Solution manual of ch02 analyzing transactions

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Solution manual of ch02 analyzing transactions

CHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1An account IS a form designed to record changes in a particular asset, liability, stocklioldeis'

Solution manual of ch02 analyzing transactions equity, revenue, or expense. A ledger IS a group of related accounts.2The terms debit and credit may signify either an increase or a deciease, depend

ing upon the nature of the account. Foi example, debits signify an increase m asset and expense accounts but a decrease in liability, capital stock, r Solution manual of ch02 analyzing transactions

etained earnings, and revenue accounts.3a. Assuming no errors have occurred, the credit balance in the cash account resulted from drawingchecks for $1

Solution manual of ch02 analyzing transactions

,850 in excess of the amount of cash on deposit.b. The $1,850 credit balance in the cash account as of December 31 is a liability owed to the bank. It

CHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1An account IS a form designed to record changes in a particular asset, liability, stocklioldeis'

Solution manual of ch02 analyzing transactionsbit Accounts Receivable and credit Fees Earned or another appropriately titled revenue account in October.(2) Debit Cash and credit Accounts Receivabl

e in November.5No. Errors may have been made that had the same erroneous effect on both debits and credits, such as failure to 1 ecord and. or post a Solution manual of ch02 analyzing transactions

transaction, recording the same transaction more than once, and posting a transaction correctly but to the wrong accoimt.6The listing of $9,800 is a t

Solution manual of ch02 analyzing transactions

ransposition; 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 trialbalance,

CHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1An account IS a form designed to record changes in a particular asset, liability, stocklioldeis'

Solution manual of ch02 analyzing transactionsto exceed the credit total by $90.8a. The equality of the trial balance would not be affected.b. On the income statement, total operating expenses (sa

lary expense) would be overstated by $7,500. and net income would be understated by $7,500. On the retained earnings statement, the beginning and endi Solution manual of ch02 analyzing transactions

ng retained earnings would be correct. However, net income and dividends would be understated by $7,500. These understatements offset one another: end

Solution manual of ch02 analyzing transactions

ing retained earnings equity is correct The balance sheet is not affected by the error.9a. The equality of the trial balance would not be affected.b.

CHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1An account IS a form designed to record changes in a particular asset, liability, stocklioldeis'

Solution manual of ch02 analyzing transactionsngs statement, the beginning retained earnings would be correct However, net income and ending retained earnings would be overstated by $300,000. The

balance sheet total assets is collect. However, liabilities (notes payable) is understated by $300,000. and stockholders’ equity (retained earnings) i Solution manual of ch02 analyzing transactions

s overstated by $300,000. The understatement of liabilities is offset by the overstatement of stockholders' equity (retained earnings); total liabilit

Solution manual of ch02 analyzing transactions

ies and stockholders' equity is correct10a. From the viewpoint of Surety Stoiage. the balance of the checking account represents an asset.b. From the

CHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1An account IS a form designed to record changes in a particular asset, liability, stocklioldeis'

Solution manual of ch02 analyzing transactionsscanned. copied cc dupbcated.« potted to a publicly accetrible webwe. in T’hole or tn pmCHAPTER 2 Analyzing TransactionsPRACTICE EXERCISESPE 2-1A1Debi

t and credit entries, normal debit balance2Credit entries only, normal credit balance3Debit and credit entries, normal credit balance4Credit entries o Solution manual of ch02 analyzing transactions

nly, normal credit balance5Credit entries only, normal credit balance6Debit entries only, normal debit balancePE 2-1B1Debit and credit entries, normal

Solution manual of ch02 analyzing transactions

credit balance2Debit and credit entries, normal debit balance3Debit entries only, normal debit balance4Debit entries only, normal debit balance

CHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1An account IS a form designed to record changes in a particular asset, liability, stocklioldeis'