Fundamental Accounting Principles
24th Edition
ISBN: 9781259916960
Author: Wild, John J., Shaw, Ken W.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 2, Problem 1E
Exercise 2−1
Steps in analyzing and recording transactions C1
Order the following steps in the accounting process that focus on analyzing and recording transactions.
- Prepare and analyze the
trial balance . - Analyze each transaction from source documents.
- Record relevant transactions in a journal.
- Post journal information to ledger accounts.
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A1
which of the following actions update/ record is: a master file, transactions file, special journal, general journal, general ledger or subsidiary ledger:
a. record sales transactions on a manual accounting system.
b. record adjusting journal entry on a manual accounting system
which of the following actions update/ record is: a master file, transactions file, special journal, general journal, general ledger or subsidiary ledger
a. record sales transactions on a manual accounting syste
b. record adjusting journal entry on a manual accounting systemm.:
Why are transactions recorded in the journal?
Group of answer choices
To ensure that total debit equal total credits
To help prepare the financial statements
To ensure that all transactions are posted to the ledger
To have a chronological record of all transactions
Order the following steps in the accounting process that focus on analyzing and recording transactions.
Chapter 2 Solutions
Fundamental Accounting Principles
Ch. 2 - Prob. 1DQCh. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - What kinds of transactions can be recorded in a...Ch. 2 - Are debits or credits typically listed first in...Ch. 2 - Should a transaction be recorded first in a...Ch. 2 - If assets are valuable resources asset accounts...Ch. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Identify the four financial statements of a...
Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Identifying source documents C1 Identify the items...Ch. 2 - Identifying financial statement accounts C2...Ch. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Identifying normal balance C4 Identify the normal...Ch. 2 - QS 2–5
Linking debit or credit with normal...Ch. 2 - Prob. 6QSCh. 2 - Analyzing debit or credit by account A1 Identify...Ch. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Preparing journal entries P1 Prepare general...Ch. 2 - Preparing an income statement P3 Liu Zhang...Ch. 2 - Preparing a statement of owner's equity P3 Use the...Ch. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Exercise 21 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Exercise 2-3 Identifying a ledger and chart of...Ch. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Exercise 28 Preparing Taccounts (ledger) and a...Ch. 2 - Prob. 9ECh. 2 - Exercise 2-10 Preparing a trial balance P2 After...Ch. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Exercise 2-13 Entering transactions into...Ch. 2 - Exercise 2-14 Preparing general journal entries P1...Ch. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Exercise 2-22 Calculating and interpreting the...Ch. 2 - Exercise 2-23 Preparing journal entries P1 Prepare...Ch. 2 - Prob. 1APSACh. 2 - Prob. 2APSACh. 2 - Prob. 3APSACh. 2 - Prob. 4APSACh. 2 - Prob. 6APSACh. 2 - Prob. 7APSACh. 2 - Prob. 1BPSBCh. 2 - Prob. 2BPSBCh. 2 - Prob. 3BPSBCh. 2 - Prob. 4BPSBCh. 2 - Problem 2-5B Computing net income from equity...Ch. 2 - Prob. 6BPSBCh. 2 - Problem 2-7B Preparing an income statement,...Ch. 2 - SP 2 On October 1, 2019, Santana Rey launched a...Ch. 2 - Using transactions from the following assignments...Ch. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Refer to Apple's financial statements in Appendix...Ch. 2 - Prob. 2AACh. 2 - Key comparative figures for Apple, Google, and...Ch. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTN
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- 4 t of estion The final step in the recording process is to Select one: a. enter the transaction in a journal. b. transfer journal information to ledger accounts c. analyze each transaction. d. prepare a trial balance.arrow_forwardGENERAL LEDGER ACCOUNTS; TRIAL BALANCE Set up general ledger accounts using the chart of accounts provided in Exercise 4-4A. Post the transactions from Exercise 4-4A to the general ledger accounts and prepare a trial balance.arrow_forwardWhich of the following statements are true? A journal provides a chronological record of a transaction. A journal entry contains the complete effect of a transaction. The first step in preparing a journal entry involves analyzing the transaction. I and II I and III II and III All of these are true.arrow_forward
- Posting: involves transferring the information in journal entries to the general ledger. is an optional step in the accounting cycle. is performed after a trial balance is prepared. involves transferring information to the trial balance.arrow_forwardTransferring information from the journal to the ledger is called a. preparing the financial statements. b. journalizing. c. posting. d. tracking.arrow_forwardWhich of the following transactions will require a journal entry? Indicate if it will be a debit or a credit, and to which account the entry will be recorded. Table 8.4arrow_forward
- REQUIRED: 1. Prepare the necessary journal entries to record the above transactions. 2. Post it to the ledger 3. Prepare a Trial Balancearrow_forwardwhich of the following actions update/ record is: a master file, transactions file, special journal, general journal, general ledger or subsidiary ledger: a. record sales transactions on a manual accounting system. b. record adjusting journal entry on a manual accounting systemarrow_forwardQuestion 3 Specify what data you think should be collected on each of the following four documents: sales invoice, purchase order, receiving report, employee time cardarrow_forward
- identify and discuss the steps in the recording process. Be sure to discuss what each step does and how it relates to the steps before and after it. Then, answer the following questions: Should business transactions credits and debits be recorded directly into the ledger accounts? What are the advantages of recording in the journal before posting transactions into the ledger?arrow_forwardPrepare Journal Entries to record transaction A-Farrow_forwardIt is the process of transferring the entries recorded in the journal to the respective accounts opened in the general ledger. a. Bookkeeping b. Posting c. Accounting d. Journalizingarrow_forward
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