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

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Answer 1

Question

Chapter 3, Problem 3PSB

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.

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

To determine

Journal Entries:

A journal entry is the record of the transaction entered into journal. Journal entries records 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 for the items, 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 when the total of debits and credits are equal, the trial balance is considered to be matched.

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

4.

To determine

Income Statement:

An income statement is one of the financial statement of the company which 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:

The financial statement in which the worth of assets, liabilities and equity of a company or an entity is shown in a classified form is a balance sheet.

The income statement, statement of owner's equity and the balance sheet of Institute A as of December, 31.

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Answer 2

Question

Chapter 3, Problem 3PSB

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.

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

To determine

Journal Entries:

A journal entry is the record of the transaction entered into journal. Journal entries records 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 for the items, 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 when the total of debits and credits are equal, the trial balance is considered to be matched.

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

4.

To determine

Income Statement:

An income statement is one of the financial statement of the company which 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:

The financial statement in which the worth of assets, liabilities and equity of a company or an entity is shown in a classified form is a balance sheet.

The income statement, statement of owner's equity and the balance sheet of Institute A as of December, 31.

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Answer 3

Question

Chapter 3, Problem 3PSB

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.

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

To determine

Journal Entries:

A journal entry is the record of the transaction entered into journal. Journal entries records 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 for the items, 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 when the total of debits and credits are equal, the trial balance is considered to be matched.

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

4.

To determine

Income Statement:

An income statement is one of the financial statement of the company which 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:

The financial statement in which the worth of assets, liabilities and equity of a company or an entity is shown in a classified form is a balance sheet.

The income statement, statement of owner's equity and the balance sheet of Institute A as of December, 31.

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Answer 4

Question

Chapter 3, Problem 3PSB

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.

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

To determine

Journal Entries:

A journal entry is the record of the transaction entered into journal. Journal entries records 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 for the items, 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 when the total of debits and credits are equal, the trial balance is considered to be matched.

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

4.

To determine

Income Statement:

An income statement is one of the financial statement of the company which 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:

The financial statement in which the worth of assets, liabilities and equity of a company or an entity is shown in a classified form is a balance sheet.

The income statement, statement of owner's equity and the balance sheet of Institute A as of December, 31.

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Answer 5

Chapter 3, Problem 3PSB

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.

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

To determine

Journal Entries:

A journal entry is the record of the transaction entered into journal. Journal entries records 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 for the items, 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 when the total of debits and credits are equal, the trial balance is considered to be matched.

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

4.

To determine

Income Statement:

An income statement is one of the financial statement of the company which 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:

The financial statement in which the worth of assets, liabilities and equity of a company or an entity is shown in a classified form is a balance sheet.

The income statement, statement of owner's equity and the balance sheet of Institute A as of December, 31.

Answer 6

Chapter 3, Problem 3PSB

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.

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

Answer 7

Chapter 3, Problem 3PSB

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.

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

Answer 8

To determine

Journal Entries:

A journal entry is the record of the transaction entered into journal. Journal entries records 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 for the items, 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 records 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 for the items, 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 when the total of debits and credits are equal, the trial balance is considered to be matched.

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 when the total of debits and credits are equal, the trial balance is considered to be matched.

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

Answer 12

4.

To determine

Income Statement:

An income statement is one of the financial statement of the company which 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:

The financial statement in which the worth of assets, liabilities and equity of a company or an entity is shown in a classified form is a balance sheet.

The income statement, statement of owner's equity and the balance sheet of Institute A as of December, 31.

Answer 13

4.

To determine

Income Statement:

An income statement is one of the financial statement of the company which 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:

The financial statement in which the worth of assets, liabilities and equity of a company or an entity is shown in a classified form is a balance sheet.

The income statement, statement of owner's equity and the balance sheet of Institute A as of December, 31.

Answer 14

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Answer 15

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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...

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