Trial balance : Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement. Balancing of trial balance: Trial balance may balance even when any of the following errors occurs: 1) a transaction is not journalized, 2) a correct journal entry is not posted in the ledger, 3) a journal entry is posted twice, 4) incorrect accounts are used in journalizing or posting, or 5) Compensating errors are made To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

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Answer 1

Question

Chapter 3, Problem 22Q

(a)

To determine

Trial balance:

Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement.

Balancing of trial balance:

Trial balance may balance even when any of the following errors occurs:

1) a transaction is not journalized,

2) a correct journal entry is not posted in the ledger,

3) a journal entry is posted twice,

4) incorrect accounts are used in journalizing or posting, or

5) Compensating errors are made

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

(b)

To determine

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

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Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $28,000 at the beginning of 2024. No previously written-off accounts receivable were reinstated during 2024. At 12/31/2024, gross accounts receivable totaled $466,700, and prior to recording the adjusting entry to recognize bad debts expense for 2024, the allowance for uncollectible accounts had a debit balance of 51,300. Required: What was the balance in gross accounts receivable as of 12/31/2023? What journal entry should Johnson record to recognize bad debt expense for 2024? Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2024. Determine the amount of accounts receivable written off during 2024. If Johnson instead used the direct write-off method, what would bad debt expense be for 2024?

Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2024. The units have a list price of $750 each, but Thomas was given a 20% trade discount. The terms of the sale were 3/10 , n/30 . 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2024, assuming that the net method of accounting for cash discounts is used.

Answer 2

Question

Chapter 3, Problem 22Q

(a)

To determine

Trial balance:

Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement.

Balancing of trial balance:

Trial balance may balance even when any of the following errors occurs:

1) a transaction is not journalized,

2) a correct journal entry is not posted in the ledger,

3) a journal entry is posted twice,

4) incorrect accounts are used in journalizing or posting, or

5) Compensating errors are made

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

(b)

To determine

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 22Q

(a)

To determine

Trial balance:

Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement.

Balancing of trial balance:

Trial balance may balance even when any of the following errors occurs:

1) a transaction is not journalized,

2) a correct journal entry is not posted in the ledger,

3) a journal entry is posted twice,

4) incorrect accounts are used in journalizing or posting, or

5) Compensating errors are made

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

(b)

To determine

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 22Q

(a)

To determine

Trial balance:

Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement.

Balancing of trial balance:

Trial balance may balance even when any of the following errors occurs:

1) a transaction is not journalized,

2) a correct journal entry is not posted in the ledger,

3) a journal entry is posted twice,

4) incorrect accounts are used in journalizing or posting, or

5) Compensating errors are made

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

(b)

To determine

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 22Q

(a)

To determine

Trial balance:

Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement.

Balancing of trial balance:

Trial balance may balance even when any of the following errors occurs:

1) a transaction is not journalized,

2) a correct journal entry is not posted in the ledger,

3) a journal entry is posted twice,

4) incorrect accounts are used in journalizing or posting, or

5) Compensating errors are made

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

(b)

To determine

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Answer 6

Chapter 3, Problem 22Q

(a)

To determine

Trial balance:

Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement.

Balancing of trial balance:

Trial balance may balance even when any of the following errors occurs:

1) a transaction is not journalized,

2) a correct journal entry is not posted in the ledger,

3) a journal entry is posted twice,

4) incorrect accounts are used in journalizing or posting, or

5) Compensating errors are made

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Answer 7

Chapter 3, Problem 22Q

(a)

To determine

Trial balance:

Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement.

Balancing of trial balance:

Trial balance may balance even when any of the following errors occurs:

1) a transaction is not journalized,

2) a correct journal entry is not posted in the ledger,

3) a journal entry is posted twice,

4) incorrect accounts are used in journalizing or posting, or

5) Compensating errors are made

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Answer 8

(b)

To determine

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Answer 9

(b)

To determine

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 3 - Prob. 1Q Ch. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - Prob. 7Q Ch. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9Q Ch. 3 - What is the normal balance for each of these...

Solution Summary: The author explains that trial balance is the list of accounts and their debit and credit balances at a given time.

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To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

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