Journal Entries : Journal entries are the basic entries recoded as per the transactions being entered into by the business in its day to day operations in a chronological order. Accounting Rules Regarding Journal Entries: Balance increases when: assets, losses and expenses are debited and liabilities, gains and incomes get credited. Balance decreases when: assets, losses and expenses get credited and liabilities, gains and incomes are debited General Ledger: The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements. To prepare: Journal entries and post them in T-accounts as general ledger.

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Answer 1

Question

Chapter 2, Problem 9E

To determine

Journal Entries:

Journal entries are the basic entries recoded as per the transactions being entered into by the business in its day to day operations in a chronological order.

Accounting Rules Regarding Journal Entries:

Balance increases when: assets, losses and expenses are debited and liabilities, gains and incomes get credited.

Balance decreases when: assets, losses and expenses get credited and liabilities, gains and incomes are debited

General Ledger:

The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements.

To prepare: Journal entries and post them in T-accounts as general ledger.

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Answer 2

Question

Chapter 2, Problem 9E

To determine

Journal Entries:

Journal entries are the basic entries recoded as per the transactions being entered into by the business in its day to day operations in a chronological order.

Accounting Rules Regarding Journal Entries:

Balance increases when: assets, losses and expenses are debited and liabilities, gains and incomes get credited.

Balance decreases when: assets, losses and expenses get credited and liabilities, gains and incomes are debited

General Ledger:

The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements.

To prepare: Journal entries and post them in T-accounts as general ledger.

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Answer 3

Question

Chapter 2, Problem 9E

To determine

Journal Entries:

Journal entries are the basic entries recoded as per the transactions being entered into by the business in its day to day operations in a chronological order.

Accounting Rules Regarding Journal Entries:

Balance increases when: assets, losses and expenses are debited and liabilities, gains and incomes get credited.

Balance decreases when: assets, losses and expenses get credited and liabilities, gains and incomes are debited

General Ledger:

The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements.

To prepare: Journal entries and post them in T-accounts as general ledger.

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Answer 4

Question

Chapter 2, Problem 9E

To determine

Journal Entries:

Journal entries are the basic entries recoded as per the transactions being entered into by the business in its day to day operations in a chronological order.

Accounting Rules Regarding Journal Entries:

Balance increases when: assets, losses and expenses are debited and liabilities, gains and incomes get credited.

Balance decreases when: assets, losses and expenses get credited and liabilities, gains and incomes are debited

General Ledger:

The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements.

To prepare: Journal entries and post them in T-accounts as general ledger.

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Answer 5

Chapter 2, Problem 9E

To determine

Journal Entries:

Journal entries are the basic entries recoded as per the transactions being entered into by the business in its day to day operations in a chronological order.

Accounting Rules Regarding Journal Entries:

Balance increases when: assets, losses and expenses are debited and liabilities, gains and incomes get credited.

Balance decreases when: assets, losses and expenses get credited and liabilities, gains and incomes are debited

General Ledger:

The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements.

To prepare: Journal entries and post them in T-accounts as general ledger.

Answer 6

Chapter 2, Problem 9E

To determine

Journal Entries:

Journal entries are the basic entries recoded as per the transactions being entered into by the business in its day to day operations in a chronological order.

Accounting Rules Regarding Journal Entries:

Balance increases when: assets, losses and expenses are debited and liabilities, gains and incomes get credited.

Balance decreases when: assets, losses and expenses get credited and liabilities, gains and incomes are debited

General Ledger:

The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements.

To prepare: Journal entries and post them in T-accounts as general ledger.

Answer 7

Chapter 2, Problem 9E

To determine

Journal Entries:

Journal entries are the basic entries recoded as per the transactions being entered into by the business in its day to day operations in a chronological order.

Accounting Rules Regarding Journal Entries:

Balance increases when: assets, losses and expenses are debited and liabilities, gains and incomes get credited.

Balance decreases when: assets, losses and expenses get credited and liabilities, gains and incomes are debited

General Ledger:

The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements.

To prepare: Journal entries and post them in T-accounts as general ledger.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 2 - Amalia Company received its utility bill for the...Ch. 2 - On May 1, Mattingly Lawn Service collected $2,500...Ch. 2 - Liang Shue contributed $250,000 cash and land...Ch. 2 - A trial balance prepared at year-end shows total...Ch. 2 - Bonaventure Company has total assets of...Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQ Ch. 2 - Prob. 3DQ Ch. 2 - Prob. 4DQ Ch. 2 - Prob. 5DQ

Solution Summary: The author explains that the general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses and losses in a summarized form.

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Chapter 2 Solutions