T-account: T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity , revenue and expenditure items are recorded. This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows: (a) The title of the account (b) The left or debit side (c) The right or credit side Trial balance : Trial balance is the list of accounts, and their debit and credit balances at a given time. It is usually prepared 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 the financial statements. To post: The transactions to T-accounts.

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Answer 1

Question

Chapter 3, Problem 3.13E

(a)

To determine

T-account:

T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity, revenue and expenditure items are recorded.

This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows:

(a) The title of the account

(b) The left or debit side

(c) The right or credit side

Trial balance:

Trial balance is the list of accounts, and their debit and credit balances at a given time. It is usually prepared 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 the financial statements.

To post: The transactions to T-accounts.

(b)

To determine

To prepare: a trial balance at October 31, 2017.

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You must complete the following tasks below for the month of April in the Excel workbook provided. Required: Part 1. Prepare a journal entry to record each transaction. You must provide a short explanation for each transaction. Part 2. Setup appropriate T-accounts. All accounts begin with 0 balances. Part 3. Record in the T-accounts the effects of each transaction for Sydney Stables in April, referencing each transaction in the accounts with the transaction letter. Show the ending balances in the T-accounts. Part 4. Prepare a trial balance. Part 5. Prepare a statement of earnings, a statement of shareholders’ equity and a statement of financial position for the month ended April 30, 2020.

Additional Activities Directions: Do the task listed bélow using the transacions of Matapang Company for Deccmber 2019. Writc your answers on a separate sheet of paper. 1. Prepare the journal entries. 2. Post each transaction to its ledger account. 3. Prepare the trial balance. 4. Use the provided account numbers. Ralph Matapang cstablishcd Happy Repair Busincss. The following are the transactions for the montb of Decembocr 2019. Dec. He invested P150,000 in the firm. He paid P8,000 for monthly rent. He bought supplies on account amounting to P7,200. He purchascd office equipment amounting to P75,000. paid P37,000 and the balance on account. 2. 2. 3. He paid accounts payable for supplies purchased worth P7,200. He paid P6,000 for the salary of an employec. He received P20,000 for services rendered. He billed clients P48,000 for services on account. 8. 14. 20. 28. 31. Matapang withdrew P12,000 for his personal use. 302 Matapang, Drawings 401 Service Revenue 101 Cash 102 Accounts…

Required :1. Record Journal Entries2. Post them into the ledger accounts3. Prepare the Trial Balance as on 31.12.2020

Answer 2

Question

Chapter 3, Problem 3.13E

(a)

To determine

T-account:

T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity, revenue and expenditure items are recorded.

This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows:

(a) The title of the account

(b) The left or debit side

(c) The right or credit side

Trial balance:

Trial balance is the list of accounts, and their debit and credit balances at a given time. It is usually prepared 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 the financial statements.

To post: The transactions to T-accounts.

(b)

To determine

To prepare: a trial balance at October 31, 2017.

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Answer 3

Question

Chapter 3, Problem 3.13E

(a)

To determine

T-account:

T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity, revenue and expenditure items are recorded.

This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows:

(a) The title of the account

(b) The left or debit side

(c) The right or credit side

Trial balance:

Trial balance is the list of accounts, and their debit and credit balances at a given time. It is usually prepared 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 the financial statements.

To post: The transactions to T-accounts.

(b)

To determine

To prepare: a trial balance at October 31, 2017.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 3.13E

(a)

To determine

T-account:

T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity, revenue and expenditure items are recorded.

This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows:

(a) The title of the account

(b) The left or debit side

(c) The right or credit side

Trial balance:

Trial balance is the list of accounts, and their debit and credit balances at a given time. It is usually prepared 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 the financial statements.

To post: The transactions to T-accounts.

(b)

To determine

To prepare: a trial balance at October 31, 2017.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3.13E

(a)

To determine

T-account:

T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity, revenue and expenditure items are recorded.

This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows:

(a) The title of the account

(b) The left or debit side

(c) The right or credit side

Trial balance:

Trial balance is the list of accounts, and their debit and credit balances at a given time. It is usually prepared 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 the financial statements.

To post: The transactions to T-accounts.

(b)

To determine

To prepare: a trial balance at October 31, 2017.

Answer 6

Chapter 3, Problem 3.13E

(a)

To determine

T-account:

T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity, revenue and expenditure items are recorded.

This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows:

(a) The title of the account

(b) The left or debit side

(c) The right or credit side

Trial balance:

Trial balance is the list of accounts, and their debit and credit balances at a given time. It is usually prepared 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 the financial statements.

To post: The transactions to T-accounts.

Answer 7

Chapter 3, Problem 3.13E

(a)

To determine

T-account:

T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity, revenue and expenditure items are recorded.

This account is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.’ An account consists of the three main components which are as follows:

(a) The title of the account

(b) The left or debit side

(c) The right or credit side

Trial balance:

Trial balance is the list of accounts, and their debit and credit balances at a given time. It is usually prepared 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 the financial statements.

To post: The transactions to T-accounts.

Answer 8

(b)

To determine

To prepare: a trial balance at October 31, 2017.

Answer 9

(b)

To determine

To prepare: a trial balance at October 31, 2017.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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To prepare: a trial balance at October 31, 2017.

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