Journal Entries: Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side. 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. 1. To prepare: Journal entries of transactions and adjustments for 2016 and 2017.

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Answer 1

Question

Chapter 9, Problem 4PSA

To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

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.

1.

To prepare: Journal entries of transactions and adjustments for 2016 and 2017.

2.

To determine

Warranty expense for November 2016 and December 2016.

3.

To determine

Warranty expense for January 2017.

4.

To determine

Balance of estimated warranty liability account as on December 31, 2016.

5.

To determine

Balance of estimated warranty liability account as on January 31, 2017.

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Answer 2

Question

Chapter 9, Problem 4PSA

To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

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.

1.

To prepare: Journal entries of transactions and adjustments for 2016 and 2017.

2.

To determine

Warranty expense for November 2016 and December 2016.

3.

To determine

Warranty expense for January 2017.

4.

To determine

Balance of estimated warranty liability account as on December 31, 2016.

5.

To determine

Balance of estimated warranty liability account as on January 31, 2017.

Expert Solution & Answer

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Answer 3

Question

Chapter 9, Problem 4PSA

To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

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.

1.

To prepare: Journal entries of transactions and adjustments for 2016 and 2017.

2.

To determine

Warranty expense for November 2016 and December 2016.

3.

To determine

Warranty expense for January 2017.

4.

To determine

Balance of estimated warranty liability account as on December 31, 2016.

5.

To determine

Balance of estimated warranty liability account as on January 31, 2017.

Expert Solution & Answer

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Answer 4

Question

Chapter 9, Problem 4PSA

To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

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.

1.

To prepare: Journal entries of transactions and adjustments for 2016 and 2017.

2.

To determine

Warranty expense for November 2016 and December 2016.

3.

To determine

Warranty expense for January 2017.

4.

To determine

Balance of estimated warranty liability account as on December 31, 2016.

5.

To determine

Balance of estimated warranty liability account as on January 31, 2017.

Expert Solution & Answer

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Answer 5

Chapter 9, Problem 4PSA

To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

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.

1.

To prepare: Journal entries of transactions and adjustments for 2016 and 2017.

2.

To determine

Warranty expense for November 2016 and December 2016.

3.

To determine

Warranty expense for January 2017.

4.

To determine

Balance of estimated warranty liability account as on December 31, 2016.

5.

To determine

Balance of estimated warranty liability account as on January 31, 2017.

Answer 6

Chapter 9, Problem 4PSA

To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

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.

1.

To prepare: Journal entries of transactions and adjustments for 2016 and 2017.

Answer 7

Chapter 9, Problem 4PSA

To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

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.

1.

To prepare: Journal entries of transactions and adjustments for 2016 and 2017.

Answer 8

2.

To determine

Warranty expense for November 2016 and December 2016.

Answer 9

2.

To determine

Warranty expense for November 2016 and December 2016.

Answer 10

3.

To determine

Warranty expense for January 2017.

Answer 11

3.

To determine

Warranty expense for January 2017.

Answer 12

4.

To determine

Balance of estimated warranty liability account as on December 31, 2016.

Answer 13

4.

To determine

Balance of estimated warranty liability account as on December 31, 2016.

Answer 14

5.

To determine

Balance of estimated warranty liability account as on January 31, 2017.

Answer 15

5.

To determine

Balance of estimated warranty liability account as on January 31, 2017.

Answer 16

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Answer 17

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Answer 18

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Answer 19

Ch. 9 - Prob. 1MCQ Ch. 9 - Prob. 2MCQ Ch. 9 - Prob. 3MCQ Ch. 9 - Prob. 4MCQ Ch. 9 - Prob. 5MCQ Ch. 9 - Prob. 1DQ Ch. 9 - Prob. 2DQ Ch. 9 - Prob. 3DQ Ch. 9 - Prob. 4DQ Ch. 9 - Prob. 5DQ

Solution Summary: The author explains that journal is the book for recording financial transactions in chronological order. Each transaction has two sides- debit side and credit side.

Concept explainers

Warranty expense for November 2016 and December 2016.

Warranty expense for January 2017.

Balance of estimated warranty liability account as on December 31, 2016.

Balance of estimated warranty liability account as on January 31, 2017.

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Chapter 9 Solutions