Test bank and solution manual for CH02 analyzing and recording transactions (2)
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Test bank and solution manual for CH02 analyzing and recording transactions (2)
Chapter 2Analyzing and Recording TransactionsQUESTIONS1a. Common asset accounts: cash, accounts receivable, notes receivable, prepaidexpenses (rent, i Test bank and solution manual for CH02 analyzing and recording transactions (2)insurance, etc.), office supplies, store supplies, equipment, building, and land.b.Common liability accounts: accounts payable, notes payable, and unearned revenue, wages payable, and taxes payable.c.Common equity accounts: owner, capital and owner, withdrawals.2A note payable is formal promise, usu Test bank and solution manual for CH02 analyzing and recording transactions (2)ally denoted by signing a promissory note to pay a future amount. A note payable can be short-term or long-term, depending on when it is due. An accouTest bank and solution manual for CH02 analyzing and recording transactions (2)
nt payable also references an amount owed to an entity. An account payable can be oral or implied, and often arises from the purchase of Inventory, suChapter 2Analyzing and Recording TransactionsQUESTIONS1a. Common asset accounts: cash, accounts receivable, notes receivable, prepaidexpenses (rent, i Test bank and solution manual for CH02 analyzing and recording transactions (2)ction or event, including the source document(s), (2) apply double-entry accounting, (3) record the transaction or event in a journal, and (4) post the journal entry to the ledger. These steps would be followed by preparation of a trial balance and then with the reporting of financial statements.4A Test bank and solution manual for CH02 analyzing and recording transactions (2)general Journal can be used to record any business transaction or event.5Debited accounts are commonly recorded first. The credited accounts are commoTest bank and solution manual for CH02 analyzing and recording transactions (2)
nly indented.6A transaction is first recorded In a journal to create a complete record of the transaction in one place. (The journal is often referredChapter 2Analyzing and Recording TransactionsQUESTIONS1a. Common asset accounts: cash, accounts receivable, notes receivable, prepaidexpenses (rent, i Test bank and solution manual for CH02 analyzing and recording transactions (2)y are decreases to equity (and equity has a credit balance).8The recordkeeper prepares a trial balance to summarize the contents of the ledger and to verify the equality of total debits and total credits. The trial balance also serves as a helpful internal document for preparing financial statements Test bank and solution manual for CH02 analyzing and recording transactions (2) and other reports.’'2013 by McGraw-Hill Education. This is proprietary material soWy tor authorized instructor use. Not authorized tor sale or distriTest bank and solution manual for CH02 analyzing and recording transactions (2)
bution inany manner. This document may not be copied scanned, duplicated, Torwarded distributed, or posted on a website, in whole or part.Solutions MaChapter 2Analyzing and Recording TransactionsQUESTIONS1a. Common asset accounts: cash, accounts receivable, notes receivable, prepaidexpenses (rent, i Test bank and solution manual for CH02 analyzing and recording transactions (2)ion is necessary.10The four financial statements are: income statement, balance sheet, statement of owner's equity, and statement of cash flows.11The balance sheet provides information that helps users understand a company's financial position at a point in time. Accordingly, it is often called the Test bank and solution manual for CH02 analyzing and recording transactions (2)statement of financial position. The balance sheet lists the types and dollar amounts of assets, liabilities, and equity of the business.12The IncomeTest bank and solution manual for CH02 analyzing and recording transactions (2)
statement lists the types and amounts of revenues and expenses, and reports whether the business earned a net income (also called profit or earnings) Chapter 2Analyzing and Recording TransactionsQUESTIONS1a. Common asset accounts: cash, accounts receivable, notes receivable, prepaidexpenses (rent, i Test bank and solution manual for CH02 analyzing and recording transactions (2), a statement user would not be able to assess whether the amounts of revenue and net income are satisfactory without knowing whether they were earned over a week, a month, a quarter, or a year.14(a) Assets are probable future economic benefits obtained or controlled by a specific entity as a result Test bank and solution manual for CH02 analyzing and recording transactions (2) of past transactions or events, (b) Liabilities are probable future sacrifices of economic benefits arising from present obligations of a particularTest bank and solution manual for CH02 analyzing and recording transactions (2)
entity to transfer assets or provide services to other entities in the future as a result of past transactions or events, (c) Equity is the residual iChapter 2Analyzing and Recording TransactionsQUESTIONS1a. Common asset accounts: cash, accounts receivable, notes receivable, prepaidexpenses (rent, i Test bank and solution manual for CH02 analyzing and recording transactions (2)red to as the statement of financial position.16Debit balance accounts on the Polaris balance sheet include: Cash and cash equivalents; Trade receivables, net; Inventories, net; Prepaid expenses and other; Income taxes receivable; Deferred tax assets; Land, buildings and improvements; Equipment and Test bank and solution manual for CH02 analyzing and recording transactions (2)tooling: Property and equipment, net; Investments in finance affiliate; Investments in other affiliates; Goodwill and other intangible assets, net.CreTest bank and solution manual for CH02 analyzing and recording transactions (2)
dit balance accounts on the Polaris balance sheet include: Accumulated depreciation; Current portion of long-term borrowings under credit agreement; CChapter 2Analyzing and Recording TransactionsQUESTIONS1a. Common asset accounts: cash, accounts receivable, notes receivable, prepaidexpenses (rent, i Test bank and solution manual for CH02 analyzing and recording transactions (2)dealer holdback and other); Income taxes payable; Deferred income taxes; Capital lease obligations; Long-term debt; Preferred stock; Common stock; Additional paid-in capital; Retained earnings; Accumulated other comprehensive Income, net.17The asset account with receivable in its account title is: A Test bank and solution manual for CH02 analyzing and recording transactions (2)ccounts receivable, less allowances. The liabilities with payable in the account title are: Accounts payable and Income taxes payable.18KTM's revenueTest bank and solution manual for CH02 analyzing and recording transactions (2)
account is titled “Net sales.”19Piaggio calls the asset referring to its merchandise available for sale: “Inventories.”©2013 by McGraw-Hill Education,Chapter 2Analyzing and Recording TransactionsQUESTIONS1a. Common asset accounts: cash, accounts receivable, notes receivable, prepaidexpenses (rent, i Test bank and solution manual for CH02 analyzing and recording transactions (2)ied, scanned, duplicated, forwarded, distributed. or posted on a website. in whote or part.58Fundamental Accounting Principles, 21st EditionQUICK STUDIESQuick Study 2-1 (10 minutes) Test bank and solution manual for CH02 analyzing and recording transactions (2)Chapter 2Analyzing and Recording TransactionsQUESTIONS1a. Common asset accounts: cash, accounts receivable, notes receivable, prepaidexpenses (rent, iGọi ngay
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