Concept explainers
Videos
(a)
Journal:
Journal is the systematic method of recording the business transactions in a chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system of accounting.
Rules of Debit and Credit:
Following rules are followed for debiting and crediting different accounts while they occur in business transactions:
- Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.
- Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.
T-account:
T-account refers to an individual account, which records the increases or decreases in the value of specific asset, liability,
This account is referred to as the T-account, because of the alignment, of the components of the account resembles the capital letter ‘T’. This account consists of the three main components which are as follows:
- (a) The title of the account
- (b) The left or debit side
- (c) The right or credit side
Adjusting entries:
Adjusting entries are the
Closing entries:
Closing entries are those journal entries, which are passed to transfer the final balances of temporary accounts, (all revenues account, all expenses account and dividend) to the income summary account. Closing entries produce a zero balance in each temporary account.
Adjusted
Adjusted trial balance is a summary of all the ledger accounts, and it contains the balances of all the accounts after the
Post closing trial balance:
The post closing trial balance is a summary of all ledger accounts, and it shows the debit and the credit balances after the closing entries are journalized and posted. The post-closing trial balance contains only permanent (
To journalize: The transaction as given in the book of Company CWW for the month of July.
(b)
To post: The journal transactions to T-account of Company CWW for the month of July.
(c)
To prepare: The trial balance of Company CWW on July 31, 2014 before adjustment.
(d)
To journalize: The adjusting transactions as given in the books of Company CWW.
(e)
To post: The adjusting entries to T-account of Company CWW for the month of July.
(f)
To prepare: The trial balance of Company CWW on July 31, 2014 after adjustment.
(g)
To prepare: The income statement, statement of
(h)
To prepare: The closing journal entries of Company CWW, and post it to T-accounts.
(i)
To prepare: The post-closing trial balance of Company CWW on July31, 2014
Want to see the full answer?
Check out a sample textbook solution
Chapter 4 Solutions
Financial Accounting
- Don't use ai to answer I will report you answerarrow_forward1. Stampede Company has two service departments — purchasing and maintenance, and two production departments — fabrication and assembly. The distribution of each service department's efforts to the other departments is shown below: FROM TO Purchasing Maintenance Fabrication Assembly Purchasing 0% 45% 45% 10% Maintenance 55% 0% 30% 15% The direct operating costs of the departments (including both variable and fixed costs) were as follows: Purchasing $ 138,000 Maintenance 60,000 Fabrication 114,000 Assembly 90,000 The total cost accumulated in the fabrication department using the direct method is: The answer is not 194100 2. Bifurcator Company produces three products — X, Y, and Z — from a joint process. Each product may be sold at the split-off point or processed further. Additional processing requires no special facilities, and production costs of further processing are entirely variable and traceable to the products involved. Last year all three products were…arrow_forwardGeneral accounting question please solvearrow_forward
- Due Jan 26 11:59pm Module 2 Discussion Provide and discuss an example of a situation where a company would use a job cost sheet. As part of your analysis, be sure to explain the nature and importance of a job cost sheet. or Discuss the advantages and disadvantages of Job Order Costing. Be sure to include specific examples of the advantages/disadvantages that you discuss. 21 Replies, 18arrow_forwardNonearrow_forwardAbcarrow_forward
- choose 4 nuber from 1 to 5 with repetitions allowed to create the largest standard deviation posiiblearrow_forward1. Stampede Company has two service departments — purchasing and maintenance, and two production departments — fabrication and assembly. The distribution of each service department's efforts to the other departments is shown below: FROM TO Purchasing Maintenance Fabrication Assembly Purchasing 0% 45% 45% 10% Maintenance 55% 0% 30% 15% The direct operating costs of the departments (including both variable and fixed costs) were as follows: Purchasing $ 138,000 Maintenance 60,000 Fabrication 114,000 Assembly 90,000 The total cost accumulated in the fabrication department using the direct method is: 2. Bifurcator Company produces three products — X, Y, and Z — from a joint process. Each product may be sold at the split-off point or processed further. Additional processing requires no special facilities, and production costs of further processing are entirely variable and traceable to the products involved. Last year all three products were processed beyond…arrow_forward?????arrow_forward
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education