Journal: Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect. T-Accounts: T-accounts are referred as T-account because its format represents the letter T . The T-accounts consists of the following: The title of accounts. The debit side (Dr) and, The credit side (Cr). Trial balance : A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances. In trial balance the debit balances are listed in the left column, and credit balances are listed in the right column. To journalize: The business transactions as given for Company F.

Question

Want to see the full answer?

Answer 1

Question

Chapter 3, Problem 3.5AP

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

T-Accounts:

T-accounts are referred as T-account because its format represents the letter T. The T-accounts consists of the following:

The title of accounts.

The debit side (Dr) and,

The credit side (Cr).

Trial balance:

A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances. In trial balance the debit balances are listed in the left column, and credit balances are listed in the right column.

To journalize: The business transactions as given for Company F.

(b)

To determine

To Post: The journal entries to the respective T accounts.

(c)

To determine

To Prepare: The trial balance of Company F as on April 30, 2014.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

I don't need ai answer general accounting question

Provide Answer

Supply costs at Coulthard Corporation's chain of gyms are listed below: Client-Visits Supply Cost March 11,654 $ 28,435 April 11,450 $ 28,344 May 11,982 $ 28,583 June 12,700 $ 28,906 July 11,714 $ 28,462 August 11,200 $ 28,231 September 11,994 $ 28,588 October 11,685 $ 28,449 November 11,833 $ 28,516 Management believes that supply cost is a mixed cost that depends on client visits. Use the high-low method to estimate the variable and fixed components of this cost Compute the variable component first, rounding off to the nearest whole cent. Then compute the fixed component, rounding off to the nearest whole dollar. Those estimates are: A. $2.14 per client visit; $28,463 per month. B. $1.03 per client visit; $16,133 per month. C. $0.49 per client visit; $22,686 per month. D. $0.45 per client visit; $23,191 per month.