Managerial Accounting
7th Edition
ISBN: 9781260247886
Author: Wild
Publisher: MCG
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Question
Chapter D, Problem 13E
To determine
T-Accounts: An account is a unique record of increases or decreases in any asset, liability, equity, revenues or expenses. T-accounts are drawn to resemble a T-shape with debit on the left and credit on the right. Assets and expenses have normally debit balances and liability, equity and revenue accounts have normally credit balance.
To prepare:
the T-accounts for the given transaction.
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Fill in each of following T-accounts for Belle Co.'s seven transactions listed here. The T-accounts represent Belle Co.'s general ledger.
Code each entry with transaction number 1 through 7 (in order) for reference.
1. D. Belle created a new business and invested $5,200 cash, $6,800 of equipment, and $13,000 in web servers.
2. The company paid $5,000 cash in advance for prepaid insurance coverage.
3. The company purchased $800 of supplies on account.
4. The company paid $900 cash for selling expenses.
5. The company received $4,500 cash for services provided.
6. The company paid $800 cash toward accounts payable.
7. The company paid $2,500 cash for equipment.
Cash
Equipment
6,800
1.
5,000 2.
900 4.
1.
7.
5.
2,500
800 6.
2,500 7.
End. bal.
End. bal.
9,300
3.
End. bal.
End. bal.
5,200
4,500
500
D.Belle, Capital
Supplies
800
800
Review the following transactions.
(Click the icon to view the transactions.)
Requirement
1. Record the transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions. Determine the ending balance in each account.
(Select the "Bal" label on the normal balance side of the account and enter the ending balances.)
Cash
Common Stock
More info
Luke Newton opened a law firm by investing $22,000 cash and office furniture
with a fair value of $8,700. Organized as a professional corporation, the
а.
business issued common stock to Newton.
Paid monthly rent of $1,000
Purchased office supplies on account, $1,500.
b.
с.
Accounts Receivable
Dividends
d. Paid employees' salaries of $2,700.
Paid $550 of the accounts payable created in transaction c.
Performed legal service on account, $11,100.
Declared and paid dividends of $2,300.
е.
f.
g.
Office Supplies
Service Revenue
Print
Done
Fill in each of following T-accounts for Belle Co.'s seven transactions listed here. The T-accounts represent Belle Co.'s general ledge
Code each entry with transaction number 1 through 7 (in order) for reference.
1. D. Belle created a new business and invested $5,200 cash, $6,800 of equipment, and $13,000 in web servers.
2. The company paid $5,000 cash in advance for prepaid insurance coverage.
3. The company purchased $800 of supplies on account.
4. The company paid $900 cash for selling expenses.
5. The company received $4,500 cash for services provided.
6. The company paid $800 cash toward accounts payable.
7. The company paid $2,500 cash for equipment.
Cash
Equipment
End. bal.
End. bal.
D.Belle, Capital
Supplies
End. bal.
End. bal.
Web Servers
Service Revenue
Chapter D Solutions
Managerial Accounting
Ch. D - Prob. 1DQCh. D - Prob. 2DQCh. D - Prob. 3DQCh. D - Prob. 4DQCh. D - Are debits or credits typically listed first in...Ch. D - Should a transaction be recorded first in a...Ch. D - Prob. 7DQCh. D - Why does the reeordkeeper prepare a trial balance?Ch. D - Prob. 9DQCh. D - Prob. 10DQ
Ch. D - Prob. 11DQCh. D - Prob. 12DQCh. D - Prob. 13DQCh. D - Define (a) assets, (b) liabilities, and (c) equityCh. D - Prob. 15DQCh. D - Review the Apple balance sheet Appendix A....Ch. D - Review the Google balance sheet in Appendix A....Ch. D - Prob. 18DQCh. D - Identify the items from the following list that...Ch. D - Prob. 2QSCh. D - Prob. 3QSCh. D - Identify the normal balance (debit or credit) for...Ch. D - Prob. 5QSCh. D - Prob. 6QSCh. D - Prob. 7QSCh. D - A trial balance has total debits of $20,000 and...Ch. D - Prob. 9QSCh. D - Prob. 10QSCh. D - Prob. 11QSCh. D - Prob. 12QSCh. D - Prob. 13QSCh. D - Prob. 14QSCh. D - Prob. 15QSCh. D - Order the following steps in the accounting...Ch. D - Prob. 2ECh. D - Enter the number for the item that best completes...Ch. D - For each of the following, (1) identify the type...Ch. D - Prob. 5ECh. D - Prob. 6ECh. D - Prepare general journal entries for the following...Ch. D - Prob. 8ECh. D - Prob. 9ECh. D - Prob. 10ECh. D - Prob. 11ECh. D - 1. Prepare general journal entries for the...Ch. D - Prob. 13ECh. D - Prob. 14ECh. D - A corporation had the following assets and...Ch. D - Carmen Camry operates a consulting firm called...Ch. D - Prob. 17ECh. D - Prob. 18ECh. D - Prob. 19ECh. D - Prob. 20ECh. D - You are told the column totals in a trial balance...Ch. D - Exercise D-22 Calculating and interprets the debt...Ch. D - Prob. 23ECh. D - Prob. 1PSACh. D - Prob. 2PSACh. D - Denzel Brooks opened a web consulting business...Ch. D - Prob. 4PSACh. D - The accounting records of Nettle Distribution show...Ch. D - Prob. 6PSACh. D - Prob. 7PSACh. D - Prob. 1PSBCh. D - Prob. 2PSBCh. D - Prob. 3PSBCh. D - Prob. 4PSBCh. D - Prob. 5PSBCh. D - Prob. 6PSBCh. D - Prob. 7PSBCh. D - Prob. 1SPCh. D - Prob. 2SPCh. D - Prob. 3SPCh. D - Prob. 1GLPCh. D - Prob. 2GLPCh. D - Prob. 3GLPCh. D - Prob. 4GLPCh. D - Prob. 5GLPCh. D - Prob. 6GLPCh. D - Prob. 7GLPCh. D - Using transactions from the following assignments...Ch. D - Prob. 1AACh. D - Prob. 2AACh. D - Prob. 3AACh. D - Prob. 1BTNCh. D - Prob. 2BTNCh. D - Prob. 3BTNCh. D - The expanded accounting equation consists of...Ch. D - Prob. 5BTNCh. D - Prob. 6BTNCh. D - Prob. 7BTN
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