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Use the following format, in which the January 2 transaction is given as an example.
Use the following format, in which the January 2 transaction is given as an example.Account Debited Account Credited(a) (b) (c) (d) (a) (b) (c) (d)Basic Specific Normal Basic Specific NormalDate Type Account Effect Balance Type Account Effect BalanceJan. 2 Asset Cash Increase Debit Stock- Common Increase Creditholders’ StockEquityE2-3 Data for D. Reyes, Inc., interior decorating, are presented in E2-2.InstructionsJournalize the transactions using journal page J1. (You may omit explanations.)E7-3 Presented below are the assumptions, principles, and constraints discussed in this chapter.6. Matching principle7. Full disclosure principle8. Revenue recognition principle9. Materiality10. ConservatismInstructionsIdentify by number the accounting assumption, principle, or constraint on page 323 that describeseach situation below. Do not use a number more than once.(a) Is the rationale for why plant assets are not reported at liquidation value. (Do not usehistorical cost principle.)(b) Indicates that personal and business record-keeping should be separately maintained.(c) Ensures that all relevant financial information is reported.(d) Assumes that the dollar is the “measuring stick” used to report on financial performance.(e) Requires that the operational guidelines be followed for all significant items.(f ) Separates financial information into time periods for reporting purpose.(g) Requires recognition of expenses in the same period as related revenues.(h) Indicates that market value changes subsequent to purchase are not recorded in the accounts.
