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(a)
Journal:
Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.
T-Accounts:
T-accounts are referred as T-account because its format represents the letter “T”. The T-accounts consists of the following:
- The title of accounts.
- The debit side (Dr) and,
- The credit side (Cr).
A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.
An adjusting entry is prepared when the trial balance is not up-to-date, and complete, and they are usually prepared at the end of the accounting period. This adjusting entry is essential for preparing the financial statementsof the business
Adjusted trial balance:
The unadjusted trial balance is the summary of all the ledger accounts that appears on the ledger accounts before making adjusting
Income statement:
An income statement is one of the financial statements which shows the revenues, and expenses of the company. The income statement is prepared to ascertain the net income/loss of the company, by deducting the expenses from the revenues.
Statement of
This is an equity statement which shows the changes in the
Classified
This is the financial statement of a company which shows the grouping of similar assets and liabilities under subheadings.
To Enter: The beginning balances of November in the ledger accounts.
(b)
To Journalize: The transaction of Company R for the month of November.
(c)
To
(d)
To prepare: The trial balance of Company R, at November, 30.
(e)
To Journalize: Theadjusting entries of Company R for November 30.
(f)
To prepare: An adjusted trial balance of Company R at November 30.
(g)
To Prepare: The income statement for the month of November.
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Chapter 4 Solutions
Financial Accounting
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- Jumper Company uses the weighted-average method in its process costing system. The following data pertain to operations in the first processing department for a recent month: Work in process, beginning: Units in process 400 Percent complete with respect to materials 65% Percent complete with respect to conversion 15% Costs in the beginning inventory: Materials cost $1,900 Conversion cost $3,000 Units started into production during the month 14,800 Units completed and transferred out during the month 13,500 Costs added to production during the month: Materials cost $ 77,885 Conversion cost Work in process, ending: $ 25,546 Units in process ? Percent complete with respect to materials 75% Percent complete with respect to conversion 25% What was the cost per equivalent unit for conversion cost?arrow_forwardNot use ai solution given correct answer general accounting questionarrow_forwardWhat was the cost of goods sold for 2018 general accountingarrow_forward
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