Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry . To prepare: The analysis that includes incorrect entry for each error.

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Answer 1

Question

Chapter 4, Problem 4.6AP

(a)

(1)

To determine

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

To prepare: The analysis that includes incorrect entry for each error.

2.

To determine

To prepare: The analysis that includes correct entry

3.

To determine

To prepare: The analysis that includes correcting entry for each error.

(b)

To determine

To prepare: The correct trial balance.

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Problem No. 2 The trial balance of Cleint Lumanao Nacho Supplies on February 10, 2025, before accepting Shila Tajonera as partner is shown as follows: Account Title Debit Credit Ato Cash reening smuo P 100,000 Accounts Receivable 250,000 Allowance for Uncollectible Accounts P 20,000 o Merchandise Inventory Equipment Accumulated Depreciation Accounts Payable Notes Payable 120,000 275,000 55,000 50,000 82,000 538,000 Lumanao, Capital Total P 745,000 P 745,000 Tajonera offered to invest cash to get a capital credit equal to one-half of Lumanao's capital after giving effect to the adjustments below. Lumanao accepted the offer. Valuation of some of the assets and liabilities of Lumanao, as agreed by the partners, are the following: • The merchandise is to be valued at P93,000. The accounts receivable is estimated to be 90% collectible. • The equipment is to be valued at P200,000. The partners also agreed that the name of the partnership will be Nacho Business. Required: 1. In the books of…

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Answer 2

Question

Chapter 4, Problem 4.6AP

(a)

(1)

To determine

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

To prepare: The analysis that includes incorrect entry for each error.

2.

To determine

To prepare: The analysis that includes correct entry

3.

To determine

To prepare: The analysis that includes correcting entry for each error.

(b)

To determine

To prepare: The correct trial balance.

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Answer 3

Question

Chapter 4, Problem 4.6AP

(a)

(1)

To determine

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

To prepare: The analysis that includes incorrect entry for each error.

2.

To determine

To prepare: The analysis that includes correct entry

3.

To determine

To prepare: The analysis that includes correcting entry for each error.

(b)

To determine

To prepare: The correct trial balance.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 4.6AP

(a)

(1)

To determine

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

To prepare: The analysis that includes incorrect entry for each error.

2.

To determine

To prepare: The analysis that includes correct entry

3.

To determine

To prepare: The analysis that includes correcting entry for each error.

(b)

To determine

To prepare: The correct trial balance.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 4.6AP

(a)

(1)

To determine

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

To prepare: The analysis that includes incorrect entry for each error.

2.

To determine

To prepare: The analysis that includes correct entry

3.

To determine

To prepare: The analysis that includes correcting entry for each error.

(b)

To determine

To prepare: The correct trial balance.

Answer 6

Chapter 4, Problem 4.6AP

(a)

(1)

To determine

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

To prepare: The analysis that includes incorrect entry for each error.

Answer 7

Chapter 4, Problem 4.6AP

(a)

(1)

To determine

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

To prepare: The analysis that includes incorrect entry for each error.

Answer 8

2.

To determine

To prepare: The analysis that includes correct entry

Answer 9

2.

To determine

To prepare: The analysis that includes correct entry

Answer 10

3.

To determine

To prepare: The analysis that includes correcting entry for each error.

Answer 11

3.

To determine

To prepare: The analysis that includes correcting entry for each error.

Answer 12

(b)

To determine

To prepare: The correct trial balance.

Answer 13

(b)

To determine

To prepare: The correct trial balance.

Answer 14

Expert Solution & Answer

Answer 15

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Answer 16

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Answer 17

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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To prepare: The analysis that includes correct entry

To prepare: The analysis that includes correcting entry for each error.

To prepare: The correct trial balance.

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Chapter 4 Solutions