Ledger account A general ledger represent account for company's financial statement with debit and credit account records validated by trial balance . Computation of necessary T accounts (representing the ledger) with balances from the unadjusted trial balance of Wells Technical Institute.

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Answer 1

Question

Chapter 3, Problem 3PSA

To determine

Ledger account A general ledger represent account for company's financial statement with debit and credit account records validated by trial balance.

Computation of necessary T accounts (representing the ledger) with balances from the unadjusted trial balance of Wells Technical Institute.

To determine

Journal Entries

A journal entry is the record of the transaction entered into journal. Journal entries record all the financial details of the business and reflects which accounts are affected through the transactions.

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.

The necessary adjusting journal entries assuming that adjusting entries are made only at year end.

To determine

Ledger account:

A ledger is used to post various financial transactions of the business from the journal. Ledger sorts and arrange various transactions in the financial book with debit and credit amount which is validated by trial balance.

Trial balance:

A trial balance is a statement of all debits and credits maintained in a double entry accounting system where total of debits and credits are equal.

The necessary balance in the ledger account for the adjusting entries and an adjusted trial balance.

4.

To determine

Income Statement:

A income statement is one of the financial statement of the company and shows the company's profit and loss for a particular period of time.

Statement of Owner'sEquity:

A statement of owner's equity reflects changes in capital balance of a business over a reporting period.

Balance Sheet:

A balance sheet is a statement of financial position of a business which states the assets, liabilities and owner's equity over a particular period of time.

WTI's income statement, statement of owner's equity and balance sheet as of December, 31.

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For each of the transactions above, indicate the amount of the adjusting entry on the elements of the balance sheet and income statement.Note: Enter negative amounts with a minus sign.

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Answer 2

Question

Chapter 3, Problem 3PSA

To determine

Ledger account A general ledger represent account for company's financial statement with debit and credit account records validated by trial balance.

Computation of necessary T accounts (representing the ledger) with balances from the unadjusted trial balance of Wells Technical Institute.

To determine

Journal Entries

A journal entry is the record of the transaction entered into journal. Journal entries record all the financial details of the business and reflects which accounts are affected through the transactions.

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.

The necessary adjusting journal entries assuming that adjusting entries are made only at year end.

To determine

Ledger account:

A ledger is used to post various financial transactions of the business from the journal. Ledger sorts and arrange various transactions in the financial book with debit and credit amount which is validated by trial balance.

Trial balance:

A trial balance is a statement of all debits and credits maintained in a double entry accounting system where total of debits and credits are equal.

The necessary balance in the ledger account for the adjusting entries and an adjusted trial balance.

4.

To determine

Income Statement:

A income statement is one of the financial statement of the company and shows the company's profit and loss for a particular period of time.

Statement of Owner'sEquity:

A statement of owner's equity reflects changes in capital balance of a business over a reporting period.

Balance Sheet:

A balance sheet is a statement of financial position of a business which states the assets, liabilities and owner's equity over a particular period of time.

WTI's income statement, statement of owner's equity and balance sheet as of December, 31.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem 3PSA

To determine

Ledger account A general ledger represent account for company's financial statement with debit and credit account records validated by trial balance.

Computation of necessary T accounts (representing the ledger) with balances from the unadjusted trial balance of Wells Technical Institute.

To determine

Journal Entries

A journal entry is the record of the transaction entered into journal. Journal entries record all the financial details of the business and reflects which accounts are affected through the transactions.

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.

The necessary adjusting journal entries assuming that adjusting entries are made only at year end.

To determine

Ledger account:

A ledger is used to post various financial transactions of the business from the journal. Ledger sorts and arrange various transactions in the financial book with debit and credit amount which is validated by trial balance.

Trial balance:

A trial balance is a statement of all debits and credits maintained in a double entry accounting system where total of debits and credits are equal.

The necessary balance in the ledger account for the adjusting entries and an adjusted trial balance.

4.

To determine

Income Statement:

A income statement is one of the financial statement of the company and shows the company's profit and loss for a particular period of time.

Statement of Owner'sEquity:

A statement of owner's equity reflects changes in capital balance of a business over a reporting period.

Balance Sheet:

A balance sheet is a statement of financial position of a business which states the assets, liabilities and owner's equity over a particular period of time.

WTI's income statement, statement of owner's equity and balance sheet as of December, 31.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem 3PSA

To determine

Ledger account A general ledger represent account for company's financial statement with debit and credit account records validated by trial balance.

Computation of necessary T accounts (representing the ledger) with balances from the unadjusted trial balance of Wells Technical Institute.

To determine

Journal Entries

A journal entry is the record of the transaction entered into journal. Journal entries record all the financial details of the business and reflects which accounts are affected through the transactions.

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.

The necessary adjusting journal entries assuming that adjusting entries are made only at year end.

To determine

Ledger account:

A ledger is used to post various financial transactions of the business from the journal. Ledger sorts and arrange various transactions in the financial book with debit and credit amount which is validated by trial balance.

Trial balance:

A trial balance is a statement of all debits and credits maintained in a double entry accounting system where total of debits and credits are equal.

The necessary balance in the ledger account for the adjusting entries and an adjusted trial balance.

4.

To determine

Income Statement:

A income statement is one of the financial statement of the company and shows the company's profit and loss for a particular period of time.

Statement of Owner'sEquity:

A statement of owner's equity reflects changes in capital balance of a business over a reporting period.

Balance Sheet:

A balance sheet is a statement of financial position of a business which states the assets, liabilities and owner's equity over a particular period of time.

WTI's income statement, statement of owner's equity and balance sheet as of December, 31.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 3PSA

To determine

Ledger account A general ledger represent account for company's financial statement with debit and credit account records validated by trial balance.

Computation of necessary T accounts (representing the ledger) with balances from the unadjusted trial balance of Wells Technical Institute.

To determine

Journal Entries

A journal entry is the record of the transaction entered into journal. Journal entries record all the financial details of the business and reflects which accounts are affected through the transactions.

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.

The necessary adjusting journal entries assuming that adjusting entries are made only at year end.

To determine

Ledger account:

A ledger is used to post various financial transactions of the business from the journal. Ledger sorts and arrange various transactions in the financial book with debit and credit amount which is validated by trial balance.

Trial balance:

A trial balance is a statement of all debits and credits maintained in a double entry accounting system where total of debits and credits are equal.

The necessary balance in the ledger account for the adjusting entries and an adjusted trial balance.

4.

To determine

Income Statement:

A income statement is one of the financial statement of the company and shows the company's profit and loss for a particular period of time.

Statement of Owner'sEquity:

A statement of owner's equity reflects changes in capital balance of a business over a reporting period.

Balance Sheet:

A balance sheet is a statement of financial position of a business which states the assets, liabilities and owner's equity over a particular period of time.

WTI's income statement, statement of owner's equity and balance sheet as of December, 31.

Answer 6

Chapter 3, Problem 3PSA

To determine

Ledger account A general ledger represent account for company's financial statement with debit and credit account records validated by trial balance.

Computation of necessary T accounts (representing the ledger) with balances from the unadjusted trial balance of Wells Technical Institute.

Answer 7

Chapter 3, Problem 3PSA

To determine

Ledger account A general ledger represent account for company's financial statement with debit and credit account records validated by trial balance.

Computation of necessary T accounts (representing the ledger) with balances from the unadjusted trial balance of Wells Technical Institute.

Answer 8

To determine

Journal Entries

A journal entry is the record of the transaction entered into journal. Journal entries record all the financial details of the business and reflects which accounts are affected through the transactions.

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.

The necessary adjusting journal entries assuming that adjusting entries are made only at year end.

Answer 9

To determine

Journal Entries

A journal entry is the record of the transaction entered into journal. Journal entries record all the financial details of the business and reflects which accounts are affected through the transactions.

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.

The necessary adjusting journal entries assuming that adjusting entries are made only at year end.

Answer 10

To determine

Ledger account:

A ledger is used to post various financial transactions of the business from the journal. Ledger sorts and arrange various transactions in the financial book with debit and credit amount which is validated by trial balance.

Trial balance:

A trial balance is a statement of all debits and credits maintained in a double entry accounting system where total of debits and credits are equal.

The necessary balance in the ledger account for the adjusting entries and an adjusted trial balance.

Answer 11

To determine

Ledger account:

A ledger is used to post various financial transactions of the business from the journal. Ledger sorts and arrange various transactions in the financial book with debit and credit amount which is validated by trial balance.

Trial balance:

A trial balance is a statement of all debits and credits maintained in a double entry accounting system where total of debits and credits are equal.

The necessary balance in the ledger account for the adjusting entries and an adjusted trial balance.

Answer 12

4.

To determine

Income Statement:

A income statement is one of the financial statement of the company and shows the company's profit and loss for a particular period of time.

Statement of Owner'sEquity:

A statement of owner's equity reflects changes in capital balance of a business over a reporting period.

Balance Sheet:

A balance sheet is a statement of financial position of a business which states the assets, liabilities and owner's equity over a particular period of time.

WTI's income statement, statement of owner's equity and balance sheet as of December, 31.

Answer 13

4.

To determine

Income Statement:

A income statement is one of the financial statement of the company and shows the company's profit and loss for a particular period of time.

Statement of Owner'sEquity:

A statement of owner's equity reflects changes in capital balance of a business over a reporting period.

Balance Sheet:

A balance sheet is a statement of financial position of a business which states the assets, liabilities and owner's equity over a particular period of time.

WTI's income statement, statement of owner's equity and balance sheet as of December, 31.

Answer 14

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Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 3 - Periodic reporting C1 Choose from the following...Ch. 3 - Prob. 2QS Ch. 3 - Identifying accounting adjustments Classify the...Ch. 3 - Concepts 0f adjusting entries During the year, a...Ch. 3 - Prepaid (deferred) expenses adjustments Pl For...Ch. 3 - Prepaid (deferred) expenses adjustments For each...Ch. 3 - Prob. 7QS Ch. 3 - Accumulated depreciation adjustments Pl For each...Ch. 3 - Adjusting for depreciation P1 For each separate...Ch. 3 - Unearned (deferred) revenues adjustments For each...

Ledger account A general ledger represent account for company's financial statement with debit and credit account records validated by trial balance . Computation of necessary T accounts (representing the ledger) with balances from the unadjusted trial balance of Wells Technical Institute.

Concept explainers

Videos

Ledger account A general ledger represent account for company's financial statement with debit and credit account records validated by trial balance.

Computation of necessary T accounts (representing the ledger) with balances from the unadjusted trial balance of Wells Technical Institute.

Want to see the full answer?

Chapter 3 Solutions

Ledger account A general ledger represent account for company's financial statement with debit and credit account records validated by trial balance . Computation of necessary T accounts (representing the ledger) with balances from the unadjusted trial balance of Wells Technical Institute.

Concept explainers

Videos

Ledger account A general ledger represent account for company's financial statement with debit and credit account records validated by trial balance. Computation of necessary T accounts (representing the ledger) with balances from the unadjusted trial balance of Wells Technical Institute.

Want to see the full answer?

Chapter 3 Solutions

Ledger account A general ledger represent account for company's financial statement with debit and credit account records validated by trial balance.

Computation of necessary T accounts (representing the ledger) with balances from the unadjusted trial balance of Wells Technical Institute.