Accounts D. as a Journal Entry or directly into the account registerarrow_forwardTo enter transactions in QBO: a. From the Navigation Bar, select Reports b. From the (+) New icon, select transaction to enter c. From the Gear icon, select transaction to enter d. From the Navigation Bar, select Homearrow_forwardBook/Sheets. True or False Instruction; Write "I believe" if the statement is correct and "I object" if it is incorrect. 1. Posting is done to complete the journalizing process 2. Posting is in itself the classifying function of accounting 3. The arrangement of account in the General Ledger is patterned from the chart of accounts 4. The accounts that remains open after footing the general ledger constitute the trial balance. 5. A trial balance can be prepared in any given period of time regardless of whether or not financial statement is prepared 6. The purpose of a trial balance is to check the arithmetical or mathematical accuracy in posting and footing of the accounts. 7. A trial balance will not disclose an error, if the error is a journal entry that has not been posted in its entirety. 8. Posting an entry twice in the general ledger will cause the trial balance to be "out of balanced" although "out of balance" is called Forced Balanced. 11 9. Any deliberate or intentional act of…arrow_forward
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