Test bank and solution of analyzing transactions (2)
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Test bank and solution of analyzing transactions (2)
CHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1.All account IS a form designed to record changes tn a particular asset, liability, owner’s equit Test bank and solution of analyzing transactions (2)ty, revenue, or expense. A ledger IS a gr oup of r elated accounts.2.The terms debit and credit may signify either an increase or a decrease, depending upon the nature of the account. For example, debris Signify an increase in asset and expense accounts but a decrease in liability, owner’s capital, Test bank and solution of analyzing transactions (2)and revenue accounts.3.a. Assuming no errors have occrured. the credit balance in the cash accorurt resulted from drawingchecks for $1,850 ill excessTest bank and solution of analyzing transactions (2)
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 IS usually reCHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1.All account IS a form designed to record changes tn a particular asset, liability, owner’s equit Test bank and solution of analyzing transactions (2) Receivable and credit Fees Earned or another appropriately titled revenue account in October.(2) Debrt Cash and credit Accounts Receivable in November.5.No. Errors may have been made that had the same erroneous effect on both debits and credits, such as failure to record and or post a transaction. Test bank and solution of analyzing transactions (2)recording the same transaction more titan once, and posting a transaction correctly but to the wrong account.6.The listing of $9,800 is a transpositioTest bank and solution of analyzing transactions (2)
n; the listing of $100 is a slide.7.a. No. Because the same error occurred on both the debit side and the credit side of the trialbalance, the trial bCHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1.All account IS a form designed to record changes tn a particular asset, liability, owner’s equit Test bank and solution of analyzing transactions (2)he credit total by $90.8.a. 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 statement of owner’s equity', the beginning and ending capita Test bank and solution of analyzing transactions (2)l would be correct. However, net income and withdrawals would be understated by $7,500. These understatements offset one another, and. thus, ending owTest bank and solution of analyzing transactions (2)
ner’s equity is correct The balance sheet is not affected by the error.9.a. The equality of the trial balance would not be affected.b. On the income sCHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1.All account IS a form designed to record changes tn a particular asset, liability, owner’s equit Test bank and solution of analyzing transactions (2)the beginning capital would be correct How'ever. net income and ending capital would be overstated by $300,000. The balance sheet total assets is collect. However, liabilities (notes payable) is understated by S300.000. and owner’s equity is overstated by $300,000. The under statement of liabilities Test bank and solution of analyzing transactions (2) is offset by the overstatement of owner’s equity, and. thus, total liabilities and owner’s equity is correct10.a. From the viewpoint of Surety StoiagTest bank and solution of analyzing transactions (2)
e. the balance of the checking account represents an asset.b. From the viewpoint of Ada Savings Bank, the balance of the checking account represents aCHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1.All account IS a form designed to record changes tn a particular asset, liability, owner’s equit Test bank and solution of analyzing transactions (2)e or m pmCHAPTER 2 Analyzing TransactionsPRACTICE EXERCISESPE 2-1A1.Debit and credit entries, normal debit balance2.Credit entries only, normal credit balance3.Debit and credit entries, normal credit balance4.Credit entries only, normal credit balance5.Credit entries only, normal credit balance6.Deb Test bank and solution of analyzing transactions (2)it entries only, normal debit balancePE 2-1B1.Debit and credit entries, normal credit balance2.Debit and credit entries, normal debit balance3.Debit eTest bank and solution of analyzing transactions (2)
ntries only, normal debit balance4.Debit entries only, normal debit balanceCHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1.All account IS a form designed to record changes tn a particular asset, liability, owner’s equitCHAPTER 2 ANALYZING TRANSACTIONSDISCUSSION QUESTIONS1.All account IS a form designed to record changes tn a particular asset, liability, owner’s equitGọi ngay
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