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1、Chapter2AnalyzingandRecordingTransactionsQUESTIONS1.a.Commonassetaccounts:cash,accountsreceivable,notesreceivable,prepaidexpenses(rent,insurance,etc.),officesupplies,storesupplies,equipment,building,andland.b.Commonliabilityaccounts:accountspayable,notespayable,andunearnedrevenue,wagespaya
2、ble,andtaxespayable.c.Commonequityaccounts:owner,capitalandowner,withdrawals.2.Anotepayableisformalpromise,usuallydenotedbysigningapromissorynotetopayafutureamount.Anotepayablecanbeshort-termorlong-term,dependingonwhenitisdue.Anaccountpayablealsoreferencesanamountowedtoanentity.Anaccountpa
3、yablecanbeoralorimplied,andoftenarisesfromthepurchaseofinventory,supplies,orservices.Anaccountpayableisusuallyshort-term.3.Thereareseveralstepsinprocessingtransactions:(1)Identifyandanalyzethetransactionorevent,includingthesourcedocument(s),(2)applydouble-entryaccounting,(3)recordthetransa
4、ctionoreventinajournal,and(4)postthejournalentrytotheledger.Thesestepswouldbefollowedbypreparationofatrialbalanceandthenwiththereportingoffinancialstatements.4.Ageneraljournalcanbeusedtorecordanybusinesstransactionorevent.5.Debitedaccountsarecommonlyrecordedfirst.Thecreditedaccountsarecomm
5、onlyindented.6.Expenseaccountshavedebitbalancesbecausetheyaredecreasestoequity(andequityhasacreditbalance).7.Atransactionisfirstrecordedinajournaltocreateacompleterecordofthetransactioninoneplace.(Thejournalisoftenreferredtoasthebookoforiginalentry.)Thisprocessreducesthelikelihoodoferrorsi
6、nledgeraccounts.8.Therecordkeeperpreparesatrialbalancetosummarizethecontentsoftheledgerandtoverifytheequalityoftotaldebitsandtotalcredits.Thetrialbalancealsoservesasahelpfulinternaldocumentforpreparingfinancialstatementsandotherreports.1339.Theerrorshouldbecorrectedwithaseparate(subsequent
7、)correctingentry.Theentry’sexplanationshoulddescribewhythecorrectionisnecessary.10.Thefourfinancialstatementsare:incomestatement,balancesheet,statementofowner’sequity,andstatementofcashflows.11.Theincomestatementliststhetypesandamountsofrevenuesandexpenses,and
