FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 2, Problem 23E
To determine
Asset
Asset may be regarded as a resource for the person or entity which holds it with a specific economic value and the benefits derived from such asset are generally divided over the lifespan of such asset .Also, they are held to reap some future benefits on account of pooling the funds at present. An asset may be in tangible or intangible form depending upon the nature of asset.
Equity
An ownership interest in any kind of security or it may also be regarded as the difference value of the assets held and liabilities against the said assets. Also, in the financial statement of the company the funds contributed by the owners and any of the retained or ploughed back earnings (or losses) are regarded as shareholder's equity.
Liability
A liability may be regarded as the burden or it depicts the obligatory aspect related to a transaction and that it is to be fulfilled in the near future. They mainly form part of the financial statements so that the end users may analyze the current standing of the entity in terms of its liabilities against the possession of its assets.
To prepare:
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Requirement:
Journalize the transactions using the ff. accounts: Cash; Accounts Receivable; Equipment; Furniture and Fixtures, Accounts Payable; L. Rosales, Capital; Delivery Revenue; Gas and Oil Expense; Advertising Expense, Rent Expense, Salaries Expenses. Record the journal entries in journal sheets in proper format.
The transactions for March 2021 of Lightning Package Delivery Company, owned by Lelong Rosales, are as follow:
March 1: Opened the company with initial investment of P536,000 Cash.
March 2: Paid P6,000 rent for March on a completely furnished building.
March 5: Paid cash for delivery trucks, P220,000.
March 9: Paid P2,200 for supplies received.
March 12: Performed delivery services for customers P27,000 on account.
March 15: Invested additional cash P105,200
March 20: Collected cash of P14,500 from customers on account (see March 12 entry).
March 21: Received a bill and paid for P1,200 for advertising in the local newspaper
March 27: Paid…
Make the T-Accounts of the following transaction:
JOURNAL ENTRIES
Date/#
Account Title
Debit
Credit
a.
Cash
250,000.00
Supplies
34,000.00
Jai, Capital
284,000.00
To record the investment of Jai
b.
Office Furniture
4,600.00
Cash
4,600.00
To record purchase of furniture
c.
Office Furniture
12,000.00
Cash
12,000.00
To record purchsae of furniture
d.
Utilities Expense
4,500.00
Accounts Payable
4,500.00
To record water expense
e.
Cash
23,000.00
Service Revenue
23,000.00
To record offering of service
f.
Accounts Receivable
34,000.00
Service Revenue
34,000.00
To record offering of service
g.
Accounts Payable
4,500.00
Cash
4,500.00
To record payment of payable
h.
Jai, Withdrawal
10,000.00
Cash
10,000.00…
the Journal entries for the November transactions. Use the following accounts : cash , account receivable, prepaid insurance,equipment,account payable,Alfonso capital,Alfonso withdrawal,landscaping revenue,salaries expense,rent expense,gas and oil expense, supplies expense,utilities expense,miscellaneous expense
Juanito Alfonso landscaping service has the following transactions:
Nov.3- Alfonso deposited 250 000 in a bank in the nme of entity.N
Nov.5-alfonso used trailer from Cruz sales 15 000 with down payment 6 500 and the remaining on account.
Nov.6- invested personal gardening tools, with a fair market value of 8 000 in the business
Nov.7- paid rent for the month 7 000
Nov.10 -acquired a used backhoe from mobile equipment 62 000 paying 34 000 in cash and the balance on account
Nov.10- bought liability insurance for one year 18 000
Nov.13- performed landscaping services for flores hospital 28 000
Nov.14 - bought supplies on account from office decor 3 000
Nov.15- performed…
Chapter 2 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 2 - Amalia Company received its utility bill for the...Ch. 2 - On May 1, Mattingly Lawn Service collected $2,500...Ch. 2 - Liang Shue contributed $250,000 cash and land...Ch. 2 - A trial balance prepared at year-end shows total...Ch. 2 - Bonaventure Company has total assets of...Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQ
Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Prob. 1QSCh. 2 - Prob. 2QSCh. 2 - Prob. 3QSCh. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Analyzing account entries and balances A1 Use the...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Identifying effects of posting errors on the trial...Ch. 2 - Prob. 21ECh. 2 - Prob. 22ECh. 2 - Prob. 23ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 7PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Using transactions from the following assignments,...Ch. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Prob. 1AACh. 2 - Prob. 2AACh. 2 - Prob. 3AACh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTN
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