Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
Author: Mark W. Nelson, Wayne B. Thomas J. David Spiceland
Publisher: McGraw-Hill Education
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Question
Chapter 2, Problem 2.5E
To determine
Accounting Cycle:
Accounting cycle refers to the process of recording a business transaction in the books of accounts. This cycle concludes when the financial statements are prepared.
To pair: Each item from List A with the item from List B that is most appropriately associated with it.
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Students have asked these similar questions
Activity 1:
Journalize the following transactions and then post them to the General Ledger.
Below are the transactions of Juan Manuell Enterprises for the month of May 2018.
Maу 3
Mr. Manuell invested P500,000 cash.
May 5
Purchases from Big Dipper Merchants P50,000 merchandise. Terms: 3/10, n/20.
May 6
Sold merchandise to Gemini Enterprises, P32,000. Terms: 2/10, n/30.
59
63 / 164
Мay 9
Purchased office supplies from Galaxy Co. for cash, P3,000 through Check No.
0031.
May 11
Gemini Enterprises settled its account in full. Issued OR#10241
Purchased merchandise from Polaris Trading, P55,000. Terms: P25,000 down
payment, balance on account. Terms: 2/10, n/30. Check No. 0032.
May 16
Purchased merchandise from Aurora Borealis Systems, P201,600. Terms: 2/10,
n/30.
May 25
May 26
Sold to Virgo Enterprises P150,000 worth of merchandise. Terms: 2/10, n/30.
Мay 30
Purchases from Meteor Trading P80,000. Terms: 2/15, n/30.
Procedures:
1. Analyze the given transactions.
2. Journalize each…
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.
MULTIPLE CHOICE
1. This process refers to the reporting of the information processed in the accounting system to interested users.
A. Journalizingh
B. Communicating
C. Debiting
D. Videoing
2. What is the normal balance of the sales returns account?
A. Zero
B. Credit
C. Debit
D. None of these
Chapter 2 Solutions
Intermediate Accounting, 10 Ed
Ch. 2 - Explain the difference between external events and...Ch. 2 - Each economic event or transaction will have a...Ch. 2 - What is the purpose of a journal? What is the...Ch. 2 - Explain the difference between permanent accounts...Ch. 2 - Describe how debits and credits affect assets,...Ch. 2 - Describe how debits and credits affect temporary...Ch. 2 - What is the first step in the accounting...Ch. 2 - Prob. 2.8QCh. 2 - Prob. 2.9QCh. 2 - Prob. 2.10Q
Ch. 2 - What is an unadjusted trial balance? An adjusted...Ch. 2 - Define adjusting entries and discuss their...Ch. 2 - Define closing entries and their purpose.Ch. 2 - Define prepaid expenses and provide at least two...Ch. 2 - Deferred revenues represent liabilities recorded...Ch. 2 - Define accrued liabilities. What adjusting journal...Ch. 2 - Prob. 2.17QCh. 2 - [Based on Appendix A] What is the purpose of a...Ch. 2 - [Based on Appendix B] Define reversing entries and...Ch. 2 - [Based on Appendix C] What is the purpose of...Ch. 2 - Prob. 2.21QCh. 2 - Transaction analysis LO21 The Marchetti Soup...Ch. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Prob. 2.3BECh. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries; income determination LO24,...Ch. 2 - Prob. 2.12BECh. 2 - Journal entries LO22 Prepare journal entries to...Ch. 2 - T-accounts and trial balance LO23 Post the...Ch. 2 - Prob. 2.5ECh. 2 - Debits and credits LO22 Indicate whether a debit...Ch. 2 - Prob. 2.7ECh. 2 - Prob. 2.8ECh. 2 - Reversing entries Appendix 2B The employees of...Ch. 2 - Special journals Appendix 2C The White Companys...Ch. 2 - Prob. 2.24ECh. 2 - Prob. 2.3PCh. 2 - Prob. 2.4PCh. 2 - Prob. 2.8PCh. 2 - Prob. 2.12PCh. 2 - Judgment Case 21 Cash versus accrual accounting;...Ch. 2 - Communication Case 23 Adjusting entries LO24 I...Ch. 2 - Prob. 2.1DA
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