Professional Documents
Culture Documents
Dwnload Full Fundamental Accounting Principles 21st Edition Wild Solutions Manual PDF
Dwnload Full Fundamental Accounting Principles 21st Edition Wild Solutions Manual PDF
Dwnload Full Fundamental Accounting Principles 21st Edition Wild Solutions Manual PDF
https://testbankfan.com/download/fundamental-accounting-principles-21st-edition-wild
-solutions-manual/
Chapter 2
Analyzing and Recording Transactions
QUESTIONS
1. a. Common asset accounts: cash, accounts receivable, notes receivable, prepaid
expenses (rent, insurance, etc.), office supplies, store supplies, equipment,
building, and land.
b. Common liability accounts: accounts payable, notes payable, and unearned
revenue, wages payable, and taxes payable.
c. Common equity accounts: owner, capital and owner, withdrawals.
2. A note payable is formal promise, usually denoted by signing a promissory note to
pay a future amount. A note payable can be short-term or long-term, depending on
when it is due. An account payable also references an amount owed to an entity. An
account payable can be oral or implied, and often arises from the purchase of
inventory, supplies, or services. An account payable is usually short-term.
3. There are several steps in processing transactions: (1) Identify and analyze the
transaction or event, including the source document(s), (2) apply double-entry
accounting, (3) record the transaction or event in a journal, and (4) post the journal
entry to the ledger. These steps would be followed by preparation of a trial balance
and then with the reporting of financial statements.
4. A general journal can be used to record any business transaction or event.
5. Debited accounts are commonly recorded first. The credited accounts are commonly
indented.
6. A transaction is first recorded in a journal to create a complete record of the
transaction in one place. (The journal is often referred to as the book of original
entry.) This process reduces the likelihood of errors in ledger accounts.
7. Expense accounts have debit balances because they are decreases to equity (and
equity has a credit balance).
8. The recordkeeper prepares a trial balance to summarize the contents of the ledger
and to verify the equality of total debits and total credits. The trial balance also
serves as a helpful internal document for preparing financial statements and other
reports.
©2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in
any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Solutions Manual, Chapter 2 57
©2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in
any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
58 Fundamental Accounting Principles, 21st Edition
QUICK STUDIES
Quick Study 2-1 (10 minutes)
The likely source documents include:
a. Sales ticket
d. Telephone bill
e. Invoice from supplier
i. Bank statement
©2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in
any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Solutions Manual, Chapter 2 59
Another random document with
no related content on Scribd:
As early as the reign of Edward III. (1327-1377), there is record of
a number of stationarii as carrying on business in Oxford. In an
Oxford manuscript dating from this reign, there is an inscription of a
certain Mr. William Reed, of Merton College, who tells us that he
purchased this book from a stationarius.[410]
In London, there is record of an active trade in manuscripts being
in existence as early as the middle of the fourteenth century. The
trade in writing materials, such as parchment, paper, and ink,
appears not to have been organised as in Paris, but to have been
carried on in large part by the grocers and mercers. In the
housekeeping accounts of King John of France, covering the period
of his imprisonment in England, in the years 1359 and 1360, occur
entries such as the following:
“To Peter, a grocer of Lincoln, for four quaires of paper,
two shillings and four pence.”
“To John Huistasse, grocer, for a main of paper and a
skin of parchment, 10 pence.”
“To Bartholomew Mine, grocer, for three quaires of
paper, 27 pennies.”[411]
The manuscript-trade in London concentrated itself in Paternoster
Row, the street which became afterwards the centre of the trade in
printed books.
The earliest English manuscript-dealer whose name is on record is
Richard Lynn, who, in the year 1358, was stationarius in Oxford.[412]
The name of John Browne occurs in several Oxford manuscripts on
about the date of 1400. Nicholas de Frisia, an Oxford librarius of
about 1425, was originally an undergraduate. He did energetic work
as a book scribe and, later, appears to have carried on an important
business in manuscripts. His inscription is found first on a manuscript
entitled Petri Thomæ Quæstiones, etc., which manuscript has been
preserved in the library of Merton.
There is record, as early as 1359, of a manuscript-dealer in the
town of Lincoln who called himself Johannes Librarius, and who
sold, in 1360, several books to the French King John. It is a little
difficult to understand how in a quiet country town like Lincoln with
no university connections, there should have been enough business
in the fourteenth century to support a librarius.
The earliest name on record in London is that of Thomas Vycey,
who was a stationarius in 1433. A few years later we find on a
parchment manuscript containing the wise sayings of a certain
Lombardus, the inscription of Thomas Masoun, “librarius of gilde
hall.”
Between the years 1461 and 1475, a certain Piers Bauduyn,
dealer in manuscripts, and also a bookbinder, purchased a number
of books for Edward IV. In the household accounts of Edward
appears the following entry: “Paid to Piers Bauduyn, bookseller, for
binding, gilding and dressing a copy of Titus Livius, 20 shillings; for
binding, gilding and dressing a copy of the Holy Trinity, 16 shillings;
for binding, gilding and dressing a work entitled ‘The Bible’ 16
shillings.”
William Praat, who was a mercer of London, between the years
1470 and 1480 busied himself also with the trade in manuscripts,
and purchased, for William Caxton, various manuscripts from France
and from Belgium.
Kirchhoff finds record of manuscript-dealers in Spain as early as
the first decade of the fifteenth century. He prints the name, however,
of but one, a certain Antonius Raymundi, a librarius of Barcelona,
whose inscription, dated 1413, appears in a manuscript of
Cassiodorus.
PART II.
THE EARLIER PRINTED BOOKS.
PART II.
THE EARLIER PRINTED BOOKS.
CHAPTER I.
THE RENAISSANCE AS THE FORERUNNER OF THE
PRINTING-PRESS.