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chapter 3 part 1 homework - d Retained earnings accounts...

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chapter 3 part 1 homework (questions 2,4,7,10,11,12, BE3-6, BE3-9) 2) a) Yes because it involves transfers of one account to another b) No because nothing has been transferred into accounts 4) They are called nominal accounts because they are not constant values and always change as time goes by unlike real accounts that never change. 7) a) Real, Balance sheet b) Real, Balance sheet c) Real, income statement d) Nominal, income statement e) real, balance sheet f) nominal, income statement g) nominal, income statement h) real, balance sheet 10) a) There is no difference in the accounts payable b) The expense does not exits anymore c) The revenues have changed usually increased
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Unformatted text preview: d) Retained earnings accounts has also changed e) The amounts of cash remain the same 11) Adjusting entries are expenses that are recorded at the end of an accounting period to follow the revenue recognition and match the principles. 12) The closing entries are entries made to the last balance sheet that give the picture of the businesses’ shape at the moment and prepares it for the next balance sheet BE3-6 La boucher’s General journal Date account titles and explanations debit credit Nov 1 Rent equipment $2,400 Accounts payable $2,400 Dec 31 dividends $2,400 Cash $2,400 BE3-9...
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