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. Correcting entries: Correcting entries are those entries which are recorded in order to rectify the effect of an erroneous entry. To Prepare: (a) The correct entry by reversing the incorrect entry.

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Answer 1

Question

Chapter 4, Problem 4.12E

(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.

Correcting entries: Correcting entries are those entries which are recorded in order to rectify the effect of an erroneous entry.

To Prepare: (a) The correct entry by reversing the incorrect entry.

(b)

To determine

To Prepare: The correct entry without reversing the incorrect entry.

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Answer 2

Question

Chapter 4, Problem 4.12E

(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.

Correcting entries: Correcting entries are those entries which are recorded in order to rectify the effect of an erroneous entry.

To Prepare: (a) The correct entry by reversing the incorrect entry.

(b)

To determine

To Prepare: The correct entry without reversing the incorrect entry.

Expert Solution & Answer

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Answer 3

Question

Chapter 4, Problem 4.12E

(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.

Correcting entries: Correcting entries are those entries which are recorded in order to rectify the effect of an erroneous entry.

To Prepare: (a) The correct entry by reversing the incorrect entry.

(b)

To determine

To Prepare: The correct entry without reversing the incorrect entry.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 4.12E

(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.

Correcting entries: Correcting entries are those entries which are recorded in order to rectify the effect of an erroneous entry.

To Prepare: (a) The correct entry by reversing the incorrect entry.

(b)

To determine

To Prepare: The correct entry without reversing the incorrect entry.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 4.12E

(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.

Correcting entries: Correcting entries are those entries which are recorded in order to rectify the effect of an erroneous entry.

To Prepare: (a) The correct entry by reversing the incorrect entry.

(b)

To determine

To Prepare: The correct entry without reversing the incorrect entry.

Answer 6

Chapter 4, Problem 4.12E

(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.

Correcting entries: Correcting entries are those entries which are recorded in order to rectify the effect of an erroneous entry.

To Prepare: (a) The correct entry by reversing the incorrect entry.

Answer 7

Chapter 4, Problem 4.12E

(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.

Correcting entries: Correcting entries are those entries which are recorded in order to rectify the effect of an erroneous entry.

To Prepare: (a) The correct entry by reversing the incorrect entry.

Answer 8

(b)

To determine

To Prepare: The correct entry without reversing the incorrect entry.

Answer 9

(b)

To determine

To Prepare: The correct entry without reversing the incorrect entry.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 4 - Prob. 1Q Ch. 4 - 2. Explain the purpose of the worksheet. Ch. 4 - 3. What is the relationship, if any, between the...Ch. 4 - Prob. 4Q Ch. 4 - Prob. 5Q Ch. 4 - Prob. 6Q Ch. 4 - Prob. 7Q Ch. 4 - Prob. 8Q Ch. 4 - 9. Which of the following accounts would not...Ch. 4 - 10. Distinguish between a reversing entry and an...

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