Adjusting entries : Adjusting entries are those entries which are made at the end of the period to update all the balances in the financial statements to show the true financial information and to maintain the records according to accrual basis principle Accounting rules for journal entries : To record increase balance of account : Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. To record decrease balance of account : Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. Adjusted Trial Balance : Adjusted trial balance is that statement which contains complete list of accounts with their adjusted balances, after all relevant adjustments have been made. This statement is prepared at the end of every financial period. To journalize: Adjusting entries of N Consulting for May 2019

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Answer 1

Question

Chapter 3, Problem 3.1AP

(a)

To determine

Adjusting entries: Adjusting entries are those entries which are made at the end of the period to update all the balances in the financial statements to show the true financial information and to maintain the records according to accrual basis principle

Accounting rules for journal entries:

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

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

Adjusted Trial Balance: Adjusted trial balance is that statement which contains complete list of accounts with their adjusted balances, after all relevant adjustments have been made. This statement is prepared at the end of every financial period.

To journalize: Adjusting entries of N Consulting for May 2019

(b)

To determine

To post: Ledger accounts and adjusted trial balance of the N Consulting on May 31, 2019

(c)

To determine

To prepare: Adjusted trial balance of N Consulting on May 31, 2019

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Answer 2

Question

Chapter 3, Problem 3.1AP

(a)

To determine

Adjusting entries: Adjusting entries are those entries which are made at the end of the period to update all the balances in the financial statements to show the true financial information and to maintain the records according to accrual basis principle

Accounting rules for journal entries:

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

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

Adjusted Trial Balance: Adjusted trial balance is that statement which contains complete list of accounts with their adjusted balances, after all relevant adjustments have been made. This statement is prepared at the end of every financial period.

To journalize: Adjusting entries of N Consulting for May 2019

(b)

To determine

To post: Ledger accounts and adjusted trial balance of the N Consulting on May 31, 2019

(c)

To determine

To prepare: Adjusted trial balance of N Consulting on May 31, 2019

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 3.1AP

(a)

To determine

Adjusting entries: Adjusting entries are those entries which are made at the end of the period to update all the balances in the financial statements to show the true financial information and to maintain the records according to accrual basis principle

Accounting rules for journal entries:

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

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

Adjusted Trial Balance: Adjusted trial balance is that statement which contains complete list of accounts with their adjusted balances, after all relevant adjustments have been made. This statement is prepared at the end of every financial period.

To journalize: Adjusting entries of N Consulting for May 2019

(b)

To determine

To post: Ledger accounts and adjusted trial balance of the N Consulting on May 31, 2019

(c)

To determine

To prepare: Adjusted trial balance of N Consulting on May 31, 2019

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 3, Problem 3.1AP

(a)

To determine

Adjusting entries: Adjusting entries are those entries which are made at the end of the period to update all the balances in the financial statements to show the true financial information and to maintain the records according to accrual basis principle

Accounting rules for journal entries:

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

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

Adjusted Trial Balance: Adjusted trial balance is that statement which contains complete list of accounts with their adjusted balances, after all relevant adjustments have been made. This statement is prepared at the end of every financial period.

To journalize: Adjusting entries of N Consulting for May 2019

(b)

To determine

To post: Ledger accounts and adjusted trial balance of the N Consulting on May 31, 2019

(c)

To determine

To prepare: Adjusted trial balance of N Consulting on May 31, 2019

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3.1AP

(a)

To determine

Adjusting entries: Adjusting entries are those entries which are made at the end of the period to update all the balances in the financial statements to show the true financial information and to maintain the records according to accrual basis principle

Accounting rules for journal entries:

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

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

Adjusted Trial Balance: Adjusted trial balance is that statement which contains complete list of accounts with their adjusted balances, after all relevant adjustments have been made. This statement is prepared at the end of every financial period.

To journalize: Adjusting entries of N Consulting for May 2019

(b)

To determine

To post: Ledger accounts and adjusted trial balance of the N Consulting on May 31, 2019

(c)

To determine

To prepare: Adjusted trial balance of N Consulting on May 31, 2019

Answer 6

Chapter 3, Problem 3.1AP

(a)

To determine

Adjusting entries: Adjusting entries are those entries which are made at the end of the period to update all the balances in the financial statements to show the true financial information and to maintain the records according to accrual basis principle

Accounting rules for journal entries:

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

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

Adjusted Trial Balance: Adjusted trial balance is that statement which contains complete list of accounts with their adjusted balances, after all relevant adjustments have been made. This statement is prepared at the end of every financial period.

To journalize: Adjusting entries of N Consulting for May 2019

Answer 7

Chapter 3, Problem 3.1AP

(a)

To determine

Adjusting entries: Adjusting entries are those entries which are made at the end of the period to update all the balances in the financial statements to show the true financial information and to maintain the records according to accrual basis principle

Accounting rules for journal entries:

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

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

Adjusted Trial Balance: Adjusted trial balance is that statement which contains complete list of accounts with their adjusted balances, after all relevant adjustments have been made. This statement is prepared at the end of every financial period.

To journalize: Adjusting entries of N Consulting for May 2019

Answer 8

(b)

To determine

To post: Ledger accounts and adjusted trial balance of the N Consulting on May 31, 2019

Answer 9

(b)

To determine

To post: Ledger accounts and adjusted trial balance of the N Consulting on May 31, 2019

Answer 10

(c)

To determine

To prepare: Adjusted trial balance of N Consulting on May 31, 2019

Answer 11

(c)

To determine

To prepare: Adjusted trial balance of N Consulting on May 31, 2019

Answer 12

Expert Solution & Answer

Answer 13

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Answer 14

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Answer 15

Ch. 3 - Prob. 1Q Ch. 3 - 2. Define two generally accepted accounting...Ch. 3 - 3.Susan Zupan, a lawyer, accepts a legal...Ch. 3 - 4.Why do accrual-basis financial statements...Ch. 3 - 5.In completing the engagement in Question 3,...Ch. 3 - Prob. 6Q Ch. 3 - Prob. 7Q Ch. 3 - Prob. 8Q Ch. 3 - 9. What is the debit/credit effect of a prepaid...Ch. 3 - Prob. 10Q

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To post: Ledger accounts and adjusted trial balance of the N Consulting on May 31, 2019

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