HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
7th Edition
ISBN: 9780136505273
Author: MILLER-NOBLES
Publisher: PEARSON
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Chapter 2, Problem 2.29AP
(a)
To determine
To prepare:
Introduction: The financial statements of a company include the
(b)
To determine
To post: The transactions to the T-account.
Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
(3)
To determine
To prepare: The
Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
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form the Journal entry of the given transaction:
date/s
transaction
debit
credit
Sep-02
Garcia invested P30,000 cash to start his business.
2
Purchased medical Supplies on account, P10,000
3
Paid monthly office rent of P4,000.
4
Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder.
10
Borrowed P50,000 from the bank, signing a note payable
15
Performed service for patients on account, P3,600
22
Received cash from patients billed on September 3, P2,000
25
Received and paid a utility bill, P200
26
Paid monthly salary to nurses, P3,000
30
Paid interest expense of P200
construct the Journal Entry of the transaction:
Date/#
Account Title
Debit
Credit
Oct-01
Garcia invested P30,000 cash to start his business.
2
Purchased medical Supplies on account, P10,000
2
Paid monthly office rent of P4,000.
3
Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder.
15
Borrowed P50,000 from the bank, signing a note payable
22
Performed service for patients on account, P3,600
30
Received cash from patients billed on September 3, P2,000
31
Received and paid a utility bill, P200
31
Paid monthly salary to nurses, P3,000
31
Paid interest expense of P200
Analyzing and journalizing transactions, posting, and preparing a trial balance
Vernon Yung practices medicine under the business title Vernon Yung, M.D., P.C. During July, the medical practice completed the following transactions:
July 1
Yung deposited $68,000 cash in the business bank account. The business issued common stock to Yung.
5
Paid monthly rent on medical equipment, $560.
9
Paid $16,000 cash to purchase land for an office site.
10
Purchased supplies on account, $1,600.
19
Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business.
22
Paid $1,300 on account.
31
Revenues earned during the month included $6,500 cash and $5,800 on account.
31
Paid employees’ salaries $2,500, office rent $1,100, and utilities $400. Make a single compound entry.
31
Paid cash dividends of $7,000.…
Chapter 2 Solutions
HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability? a....Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 5QCCh. 2 - Prob. 6QCCh. 2 - Posting a 2,500 purchase of office supplies on...Ch. 2 - Prob. 8QCCh. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathville Laundry reported assets of 800 and...
Ch. 2 - Identify the three categories of the accounting...Ch. 2 - What is the purpose of the chart of accounts?...Ch. 2 - What does a ledger show? Whats the difference...Ch. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - When are credits increases? When are credits...Ch. 2 - Prob. 8RQCh. 2 - What are source documents? Provide examples of...Ch. 2 - Prob. 10RQCh. 2 - Explain the five steps in journalizing and posting...Ch. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - What is the purpose of the trial balance?Ch. 2 - Prob. 15RQCh. 2 - If total debits equal total credits on the trial...Ch. 2 - What is the calculation for the debt ratio?...Ch. 2 - Identifying accounts Consider the following...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying normal balances For each account,...Ch. 2 - Prob. 2.4SECh. 2 - Prob. 2.5SECh. 2 - Prob. 2.6SECh. 2 - Prob. 2.7SECh. 2 - Prob. 2.8SECh. 2 - Prob. 2.9SECh. 2 - Using accounting vocabulary March the accounting...Ch. 2 - Creating a chart of accounts Raymond Autobody Shop...Ch. 2 - Identifying accounts, increases in accounts, and...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying source documents For each transaction,...Ch. 2 - Analyzing and journalizing transactions As the...Ch. 2 - Prob. 2.17ECh. 2 - Prob. 2.18ECh. 2 - Analyzing transactions from T-accounts The first...Ch. 2 - Prob. 2.21ECh. 2 - Prob. 2.22ECh. 2 - Prob. 2.23ECh. 2 - Prob. 2.24ECh. 2 - Prob. 2.25ECh. 2 - Prob. 2.26ECh. 2 - Prob. 2.27ECh. 2 - Prob. 2.28ECh. 2 - Prob. 2.29APCh. 2 - Prob. 2.30APCh. 2 - Prob. 2.31APCh. 2 - Prob. 2.32APCh. 2 - Prob. 2.33APCh. 2 - Prob. 2.34APCh. 2 - Prob. 2.35BPCh. 2 - Prob. 2.36BPCh. 2 - Prob. 2.37BPCh. 2 - Prob. 2.38BPCh. 2 - Prob. 2.39BPCh. 2 - Prob. 2.40BPCh. 2 - Prob. 2.41CPCh. 2 - Prob. 2.42PSCh. 2 - Prob. 2.1CTDCCh. 2 - Prob. 2.1CTEICh. 2 - Prob. 2.1CTFCCh. 2 - Prob. 2.1CTCA
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