Test bank and solution of the accounting cyle during the period (2)

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Test bank and solution of the accounting cyle during the period (2)

Chapter 2 - The Accounting Cycle: During the PeriodChapter 2The Accounting Cycle: During the PeriodREVIEW QUESTIONSQuestion 2-1 (LO2-1)External transa

Test bank and solution of the accounting cyle during the period (2)actions are transactions between the company and a separate economic entity. Internal transactions do not include an exchange with a separate economic

entity. Purchasing supplies from a local vendor is classified as an external transaction.Question 2-2 (LO 2-1)1Use source documents to identify' acco Test bank and solution of the accounting cyle during the period (2)

unts affected by external transactions.2Analyze the impact of the transaction on the accounting equation.3Assess whether the transaction results in a

Test bank and solution of the accounting cyle during the period (2)

debit or a credit to the account balance.4Record the transaction in the journal using debits and credits.5Post the transaction to the T-accounts in th

Chapter 2 - The Accounting Cycle: During the PeriodChapter 2The Accounting Cycle: During the PeriodREVIEW QUESTIONSQuestion 2-1 (LO2-1)External transa

Test bank and solution of the accounting cyle during the period (2) accounting equation such that the accounting equation will always be in balance. If an economic event increases (decreases) one side of the equation,

then it also increases (decreases) the other side of the equation by the same amount, or. it increases one account and decreases another account on t Test bank and solution of the accounting cyle during the period (2)

he same side of the equation.Question 2-4 (LO 2-2)AssetsLiabilities+ Stockholders' equity(a)Increase =Increase+No change(b)Decrease =No change+Decreas

Test bank and solution of the accounting cyle during the period (2)

e(c)Increase =No change+Increase(d)No change* =No change+No change* One asset (equipment) increases while another asset (cash) decreases.Question 2-5

Chapter 2 - The Accounting Cycle: During the PeriodChapter 2The Accounting Cycle: During the PeriodREVIEW QUESTIONSQuestion 2-1 (LO2-1)External transa

Test bank and solution of the accounting cyle during the period (2)t least two accounts will always be affected. However, the accounting equation must always remain in balance. It is not possible for one side of the e

quation to increase while the other side decreases.s McGraw-Hill Education 201644958Solutions .Manual. Chapter 2Chapter 2 - The Accounting Cycle: Duri Test bank and solution of the accounting cyle during the period (2)

ng the PeriodAnswers to Review Questions (continued)Question 2-6 (LO2-3)AccountsNormal balanceAssetsDebitLiabilitiesCreditStockholders' equityCreditRe

Test bank and solution of the accounting cyle during the period (2)

venuesCreditExpensesDebitQuestion 2-7 (LO 2-3)

Chapter 2 - The Accounting Cycle: During the PeriodChapter 2The Accounting Cycle: During the PeriodREVIEW QUESTIONSQuestion 2-1 (LO2-1)External transa