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. To prepare: The closing entries as on April 30, 2017

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Answer 1

Question

Chapter 4, Problem 4E

(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.

To prepare: The closing entries as on April 30, 2017

(b)

To determine

T-account: It is the account or graphical representation of general ledger account or its entries. The left side of T-account is debit side and the right side represents as credit side. The journal entries prepared and posted to T-accounts. In the T-account of assets, the journal entries which increase the balance of asset are debited in the T-account.

To prepare: T-Accounts of Income summary and retained Earnings

(c)

To determine

Post-Closing Trial Balance: The items that are presented in the financial statements are listed in the statement after posting the closing balances of ledgers in the trial balance. The statement is known as post-closing trial balance.

To prepare: Post closing trial Balance.

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What is the return on assets on this general accounting question?

Richard has the following potential liabilities: William, a former employee, has sued Richard for $880,000. Richard contacted his attorney, and the case is believed to be frivolous. Carter sued Richard for an undisclosed amount for a class action lawsuit. Richard thinks it's frivolous, but his attorneys indicate a loss is probable for $88,000. Charles sued Richard because he slipped outside of Richard's store. The claim is $264,000 and Richard is certain he will lose the case but believes Charles will settle. The attorneys agree and based on conversations with Charles's attorneys, have stated that it is remote the claim will be settled for $255,200. Charles's attorneys indicated he would be willing to accept either cash of $242,000 or shares of Richard's closely-held common stock currently valued at $233,200. Richard would prefer not to settle in cash. Richard is suing William for $264,000 because William is in violation of a non-compete agreement he has with Richard. Richard is…

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Answer 2

Question

Chapter 4, Problem 4E

(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.

To prepare: The closing entries as on April 30, 2017

(b)

To determine

T-account: It is the account or graphical representation of general ledger account or its entries. The left side of T-account is debit side and the right side represents as credit side. The journal entries prepared and posted to T-accounts. In the T-account of assets, the journal entries which increase the balance of asset are debited in the T-account.

To prepare: T-Accounts of Income summary and retained Earnings

(c)

To determine

Post-Closing Trial Balance: The items that are presented in the financial statements are listed in the statement after posting the closing balances of ledgers in the trial balance. The statement is known as post-closing trial balance.

To prepare: Post closing trial Balance.

Expert Solution & Answer

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Answer 3

Question

Chapter 4, Problem 4E

(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.

To prepare: The closing entries as on April 30, 2017

(b)

To determine

T-account: It is the account or graphical representation of general ledger account or its entries. The left side of T-account is debit side and the right side represents as credit side. The journal entries prepared and posted to T-accounts. In the T-account of assets, the journal entries which increase the balance of asset are debited in the T-account.

To prepare: T-Accounts of Income summary and retained Earnings

(c)

To determine

Post-Closing Trial Balance: The items that are presented in the financial statements are listed in the statement after posting the closing balances of ledgers in the trial balance. The statement is known as post-closing trial balance.

To prepare: Post closing trial Balance.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 4E

(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.

To prepare: The closing entries as on April 30, 2017

(b)

To determine

T-account: It is the account or graphical representation of general ledger account or its entries. The left side of T-account is debit side and the right side represents as credit side. The journal entries prepared and posted to T-accounts. In the T-account of assets, the journal entries which increase the balance of asset are debited in the T-account.

To prepare: T-Accounts of Income summary and retained Earnings

(c)

To determine

Post-Closing Trial Balance: The items that are presented in the financial statements are listed in the statement after posting the closing balances of ledgers in the trial balance. The statement is known as post-closing trial balance.

To prepare: Post closing trial Balance.

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Answer 5

Chapter 4, Problem 4E

(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.

To prepare: The closing entries as on April 30, 2017

(b)

To determine

T-account: It is the account or graphical representation of general ledger account or its entries. The left side of T-account is debit side and the right side represents as credit side. The journal entries prepared and posted to T-accounts. In the T-account of assets, the journal entries which increase the balance of asset are debited in the T-account.

To prepare: T-Accounts of Income summary and retained Earnings

(c)

To determine

Post-Closing Trial Balance: The items that are presented in the financial statements are listed in the statement after posting the closing balances of ledgers in the trial balance. The statement is known as post-closing trial balance.

To prepare: Post closing trial Balance.

Answer 6

Chapter 4, Problem 4E

(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.

To prepare: The closing entries as on April 30, 2017

Answer 7

Chapter 4, Problem 4E

(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.

To prepare: The closing entries as on April 30, 2017

Answer 8

(b)

To determine

T-account: It is the account or graphical representation of general ledger account or its entries. The left side of T-account is debit side and the right side represents as credit side. The journal entries prepared and posted to T-accounts. In the T-account of assets, the journal entries which increase the balance of asset are debited in the T-account.

To prepare: T-Accounts of Income summary and retained Earnings

Answer 9

(b)

To determine

T-account: It is the account or graphical representation of general ledger account or its entries. The left side of T-account is debit side and the right side represents as credit side. The journal entries prepared and posted to T-accounts. In the T-account of assets, the journal entries which increase the balance of asset are debited in the T-account.

To prepare: T-Accounts of Income summary and retained Earnings

Answer 10

(c)

To determine

Post-Closing Trial Balance: The items that are presented in the financial statements are listed in the statement after posting the closing balances of ledgers in the trial balance. The statement is known as post-closing trial balance.

To prepare: Post closing trial Balance.

Answer 11

(c)

To determine

Post-Closing Trial Balance: The items that are presented in the financial statements are listed in the statement after posting the closing balances of ledgers in the trial balance. The statement is known as post-closing trial balance.

To prepare: Post closing trial Balance.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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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Post-Closing Trial Balance: The items that are presented in the financial statements are listed in the statement after posting the closing balances of ledgers in the trial balance. The statement is known as post-closing trial balance.

To prepare: Post closing trial Balance.

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Chapter 4 Solutions

Concept explainers

Videos

Post-Closing Trial Balance: The items that are presented in the financial statements are listed in the statement after posting the closing balances of ledgers in the trial balance. The statement is known as post-closing trial balance. To prepare: Post closing trial Balance.

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Chapter 4 Solutions

Post-Closing Trial Balance: The items that are presented in the financial statements are listed in the statement after posting the closing balances of ledgers in the trial balance. The statement is known as post-closing trial balance.

To prepare: Post closing trial Balance.