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. Rules of Debit and Credit: Following rules are followed for debiting and crediting different accounts while they occur in business transactions: Debit , all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities . Credit , all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses. 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: The adjusting entries of Company E for the month ended June 30, 2015.

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Answer 1

Question

Chapter 3, Problem 3.1BP

(a)

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.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

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: The adjusting entries of Company E for the month ended June 30, 2015.

(b)

To determine

To post: The adjusting entries to ledger account of Company E for the month of June 30, 2015.

(c)

To determine

To prepare: Adjusted trial balance of Company E for the month ended June 30, 2015.

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Answer 2

Question

Chapter 3, Problem 3.1BP

(a)

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.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

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: The adjusting entries of Company E for the month ended June 30, 2015.

(b)

To determine

To post: The adjusting entries to ledger account of Company E for the month of June 30, 2015.

(c)

To determine

To prepare: Adjusted trial balance of Company E for the month ended June 30, 2015.

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Answer 3

Question

Chapter 3, Problem 3.1BP

(a)

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.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

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: The adjusting entries of Company E for the month ended June 30, 2015.

(b)

To determine

To post: The adjusting entries to ledger account of Company E for the month of June 30, 2015.

(c)

To determine

To prepare: Adjusted trial balance of Company E for the month ended June 30, 2015.

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Answer 4

Question

Chapter 3, Problem 3.1BP

(a)

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.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

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: The adjusting entries of Company E for the month ended June 30, 2015.

(b)

To determine

To post: The adjusting entries to ledger account of Company E for the month of June 30, 2015.

(c)

To determine

To prepare: Adjusted trial balance of Company E for the month ended June 30, 2015.

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Answer 5

Chapter 3, Problem 3.1BP

(a)

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.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

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: The adjusting entries of Company E for the month ended June 30, 2015.

(b)

To determine

To post: The adjusting entries to ledger account of Company E for the month of June 30, 2015.

(c)

To determine

To prepare: Adjusted trial balance of Company E for the month ended June 30, 2015.

Answer 6

Chapter 3, Problem 3.1BP

(a)

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.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

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: The adjusting entries of Company E for the month ended June 30, 2015.

Answer 7

Chapter 3, Problem 3.1BP

(a)

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.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

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: The adjusting entries of Company E for the month ended June 30, 2015.

Answer 8

(b)

To determine

To post: The adjusting entries to ledger account of Company E for the month of June 30, 2015.

Answer 9

(b)

To determine

To post: The adjusting entries to ledger account of Company E for the month of June 30, 2015.

Answer 10

(c)

To determine

To prepare: Adjusted trial balance of Company E for the month ended June 30, 2015.

Answer 11

(c)

To determine

To prepare: Adjusted trial balance of Company E for the month ended June 30, 2015.

Answer 12

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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: The adjusting entries to ledger account of Company E for the month of June 30, 2015.

To prepare: Adjusted trial balance of Company E for the month ended June 30, 2015.

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