Journalizing: Journalizing 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. T-Account: T-Account is a form of ledger account 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. Reversing entries: Reversing entries are made at the beginning of the accounting period when the accountant needs to cancel any entry made in the previous accounting period. It is done in order to eliminate any errors that might have occurred in the calculation of the revenue or expenses and henceforth increase the efficiency of the financial statements for an improved decision making. To Open: T-account for Salaries Payable and Salaries Expense.

Question

Respond to Ron; Agree or disagree I work for JP Morgan Chase, and in a bank, plant assets, also known as fixed assets or property, plant, and equipment, refer to long-term tangible assets used in the bank’s operations. Unlike typical manufacturing firms, banks don’t have factories or large-scale production equipment, so their plant assets are more about supporting the financial and administrative functions. Common plant assets in a bank include buildings, or branches, regional offices, headquarters, and operations centers. It could also include land, or property owned for current or future development. Furniture and fixtures like desks, counters, chairs, partitions, teller stations. Office Equipment like computers, servers, printers, ATMs, safes, and vaults. It also has IT Infrastructure such as networking hardware, data centers, and communications systems. As well as vehicles, for bank-owned transport or armored services but are less common, and usually outsourced. The amount invested…

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Question

Chapter 4, Problem 4.28E

1.

To determine

Journalizing:

Journalizing 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.

T-Account: T-Account is a form of ledger account 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.

Reversing entries: Reversing entries are made at the beginning of the accounting period when the accountant needs to cancel any entry made in the previous accounting period. It is done in order to eliminate any errors that might have occurred in the calculation of the revenue or expenses and henceforth increase the efficiency of the financial statements for an improved decision making.

To Open: T-account for Salaries Payable and Salaries Expense.

2.

To determine

To Journalize: The entries assuming the company does not use reversing entries.

3.

To determine

To Journalize: The entries assuming the company uses reversing entries.

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Respond to Ron; Agree or disagree I work for JP Morgan Chase, and in a bank, plant assets, also known as fixed assets or property, plant, and equipment, refer to long-term tangible assets used in the bank’s operations. Unlike typical manufacturing firms, banks don’t have factories or large-scale production equipment, so their plant assets are more about supporting the financial and administrative functions. Common plant assets in a bank include buildings, or branches, regional offices, headquarters, and operations centers. It could also include land, or property owned for current or future development. Furniture and fixtures like desks, counters, chairs, partitions, teller stations. Office Equipment like computers, servers, printers, ATMs, safes, and vaults. It also has IT Infrastructure such as networking hardware, data centers, and communications systems. As well as vehicles, for bank-owned transport or armored services but are less common, and usually outsourced. The amount invested…

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