12th Edition

ISBN: 9780134486444

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…

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Textbook Question

Chapter 2, Problem E2.11E

Creating a chart of accounts
Learning Objective 1
Raymond Autobody Shop has the folowing accounts:

Accounts Payable	Service Revenue
Cash	Equipment
Utilities Expense	Raymond, Capital
Automotive Supplies	Advertising Expense
Raymond, Withdrawals	Unearned Revenue

Create a chart of accounts for Raymond Autobody Shop using the standard numbering system. Each accounts is separated by a factor of 10. For example, the fist asset account will be 100 and the next asset account will 110.

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Chapter 2, Problem E2.10E

Chapter 2, Problem E2.12E

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