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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 Q2-12 Q2-16 BE2-3 BE2-6 E2-3 E2-5 E2-6 E2-7 E2-10 E2-11 E2-12 P2-1A P2-2A P2-3A P2-5A P2-1B P2-2B P2-3B P2-5B Q2-9 Q2-14 BE2-1 BE2-2 BE2-5 E2-2 E2-4 E2-6 E2-7 E2-14 P2-1A P2-2A P2-2B P2-3A P2-3B P2-5A P2-5B P2-1B Comprehension Application Analysis Synthesis Evaluation

Study Objective

1.

Explain what an account is and how it helps in the recording process.

BLOOM’S TAXONOMY TABLE

2.

Define debits and credits and explain their use in recording business transactions.

3.

Identify the basic steps in the recording process.

4.

Explain what a journal is and how it helps in the recording process.

2-3
E2-8 Q2-17 Q2-15 Q2-17 BE2-7 BE2-8 E2-9 E2-12 BE2-9 E2-9 E2-10 E2-11 Q2-18

5.

Explain what a ledger is and how it helps in the recording process.

6.

Explain what posting is and how it helps in the recording process.

P2-2A P2-3B P2-3A P2-5B P2-5A P2-2B E2-14 P2-2B Q2-20 P2-2A P2-3B BE2-10 P2-3A P2-5B E2-13 P2-4A P2-5A P2-4B

7.

Prepare a trial balance and explain its purposes.

Broadening Your Perspective

Financial Reporting Decision Making Across the Organization Exploring the Web

Comparative Analysis Communication All About You Decision Making Ethics Case Across the Organization

ANSWERS TO QUESTIONS
1. 2. 3. A T account has the following parts: (a) the title, (b) the left or debit side, and (c) the right or credit side. Disagree. The terms debit and credit mean left and right respectively. Jeff is incorrect. The double-entry system merely records the dual effect of a transaction on the accounting equation. A transaction is not recorded twice; it is recorded once, with a dual effect. Maria is incorrect. A debit balance only means that debit amounts exceed credit amounts in an account. Conversely, a credit balance only means that credit amounts are greater than debit amounts in an account. Thus, a debit or credit balance is neither favorable nor unfavorable. (a) Asset accounts are increased by debits and decreased...
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