Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Chapter 2, Problem 34BE
Brief Exercise 2-34 Preparing a
The following trial balance that was prepared by {he bookkeeper of Mason Company does not balance.
Required:
Prepare a correct trial balance. Assume all accounts have normal balances.
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TRUE OR FALSE
1. All transactions must be posted before preparing a trial balance.
2. A manual worksheet is usually prepared in pencil.
TRUE OR FALSE
1.A worksheet is a mandatory form that must be prepared along with an income statement and balance sheet.
2.If a worksheet is used, financial statements can be prepared before adjusting entries are journalized. .
3.If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income.
4.The adjustments on a worksheet can be posted directly to the accounts in the ledger from the worksheet.
5.The adjusted trial balance columns of a worksheet are obtained by subtracting the adjustment columns from the trial balance columns.
6.It is not necessary to prepare formal financial statements if a worksheet has been prepared because financial position and net income are shown on the worksheet.
7.The balance of the depreciation expense account will appear in the income statement debit column of a worksheet.
8.After closing entries have been journalized and posted, all temporary accounts in the ledger should have zero balances.
9.Closing…
TRUE OR FALSE
1. The trial balance is a formal business report.
2. A trial balance is taken periodically to check the equality of the debits and credits
Chapter 2 Solutions
Cornerstones of Financial Accounting
Ch. 2 - What is the conceptual framework of accounting?Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Describe the constraint on providing useful...Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Of all the events that occur each day, how would...Ch. 2 - Prob. 10DQ
Ch. 2 - Prob. 11DQCh. 2 - In analyzing a transaction, can a transaction only...Ch. 2 - How do revenues and expenses affect the accounting...Ch. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - The words debit and credit are used in two ways in...Ch. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Prob. 19DQCh. 2 - Prob. 20DQCh. 2 - Prob. 21DQCh. 2 - Prob. 22DQCh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Which principle requires that expenses be recorded...Ch. 2 - Taylor Company recently purchased a piece of...Ch. 2 - Prob. 8MCQCh. 2 - The effects of paying salaries for the current...Ch. 2 - Which of the following statements is false? The...Ch. 2 - Which of the following statements are true? Debits...Ch. 2 - Debits will: increase assets. expenses, and...Ch. 2 - Which of the following statements are true? A...Ch. 2 - Posting: involves transferring the information in...Ch. 2 - A trial balance: lists only revenue and expense...Ch. 2 - CORNERSTONE 2.1 Cornerstone Exercise 2-16...Ch. 2 - Prob. 17CECh. 2 - CORNERSTONE 2.1 Four statements are given below....Ch. 2 - Prob. 19CECh. 2 - Cornerstone Exercise 2-20 Transaction Analysis...Ch. 2 - Cornerstone Exercise 2-21 Transaction Analysis...Ch. 2 - Cornerstone Exercise 2-22 Transaction Analysis The...Ch. 2 - Cornerstone Exercise 2-23 Debit and Credit...Ch. 2 - Cornerstone Exercise 2-24 Journalize Transactions...Ch. 2 - Cornerstone Exercise 2-25 Journalize Transactions...Ch. 2 - Cornerstone Exercise 2-26 Preparing a Trial...Ch. 2 - Prob. 27BECh. 2 - Brief Exercise 2-28 Assumptions and Principles...Ch. 2 - Brief Exercise 2-2? Events and Transactions...Ch. 2 - Brief Exercise 2-30 Transaction Analysis Galle...Ch. 2 - Brief Exercise 2-31 Debit and Credit Procedures...Ch. 2 - Brief Exercise 2-32 Journalize Transactions Galle...Ch. 2 - Brief Exercise 2-33 Posting Journal Entries Listed...Ch. 2 - Brief Exercise 2-34 Preparing a Trial Balance The...Ch. 2 - Prob. 35ECh. 2 - Prob. 36ECh. 2 - Exercise 2-37 Events and Transactions Several...Ch. 2 - Exercise 2-38 Events and Transactions The...Ch. 2 - Exercise 2-39 Transaction Analysis OBJECTIVE e The...Ch. 2 - Exercise 2-40 Transaction Analysis Amanda Webb...Ch. 2 - Exercise 2-41 Transaction Analysis and Business...Ch. 2 - Exercise 2-42 Inferring Transactions from Balance...Ch. 2 - Exercise 2-43 Transaction Analysis Goal Systems, a...Ch. 2 - Exercise 2-44 Transaction Analysis OBJECTIVE 9...Ch. 2 - Prob. 45ECh. 2 - Exercise 2-46 Normal Balances and Financial...Ch. 2 - OBJECTIVE 9 Exercise 2-47 Debit and Credit Effects...Ch. 2 - Prob. 48ECh. 2 - Exercise 2-49 Journalizing Transactions Kauai...Ch. 2 - Exercise 2-50 Journalizing Transactions Remington...Ch. 2 - Exercise 2-51 Transaction Analysis and Journal...Ch. 2 - Exercise 2-52 Accounting Cycle Rosenthal...Ch. 2 - Exercise 2-53 Preparing a Trial Balance...Ch. 2 - Exercise 2-54 Effect of Errors on a Trial Balance...Ch. 2 - Problem 2-55A Events and Transactions The...Ch. 2 - Problem 2-56A Analyzing Transactions Luis Madero,...Ch. 2 - Problem 2-57A Inferring Transactions from...Ch. 2 - Prob. 58APSACh. 2 - Problem 2-59A Journalizing Transactions Monroe...Ch. 2 - Problem 2-60A Journalizing and Posting...Ch. 2 - Problem 2-61A The Accounting Cycle Karleens...Ch. 2 - Problem 2-62B Comprehensive Problem Mulberry...Ch. 2 - Prob. 55BPSBCh. 2 - Prob. 56BPSBCh. 2 - Prob. 57BPSBCh. 2 - Problem 2-58B Debit and Credit Procedures A list...Ch. 2 - Problem 2-593 Journalizing Transactions Monilast...Ch. 2 - Problem 2-603 Journalizing and Posting...Ch. 2 - Problem 2-6B The Accounting Cycle Sweetwater...Ch. 2 - Problem 2-62B Comprehensive Problem Mulberry...Ch. 2 - Prob. 63.1CCh. 2 - Prob. 63.2CCh. 2 - Prob. 63.3CCh. 2 - Prob. 64.1CCh. 2 - Prob. 64.2CCh. 2 - Case 2-64 Analysis of the Effects of Current Asset...Ch. 2 - Prob. 64.4CCh. 2 - Prob. 65.1CCh. 2 - Prob. 65.2CCh. 2 - Prob. 66.1CCh. 2 - Prob. 66.2CCh. 2 - Prob. 66.3CCh. 2 - Case 2-67 Comparative Analysis: Under Armour,...Ch. 2 - Prob. 67.2CCh. 2 - Case 2-67 Comparative Analysis: Under Armour,...Ch. 2 - Case 2-68 Accounting for Partially Completed...Ch. 2 - Prob. 68.2CCh. 2 - Prob. 69.1CCh. 2 - Case 2-69 CONTINUING PROBLEM: FRONT ROW...Ch. 2 - Case 2-69 CONTINUING PROBLEM: FRONT ROW...
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- Exercise 2-53 Preparing a Trial Balance Preparation The fo1lowing accounts and account balances are available for Badger Auto Parts at December 31, 2019: Required: Prepare a trial balance. Assume that all accounts have normal balances.arrow_forwardAccounting cycle From the following list of steps in the accounting cycle, identify what two steps are missing: A. Transactions are analyzed and recorded in the journal. B. Transactions are posted to the ledger. C. An unadjusted trial balance is prepared. D. An optional end-of-period spreadsheet is prepared. E. Adjusting entries are journalized and posted to the ledger. F. An adjusted trial balance is prepared. G. Financial statements are prepared. H. A post-closing trial balance is prepared.arrow_forwardCornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. a. Accounts Payable e. Equipment b. Accounts Receivable f. Common Stock c. Retained Earnings g. Salary Expense d. Sales h. Repair Expense Required: For each of the acmums1 complete the following table by entering the normal balance of the account (debit or credit) and the word increase or decrease in the debit and credit columns.arrow_forward
- Exercise 2-46 Normal Balances and Financial Statements The following accounts are available for Haubstadt Shoe Works: Required; Using a table like the one below, indicate whether each account normally has a debit or credit balance and indicate on which of the financial statements (income statement. retained earnings statement. or balance sheet) each account appears.arrow_forward5. The following state ments pertain to a trial balance 1. It is prepared at the end of every accounting period after all the transactions for the period have been recorded and posted to the general ledger. 2. It provides evidence that the total debits in the general ledger equal total credits 3. It is a control device that helps eliminate accounting errors Which of the above statements is/are correct? A. 1 and 2 only B. 1 and 3 only C. 2 and 3 only D. 1, 2 and 3arrow_forwardCHOOSE A, B, C OR D 1. Double-entry can be defined as A. any bookkeeping system in which all the sums must be calculated twice (by accountant and by internal auditor) B. any bookkeeping system in which there is a debit and credit entry for each transaction C. any bookkeeping system in which Accounts Receivable are equal to Accounts Payable D. any bookkeeping system governed by the accounting equation: revenue = expenses 2. When a business buys supplies on account, assets ____. a. increase b. decrease c. increase and liabilities decrease d. decrease and liabilities increase 3. Decreases in an asset account are shown on a T account's a. debit side b. balance side c. credit side d. none of the above Answer questions and explain why did you pick this answerarrow_forward
- eXerCISe 2-1 On a sheet of paper, draw the fundamental accounting equation with T accounts under each of the account classifications, with plus and minus signs and debit and credit on the appropriate side of each account. Under each of the classifications, draw T accounts, again with the correct plus and minus signs and debit and credit, for each of the following accounts of Davie Engine Repair. LO 2,3 LO 2,3 Practice Exercises 2, 3 Cash Accounts Receivable Supplies Equipment Accounts Payable J. Davie, Capital J. Davie, Drawing Income from Repairs Salary Expense Rent Expense Utilities Expense Miscellaneous Expensearrow_forwardA. Matching Type (1-5)Instruction: Write the letter that corresponds to the correct answer. 1. Are changes to journal entries you'vealready recorded. Specifically, they makesure that the numbers you have recordedmatch up to the correct accounting periods. 2. Is revenue that has been recognized by thebusiness, but the customer has not yet beenbilled. 3. Is an expense that has been incurredbefore it has been paid. 4. Is used when your company receives apayment in advance of work that has notbeen completed. 5. Is a type of asset on the balance sheetthat results from a business makingadvanced payments for goods or servicesto be received in the future. A. Prepaid expenseB. Deferred revenueC. Accrued expenseD. Accrued revenueE. Adjusting entriesF. Deferred expensearrow_forwardPage 3 Requirements: a) Record the transactions stated above in the general journal. b) Post the transactions to the general ledger and balance off each account c) Extract a trial balance on August 31st.arrow_forward
- 2-a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. 2-b. Prepare an adjusted trial balance.arrow_forwardPage 3 Requirements a) Extract a trial balance on August 31st. b) Prepare an Income Statement for the month ended August 31st, the owner’s equity statement and a Balance Sheet as at that datearrow_forwardProblem 2 - Prepare Adjusting Entries, Post to the Ledger, and Prepare an Adjusted Trial Balance Required: Prepare the adjusting entries using the journal below the unadjusted trial balance, and then complete the worksheet to prepare an adjusted trial balance. The following data are taken from an unadjusted trial balance at December 31, 2020 for Grant Corp. Grant Corporation Unadjusted Trial Balance as of December 31, 2020 Account Debit Credit Cash 2,200 Accounts Receivable 13,900 Supplies 780 Prepaid Rent 6,600 Land 21,700 Equipment 22,710 Accum. Deprec. - Equip. 11,640 Accounts Payable 1,940 Salaries Payable - Unearned Revenue 2,350 Common Stock 38,000 Retained Earnings 12,000…arrow_forward
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