Gen Combo Ll Financial Accounting Fundamentals; Connect Access Card
Gen Combo Ll Financial Accounting Fundamentals; Connect Access Card
7th Edition
ISBN: 9781260581256
Author: John Wild
Publisher: McGraw-Hill Education
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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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Chapter 9 Solutions

Gen Combo Ll Financial Accounting Fundamentals; Connect Access Card

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