Test bank solution manual of analysing transactions (1)
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Test bank solution manual of analysing transactions (1)
CHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1An account is a form designed to lecord changes m a particular asset, liability, stockholders' eq Test bank solution manual of analysing transactions (1)quity, revenue, or expense. A ledger IS a group of related accounts.2The terms debit and credit may signify either an increase or a decrease, depending upon the nature of the account. For example, debits signify an increase in asset, expense, and dividends accounts but deci ease in liability, common Test bank solution manual of analysing transactions (1) stock, retained earnings, and revenue accounts.3a. Assuming no errors have occurred, the credit balance in the cash account resulted from writingchecTest bank solution manual of analysing transactions (1)
ks for $1,850 in excess of the amount of cash on deposit.b. The SI.850 credit balance in the cash account as of December 31 IS a liability owed to theCHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1An account is a form designed to lecord changes m a particular asset, liability, stockholders' eq Test bank solution manual of analysing transactions (1). (1) Debit Accounts Receivable and credit Fees Earned or another appropriately titled revenue account in October.(2) Debit Cash and credit Accounts Receivable in November.5No. Errors may have been made that had the same erroneous effect on both debits and credits, such as failure to record and or p Test bank solution manual of analysing transactions (1)ost a transaction, recording the same transaction more than once, and posting a transaction correctly but to the wrong account.6The listing of S9.800Test bank solution manual of analysing transactions (1)
IS a transposition, the listing of SI 00 is a slide.7a. No Because the same error occurred on both the debit side and the credit side of the trialbalaCHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1An account is a form designed to lecord changes m a particular asset, liability, stockholders' eq Test bank solution manual of analysing transactions (1)ance to exceed the Cl edit total by S90.8a. The equality of the trial balance would not be affected.b. On the income statement, total operating expenses (salary expense) would be overstated by $7,500. and net income would be understated by $7,500 On the retained earnings statement, the beginning and Test bank solution manual of analysing transactions (1) ending retained earnings would be correct. However, net income and dividends would be understated by S7.500. These understatements offset one anotherTest bank solution manual of analysing transactions (1)
, and thus, ending retained earnings is correct. The balance sheet is not affected by the error9a. The equality of the trial balance would not be affeCHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1An account is a form designed to lecord changes m a particular asset, liability, stockholders' eq Test bank solution manual of analysing transactions (1)ed earnings statement, the beginning retained earnings would be correct. However, net income and ending retained earnings would lie overstated by $300,000. The balance sheet total assets is collect. However, liabilities (notes payable) is understated by $300,000. and stockholders’ equity (retained e Test bank solution manual of analysing transactions (1)arnings) is overstated by $300,000. The understatement of liabilities is offset by the overstatement of stockholders’ equity (retained earnings), andTest bank solution manual of analysing transactions (1)
thus, total liabilities and stockholders’ equity is collect.10a. From the viewpoint of Surety Storage, the balance of the checking account represents CHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1An account is a form designed to lecord changes m a particular asset, liability, stockholders' eq Test bank solution manual of analysing transactions (1)s Reren-ed May not be scanned, copied or drplicared. or ported to s pejfctlicb" acceratble website. in whole or m putCHAPTER 2 Analyzing TransactionsPRACTICE EXERCISESPE 2-1A1Debit and credit entries, normal debit balance2Credit entries only, normal credit balance3Debit and credit entries, normal cr Test bank solution manual of analysing transactions (1)edit balance4Credit entries only, normal credit balance5Credit entries only, normal credit balance6Debit entries only, normal debit balancePE 2-1B1DebTest bank solution manual of analysing transactions (1)
it and credit entries, normal credit balance2Debit and credit entries, normal debit balance3Debit entries only, normal debit balance4Debit entries onlCHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1An account is a form designed to lecord changes m a particular asset, liability, stockholders' eqCHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1An account is a form designed to lecord changes m a particular asset, liability, stockholders' eqGọi ngay
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