INTERMEDIATE ACCOUNTING
10th Edition
ISBN: 9781264046249
Author: SPICELAND
Publisher: MCG
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Question
Chapter 2, Problem 2.5E
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.
To pair: Each item from List A with the item from List B that is most appropriately associated with it.
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Activity 1:
Journalize the following transactions and then post them to the General Ledger.
Below are the transactions of Juan Manuell Enterprises for the month of May 2018.
Maу 3
Mr. Manuell invested P500,000 cash.
May 5
Purchases from Big Dipper Merchants P50,000 merchandise. Terms: 3/10, n/20.
May 6
Sold merchandise to Gemini Enterprises, P32,000. Terms: 2/10, n/30.
59
63 / 164
Мay 9
Purchased office supplies from Galaxy Co. for cash, P3,000 through Check No.
0031.
May 11
Gemini Enterprises settled its account in full. Issued OR#10241
Purchased merchandise from Polaris Trading, P55,000. Terms: P25,000 down
payment, balance on account. Terms: 2/10, n/30. Check No. 0032.
May 16
Purchased merchandise from Aurora Borealis Systems, P201,600. Terms: 2/10,
n/30.
May 25
May 26
Sold to Virgo Enterprises P150,000 worth of merchandise. Terms: 2/10, n/30.
Мay 30
Purchases from Meteor Trading P80,000. Terms: 2/15, n/30.
Procedures:
1. Analyze the given transactions.
2. Journalize each…
4
t of
estion
The final step in the recording process is to
Select one:
a. enter the transaction in a journal.
b. transfer journal information to ledger accounts
c. analyze each transaction.
d. prepare a trial balance.
5. Who controls user access and monitors user activity?
A. Individual users
B. Master Supervisor
C. Comptroller
D. Master Administrator
6. What account type is considered a liability?
A. Fixed Assets
B. Accounts Receivable
C. Bank
D. Accounts Payable
7. Opening balances are entered:
A. via the Gear menu
B. on the day the expenses were incurred
C. on the Chart of Accounts
D. as a Journal Entry or directly into the account register
Chapter 2 Solutions
INTERMEDIATE ACCOUNTING
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 - Prob. 2.12BECh. 2 - Journal entries LO22 Prepare journal entries to...Ch. 2 - T-accounts and trial balance LO23 Post the...Ch. 2 - Prob. 2.5ECh. 2 - Debits and credits LO22 Indicate whether a debit...Ch. 2 - Prob. 2.7ECh. 2 - Prob. 2.8ECh. 2 - Reversing entries Appendix 2B The employees of...Ch. 2 - Special journals Appendix 2C The White Companys...Ch. 2 - Prob. 2.24ECh. 2 - Prob. 2.3PCh. 2 - Prob. 2.4PCh. 2 - Prob. 2.8PCh. 2 - Prob. 2.12PCh. 2 - Judgment Case 21 Cash versus accrual accounting;...Ch. 2 - Communication Case 23 Adjusting entries LO24 I...Ch. 2 - Prob. 2.1DA
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Similar questions
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