Journal: Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect. Rules of debit and credit: “An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited. Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”. To journalize: The issuance of common stock, the supplies purchased on accounts, the Service rendered on account, the cash received for the service rendered, the payment of salaries and wages, the payment made for supplies, the unearned service revenue.

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Answer 1

Question

Chapter 3, Problem 3.15E

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To journalize: The issuance of common stock, the supplies purchased on accounts, the Service rendered on account, the cash received for the service rendered, the payment of salaries and wages, the payment made for supplies, the unearned service revenue.

(b)

To determine

Trial balance:

A trial balance is the list of all the ledger accounts. The trial balance is prepared to check the total balance of the debit with the total of the balance of the credit, which must be equal. The trial balances are usually prepared to check accuracy. In trial balance the debit balance are listed in the left column and credit balance are listed in the right column.

To prepare: (b) Trial balance

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The trial balance columns of the worksheet for Warren Roofi ng at March 31, 2017, are as follows. WARREN ROOFING Worksheet For the Month Ended March 31, 2017 Trial Balance Account Titles Dr Cr Cash 4,500 Accounts Receivable 2,000 Supplies 2,000 Prepaid insurance 1200 Equipment 11,000 Accumulated Depreciation—Equipment 1,250 Accounts Payable 2,500 Unearned Service Revenue 550 Owner’s Capital 12,900 Owner’s Drawings 1,100 Service Revenue 6,300 Salaries and Wages Expense 1,300 Miscellaneous Expense 400 23,500 23,500 Other data: 1. A physical count reveals only $480 of roofing supplies are used. 2. Depreciation for March is $450. 3. Unearned revenue amounted to $260 at has been earned 31. 4. Accrued salaries are $500. Instructions. 5. Prepaid insurance for one year and purchased 1st March 2017. (a) Enter the trial balance on a…

Napa Tours Co. is a travel agency. The nine transactions recorded by Napa Tours during April 2018, its first month of operations, are indicated in the following T accounts: Indicate for each debit and each credit: (A) whether an asset, liability, stockholders’ equity, dividend, revenue, or expense account was affected and (B) whether the account was increased (+) or decreased (–). Present your answers in the following form, with transaction (1) given as an example:

The following transactions relates to Edwards Co for the month of January 2013. You are required to record the journal entries for these transactions in the general journal, post them to the ledger accounts and then prepare the trial balance for the company. a. Edward Wilson invested $8,000 cash in his new landscaping business. b. The business paid the first month's rent with $300 cash.c. The business purchased equipment by paying $2,000 cash and executing a note payable for $3,000.d. The business purchased supplies for $200 cash.e. The business billed clients for a total of $1,000 for design services rendered.f. The business received $750 cash from clients for services rendered above.g. The owner took a withdrawal of $2,000.

Answer 2

Question

Chapter 3, Problem 3.15E

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To journalize: The issuance of common stock, the supplies purchased on accounts, the Service rendered on account, the cash received for the service rendered, the payment of salaries and wages, the payment made for supplies, the unearned service revenue.

(b)

To determine

Trial balance:

A trial balance is the list of all the ledger accounts. The trial balance is prepared to check the total balance of the debit with the total of the balance of the credit, which must be equal. The trial balances are usually prepared to check accuracy. In trial balance the debit balance are listed in the left column and credit balance are listed in the right column.

To prepare: (b) Trial balance

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Answer 3

Question

Chapter 3, Problem 3.15E

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To journalize: The issuance of common stock, the supplies purchased on accounts, the Service rendered on account, the cash received for the service rendered, the payment of salaries and wages, the payment made for supplies, the unearned service revenue.

(b)

To determine

Trial balance:

A trial balance is the list of all the ledger accounts. The trial balance is prepared to check the total balance of the debit with the total of the balance of the credit, which must be equal. The trial balances are usually prepared to check accuracy. In trial balance the debit balance are listed in the left column and credit balance are listed in the right column.

To prepare: (b) Trial balance

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Answer 4

Question

Chapter 3, Problem 3.15E

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To journalize: The issuance of common stock, the supplies purchased on accounts, the Service rendered on account, the cash received for the service rendered, the payment of salaries and wages, the payment made for supplies, the unearned service revenue.

(b)

To determine

Trial balance:

A trial balance is the list of all the ledger accounts. The trial balance is prepared to check the total balance of the debit with the total of the balance of the credit, which must be equal. The trial balances are usually prepared to check accuracy. In trial balance the debit balance are listed in the left column and credit balance are listed in the right column.

To prepare: (b) Trial balance

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Answer 5

Chapter 3, Problem 3.15E

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To journalize: The issuance of common stock, the supplies purchased on accounts, the Service rendered on account, the cash received for the service rendered, the payment of salaries and wages, the payment made for supplies, the unearned service revenue.

(b)

To determine

Trial balance:

A trial balance is the list of all the ledger accounts. The trial balance is prepared to check the total balance of the debit with the total of the balance of the credit, which must be equal. The trial balances are usually prepared to check accuracy. In trial balance the debit balance are listed in the left column and credit balance are listed in the right column.

To prepare: (b) Trial balance

Answer 6

Chapter 3, Problem 3.15E

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To journalize: The issuance of common stock, the supplies purchased on accounts, the Service rendered on account, the cash received for the service rendered, the payment of salaries and wages, the payment made for supplies, the unearned service revenue.

Answer 7

Chapter 3, Problem 3.15E

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To journalize: The issuance of common stock, the supplies purchased on accounts, the Service rendered on account, the cash received for the service rendered, the payment of salaries and wages, the payment made for supplies, the unearned service revenue.

Answer 8

(b)

To determine

Trial balance:

A trial balance is the list of all the ledger accounts. The trial balance is prepared to check the total balance of the debit with the total of the balance of the credit, which must be equal. The trial balances are usually prepared to check accuracy. In trial balance the debit balance are listed in the left column and credit balance are listed in the right column.

To prepare: (b) Trial balance

Answer 9

(b)

To determine

Trial balance:

A trial balance is the list of all the ledger accounts. The trial balance is prepared to check the total balance of the debit with the total of the balance of the credit, which must be equal. The trial balances are usually prepared to check accuracy. In trial balance the debit balance are listed in the left column and credit balance are listed in the right column.

To prepare: (b) Trial balance

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 3 - Prob. 1Q Ch. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - Prob. 7Q Ch. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9Q Ch. 3 - What is the normal balance for each of these...

Solution Summary: The author explains that journal is the book of original entry. It consists of the day-to-day financial transactions in a chronological order.

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