The Recording Process

CHAPTER 2

The Recording Process

ASSIGNMENT CLASSIFICATION TABLE

Study Objectives

Questions

Brief Exercises

Exercises

Problems

Set A

Problems

Set B

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

2. Define debits and credits and illustrate how they are used to record business transactions.

1, 2, 3, 4, 5, 6, 7, 8, 9 1, 2, 3 1, 2, 3 1, 2 1, 2

3. Describe the basic steps in the recording process.

10, 18 4 10 10

4. Explain what a journal is, how it helps in the recording process, and journalize business transactions.

11, 12, 13, 14, 18 5, 6 4, 5, 6, 7 2, 3, 4, 5, 6, 7 2, 3, 4, 5, 6, 7

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

14, 15, 18 4, 5, 6, 7 12 12

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

15, 16, 18 7 6, 8, 9 3, 4, 5, 6, 7 3, 4, 5, 6, 7

7. Explain the purpose of, and prepare, a trial balance. 17, 18, 19 8, 9 7, 8, 9, 10 3, 4, 5, 6, 7, 8, 9, 10, 11, 12 3, 4, 5, 6, 7, 8, 9, 10, 11, 12

ASSIGNMENT CHARACTERISTICS TABLE

Problem Number

Description Difficulty

Level Time

Allotted (min.)

1A Identify increases, decreases, normal balances, and types of accounts.

Simple 15-20

2A Journalize a series of transactions. Simple 20-30

3A Journalize transactions, post, and prepare trial balance. Moderate 40-50

4A Journalize transactions, post, and prepare trial balance. Moderate 55-65

5A Journalize transactions, post, and prepare trial balance. Moderate 55-65

6A Journalize transactions, post, and prepare trial balance and financial statements.

Moderate 80-90

7A Journalize transactions, post, prepare trial balance, and determine elements of financial statements.

Moderate 65-75

8A Prepare financial statements from trial balance. Simple 25-35

9A Prepare trial balance and financial statements.

Simple 30-40

10A Answer questions about trial balance error and identify source documents.

Moderate 25-30

11A Identify...