Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 2, Problem 4TP
For each of the following ten independent transactions, provide a written description of what occurred in each transaction. Figure 2.4 might help you.
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The five basic account types are:
Asset
Liability
Owners Equity
Revenue
Expense
What is the normal balance for each account type above? Do you think using a T account might be helpful when analyzing a transaction? What process will you use to determine the correct journal entry for a transaction?
The purpose of the ledger is to:
Group of answer choices
a)record chronologically the day's transactions.
b)keep a record of documentation to support each transaction.
c)keep in one place all information about changes in specific account balances.
d)make sure that all assets and liability accounts have normal balances at all times.
Post each of the above transactions in the Ledger of attached picture
Chapter 2 Solutions
Principles of Accounting Volume 1
Ch. 2 - Which of these statements is not one of the...Ch. 2 - Stakeholders are less likely to include which of...Ch. 2 - Identify the correct components of the income...Ch. 2 - The balance sheet lists which of the following? A....Ch. 2 - Assume a company has a $350 credit (not cash)...Ch. 2 - Which of the following statements is true? A....Ch. 2 - Owners have no personal liability under which...Ch. 2 - The accounting equation is expressed as ________....Ch. 2 - Which of the following decreases owners equity? A....Ch. 2 - Exchanges of assets for assets have what effect on...
Ch. 2 - All of the following increase owners equity except...Ch. 2 - Which of the following is not an element of the...Ch. 2 - Which of the following is the correct order of...Ch. 2 - The three heading lines of financial statements...Ch. 2 - Which financial statement shows the financial...Ch. 2 - Which financial statement shows the financial...Ch. 2 - Working capital is an indication of the firms...Ch. 2 - Identify the four financial statements and...Ch. 2 - Define the term stakeholders. Identify two...Ch. 2 - Identify one similarity and one difference between...Ch. 2 - Identify one similarity and one difference between...Ch. 2 - Explain the concept of equity, and identify some...Ch. 2 - Explain the difference between current and...Ch. 2 - Identify/discuss one similarity and one difference...Ch. 2 - Name the three types of legal business structure....Ch. 2 - What is the accounting equation? List two examples...Ch. 2 - Identify the order in which the four financial...Ch. 2 - Explain how the following items affect equity:...Ch. 2 - Explain the purpose of the statement of cash flows...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, place an (X)...Ch. 2 - For each of the following items, identify whether...Ch. 2 - For the items listed below, indicate how the item...Ch. 2 - Forest Company had the following transactions...Ch. 2 - Here are facts for the Hudson Roofing Company for...Ch. 2 - Prepare an income statement using the following...Ch. 2 - Prepare a statement of owners equity using the...Ch. 2 - Prepare a balance sheet using the following...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each of the following independent situations,...Ch. 2 - For each of the following items, identify whether...Ch. 2 - For the items listed below, indicate how the item...Ch. 2 - Gumbo Company had the following transactions...Ch. 2 - Here are facts for Haileys Collision Service for...Ch. 2 - Prepare an income statement using the following...Ch. 2 - Prepare a statement of owners equity using the...Ch. 2 - Prepare a balance sheet using the following...Ch. 2 - The following information is taken from the...Ch. 2 - Each situation below relates to an independent...Ch. 2 - The following information is from a new business....Ch. 2 - Each of the following situations relates to a...Ch. 2 - For each of the following independent...Ch. 2 - Olivias Apple Orchard had the following...Ch. 2 - Using the information in PA6, determine the amount...Ch. 2 - The following ten transactions occurred during the...Ch. 2 - The following information is taken from the...Ch. 2 - Each situation below relates to an independent...Ch. 2 - The following information is from a new business....Ch. 2 - Each of the following situations relates to a...Ch. 2 - For each of the following independent...Ch. 2 - Mateos Maple Syrup had the following transactions...Ch. 2 - Using the information in PB6, determine the amount...Ch. 2 - Choose three stakeholders (or stakeholder groups)...Ch. 2 - Assume you purchased ten shares of Roku during the...Ch. 2 - A trademark is an intangible asset that has value...Ch. 2 - For each of the following ten independent...Ch. 2 - The following historical information is from...
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- The debits and credits from four related transactions are presented in the following T accounts. Describe each transaction.arrow_forwardThe debits and credits for three related transactions are presented in the following T accounts. Describe each transaction.arrow_forwardThe debits and credits from two transactions are presented in the following customer account: Describe each transaction and the source of each posting.arrow_forward
- How are the statements interrelated? How to Choose three accounts, all from one statement, and describe this account .arrow_forwardAnalyze each separate transaction by showing its effects on the accounting equation- specifically, identify the accounts and amounts for each transaction. (Enter all amounts as positive values.)arrow_forwardwhat is the four major financial statement? What is the purpose of each? Which must be prepared first? How are the statements interrelated? How to Choose three accounts, all from one statement, and describe this account ?arrow_forward
- A summarized record of all the transactions relating to a particular account is called as a. balance sheet. b. ledger. c. journal. d. trial balance.arrow_forwardThe two-column journal a.contains a debit and a credit column for recording the amounts for each transaction. b.contains two description columns, one for debits and one for credits. c.contains the activity related to one account. d.is used to record the balances for each transaction.arrow_forwardWhich of the following is correct about accounting cycle? Select one: a. A financial transaction is initiated by a source document such as a bill , receipt etc b. Accounting cycle starts with preparation of trial balance c. Financial transactions are recorded in journal in the order of value d. All of the abovearrow_forward
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