1 & 2 Explanation Ledger: Ledger is the book, where the Debit and credit entries recorded in the journal book are transferred to their relevant accounts. The entire accounts of the company are collectively called the ledger. Posting transactions: The process of transferring the journalized transactions into the accounts of the ledger is known as posting the transactions. Trial Balance: Trial Balance is the summary of accounts, and their Debit and credit Balances at a given time. It is usually prepared at end of the accounting period. Debit Balances are listed in left column and credit Balances are listed in right column. The totals of Debit and credit column should be equal. Trial Balance is useful in the preparation of the financial statements. Journal entry : Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically. 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 December in liabilities, revenues and stockholders’ equities. Credit, all increase in liabilities, revenues, and stockholders’ equities, all December in assets, expenses. The four-column general ledgers accounts are opened to enter the Balances from the November 30 Trial Balance and the journal entries to the general ledger are posted as follows: Cash Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance 26,487 December 2 885 25,602 4 160 25,442 10 140 25,302 11 2,401 22,901 12 22,000 44,901 13 12,870 57,771 14 4,240 62,011 15 5,000 57,011 18 2,352 59,363 19 388 58,975 24 1,000 59,975 26 2,360 57,615 28 7,950 49,665 30 1,400 48,265 31 1,370 46,895 31 9,000 37,895 Table (1) Accounts receivable Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance 45,490 December 9 2,760 48,250 14 4,240 44,010 15 360 43,650 18 2,400 41,250 27 980 40,270 Table (2) Allowance for Uncollectible Accounts Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance 2,140 December 27 980 1,160 Table (3) Inventory Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance 87,244 December 3 2,450 89,694 4 160 89,854 9 1,120 88,734 11 49 88,685 13 5,310 83,375 Table (4) Supplies Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance 682 December 5 400 1,082 19 12 1,070 Table (5) Prepaid insurance Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance 4,800 Table (6) Office equipment Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance 19,460 December 24 2,300 17,160 Table (7) Accumulated depreciation , office equipment Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance 4,880 December 24 1,500 3,380 Vehicles Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance December 15 22,500 22,500 Table (8) Dividends payable Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance December 22 9,000 9,000 31 9,000 Table (9) Accounts payable Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance 25,673 December 3 2,450 28,123 5 400 28,523 11 2,450 26,073 19 400 25,673 26 2,360 23,313 Salaries Payable Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance 885 December 2 885 Table (10) Table (11) Notes payable, long-term Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance 7,500 December 15 17,500 25,000 28 7,500 17,500 Common stock Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance 30,000 December 12 15,000 45,000 Table (12) Paid-in Capital in Excess of Par, Common Stock Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance 10,000 December 12 7,000 17,000 Table (13) Retained earnings Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance 103,085 Table (14) Dividends Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance December 22 9,000 9,000 Table (15) Sales revenue Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance December 9 2,760 2,760 13 12,870 15,630 Table (16) Sales Returns and Allowances Post Balance Date Item Ref. Debit Credit Debit Credit November 30 Balance December 15 360 Table (17) Sales discounts Post Balance Date Item Ref... 3. To determine To prepare an unadjusted trial Balance as ofDecember31, 2016 4. To determine To Journalize and post the Adjusting entries . 5. To determine Prepare an Adjusted trial Balance, Multi-step income statement, statement of retained earnings and Balance sheet of incorporation H as of December 31, 2016. 6. To determine To Journalize and post the closing entry. 7. To determine Prepare a post-closing trial Balance at December31, 2016.

Financial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (4th Edition)

4th Edition

ISBN: 9780134417356

Author: Robert Kemp, Jeffrey Waybright

Publisher: PEARSON

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Question

Chapter 11, Problem 1COP

1 & 2

To determine

To prepare four-column general ledger accounts by entering Balances from the November, 30 trial Balance, record each transaction in the general ledger, Post the journal entries to the general ledger by creating new ledger accounts and calculate the new account Balances.

To determine

To prepare an unadjusted trial Balance as ofDecember31, 2016

To determine

To Journalize and post the Adjusting entries.

To determine

Prepare an Adjusted trial Balance, Multi-step income statement, statement of retained earnings and Balance sheet of incorporation H as of December 31, 2016.

To determine

To Journalize and post the closing entry.

To determine

Prepare a post-closing trial Balance at December31, 2016.

Expert Solution & Answer

Chapter 11 Solutions

Financial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (4th Edition)

Ch. 11 - Prob. 1DQ Ch. 11 - Prob. 2DQ Ch. 11 - Prob. 3DQ Ch. 11 - A company issued bonds during the year. Would this...Ch. 11 - Prob. 5DQ Ch. 11 - When using the indirect method, why are gains on...Ch. 11 - Prob. 7DQ Ch. 11 - Prob. 8DQ Ch. 11 - Prob. 9DQ Ch. 11 - Prob. 10DQ

Ch. 11 - Prob. 1SC Ch. 11 - Operating activities are most closely related to:...Ch. 11 - Prob. 3SC Ch. 11 - Prob. 4SC Ch. 11 - Finlay, Inc., earned net income of 63,000 after...Ch. 11 - Prob. 6SC Ch. 11 - Prob. 7SC Ch. 11 - Prob. 8SC Ch. 11 - Prob. 9SC Ch. 11 - Elliot Enterprises had operating expenses of...Ch. 11 - Prob. 11SC Ch. 11 - Prob. 12SC Ch. 11 - Prob. 1SE Ch. 11 - Prob. 2SE Ch. 11 - Prob. 3SE Ch. 11 - Prob. 4SE Ch. 11 - Prob. 5SE Ch. 11 - Prob. 6SE Ch. 11 - Prob. 7SE Ch. 11 - Prob. 8SE Ch. 11 - Prob. 9SE Ch. 11 - Prob. 10SE Ch. 11 - Prob. 11SE Ch. 11 - Prob. 12SE Ch. 11 - Prob. 13AE Ch. 11 - Prob. 14AE Ch. 11 - Prob. 15AE Ch. 11 - Prob. 16AE Ch. 11 - Prob. 17AE Ch. 11 - Prob. 18AE Ch. 11 - Prob. 19AE Ch. 11 - Prob. 20AE Ch. 11 - Prob. 21AE Ch. 11 - Prob. 22BE Ch. 11 - Prob. 23BE Ch. 11 - Prob. 24BE Ch. 11 - Prob. 25BE Ch. 11 - Prob. 26BE Ch. 11 - Prob. 27BE Ch. 11 - Prob. 28BE Ch. 11 - Prob. 29BE Ch. 11 - Prob. 30BE Ch. 11 - Prob. 31AP Ch. 11 - Prob. 32AP Ch. 11 - Prob. 33AP Ch. 11 - Prob. 34AP Ch. 11 - Prob. 35AP Ch. 11 - Prob. 36AP Ch. 11 - Prob. 37BP Ch. 11 - Prob. 38BP Ch. 11 - Prob. 39BP Ch. 11 - Prob. 40BP Ch. 11 - Prob. 41BP Ch. 11 - Prob. 42BP Ch. 11 - Prob. 1CE Ch. 11 - Prob. 1CP Ch. 11 - Apply Your Knowledge Ethics In Action Case 1....Ch. 11 - Case 2. Kevin Sailors, the CEO of Candle...Ch. 11 - Financial Analysis Purpose: To help to familiarize...Ch. 11 - Prob. 1IA Ch. 11 - Small Business Analysis Purpose: To help you...Ch. 11 - Prob. 1WC Ch. 11 - Prob. 1COP

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