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. Trial balance : Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements. 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. (a) To post: The opening balance to ledger account of Company P for the month of September.

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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 3.5BP

(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.

Trial balance:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

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.

(a)

To post: The opening balance to ledger account of Company P for the month of September.

(b)

To determine

To journalize: The transactions of Company P for the month of September.

(c)

To determine

To post: The journal entries to ledger account of Company P for September 30, 2015.

d)

To determine

To prepare: The unadjusted trial balance of Company P for September 30, 2015.

(e)

To determine

To journalize: The adjusting entries and post to the ledger accounts of Company P for September 30, 2015.

f)

To determine

To prepare: The adjusted trial balance of Company P for September 30, 2015.

(g)

To determine

To prepare: Income statement, retained earnings statement and Balance sheet of Company P for the month ended September 30, 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 3.5BP

(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.

Trial balance:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

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.

(a)

To post: The opening balance to ledger account of Company P for the month of September.

(b)

To determine

To journalize: The transactions of Company P for the month of September.

(c)

To determine

To post: The journal entries to ledger account of Company P for September 30, 2015.

d)

To determine

To prepare: The unadjusted trial balance of Company P for September 30, 2015.

(e)

To determine

To journalize: The adjusting entries and post to the ledger accounts of Company P for September 30, 2015.

f)

To determine

To prepare: The adjusted trial balance of Company P for September 30, 2015.

(g)

To determine

To prepare: Income statement, retained earnings statement and Balance sheet of Company P for the month ended September 30, 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 3.5BP

(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.

Trial balance:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

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.

(a)

To post: The opening balance to ledger account of Company P for the month of September.

(b)

To determine

To journalize: The transactions of Company P for the month of September.

(c)

To determine

To post: The journal entries to ledger account of Company P for September 30, 2015.

d)

To determine

To prepare: The unadjusted trial balance of Company P for September 30, 2015.

(e)

To determine

To journalize: The adjusting entries and post to the ledger accounts of Company P for September 30, 2015.

f)

To determine

To prepare: The adjusted trial balance of Company P for September 30, 2015.

(g)

To determine

To prepare: Income statement, retained earnings statement and Balance sheet of Company P for the month ended September 30, 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 3.5BP

(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.

Trial balance:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

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.

(a)

To post: The opening balance to ledger account of Company P for the month of September.

(b)

To determine

To journalize: The transactions of Company P for the month of September.

(c)

To determine

To post: The journal entries to ledger account of Company P for September 30, 2015.

d)

To determine

To prepare: The unadjusted trial balance of Company P for September 30, 2015.

(e)

To determine

To journalize: The adjusting entries and post to the ledger accounts of Company P for September 30, 2015.

f)

To determine

To prepare: The adjusted trial balance of Company P for September 30, 2015.

(g)

To determine

To prepare: Income statement, retained earnings statement and Balance sheet of Company P for the month ended September 30, 2015.

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Answer 5

Chapter 3, Problem 3.5BP

(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.

Trial balance:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

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.

(a)

To post: The opening balance to ledger account of Company P for the month of September.

(b)

To determine

To journalize: The transactions of Company P for the month of September.

(c)

To determine

To post: The journal entries to ledger account of Company P for September 30, 2015.

d)

To determine

To prepare: The unadjusted trial balance of Company P for September 30, 2015.

(e)

To determine

To journalize: The adjusting entries and post to the ledger accounts of Company P for September 30, 2015.

f)

To determine

To prepare: The adjusted trial balance of Company P for September 30, 2015.

(g)

To determine

To prepare: Income statement, retained earnings statement and Balance sheet of Company P for the month ended September 30, 2015.

Answer 6

Chapter 3, Problem 3.5BP

(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.

Trial balance:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

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.

(a)

To post: The opening balance to ledger account of Company P for the month of September.

Answer 7

Chapter 3, Problem 3.5BP

(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.

Trial balance:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

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.

(a)

To post: The opening balance to ledger account of Company P for the month of September.

Answer 8

(b)

To determine

To journalize: The transactions of Company P for the month of September.

Answer 9

(b)

To determine

To journalize: The transactions of Company P for the month of September.

Answer 10

(c)

To determine

To post: The journal entries to ledger account of Company P for September 30, 2015.

Answer 11

(c)

To determine

To post: The journal entries to ledger account of Company P for September 30, 2015.

Answer 12

d)

To determine

To prepare: The unadjusted trial balance of Company P for September 30, 2015.

Answer 13

d)

To determine

To prepare: The unadjusted trial balance of Company P for September 30, 2015.

Answer 14

(e)

To determine

To journalize: The adjusting entries and post to the ledger accounts of Company P for September 30, 2015.

Answer 15

(e)

To determine

To journalize: The adjusting entries and post to the ledger accounts of Company P for September 30, 2015.

Answer 16

f)

To determine

To prepare: The adjusted trial balance of Company P for September 30, 2015.

Answer 17

f)

To determine

To prepare: The adjusted trial balance of Company P for September 30, 2015.

Answer 18

(g)

To determine

To prepare: Income statement, retained earnings statement and Balance sheet of Company P for the month ended September 30, 2015.

Answer 19

(g)

To determine

To prepare: Income statement, retained earnings statement and Balance sheet of Company P for the month ended September 30, 2015.

Answer 20

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Answer 21

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Answer 22

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Answer 23

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 journalize: The transactions of Company P for the month of September.

To post: The journal entries to ledger account of Company P for September 30, 2015.

To prepare: The unadjusted trial balance of Company P for September 30, 2015.

To journalize: The adjusting entries and post to the ledger accounts of Company P for September 30, 2015.

To prepare: The adjusted trial balance of Company P for September 30, 2015.

To prepare: Income statement, retained earnings statement and Balance sheet of Company P for the month ended September 30, 2015.

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