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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On January 1 of the current year (Year 1), CVX acquired a delivery van for $68,000. The estimated useful life of the van is 6 years or 120,000 miles. The residual value at the end of 6 years is estimated to be $8,000. The actual mileage for the van was 19,000 miles in Year 1 and 25,000 miles in Year 2. What is the depreciation expense for the second year of use (Year 2) if CVX uses the units of production method? Provide answer

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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

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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.