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. Financial statements: Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position. To journalize: The adjusting entries of Company M for the month ended June 30, 2015.

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Answer 1

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 3.2BP

(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.

Financial statements:

Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.

To journalize: The adjusting entries of Company M for the month ended June 30, 2015.

(b)

To determine

To post: The adjusting entries to ledger account of Company M for the month of August 31, 2015.

(c)

To determine

To prepare: Adjusted trial balance of Company M for the month ended August 31, 2015.

d)

To determine

To prepare: Income statement, Retained earnings statement, and balance sheet of Company M for August 31, 2015.

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Answer 2

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 3.2BP

(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.

Financial statements:

Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.

To journalize: The adjusting entries of Company M for the month ended June 30, 2015.

(b)

To determine

To post: The adjusting entries to ledger account of Company M for the month of August 31, 2015.

(c)

To determine

To prepare: Adjusted trial balance of Company M for the month ended August 31, 2015.

d)

To determine

To prepare: Income statement, Retained earnings statement, and balance sheet of Company M for August 31, 2015.

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Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 3.2BP

(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.

Financial statements:

Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.

To journalize: The adjusting entries of Company M for the month ended June 30, 2015.

(b)

To determine

To post: The adjusting entries to ledger account of Company M for the month of August 31, 2015.

(c)

To determine

To prepare: Adjusted trial balance of Company M for the month ended August 31, 2015.

d)

To determine

To prepare: Income statement, Retained earnings statement, and balance sheet of Company M for August 31, 2015.

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Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 3.2BP

(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.

Financial statements:

Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.

To journalize: The adjusting entries of Company M for the month ended June 30, 2015.

(b)

To determine

To post: The adjusting entries to ledger account of Company M for the month of August 31, 2015.

(c)

To determine

To prepare: Adjusted trial balance of Company M for the month ended August 31, 2015.

d)

To determine

To prepare: Income statement, Retained earnings statement, and balance sheet of Company M for August 31, 2015.

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Answer 5

Chapter 3, Problem 3.2BP

(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.

Financial statements:

Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.

To journalize: The adjusting entries of Company M for the month ended June 30, 2015.

(b)

To determine

To post: The adjusting entries to ledger account of Company M for the month of August 31, 2015.

(c)

To determine

To prepare: Adjusted trial balance of Company M for the month ended August 31, 2015.

d)

To determine

To prepare: Income statement, Retained earnings statement, and balance sheet of Company M for August 31, 2015.

Answer 6

Chapter 3, Problem 3.2BP

(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.

Financial statements:

Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.

To journalize: The adjusting entries of Company M for the month ended June 30, 2015.

Answer 7

Chapter 3, Problem 3.2BP

(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.

Financial statements:

Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.

To journalize: The adjusting entries of Company M for the month ended June 30, 2015.

Answer 8

(b)

To determine

To post: The adjusting entries to ledger account of Company M for the month of August 31, 2015.

Answer 9

(b)

To determine

To post: The adjusting entries to ledger account of Company M for the month of August 31, 2015.

Answer 10

(c)

To determine

To prepare: Adjusted trial balance of Company M for the month ended August 31, 2015.

Answer 11

(c)

To determine

To prepare: Adjusted trial balance of Company M for the month ended August 31, 2015.

Answer 12

d)

To determine

To prepare: Income statement, Retained earnings statement, and balance sheet of Company M for August 31, 2015.

Answer 13

d)

To determine

To prepare: Income statement, Retained earnings statement, and balance sheet of Company M for August 31, 2015.

Answer 14

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Answer 15

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Answer 17

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To post: The adjusting entries to ledger account of Company M for the month of August 31, 2015.

To prepare: Adjusted trial balance of Company M for the month ended August 31, 2015.

To prepare: Income statement, Retained earnings statement, and balance sheet of Company M for August 31, 2015.

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