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ch03_Homework_Solutions

ch03_Homework_Solutions - CHAPTER 3 The Accounting...

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3-1 CHAPTER 3 The Accounting Information System ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems 1. Transaction identification. 1, 2, 3, 5 1, 2 1, 2, 3, 4, 19 1 2. Nominal accounts. 4, 7 3. Trial balance. 6, 13 2, 3, 4 1, 2, 7 4. Adjusting entries. 8, 14, 16, 17 3, 4, 5, 6, 7, 8, 9, 10 5, 6, 7, 8, 9, 10, 22 1, 2, 3, 4, 5, 6, 7, 8, 9, 11 5. Financial statements 11, 12, 25, 26 1, 2, 4, 6 6. Closing. 15 12 13, 14, 18 1, 4, 8, 9, 11 7. Inventory and cost of goods sold. 9, 10, 11, 12 11 12, 14, 15, 16 8. Comprehensive accounting cycle. 1, 2, 6, 11 *9. Cash vs. Accrual Basis 18, 19, 20 13 20, 21 10 *10. Reversing entries. 21 14 22 *11. Worksheet 22 23, 24, 25 11 *These topics are dealt with in the Appendix to the Chapter.
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3-2 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exercises Problems 1. Understand basic accounting terminology. 2. Explain double-entry rules. 3. Identify steps in accounting cycle. 4. Record transactions in journals, post to ledger accounts, and prepare a trial balance. 1, 2, 3, 4, 5, 6, 7 1, 2, 3, 4, 19 1, 4, 8, 9 5. Explain the reasons for preparing adjusting entries. 3, 4, 5, 6, 7, 8, 9, 10 5, 6, 7, 8, 9, 10, 22 2, 3, 4, 5, 6, 7, 8, 9, 11 6. Prepare financial statements from the adjusted trail balance. 11, 12 1, 2, 4, 6, 7, 8, 9, 11 7. Prepare closing entries. 12 13, 14, 18 1, 4, 8, 9, 11 8. Explain how to adjust inventory accounts at year-end. 11 15, 16, 17 *9. Differentiate the cash basis of accounting from the accrual basis of accounting. 13 20, 21 10 *10. Identify adjusting entries that may be reversed. 14 22 *11. Prepare a 10-column worksheet. 23, 24, 25 11 *These topics are dealt with in the Appendix to the Chapter.
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3-3 ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) E3-1 Transaction analysis–service company. Simple 15–20 E3-2 Corrected trial balance. Simple 10–15 E3-3 Corrected trial balance. Simple 15–20 E3-4 Corrected trial balance. Simple 10–15 E3-5 Adjusting entries. Moderate 10–15 E3-6 Adjusting entries. Moderate 15–20 E3-7 Analyze adjusted data. Complex 15–20 E3-8 Adjusting entries. Moderate 10–15 E3-9 Adjusting entries. Moderate 15–20 E3-10 Adjusting entries. Complex 25–30 E3-11 Prepare financial statements. Moderate 20–25 E3-12 Prepare financial statements. Moderate 20–25 E3-13 Closing entries. Simple 10–15 E3-14 Closing entries. Moderate 10–15 E3-15 Missing amounts. Simple 10–15 E3-16 Find missing amounts–periodic inventory. Moderate 20–25 E3-17 Cost of goods sold–periodic inventory. Moderate 10–15 E3-18 Closing entries for a corporation. Moderate 10–15 E3-19 Transactions of a corporation, including investment and dividend. Moderate 10–15 *E3-20 Cash to accrual basis. Moderate 15–20 *E3-21 Cash to accrual basis. Moderate 10–15 *E3-22 Adjusting and reversing entries. Complex 20–25 *E3-23 Worksheet. Simple 10–15 *E3-24 Worksheet and balance sheet presentation. Moderate 20–25 *E3-25 Partial worksheet preparation. Moderate 10–15 P3-1 Transactions, financial statements–service company. Moderate 25–35 P3-2 Adjusting entries and financial statements. Moderate 35–40 P3-3 Adjusting entries. Moderate 25–30 P3-4 Financial statements, adjusting and closing entries. Moderate 40–50 P3-5 Adjusting entries.
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