LooseLeaf Intermediate Accounting w/ Annual Report; Connect Access Card
8th Edition
ISBN: 9781259542848
Author: J. David Spiceland
Publisher: McGraw-Hill Education
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Question
Chapter 2, Problem 2.3BE
To determine
Accounting Cycle:
Accounting cycle refers to the process of recording a business transaction in the books of accounts. This cycle concludes when the financial statements are prepared.
T-account:
- T-account is the form of the ledger account, where the
journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’. - The components of the T-account are as follows:
-
- a) The title of the account
- b) The left or debit side
- c) The right or credit side
To Post: The prepared journal entries to the T-accounts.
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28 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT
320 SELLERS XXX
103 CHECKS GIVEN XXX
Which transaction does the journal entry belong to?A) The check has been returnedB) Check ReceivedC) Check turnoverD) Sellers have been given checksE) Check has been paid
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1. Credit memos are items that are already added by the bank but have not been added by the
book as of the cut off date.
2. Debit memos are amounts that have been deducted by the bank but have not been deducted
per book.
3. Examples of debit memo include accounts receivable collected by the bank in favor of the
company and loan proceed directly credited by the bank to the account of the customer.
4. Monthly bank reconciliation is one of the internal control features in every company, which is
created to show that there is no discrepancy between the cash balance per book records and the
cash balance per bank records.
5. Reciprocal accounts should have the same balance after ail adjustments have been made.
Determine whether the following reconciling items should be added to the book or bank account
balance or deducted from the book or bank account by putting (/) check mark or (x) cross mark on the
corresponding column.
ADD
DEDUCT
DEDUCT
ADD TO…
Print Item
From the data below for Wong Company, prepare the closing entries for the year ended December 31.
Cash dividends
$47,000
Sales
982,600
Sales returns and allowances
3,960
Interest revenue
10,521
Factory overhead (debit)
210,620
Factory overhead (credit)
210,620
Cost of goods sold
726,820
Wages expense
130,745
Supplies expense
9,900
Depreciation expense-office equipment
6,900
Utilities expense
5,840
Bad debt expense
1,680
Advertising expense
11,120
Interest expense
9,860
Income tax expense
32,050
If an amount box does not require an entry, leave it blank.
Page: 1
POST.
DATE
DESCRIPTION
DEBIT
CREDIT
Chapter 2 Solutions
LooseLeaf Intermediate Accounting w/ Annual Report; Connect Access Card
Ch. 2 - Explain the difference between external events and...Ch. 2 - Each economic event or transaction will have a...Ch. 2 - What is the purpose of a journal? What is the...Ch. 2 - Explain the difference between permanent accounts...Ch. 2 - Describe how debits and credits affect assets,...Ch. 2 - Describe how debits and credits affect temporary...Ch. 2 - What is the first step in the accounting...Ch. 2 - Prob. 2.8QCh. 2 - Prob. 2.9QCh. 2 - Prob. 2.10Q
Ch. 2 - What is an unadjusted trial balance? An adjusted...Ch. 2 - Define adjusting entries and discuss their...Ch. 2 - Define closing entries and their purpose.Ch. 2 - Define prepaid expenses and provide at least two...Ch. 2 - Deferred revenues represent liabilities recorded...Ch. 2 - Define accrued liabilities. What adjusting journal...Ch. 2 - Prob. 2.17QCh. 2 - [Based on Appendix A] What is the purpose of a...Ch. 2 - [Based on Appendix B] Define reversing entries and...Ch. 2 - [Based on Appendix C] What is the purpose of...Ch. 2 - Prob. 2.21QCh. 2 - Transaction analysis LO21 The Marchetti Soup...Ch. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Prob. 2.3BECh. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries; income determination LO24,...Ch. 2 - BE2–7
Adjusting entries
• LO2–5
Prepare the...Ch. 2 - Prob. 2.8BECh. 2 - Prob. 2.9BECh. 2 - BE2–10
Financial statements
The following account...Ch. 2 - Prob. 2.11BECh. 2 - Closing entries LO27 The year-end adjusted trial...Ch. 2 - Prob. 2.13BECh. 2 - Prob. 2.1ECh. 2 - Prob. 2.2ECh. 2 - Prob. 2.3ECh. 2 - Prob. 2.4ECh. 2 - Prob. 2.5ECh. 2 - Debits and credits LO22 Indicate whether a debit...Ch. 2 - Prob. 2.7ECh. 2 - Prob. 2.8ECh. 2 - Prob. 2.9ECh. 2 - Prob. 2.10ECh. 2 - Prob. 2.11ECh. 2 - Prob. 2.12ECh. 2 - Prob. 2.13ECh. 2 - Prob. 2.14ECh. 2 - Prob. 2.15ECh. 2 - Prob. 2.16ECh. 2 - Prob. 2.17ECh. 2 - Prob. 2.18ECh. 2 - Prob. 2.19ECh. 2 - Prob. 2.20ECh. 2 - Reversing entries Appendix 2B The employees of...Ch. 2 - Prob. 2.22ECh. 2 - Prob. 2.23ECh. 2 - Special journals Appendix 2C The White Companys...Ch. 2 - Prob. 2.25ECh. 2 - Prob. 1CPACh. 2 - Prob. 2CPACh. 2 - 3. Compared to the accrual basis of accounting,...Ch. 2 - Prob. 4CPACh. 2 - Prob. 5CPACh. 2 - Prob. 2.1PCh. 2 - Prob. 2.2PCh. 2 - Prob. 2.3PCh. 2 - Prob. 2.4PCh. 2 - Prob. 2.5PCh. 2 - Prob. 2.6PCh. 2 - Prob. 2.7PCh. 2 - Prob. 2.8PCh. 2 - Prob. 2.9PCh. 2 - P2–10
Accrual accounting; financial...Ch. 2 - Prob. 2.11PCh. 2 - Prob. 2.12PCh. 2 - Prob. 2.13PCh. 2 - Judgment Case 21 Cash versus accrual accounting;...Ch. 2 - Judgment Case 2–2
Cash versus accrual...Ch. 2 - Communication Case 23 Adjusting entries LO24 I...
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