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Montclair ACCT 201 - CHAPTER 2 The Recording Process

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Copyright © 2013 John Wiley & Sons, Inc. Weygandt Financial, IFRS, 2/e, Solution’s Manual (For Instructor Use Only) 2-1 CHAPTER 2 The Recording Process ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems 1. Explain what an account is and how it helps in the recording process. 1 1 2. Define debits and credits and explain their use in recording business transactions. 2, 3, 4, 5, 6, 7, 8, 9, 14, 21 1, 2, 5 1 2, 4, 6, 7, 14 1A, 2A, 3A, 5A 1B, 2B, 3B, 5B 3. Identify the basic steps in the recording process. 10, 19 4 6, 7 4. Explain what a journal is and how it helps in the recording process. 11, 12, 13, 14, 16 3, 6 2 3, 5, 6, 7 10, 11, 12 1A, 2A, 3A, 5A 1B, 2B, 3B, 5B 5. Explain what a ledger is and how it helps in the recording process. 17 8 6. Explain what posting is and how it helps in the recording process. 15, 17 7, 8 3 9, 12 2A, 3A, 5A 2B, 3B, 5B 7. Prepare a trial balance and explain its purposes. 18, 20 9, 10 4 11, 13, 14, 15 2A, 3A, 4A, 5A 2B, 3B, 4B, 5B2-2 Copyright © 2013 John Wiley & Sons, Inc. Weygandt Financial, IFRS, 2/e, Solution’s Manual (For Instructor Use Only) ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Journalize a series of transactions. Simple 20–30 2A Journalize transactions, post, and prepare a trial balance. Simple 30–40 3A Journalize and post transactions and prepare a trial balance. Moderate 40–50 4A Prepare a correct trial balance. Moderate 30–40 5A Journalize transactions, post, and prepare a trial balance. Moderate 40–50 1B Journalize a series of transactions. Simple 20–30 2B Journalize transactions, post, and prepare a trial balance. Simple 30–40 3B Journalize transactions, post, and prepare a trial balance. Moderate 40–50 4B Prepare a correct trial balance. Moderate 30–40 5B Journalize transactions, post, and prepare a trial balance. Moderate 40–50Copyright © 2013 John Wiley & Sons, Inc. Weygandt Financial, IFRS, 2/e, Solution’s Manual (For Instructor Use Only) 2-3 WEYGANDT FINANCIAL ACCOUNTING, IFRS Version, 2e CHAPTER 2 THE RECORDING PROCESS Number LO BT Difficulty Time (min.) BE1 2 C Simple 6–8 BE2 2 C Simple 4–6 BE3 4 AP Simple 4–6 BE4 3 C Moderate 4–6 BE5 2 C Simple 6–8 BE6 4 AP Simple 4–6 BE7 6 AP Simple 4–6 BE8 6 AP Simple 4–6 BE9 7 AP Simple 4–6 BE10 7 AN Moderate 6–8 DI1 2 C Simple 3–5 DI2 4 AP Simple 3–5 DI3 6 AP Simple 2–4 DI4 7 AP Simple 6–8 EX1 1 K Simple 2–4 EX2 2 C Simple 10–15 EX3 4 AP Simple 8–10 EX4 2 C Simple 6–8 EX5 4 AP Simple 6–8 EX6 2–4 AP Simple 6–8 EX7 2–4 AP Simple 8–10 EX8 5 K Simple 2–4 EX9 6, 7 AP Simple 10–12 EX10 4, 7 AP Moderate 10–12 EX11 4, 7 AP Moderate 12–15 EX12 4, 6 AP Moderate 12–15 EX13 7 AN Moderate 6–8 EX14 2, 7 AP Simple 8–10 EX15 7 C Simple 4–62-4 Copyright © 2013 John Wiley & Sons, Inc. Weygandt Financial, IFRS, 2/e, Solution’s Manual (For Instructor Use Only) THE RECORDING PROCESS (Continued) Number LO BT Difficulty Time (min.) P1A 2, 4 AP Simple 20–30 P2A 2, 4, 6, 7 AP Simple 30–40 P3A 2, 4, 6, 7 AP Moderate 40–50 P4A 7 AN Moderate 30–40 P5A 2, 4, 6, 7 AP Moderate 40–50 P1B 2, 4 AP Simple 20–30 P2B 2, 4, 6, 7 AP Simple 30–40 P3B 2, 4, 6, 7 AP Moderate 40–50 P4B 7 AN Moderate 30–40 P5B 2, 4, 6, 7 AP Moderate 40–50 BYP1 2 C Simple 8–10 BYP2 2, 6 AN Simple 8–10 BYP3 — AP Simple 15–20 BYP4 6, 7 AP, S Moderate 20–30 BYP5 3, 6 S Simple 10–15 BYP6 7 AN, E Moderate 10–15BLOOM’S TAXONOMY TABLE Copyright © 2013 John Wiley & Sons, Inc. Weygandt Financial, IFRS, 2/e, Solution’s Manual (For Instructor Use Only) 2-5Correlation Chart between Bloom’s Taxonomy, Learning Objectives and End-of-Chapter Exercises and Problems Learning Objective Knowledge Comprehension Application Analysis Synthesis Evaluation 1. Explain what an account is and how it helps in the recording process. Q2-1 E2-1 2. Define debits and credits and explain their use in recording business transactions. Q2–21 Q2-2 Q2-3 Q2-4 Q2-5 Q2-6 Q2-7Q2-8Q2-9Q2-14BE2-1BE2-2BE2-5DI2-1E2-2E2-4 E2-6 E2-7 E2-14P2-1AP2-2A P2-3AP2-5AP2-1BP2-2BP2-3B P2-5B 3. Identify the basic steps in the recording process. Q2-10 Q2-19 BE2-4 E2-6 E2-7 4. Explain what a journal is and how it helps in the recording process. Q2-12 Q2-11 Q2-13 Q2-14 Q2-16BE2-3BE2-6DI2-2 E2-3 E2-5 E2-6 E2-7 E2-10E2-11E2-12P2-1AP2-2AP2-3A P2-5A P2-1B P2-2B P2-3B P2-5B 5. Explain what a ledger is and how it helps in the recording process. E2-8 Q2-17 6. Explain what posting is and how it helps in the recording process. Q2-15 Q2-17 BE2-7BE2-8DI2-3 E2-9 E2-12P2-2AP2-3AP2-5A P2-2B P2-3B P2-5B 7. Prepare a trial balance and explain its purposes. Q2-18 E2-15 BE2-9DI2-4 E2-9 E2-10 E2-11E2-14P2-2AP2-3A P2-5A P2-2B P2-3B P2-5B Q2-20 BE2-10 E2-13 P2-4A P2-4B Broadening Your Perspective Financial Reporting Decision–Making Across the Organization Real–World Focus Comparative AnalysisEthics Case CommunicationDecision Making Across the Organization Ethics Case2-6 Copyright © 2013 John Wiley & Sons, Inc. Weygandt Financial, IFRS, 2/e, Solution’s Manual (For Instructor Use Only) ANSWERS TO QUESTIONS 1. A T-account has the following parts: (a) the title, (b) the left or debit side, and (c) the right or credit side. 2. Disagree. The terms debit and credit mean left and right respectively. 3. Jason 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. 4. Sandra is


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