1) T-Account and Journal T Accounts are graphical representations of the effects of financial transactions on the impacted accounts. They help in understanding the flow of financial transactions and also serve as a log of historical transactions conducted by the entity. Journal entries record the effect of the financial transactions on impacted accounts and assist in preparation of financial statements. Accounts are debited to increase balances of assets and expenses and credited increase the balance of incomes and liabilities To prepare: Journalize the adjusting entries and Post to T-Accounts.

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Answer 1

Question

Chapter 3, Problem P3.46CP

To determine

1)

T-Account and Journal

T Accounts are graphical representations of the effects of financial transactions on the impacted accounts.

They help in understanding the flow of financial transactions and also serve as a log of historical transactions conducted by the entity.

Journal entries record the effect of the financial transactions on impacted accounts and assist in preparation of financial statements. Accounts are debited to increase balances of assets and expenses and credited increase the balance of incomes and liabilities

To prepare:

Journalize the adjusting entries and Post to T-Accounts.

To determine

2)

Adjusted Trial Balance

A trial Balance is a list of the balances of various Assets, Liabilities, Expense and Revenue Accounts. It helps in evaluating the arithmetical accuracy of financial transactions and postings during a reporting period and serves as the starting point in the preparation of financial statements.

Adjusted Trial Balance is prepared to give effect to the adjusting entries.

To prepare:

Adjusted Trial Balance as at 31 December 2018

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ABF's metal spare parts manufacturing company uses the customised production method by attributing the GST to the products it produces with the help of predetermined attribution coefficients. The processing of metal parts is carried out in two production departments: the Cutting and Drilling department, and the Assembly department. The GIS attribution coefficients for the two departments are based on the operating hours of machines and the cost of direct work respectively. At the beginning of the year, the following budgets were implemented: Cutting and Drilling Department Assembly Department Direct Labor Costs (in euros) 1.320.000 2.000.000 G.B.E. (in euros) 4.800.000 2.400.000 Machinery Operating Hours 80.000 5.000 Direct Work Hours 27.000 12.000 Requested: To calculate the coefficient of attribution of the General Secretariat that will be used in each department. (4 units) To determine the production cost per unit for order 158 which…

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Answer 2

Question

Chapter 3, Problem P3.46CP

To determine

1)

T-Account and Journal

T Accounts are graphical representations of the effects of financial transactions on the impacted accounts.

They help in understanding the flow of financial transactions and also serve as a log of historical transactions conducted by the entity.

Journal entries record the effect of the financial transactions on impacted accounts and assist in preparation of financial statements. Accounts are debited to increase balances of assets and expenses and credited increase the balance of incomes and liabilities

To prepare:

Journalize the adjusting entries and Post to T-Accounts.

To determine

2)

Adjusted Trial Balance

A trial Balance is a list of the balances of various Assets, Liabilities, Expense and Revenue Accounts. It helps in evaluating the arithmetical accuracy of financial transactions and postings during a reporting period and serves as the starting point in the preparation of financial statements.

Adjusted Trial Balance is prepared to give effect to the adjusting entries.

To prepare:

Adjusted Trial Balance as at 31 December 2018

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem P3.46CP

To determine

1)

T-Account and Journal

T Accounts are graphical representations of the effects of financial transactions on the impacted accounts.

They help in understanding the flow of financial transactions and also serve as a log of historical transactions conducted by the entity.

Journal entries record the effect of the financial transactions on impacted accounts and assist in preparation of financial statements. Accounts are debited to increase balances of assets and expenses and credited increase the balance of incomes and liabilities

To prepare:

Journalize the adjusting entries and Post to T-Accounts.

To determine

2)

Adjusted Trial Balance

A trial Balance is a list of the balances of various Assets, Liabilities, Expense and Revenue Accounts. It helps in evaluating the arithmetical accuracy of financial transactions and postings during a reporting period and serves as the starting point in the preparation of financial statements.

Adjusted Trial Balance is prepared to give effect to the adjusting entries.

To prepare:

Adjusted Trial Balance as at 31 December 2018

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem P3.46CP

To determine

1)

T-Account and Journal

T Accounts are graphical representations of the effects of financial transactions on the impacted accounts.

They help in understanding the flow of financial transactions and also serve as a log of historical transactions conducted by the entity.

Journal entries record the effect of the financial transactions on impacted accounts and assist in preparation of financial statements. Accounts are debited to increase balances of assets and expenses and credited increase the balance of incomes and liabilities

To prepare:

Journalize the adjusting entries and Post to T-Accounts.

To determine

2)

Adjusted Trial Balance

A trial Balance is a list of the balances of various Assets, Liabilities, Expense and Revenue Accounts. It helps in evaluating the arithmetical accuracy of financial transactions and postings during a reporting period and serves as the starting point in the preparation of financial statements.

Adjusted Trial Balance is prepared to give effect to the adjusting entries.

To prepare:

Adjusted Trial Balance as at 31 December 2018

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem P3.46CP

To determine

1)

T-Account and Journal

T Accounts are graphical representations of the effects of financial transactions on the impacted accounts.

They help in understanding the flow of financial transactions and also serve as a log of historical transactions conducted by the entity.

Journal entries record the effect of the financial transactions on impacted accounts and assist in preparation of financial statements. Accounts are debited to increase balances of assets and expenses and credited increase the balance of incomes and liabilities

To prepare:

Journalize the adjusting entries and Post to T-Accounts.

To determine

2)

Adjusted Trial Balance

A trial Balance is a list of the balances of various Assets, Liabilities, Expense and Revenue Accounts. It helps in evaluating the arithmetical accuracy of financial transactions and postings during a reporting period and serves as the starting point in the preparation of financial statements.

Adjusted Trial Balance is prepared to give effect to the adjusting entries.

To prepare:

Adjusted Trial Balance as at 31 December 2018

Answer 6

Chapter 3, Problem P3.46CP

To determine

1)

T-Account and Journal

T Accounts are graphical representations of the effects of financial transactions on the impacted accounts.

They help in understanding the flow of financial transactions and also serve as a log of historical transactions conducted by the entity.

Journal entries record the effect of the financial transactions on impacted accounts and assist in preparation of financial statements. Accounts are debited to increase balances of assets and expenses and credited increase the balance of incomes and liabilities

To prepare:

Journalize the adjusting entries and Post to T-Accounts.

Answer 7

Chapter 3, Problem P3.46CP

To determine

1)

T-Account and Journal

T Accounts are graphical representations of the effects of financial transactions on the impacted accounts.

They help in understanding the flow of financial transactions and also serve as a log of historical transactions conducted by the entity.

Journal entries record the effect of the financial transactions on impacted accounts and assist in preparation of financial statements. Accounts are debited to increase balances of assets and expenses and credited increase the balance of incomes and liabilities

To prepare:

Journalize the adjusting entries and Post to T-Accounts.

Answer 8

To determine

2)

Adjusted Trial Balance

A trial Balance is a list of the balances of various Assets, Liabilities, Expense and Revenue Accounts. It helps in evaluating the arithmetical accuracy of financial transactions and postings during a reporting period and serves as the starting point in the preparation of financial statements.

Adjusted Trial Balance is prepared to give effect to the adjusting entries.

To prepare:

Adjusted Trial Balance as at 31 December 2018

Answer 9

To determine

2)

Adjusted Trial Balance

A trial Balance is a list of the balances of various Assets, Liabilities, Expense and Revenue Accounts. It helps in evaluating the arithmetical accuracy of financial transactions and postings during a reporting period and serves as the starting point in the preparation of financial statements.

Adjusted Trial Balance is prepared to give effect to the adjusting entries.

To prepare:

Adjusted Trial Balance as at 31 December 2018

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

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