Fundamentalf7Accountingf7Principlesf7Volumef71f7Canadianf715thf7Editionf7Larsonf7Solutionsf7Manual
Fullf7Download:f7http://testbanklive.com/download/fundamental-accounting-principles-volume-1-canadian-15th-edition-larson-
solu
Lastf7revised:f7Januaryf723,f72016.
SOLUTIONSf7MANUAL
tof7accompany
Fundamental Accounting Principlesf7 f7
15thf7Canadianf7Edition
byf7Larson/Jensen/Dieckmann
Revisedf7forf7thef715thf 7 Editionf7by:
Praisef7Ma,f7Kwantlenf7Polytechnicf7University
Technicalf7checksf7by:
Rhondaf7Heninger,f7Southernf7Albertaf7Institutef7off7Technologyf7Mi
chellef7Young,f7CPA
Solutionsf7Manualf7tof7accompanyf7Fundamentalf7Accountingf7Principles,f715thf7Canadianf7Edition.f7©f72016f7McGraw-Hillf7Educationf7Ltd. 2-1
,Fullf7downloadf7allf7chaptersf7instantlyf7pleasef7gof7tof7Solutionsf7Manual,f7Testf7Bankf7site:f7testbanklive.com
, f7 f7 f7 f7
Chapterf72
Analyzingf7andf7Record
ingf7Transactions
Chapterf7Openingf7Criticalf7Thinkingf7Challengef7Questions*
Alexandref7Bilodeauf7experiencedf7af7hugef7setbackf7inf7achievingf7hisf7goalf7off7winningf7g
oldf7inf7thef72006f7Olympics.f7Inf7thef7facef7off7thisf7challenge,f7hef7reflectedf7onf7thef7experi
ence,f7setf7hisf7personalf7goalf7andf7hadf7af7dailyf7actionf7planf7tof7achievef7it.f7Thesef7samef
7stepsf7canf7bef7appliedf7tof7yourf7life.f 7 Forf7instance,f7youf7mayf7experiencef7af7setbackf7inf
7thisf7accountingf7course.f 7 Forf7instance,f7youf7mayf7notf7performf7asf7wellf7onf7af7homewor
kf7assignmentf7orf7examf7asf7youf7wouldf7havef7liked.f 7 Likef7Alexandref7Bilodeau,f7takef7af7
momentf7tof7understandf7whyf7youf7mayf7havef7experiencef7thisf7setback,f7commitf7tof7af7p
ersonalf7goalf7andf7havef7af7detailedf7actionf7planf7tof7achievef7it.f7Thisf7mayf7includef7readi
ngf7thef7chaptersf7beforef7class,f7settingf7asidef7af7fewf7hoursf7eachf7dayf7tof7workf7onf7thef7
homework,f7meetingf7upf7withf7af7friendf7oncef7af7weekf7tof7discussf7challengingf7topicsf7an
df7goingf7tof7officef7hours.f7Youf7canf7alsof7learnf7fromf7Alexandref7Bilodeau’sf7determinati
onf7inf7pursuingf7yourf7careerf7andf7inf7facingf7challengesf7inf7thef7workplace.
f7 f7 f7 f7 f7 f7 f7 f7 f7 f7 f7 f7
f7 f7
, f7 f7 f7 f7
Conceptf7Reviewf7Questions
1. Welcomef7tof7Lululemon!f7Wef7aref7happyf7tof7havef7youf7asf7af7co-
opf7student.f7Thef7fundamentalf7stepsf7inf7thef7accountingf7processf7aref7thosef7involv
edf7inf7thef7accountingf7cycle:f 7 Analyzef7transactionsf7tof7determinef7iff7anf7economic
f7exchangef7hasf7takenf7placef7and,f7iff7so,f7journalizef7andf7postf7thef7transaction.f 7 An
f7unadjustedf7trialf7balancef7isf7thenf7preparedf7tof7helpf7identifyf7potentialf7adjustment
s.f 7 Appropriatef7adjustingf7entriesf7aref7journalizedf7andf7postedf7andf7anf7adjustedf7t
rialf7balancef7isf7generatedf7fromf7whichf7thef7financialf7statementsf7aref7prepared.f 7 Cl
osingf7entriesf7aref7thenf7journalizedf7andf7posted.f7Finally,f7af7post-
closingf7trialf7balancef7isf7prepared.
Thef7accountingf7cyclef7helpsf7Lululemonf7keepf7trackf7off7itsf7businessf7activities.f 7 T
hesef7businessf7transactionsf7includef7buyingf7fabric,f7sellingf7yogaf7clothingf7andf7pa
yingf7employees.f7Thef7accountingf7cyclef7helpsf7producef7financialf7statementsf7whic
hf7providef7Lululemonf7thef7informationf7tof7makef7goodf7businessf7decisions.
2. Anf7accountf7receivablef7isf7anf7amountf7duef7tof7af7company,f7butf7thef7amountf7canf7
bef7increasedf7byf7thef7customerf7(debtor)f7byf7makingf7additionalf7purchases.f7Anf7ac
countf7receivablef7isf7notf7af7singlef7documentf7butf7representsf7thef7resultf7off7several
f7written,f7oral,f7orf7impliedf7promisesf7tof7payf7thef7creditor.f7Af7notef7receivablef7isf7af7
formalf7documentf7thatf7specifiesf7thef7fixedf7amountf7duef7tof7af7companyf7onf7af7fixe
df7datef7orf7onf7demand.
3. Fourf7differentf7assetf7accountsf7wouldf7includef7anyf7off7thef7followingf7fromf7Danier’
sf7Junef728,f72014f7balancef7sheet:f7Cash,f7Accountsf7receivable,f7Incomef7taxesf7reco
verable,f7Inventories,f7Prepaidf7expenses,f7Propertyf7andf7equipment,f7Computerf7soft
waref7andf7Deferredf7incomef7taxf7asset.f7Threef7differentf7liabilityf7accountsf7wouldf7in
cludef7anyf7off7thef7following:f7Payablesf7andf7accrualsf7(samef7asf7Accountsf7payablef
7andf7accruedf 7 liabilities),f7Deferredf7revenue,f7Salesf7returnf7provisionf7andf7Deferred
f7leasef7inducementsf7andf7rentf7liability.
4. Af7debitf7willf7decreasef7andf7af7creditf7willf7increasef7thef7followingf7accounts:f7Accou
ntsf7Payable,f7Owner’sf7capitalf7andf7Revenue.f 7 Answersf7willf7vary,f7butf7canf7includ
ef7liabilityf7(accountsf7payable,f7notesf7payable,f7unearnedf7revenuef7andf7bankf7loan),f
7owner’sf7capitalf7andf7revenuef7accounts.
5. Threef7debitf7balancef7accountsf7fromf7WestJet’sf7Decemberf731,f72014f7balancef7sheetf7
mightf7includef7anyf7off7thef7following:f7Cashf7andf7cashf7equivalents;f7Restrictedf7cas
h;f7Accountsf7receivable;f7Prepaidf7expenses,f7depositsf7andf7other;f7Inventory;f7Asse
tsf7heldf7forf7sale;f7Propertyf7andf7equipment;f7Intangiblef7assets;f7orf7Otherf7assets.f7
Threef7creditf7balancef7accountsf7mightf7includef7anyf7off7thef7following:f7Accountsf7pay
ablef7andf7accruedf7liabilities;f7Advancef7ticketf7sales;f7Non-
refundablef7guestf7credits;f7Currentf7portionf7off7maintenancef7provisions;f7Currentf7p
ortionf7off7long-termf7debt;f7Maintenancef7provisions;f7Long-
termf7debt;f7Otherf7liabilities;f7Deferredf7incomef7tax;f7Sharef7capital;f7Equityf7reserves
;f7Hedgef7reserves;f7orf7Retainedf7earnings.
f7 f7 f7 f7 f7 f7 f7 f7 f7 f7 f7 f7
f7 f7
Fullf7Download:f7http://testbanklive.com/download/fundamental-accounting-principles-volume-1-canadian-15th-edition-larson-
solu
Lastf7revised:f7Januaryf723,f72016.
SOLUTIONSf7MANUAL
tof7accompany
Fundamental Accounting Principlesf7 f7
15thf7Canadianf7Edition
byf7Larson/Jensen/Dieckmann
Revisedf7forf7thef715thf 7 Editionf7by:
Praisef7Ma,f7Kwantlenf7Polytechnicf7University
Technicalf7checksf7by:
Rhondaf7Heninger,f7Southernf7Albertaf7Institutef7off7Technologyf7Mi
chellef7Young,f7CPA
Solutionsf7Manualf7tof7accompanyf7Fundamentalf7Accountingf7Principles,f715thf7Canadianf7Edition.f7©f72016f7McGraw-Hillf7Educationf7Ltd. 2-1
,Fullf7downloadf7allf7chaptersf7instantlyf7pleasef7gof7tof7Solutionsf7Manual,f7Testf7Bankf7site:f7testbanklive.com
, f7 f7 f7 f7
Chapterf72
Analyzingf7andf7Record
ingf7Transactions
Chapterf7Openingf7Criticalf7Thinkingf7Challengef7Questions*
Alexandref7Bilodeauf7experiencedf7af7hugef7setbackf7inf7achievingf7hisf7goalf7off7winningf7g
oldf7inf7thef72006f7Olympics.f7Inf7thef7facef7off7thisf7challenge,f7hef7reflectedf7onf7thef7experi
ence,f7setf7hisf7personalf7goalf7andf7hadf7af7dailyf7actionf7planf7tof7achievef7it.f7Thesef7samef
7stepsf7canf7bef7appliedf7tof7yourf7life.f 7 Forf7instance,f7youf7mayf7experiencef7af7setbackf7inf
7thisf7accountingf7course.f 7 Forf7instance,f7youf7mayf7notf7performf7asf7wellf7onf7af7homewor
kf7assignmentf7orf7examf7asf7youf7wouldf7havef7liked.f 7 Likef7Alexandref7Bilodeau,f7takef7af7
momentf7tof7understandf7whyf7youf7mayf7havef7experiencef7thisf7setback,f7commitf7tof7af7p
ersonalf7goalf7andf7havef7af7detailedf7actionf7planf7tof7achievef7it.f7Thisf7mayf7includef7readi
ngf7thef7chaptersf7beforef7class,f7settingf7asidef7af7fewf7hoursf7eachf7dayf7tof7workf7onf7thef7
homework,f7meetingf7upf7withf7af7friendf7oncef7af7weekf7tof7discussf7challengingf7topicsf7an
df7goingf7tof7officef7hours.f7Youf7canf7alsof7learnf7fromf7Alexandref7Bilodeau’sf7determinati
onf7inf7pursuingf7yourf7careerf7andf7inf7facingf7challengesf7inf7thef7workplace.
f7 f7 f7 f7 f7 f7 f7 f7 f7 f7 f7 f7
f7 f7
, f7 f7 f7 f7
Conceptf7Reviewf7Questions
1. Welcomef7tof7Lululemon!f7Wef7aref7happyf7tof7havef7youf7asf7af7co-
opf7student.f7Thef7fundamentalf7stepsf7inf7thef7accountingf7processf7aref7thosef7involv
edf7inf7thef7accountingf7cycle:f 7 Analyzef7transactionsf7tof7determinef7iff7anf7economic
f7exchangef7hasf7takenf7placef7and,f7iff7so,f7journalizef7andf7postf7thef7transaction.f 7 An
f7unadjustedf7trialf7balancef7isf7thenf7preparedf7tof7helpf7identifyf7potentialf7adjustment
s.f 7 Appropriatef7adjustingf7entriesf7aref7journalizedf7andf7postedf7andf7anf7adjustedf7t
rialf7balancef7isf7generatedf7fromf7whichf7thef7financialf7statementsf7aref7prepared.f 7 Cl
osingf7entriesf7aref7thenf7journalizedf7andf7posted.f7Finally,f7af7post-
closingf7trialf7balancef7isf7prepared.
Thef7accountingf7cyclef7helpsf7Lululemonf7keepf7trackf7off7itsf7businessf7activities.f 7 T
hesef7businessf7transactionsf7includef7buyingf7fabric,f7sellingf7yogaf7clothingf7andf7pa
yingf7employees.f7Thef7accountingf7cyclef7helpsf7producef7financialf7statementsf7whic
hf7providef7Lululemonf7thef7informationf7tof7makef7goodf7businessf7decisions.
2. Anf7accountf7receivablef7isf7anf7amountf7duef7tof7af7company,f7butf7thef7amountf7canf7
bef7increasedf7byf7thef7customerf7(debtor)f7byf7makingf7additionalf7purchases.f7Anf7ac
countf7receivablef7isf7notf7af7singlef7documentf7butf7representsf7thef7resultf7off7several
f7written,f7oral,f7orf7impliedf7promisesf7tof7payf7thef7creditor.f7Af7notef7receivablef7isf7af7
formalf7documentf7thatf7specifiesf7thef7fixedf7amountf7duef7tof7af7companyf7onf7af7fixe
df7datef7orf7onf7demand.
3. Fourf7differentf7assetf7accountsf7wouldf7includef7anyf7off7thef7followingf7fromf7Danier’
sf7Junef728,f72014f7balancef7sheet:f7Cash,f7Accountsf7receivable,f7Incomef7taxesf7reco
verable,f7Inventories,f7Prepaidf7expenses,f7Propertyf7andf7equipment,f7Computerf7soft
waref7andf7Deferredf7incomef7taxf7asset.f7Threef7differentf7liabilityf7accountsf7wouldf7in
cludef7anyf7off7thef7following:f7Payablesf7andf7accrualsf7(samef7asf7Accountsf7payablef
7andf7accruedf 7 liabilities),f7Deferredf7revenue,f7Salesf7returnf7provisionf7andf7Deferred
f7leasef7inducementsf7andf7rentf7liability.
4. Af7debitf7willf7decreasef7andf7af7creditf7willf7increasef7thef7followingf7accounts:f7Accou
ntsf7Payable,f7Owner’sf7capitalf7andf7Revenue.f 7 Answersf7willf7vary,f7butf7canf7includ
ef7liabilityf7(accountsf7payable,f7notesf7payable,f7unearnedf7revenuef7andf7bankf7loan),f
7owner’sf7capitalf7andf7revenuef7accounts.
5. Threef7debitf7balancef7accountsf7fromf7WestJet’sf7Decemberf731,f72014f7balancef7sheetf7
mightf7includef7anyf7off7thef7following:f7Cashf7andf7cashf7equivalents;f7Restrictedf7cas
h;f7Accountsf7receivable;f7Prepaidf7expenses,f7depositsf7andf7other;f7Inventory;f7Asse
tsf7heldf7forf7sale;f7Propertyf7andf7equipment;f7Intangiblef7assets;f7orf7Otherf7assets.f7
Threef7creditf7balancef7accountsf7mightf7includef7anyf7off7thef7following:f7Accountsf7pay
ablef7andf7accruedf7liabilities;f7Advancef7ticketf7sales;f7Non-
refundablef7guestf7credits;f7Currentf7portionf7off7maintenancef7provisions;f7Currentf7p
ortionf7off7long-termf7debt;f7Maintenancef7provisions;f7Long-
termf7debt;f7Otherf7liabilities;f7Deferredf7incomef7tax;f7Sharef7capital;f7Equityf7reserves
;f7Hedgef7reserves;f7orf7Retainedf7earnings.
f7 f7 f7 f7 f7 f7 f7 f7 f7 f7 f7 f7
f7 f7
