The Recording Process in Accounting: Solutions to the Exercise

CHAPTER 2
The Recording Process
ASSIGNMENT CLASSIFICATION TABLE
Study Objectives 1. Explain what an account is and how it helps in the recording process. Define debits and credits and explain their use in recording business transactions. Identify the basic steps in the recording process. Explain what a journal is and how it helps in the recording process. Explain what a ledger is and how it helps in the recording process. Explain what posting is and how it helps in the recording process. Prepare a trial balance and explain its purposes. Questions 1 Brief Exercises Exercises 1 A Problems B Problems

2.

2, 3, 4, 5, 6, 7, 8, 9, 14

1, 2, 5

2, 4, 6, 7, 14

1A, 2A, 3A, 5A

1B, 2B, 3B, 5B

3.

10, 19

4

6, 7

4.

11, 12, 13, 14, 16

3, 6

3, 5, 6, 7 10, 11, 12

1A, 2A, 3A, 5A

1B, 2B, 3B, 5B

5.

17

8

6.

15, 17

7, 8

9, 12

2A, 3A, 5A

2B, 3B, 5B

7.

18, 20

9, 10

9, 10, 11, 13, 14

2A, 3A, 4A, 5A

2B, 3B, 4B, 5B

2-1

ASSIGNMENT CHARACTERISTICS TABLE
Problem Number 1A 2A 3A 4A 5A 1B 2B 3B 4B 5B Difficulty Level Simple Simple Moderate Moderate Moderate Simple Simple Moderate Moderate Moderate Time Allotted (min.) 20–30 30–40 40–50 30–40 40–50 20–30 30–40 40–50 30–40 40–50

Description Journalize a series of transactions. Journalize transactions, post, and prepare a trial balance. Journalize and post transactions, and prepare a trial balance. Prepare a correct trial balance. Journalize transactions, post, and prepare a trial balance. Journalize a series of transactions. Journalize transactions, post, and prepare a trial balance. Journalize transactions, post, and prepare a trial balance. Prepare a correct trial balance. Journalize transactions, post, and prepare a trial balance.

2-2

Correlation Chart between Bloom’s Taxonomy, Study Objectives and End-of-Chapter Exercises and Problems
Knowledge Q2-1 E2-1 Q2-2 Q2-3 Q2-4 Q2-5 Q2-6 Q2-7 Q2-8 Q2-10 Q2-19 BE2-4 Q2-11 Q2-13 Q2-14 E2-6 E2-7