Journal Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system. 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. T-account T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity , revenue and expenditure items are recorded. This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows: (a) The title of the account (b) The left or debit side (c) The right or credit side Trial balance Trial balance is the list 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. (a) To prepare: The T-accounts to enter the opening balances of S Company as on September 30, 2014.

Question

Want to see the full answer?

Answer 1

Question

Chapter 3, Problem 3.6AP

(a)

To determine

Journal

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

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.

T-account

T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity, revenue and expenditure items are recorded.

This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows:

(a) The title of the account

(b) The left or debit side

(c) The right or credit side

Trial balance

Trial balance is the list 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.

(a)

To prepare: The T-accounts to enter the opening balances of S Company as on September 30, 2014.

(b)

To determine

To journalize: the transaction as given.

(c)

To determine

To post: the transaction to ledger accounts of S Company on October 31, 2017.

(d)

To determine

To prepare: a trial balance as on October 31, 2014.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

On the 5th of the month, Greg Marketing pays its field sales personnel a 3% commission on the previous month's sales. Sales for March 2016 were $1,200,000. What is the entry at the end of March to record the commissions? A. Debit Sales - 36,000$; Credit Sales Commission Expense - 36,000$ B. Debit Sales Commission Expense - 36,000$; Credit Sales Commissions Payable - 36,000$ C. Debit Sales Commission Expense - 36,000$; Credit Accounts Receivable - 36,000$ D. Debit Sales -36,000$; Credit Sales Commission Income - 36,000$

Net profit is calculated in which of the following account? A) Profit and loss account B) Balance sheet C) Trial balance D) Trading account

The debts which are to be repaid within a short period (a year or less) are referred to as, A) Current Liabilities B) Fixed liabilities C) Contingent liabilities D) All the above

Answer 2

Question

Chapter 3, Problem 3.6AP

(a)

To determine

Journal

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

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.

T-account

T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity, revenue and expenditure items are recorded.

This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows:

(a) The title of the account

(b) The left or debit side

(c) The right or credit side

Trial balance

Trial balance is the list 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.

(a)

To prepare: The T-accounts to enter the opening balances of S Company as on September 30, 2014.

(b)

To determine

To journalize: the transaction as given.

(c)

To determine

To post: the transaction to ledger accounts of S Company on October 31, 2017.

(d)

To determine

To prepare: a trial balance as on October 31, 2014.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem 3.6AP

(a)

To determine

Journal

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

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.

T-account

T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity, revenue and expenditure items are recorded.

This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows:

(a) The title of the account

(b) The left or debit side

(c) The right or credit side

Trial balance

Trial balance is the list 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.

(a)

To prepare: The T-accounts to enter the opening balances of S Company as on September 30, 2014.

(b)

To determine

To journalize: the transaction as given.

(c)

To determine

To post: the transaction to ledger accounts of S Company on October 31, 2017.

(d)

To determine

To prepare: a trial balance as on October 31, 2014.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem 3.6AP

(a)

To determine

Journal

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

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.

T-account

T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity, revenue and expenditure items are recorded.

This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows:

(a) The title of the account

(b) The left or debit side

(c) The right or credit side

Trial balance

Trial balance is the list 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.

(a)

To prepare: The T-accounts to enter the opening balances of S Company as on September 30, 2014.

(b)

To determine

To journalize: the transaction as given.

(c)

To determine

To post: the transaction to ledger accounts of S Company on October 31, 2017.

(d)

To determine

To prepare: a trial balance as on October 31, 2014.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 3.6AP

(a)

To determine

Journal

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

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.

T-account

T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity, revenue and expenditure items are recorded.

This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows:

(a) The title of the account

(b) The left or debit side

(c) The right or credit side

Trial balance

Trial balance is the list 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.

(a)

To prepare: The T-accounts to enter the opening balances of S Company as on September 30, 2014.

(b)

To determine

To journalize: the transaction as given.

(c)

To determine

To post: the transaction to ledger accounts of S Company on October 31, 2017.

(d)

To determine

To prepare: a trial balance as on October 31, 2014.

Answer 6

Chapter 3, Problem 3.6AP

(a)

To determine

Journal

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

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.

T-account

T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity, revenue and expenditure items are recorded.

This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows:

(a) The title of the account

(b) The left or debit side

(c) The right or credit side

Trial balance

Trial balance is the list 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.

(a)

To prepare: The T-accounts to enter the opening balances of S Company as on September 30, 2014.

Answer 7

Chapter 3, Problem 3.6AP

(a)

To determine

Journal

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

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.

T-account

T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity, revenue and expenditure items are recorded.

This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows:

(a) The title of the account

(b) The left or debit side

(c) The right or credit side

Trial balance

Trial balance is the list 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.

(a)

To prepare: The T-accounts to enter the opening balances of S Company as on September 30, 2014.

Answer 8

(b)

To determine

To journalize: the transaction as given.

Answer 9

(b)

To determine

To journalize: the transaction as given.

Answer 10

(c)

To determine

To post: the transaction to ledger accounts of S Company on October 31, 2017.

Answer 11

(c)

To determine

To post: the transaction to ledger accounts of S Company on October 31, 2017.

Answer 12

(d)

To determine

To prepare: a trial balance as on October 31, 2014.

Answer 13

(d)

To determine

To prepare: a trial balance as on October 31, 2014.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 17

Ch. 3 - Prob. 1Q Ch. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - Prob. 7Q Ch. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9Q Ch. 3 - What is the normal balance for each of these...

Concept explainers

Videos

To journalize: the transaction as given.

To post: the transaction to ledger accounts of S Company on October 31, 2017.

To prepare: a trial balance as on October 31, 2014.

Want to see the full answer?

Chapter 3 Solutions