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. Rules of debit and credit: “An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited. Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”. Net income: The net income is the difference between the total revenue, and the total expenses. The net income can be computed as: Net income = Total revenues – Total expenses To prepare: The correct journal entry for DS Incorporation.

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Answer 1

Question

Chapter 3, Problem 3.6BYP

(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.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Net income:

The net income is the difference between the total revenue, and the total expenses. The net income can be computed as:

Net income = Total revenues – Total expenses

To prepare: The correct journal entry for DS Incorporation.

(b)

To determine

The incorrect entries that would prevent the trial balance from balancing.

(c)

To determine

To compute: The correct net income for the month of May.

(d)

To determine

The correct cash balance at May, 31.

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CAL Ltd. sold $6,700,000 of 10% bonds, which were dated March 1, 2023, on June 1, 2023. The bonds paid interest on September 1 and March 1 of each year. The bonds' maturity date was March 1, 2033, and the bonds were issued to yield 12%. CAL's fiscal year-end was February 28, and the company followed IFRS. On June 1, 2024, CAL bought back $2,700,000 worth of bonds for $2,600,000 plus accrued interest. (a) Using 1. a financial calculator, or 2. Excel function PV, calculate the issue price of the bonds and prepare the entry for the issuance of the bonds. Hint: Use the account Interest Expense in your entry). there are 3 entries to be made here

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1. Stampede Company has two service departments — purchasing and maintenance, and two production departments — fabrication and assembly. The distribution of each service department's efforts to the other departments is shown below: FROM TO Purchasing Maintenance Fabrication Assembly Purchasing 0% 45% 45% 10% Maintenance 55% 0% 30% 15% The direct operating costs of the departments (including both variable and fixed costs) were as follows: Purchasing $ 138,000 Maintenance 60,000 Fabrication 114,000 Assembly 90,000 The total cost accumulated in the fabrication department using the direct method is: The answer is not 194100 2. Bifurcator Company produces three products — X, Y, and Z — from a joint process. Each product may be sold at the split-off point or processed further. Additional processing requires no special facilities, and production costs of further processing are entirely variable and traceable to the products involved. Last year all three products were…

Answer 2

Question

Chapter 3, Problem 3.6BYP

(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.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Net income:

The net income is the difference between the total revenue, and the total expenses. The net income can be computed as:

Net income = Total revenues – Total expenses

To prepare: The correct journal entry for DS Incorporation.

(b)

To determine

The incorrect entries that would prevent the trial balance from balancing.

(c)

To determine

To compute: The correct net income for the month of May.

(d)

To determine

The correct cash balance at May, 31.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 3.6BYP

(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.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Net income:

The net income is the difference between the total revenue, and the total expenses. The net income can be computed as:

Net income = Total revenues – Total expenses

To prepare: The correct journal entry for DS Incorporation.

(b)

To determine

The incorrect entries that would prevent the trial balance from balancing.

(c)

To determine

To compute: The correct net income for the month of May.

(d)

To determine

The correct cash balance at May, 31.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem 3.6BYP

(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.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Net income:

The net income is the difference between the total revenue, and the total expenses. The net income can be computed as:

Net income = Total revenues – Total expenses

To prepare: The correct journal entry for DS Incorporation.

(b)

To determine

The incorrect entries that would prevent the trial balance from balancing.

(c)

To determine

To compute: The correct net income for the month of May.

(d)

To determine

The correct cash balance at May, 31.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 3.6BYP

(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.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Net income:

The net income is the difference between the total revenue, and the total expenses. The net income can be computed as:

Net income = Total revenues – Total expenses

To prepare: The correct journal entry for DS Incorporation.

(b)

To determine

The incorrect entries that would prevent the trial balance from balancing.

(c)

To determine

To compute: The correct net income for the month of May.

(d)

To determine

The correct cash balance at May, 31.

Answer 6

Chapter 3, Problem 3.6BYP

(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.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Net income:

The net income is the difference between the total revenue, and the total expenses. The net income can be computed as:

Net income = Total revenues – Total expenses

To prepare: The correct journal entry for DS Incorporation.

Answer 7

Chapter 3, Problem 3.6BYP

(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.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Net income:

The net income is the difference between the total revenue, and the total expenses. The net income can be computed as:

Net income = Total revenues – Total expenses

To prepare: The correct journal entry for DS Incorporation.

Answer 8

(b)

To determine

The incorrect entries that would prevent the trial balance from balancing.

Answer 9

(b)

To determine

The incorrect entries that would prevent the trial balance from balancing.

Answer 10

(c)

To determine

To compute: The correct net income for the month of May.

Answer 11

(c)

To determine

To compute: The correct net income for the month of May.

Answer 12

(d)

To determine

The correct cash balance at May, 31.

Answer 13

(d)

To determine

The correct cash balance at May, 31.

Answer 14

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Answer 15

Expert Solution & Answer

Answer 16

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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...

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The incorrect entries that would prevent the trial balance from balancing.

To compute: The correct net income for the month of May.

The correct cash balance at May, 31.

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Chapter 3 Solutions