Financial Accounting
3rd Edition
ISBN: 9780078025549
Author: J. David Spiceland, Wayne M Thomas, Don Herrmann
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 14RQ
To determine
Journal
Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.
To record: The given external transaction using the debits and credits.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Emporium bank lends money to a customer on a six month note. What journal entry does the bank prepare?
A. Debit note receivable and credit cash
B. Debit cash and credit note receivable
C: debit note receivable and credit service revenue
D. Debit cash and credit note payable
Continue using the journal and journalize the following transaction: Mar. 31. Received bank statement showing March bank service charge, $30.00. M45.
Use the information from the attached image to answer questions 10 – 14.
This is Mason's monthly bank statement and check register.
What is the ending balance on the statement?
Answers
A. $1,352.61
B. $1,257.23
C. $1,241.66
D. $747.61
Question11.
What is the total of the outstanding deposits?
Answers
A. $20
B. $625
C. $605
D. $8
Question12.
What is the total of the outstanding withdrawals?
Answers
A. $130.95
B. $87.38
C. $8.00
D. $43.57
Question13.
What is the revised statement balance?
Answers
A. $1,241.66
B. $1,277.23
C. $1,233.66
D. $1,352.61
Question14.
What is the revised balance of the check register?
Answers
A. $1,198.09
B. $1,257.23
C. $1,233.66
D. $1,291.66
Chapter 2 Solutions
Financial Accounting
Ch. 2 - Prob. 1RQCh. 2 - 2.List the steps we use to measure external...Ch. 2 - 3.Each external transaction will have a dual...Ch. 2 - 4.Describe the impact of each of these external...Ch. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 9RQCh. 2 - 10.Suzanne knows that an increase to an expense...
Ch. 2 - 11.What is a journal? What is a journal entry?Ch. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - Prob. 14RQCh. 2 - 15.Describe the events that correspond to the...Ch. 2 - 16.What does a T-account represent? What is the...Ch. 2 - Prob. 17RQCh. 2 - Prob. 18RQCh. 2 - Prob. 19RQCh. 2 - 20.If total debits equal total credits in the...Ch. 2 - List steps in the measurement process (LO21) Below...Ch. 2 - Balance the accounting equation (LO22) Using the...Ch. 2 - Suppose a local company has the following balance...Ch. 2 - Analyze the Impact of transactions on the...Ch. 2 - Understand the effect of debits and credits on...Ch. 2 - Prob. 2.6BECh. 2 - Record transactions (LO24) The following...Ch. 2 - Prob. 2.8BECh. 2 - Analyze T-accounts (LO25) Consider the following...Ch. 2 - Prob. 2.10BECh. 2 - Prob. 2.11BECh. 2 - Correct a trial balance (LO26) Your study partner...Ch. 2 - Listed below are several terms and phrases...Ch. 2 - Prob. 2.2ECh. 2 - Analyze the Impact of transactions on the...Ch. 2 - Analyze the Impact of transactions on the...Ch. 2 - Understand the components of retained earnings...Ch. 2 - Indicate the debit or credit balance of accounts...Ch. 2 - Associate debits and credits with external...Ch. 2 - Prob. 2.8ECh. 2 - Identify transactions (LO24) Below are recorded...Ch. 2 - Prob. 2.10ECh. 2 - Record transactions (LO24) Bearcat Construction...Ch. 2 - Correct recorded transactions (LO24) Below are...Ch. 2 - Correct recorded transactions (LO24) Below are...Ch. 2 - Prob. 2.14ECh. 2 - Post transactions to T-accounts (LO25) Consider...Ch. 2 - Identify transaction (LO25) Below are T-accounts....Ch. 2 - Prob. 2.17ECh. 2 - Prepare o trial balance (LO26) Below is the...Ch. 2 - Prob. 2.19ECh. 2 - Prob. 2.20ECh. 2 - Below is a list of activities for Jayhawk...Ch. 2 - Prob. 2.2APCh. 2 - Prob. 2.3APCh. 2 - Prob. 2.4APCh. 2 - Refer to the transactions described in P24A. Keep...Ch. 2 - Prob. 2.6APCh. 2 - Prob. 2.7APCh. 2 - Prob. 2.8APCh. 2 - Prob. 2.9APCh. 2 - Analyze the impact of transactions on the...Ch. 2 - Prob. 2.2BPCh. 2 - Prob. 2.3BPCh. 2 - Record transactions (LO24) Flip Side of P25B Eli...Ch. 2 - Prob. 2.5BPCh. 2 - Prob. 2.6BPCh. 2 - Prob. 2.7BPCh. 2 - Prob. 2.8BPCh. 2 - Prob. 2.9BPCh. 2 - Prob. 2.1APCPCh. 2 - Prob. 2.2APFACh. 2 - Prob. 2.3APFACh. 2 - Prob. 2.4APCACh. 2 - Prob. 2.5APECh. 2 - Prob. 2.6APIRCh. 2 - Prob. 2.7APWC
Knowledge Booster
Similar questions
- For each of the following, indicate if the statement reflects an input component, output component, or storage component of the accounting information system for a bank. A. Online customer check ordering system. B. Approved loan applications. C. Report of customers with savings accounts over $5,000. D. Desktop hard drive on computer used by bank presidents administrative assistant. E. List of the amount of money withdrawn from all of the banks ATMs on a given day.arrow_forwardRecord the following transactions. 1. Pay employee salaries of $600 by issuing checks. 2. Purchase computer equipment of $1,000 using a credit card. 3. Pay for maintenance of $400 for a company vehicle using a debit card.arrow_forwardWhich of the following is considered cash? a. Thirty-day certificate of deposits b. Customer’s post-dated checks c. Six-month money market savings certificates d. Money market checking accountsarrow_forward
- 10. In Exhibit 3.6, you see a credit sale to G. H. Allen that is recorded in a paper-based accounting system. On July 28, 2021, Aca Pool Co. received check number 6311 from G. H. Allen in payment of his outstanding invoice. Required: a. Record the receipt of Allen's check on the cash receipts prelist, document number CR645. Your instructor will provide you a blank form. b. Use the prelist as your source document to record this cash receipts transaction in the appropriate 14arrow_forwardRecord any 5 imaginary transactions of a bank ( current account ) with a specific customer. Record journal entries including interest calculationarrow_forward1.How do you consider post-dated check in the statement of financial position? A.cash and cash equivalent B accounts receivable C accounts payable D cash in bank 2.Which of the following describes accrual accounting? A On September 20, the company record sales for the cash received from customers. Delivery of the items will be on October 5. B On September 20, the company record utility expense for the Meralco bills. Payment will be made on due date October 5. C On September 20, the company record sales for the items delivered and collected. D On September 20, the company record rent expense for the rental paid for the current month. 3. Which of the following describes merchandise inventory? A.Bought 5 cars for sale. B.Bought 5 cars for delivery services. C.Bought 5 cars for company's use. D.Bought 5 cars for raffle. 4. Which of the following expenses is a result of association cause and effect method? A.utility expense B. depreciation expense C.salaries expense D. sales…arrow_forward
- 2a) You have an account at Bank A. Your last balance statement, which you can see on your bank account page, shows an ending balance of $520. This month you deposit $3120 in your account and withdrew $750. Then you had 3 withdrawals (from bills that were paid automatically) scheduled from your checking account, 3 of which clears. The amount that that have cleared totals $2300. The remaining transfer from checking account will total $180. You will pay a $35 monthly maintenance fee to the bank that month. What is the adjusted bank balance amount (accounting for the unclear transfers from checking as well)? Show work. 2b) What is the difference between a bank balance and an adjusted bank balance?arrow_forwardDirections: Record checks, a check card payment, an ATM transaction and a deposit in the checkbook register below. Include the date, description, and amount of each entry. Calculate the balance. 1. May 26: write beginning balance of $527.96. 2. May 27: write check #107 to Mrs. Wilson. You pay your landlord your share of the rent payment: $225.00. May 28: make a check card payment to Foodland. You pay $22.52 for groceries. 3. 4. June 1: write check #108 to Bank of Illinois. You make a car payment of $165.23. 5. June 2: write check #109 to Interstate Phone Service for $62.77. 6. June 2: use your ATM card to withdraw $20.00. 7. June 15: you deposit your paycheck for $425.00. Write this amount in the DEPOSIT column.arrow_forwardis the answer to this question correct If you received a check from Mr. Jones for $500 for work you performed last week, which journal would you use to record receipt of the amount they owed you? What would be recorded? This transaction will be recorded in the Cash Receipts Journal. The receipt of cash from the sale of goods, as payment on accounts receivable or from other transactions, is recorded in a cash receipts journal with a debit to cash and a credit to the source of the cash, whether that is from sales revenue, payment on an account receivable, or some other account. Chapter 7 Accounting Information Systems out of Principles of Accounting, Volume 1. CASH RECEIPTS JOURNAL Date Account Cash DR Accounts Receivable CR 2022 Mar.13 Mr. Jones $ 500 $ 500arrow_forward
- 2. Use the checkbook and bank statement below to balance the checkbook. What is the total amount of the deposits that have not cleared the account yet? Number Date Description of Transaction Electric Company 988 7/18 989 990 991 992 7/20 7/21 7/21 7/20 7/24 7/21 7/21 7/22 7/24 7/26 Date CHECKING ACCOUNT: Monthly Statement Transaction O $0.00 Jake's Lawn Care $400.00 Deposit O$565.00 O$950.00 Flanders Restaurant Super Saver Food Gas Deposit Check Deposit Check Check Payment/Debit √ 89 96 50 49 127 26 00 87 45 78 . Amount Deposit/Credit 565 00 400 00 50.00 565.00 49.87 26.78 Balance 947 82 -89 96 857 86 -50 00 807 86 00 86 -49 87 1,322 99 -127 45 1,195 54 78 -26 1,168 76 +100 00 1,568 76 +565 1,372 Account Number: 40782634 Balance 947.82 897.82 1,462.82 1,412.95 1,386.17 COarrow_forwardOn December 15, you received your bank statement showing a balance of $2,275.34. Your checkbook shows a balance of $2,437.40. Outstanding checks are $225.50 and $356.10. The account earned $77.55. Deposits in transit amount to $805.21, and there is a service charge of $16.00. Calculate the reconciled balance. O $162.06 O $2,051.73 O $2,375.85 O $2,498.95arrow_forwardOutstanding checks of $12,000. Bank service charge of $15. Deposit in transit of $2,300. Interest earned of $5. How would I complete the journal entries for the four activities abovearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College