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1、Chapter2AnalyzingandRecordingTransactionsQUESTIONS1.a.Commonassetaccounts:cash,accountsreceivable,notesreceivable,prepaidexpenses(rent,insurance,etc.),officesupplies,storesupplies,equipment,building,andland.b.Commonliabilityaccounts:accountspayable,notespay
2、able,andunearnedrevenue,wagespayable,andtaxespayable.c.Commonequityaccounts:owner,capitalandowner,withdrawals.2.Anotepayableisformalpromise,usuallydenotedbysigningapromissorynotetopayafutureamount.Anotepayablecanbeshort-termorlong-term,dependingonwhenitisdu
3、e.Anaccountpayablealsoreferencesanamountowedtoanentity.Anaccountpayablecanbeoralorimplied,andoftenarisesfromthepurchaseofinventory,supplies,orservices.Anaccountpayableisusuallyshort-term.3.Thereareseveralstepsinprocessingtransactions:(1)Identifyandanalyzeth
4、etransactionorevent,includingthesourcedocument(s),(2)applydouble-entryaccounting,(3)recordthetransactionoreventinajournal,and(4)postthejournalentrytotheledger.Thesestepswouldbefollowedbypreparationofatrialbalanceandthenwiththereportingoffinancialstatements.
5、4.Ageneraljournalcanbeusedtorecordanybusinesstransactionorevent.5.Debitedaccountsarecommonlyrecordedfirst.Thecreditedaccountsarecommonlyindented.6.Expenseaccountshavedebitbalancesbecausetheyaredecreasestoequity(andequityhasacreditbalance).7.Atransactionisfi
6、rstrecordedinajournaltocreateacompleterecordofthetransactioninoneplace.(Thejournalisoftenreferredtoasthebookoforiginalentry.)Thisprocessreducesthelikelihoodoferrorsinledgeraccounts.8.Therecordkeeperpreparesatrialbalancetosummarizethecontentsoftheledgerandto
7、verifytheequalityoftotaldebitsandtotalcredits.Thetrialbalancealsoservesasahelpfulinternaldocumentforpreparingfinancialstatementsandotherreports.©McGraw-HillCompanies,2009117SolutionsManual,Chapter29.Theerrorshouldbecorrectedwithaseparate(subsequent)correcti
8、ngentry.Theentry’sexplanationshoulddescribewhythecorrectionisnecessary.10.Thefourfinancialstatementsare:incomestatement,balancesheet,statementofowner’sequity,andstatementofcashflows.11.Theincomestateme
