College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 2, Problem 1MP
1.
To determine
Enter the transactions in an
2.
To determine
Compute the balance of each account after transaction (p).
3.
To determine
Prepare an income statement for the month of July.
4.
To determine
Prepare a statement of owners’ equity for the month of July.
5.
To determine
Prepare a
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MASTERY PROBLEMLisa Vozniak started her own business, We Do Windows. She offersinterior and exterior window cleaning for local area residents. Lisa rents
a garage to store her tools and cleaning supplies and has a part-timeassistant to answer the phone and handle third-story work. (Lisa isafraid of heights.) The transactions for the month of July are as follows:(a) Lisa invested cash by making a deposit in a bank account for the
business, $8,000.(b) Paid rent for July, $150.
(c) Purchased a used van for cash, $5,000.(d) Purchased tools on account from Clean Tools, $600.
(e) Purchased cleaning supplies that cost $300. Paid $200 cash and willpay the balance next month, $100.(f) Paid part-time assistant (wages) for first half of month, $100.(g) Paid for advertising, $75.(h) Paid two-year premium for liability insurance on van, $480.
(i) Received cash from clients for services performed, $800.(j) Performed cleaning services for clients on account, $500.k) Paid phone bill, $40.
(1) Received…
Prepare the journal entries to record the transactions assume JE#, accounts, and dates.
John Grey owns Grey's Snow Plowing. In October, Grey's collects $12,000 cash for 6
commercial accounts for which he will provide snowplowing for the entire season. To record
this transaction, Grey will enter which of the following entries? (Check all that apply.)
Debit to Unearned Plowing Revenue
Debit to Plowing Revenue
Credit to Cash
Credit to Unearned Plowing Revenue
Debit to Cash
Check all that apply.
Credit to Plowing Revenue
Chapter 2 Solutions
College Accounting, Chapters 1-27
Ch. 2 - Prob. 1TFCh. 2 - Accounts Payable is an example of an asset...Ch. 2 - According to the business entity concept,...Ch. 2 - The accounting equation (Assets = Liabilities +...Ch. 2 - When an asset increases, a liability must also...Ch. 2 - Expenses represent outflows of assets or increases...Ch. 2 - When total revenues exceed total expenses, the...Ch. 2 - An increase to which of these accounts will...Ch. 2 - When delivery revenue is earned in cash, which...Ch. 2 - When delivery revenue is earned on account, which...
Ch. 2 - When payment is made on an existing debt, which...Ch. 2 - Which of the following accounts does not appear on...Ch. 2 - Checkpoint Exercises Label each of the following...Ch. 2 - What is missing from the accounting equation...Ch. 2 - What are the effects of the following transactions...Ch. 2 - Classify the following accounts as assets (A),...Ch. 2 - Name and define the six major elements of the...Ch. 2 - Name and define the six major elements of the...Ch. 2 - List the three basic questions that must be...Ch. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - What are the three basic phases of the accounting...Ch. 2 - SERIES A EXERCISES ACCOUNTING ELE MENT S Label...Ch. 2 - Prob. 2SEACh. 2 - Assets following (d): 32,200 EFFECTS OF...Ch. 2 - EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS)...Ch. 2 - FINANCIAL STATEMENT ACCOUNTS Label each of the...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET INCOME...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET INCOME...Ch. 2 - SERIES A PROBLEMS THE ACCOUNTING EQUATION Dr. John...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - ACCOUNTING ELEMENTS Label each of the following...Ch. 2 - THE ACCOUNTING EQUATION Using the accounting...Ch. 2 - EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS)...Ch. 2 - EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS)...Ch. 2 - FINANCIAL STATEMENT ACCOUNTS Label each of the...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET INCOME...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET LOSS...Ch. 2 - SERIES B PROBLEMS THE ACCOUNTING EQUATION Dr....Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION...Ch. 2 - STATEMENT OF OWNERS EQUITY Based on Problem 2-9B,...Ch. 2 - BALANCE SHEET Based on Problem 2-9B, prepare a...Ch. 2 - Prob. 1MYWCh. 2 - Prob. 1MPCh. 2 - CHALLENGE PROBLEM In this chapter, you learned...
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