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. Accounting rules for journal entries: To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. Léger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book. To prepare: Adjusting journal entries and post them to ledgers.

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Answer 1

Question

Chapter 3, Problem 3CC

(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.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Léger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book.

To prepare: Adjusting journal entries and post them to ledgers.

(b)

To determine

Trial balance: Trial balance is the record of accounts and their balances prepared at the end of accounting period. It is the prepared after journal and ledger and gives the summary of transactions occurred in the business. Debit balances are given in left column and credit balances are given in right column of trial balance.

To prepare: A trial balance.

(c)

To determine

To identify: The net income without the preparation of income statement.

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On 17-Feb of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,302,500; $295,000 was allocated to the basis of the land and the remaining $1,007,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. a. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Year 1 Depreciation Expense Year 2 Year 3

On 17-Feb of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,302,500; $295,000 was allocated to the basis of the land and the remaining $1,007,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. c. Assume the building was purchased and placed in service on 22-Nov instead of 17-Feb. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Year 1 Year 2 Year 3 Depreciation Deduction

1) Evaluate the progress and challenges in achieving a single set of global accounting standards. 2) Discuss the benefits and drawbacks of globalization in accounting, providing relevant examples.

Answer 2

Question

Chapter 3, Problem 3CC

(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.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Léger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book.

To prepare: Adjusting journal entries and post them to ledgers.

(b)

To determine

Trial balance: Trial balance is the record of accounts and their balances prepared at the end of accounting period. It is the prepared after journal and ledger and gives the summary of transactions occurred in the business. Debit balances are given in left column and credit balances are given in right column of trial balance.

To prepare: A trial balance.

(c)

To determine

To identify: The net income without the preparation of income statement.

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Answer 3

Question

Chapter 3, Problem 3CC

(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.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Léger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book.

To prepare: Adjusting journal entries and post them to ledgers.

(b)

To determine

Trial balance: Trial balance is the record of accounts and their balances prepared at the end of accounting period. It is the prepared after journal and ledger and gives the summary of transactions occurred in the business. Debit balances are given in left column and credit balances are given in right column of trial balance.

To prepare: A trial balance.

(c)

To determine

To identify: The net income without the preparation of income statement.

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Answer 4

Question

Chapter 3, Problem 3CC

(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.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Léger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book.

To prepare: Adjusting journal entries and post them to ledgers.

(b)

To determine

Trial balance: Trial balance is the record of accounts and their balances prepared at the end of accounting period. It is the prepared after journal and ledger and gives the summary of transactions occurred in the business. Debit balances are given in left column and credit balances are given in right column of trial balance.

To prepare: A trial balance.

(c)

To determine

To identify: The net income without the preparation of income statement.

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Answer 5

Chapter 3, Problem 3CC

(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.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Léger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book.

To prepare: Adjusting journal entries and post them to ledgers.

(b)

To determine

Trial balance: Trial balance is the record of accounts and their balances prepared at the end of accounting period. It is the prepared after journal and ledger and gives the summary of transactions occurred in the business. Debit balances are given in left column and credit balances are given in right column of trial balance.

To prepare: A trial balance.

(c)

To determine

To identify: The net income without the preparation of income statement.

Answer 6

Chapter 3, Problem 3CC

(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.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Léger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book.

To prepare: Adjusting journal entries and post them to ledgers.

Answer 7

Chapter 3, Problem 3CC

(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.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Léger Account: Leger account is an accountings book in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. It can be termed as principal book.

To prepare: Adjusting journal entries and post them to ledgers.

Answer 8

(b)

To determine

Trial balance: Trial balance is the record of accounts and their balances prepared at the end of accounting period. It is the prepared after journal and ledger and gives the summary of transactions occurred in the business. Debit balances are given in left column and credit balances are given in right column of trial balance.

To prepare: A trial balance.

Answer 9

(b)

To determine

Trial balance: Trial balance is the record of accounts and their balances prepared at the end of accounting period. It is the prepared after journal and ledger and gives the summary of transactions occurred in the business. Debit balances are given in left column and credit balances are given in right column of trial balance.

To prepare: A trial balance.

Answer 10

(c)

To determine

To identify: The net income without the preparation of income statement.

Answer 11

(c)

To determine

To identify: The net income without the preparation of income statement.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 3 - Prob. 1Q Ch. 3 - Prob. 2Q Ch. 3 - Prob. 3Q Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - 7. Why may a trial balance not contain up-to-date...Ch. 3 - Prob. 8Q Ch. 3 - Prob. 9Q Ch. 3 - Prob. 10Q

To identify: The net income without the preparation of income statement.

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