(a) 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 RC.

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Answer 1

Question

Chapter 3, Problem 3.5BP

To determine

(a)

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 RC.

(b)

To determine

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

(c)

To determine

To Prepare: The trial balance of Company RC as on May 31, 2014.

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Answer 2

Question

Chapter 3, Problem 3.5BP

To determine

(a)

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 RC.

(b)

To determine

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

(c)

To determine

To Prepare: The trial balance of Company RC as on May 31, 2014.

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Answer 3

Question

Chapter 3, Problem 3.5BP

To determine

(a)

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 RC.

(b)

To determine

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

(c)

To determine

To Prepare: The trial balance of Company RC as on May 31, 2014.

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Answer 4

Question

Chapter 3, Problem 3.5BP

To determine

(a)

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 RC.

(b)

To determine

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

(c)

To determine

To Prepare: The trial balance of Company RC as on May 31, 2014.

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Answer 5

Chapter 3, Problem 3.5BP

To determine

(a)

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 RC.

(b)

To determine

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

(c)

To determine

To Prepare: The trial balance of Company RC as on May 31, 2014.

Answer 6

Chapter 3, Problem 3.5BP

To determine

(a)

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 RC.

Answer 7

Chapter 3, Problem 3.5BP

To determine

(a)

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 RC.

Answer 8

(b)

To determine

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

Answer 9

(b)

To determine

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

Answer 10

(c)

To determine

To Prepare: The trial balance of Company RC as on May 31, 2014.

Answer 11

(c)

To determine

To Prepare: The trial balance of Company RC as on May 31, 2014.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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

To Prepare: The trial balance of Company RC as on May 31, 2014.

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