Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 2, Problem 27BE
Recording transactions and preparing a
White Glove Cleaning, Inc. had the following transactions for the month of September 2018:
| Sep 2 | Paid Rent Expense, $500 |
| 4 | Performed service for a customer and received cash, $1,800. |
| 8 | Purchased supplies on account, $900, |
| 11 | Received cash from credit customers on account, $1,200. |
| 15 | Sold an additional $10,000 of Common Stock |
| 19 | Paid $450 on account. |
| 27 | Performed service for customers on account, $2,800. |
| 28 | Made a payment on the Notes Payable, $5,000. |
The following T-accounts have been set up for White Glove Cleaning, Inc., with their beginning balances as of September 1, 2018:
| Cash | 111 | ||
| Sep 1 | 1,450 | ||
| 112 | |||
| Sep 1 | 3,900 | ||
| Supplies | 113 | ||
| Sep 1 | 250 | ||
| Building | 114 | ||
| Sep 1 | 38,000 | ||
| Office Furniture | 116 | ||
| Sep 1 | 2,300 | ||
| Accounts Payable | 211 | ||||
| Sep 1 | 2,100 | ||||
| Notes Payable | 212 | ||
| Sep 1 | 10,000 | ||
| Common Stock | 311 | ||
| Sep 1 | 30,000 | ||
| Service Revenue | 411 | ||
| Sep 1 | 4,900 | ||
| Rent Expense | 511 | ||
| Sep 1 | 1,100 |
Requirements
- 1. Journalize the transactions for the month of September. Explanations are not required.
- 2.
Post the journal entries to the appropriate T-accounts. Identify all items by date. - 3. Calculate the balance of each account at September 30, 2018.
- 4. Prove that the total of all the debit balances equals the total of all of the credit balances by preparing a trial balance at September 30, 2018.
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Chapter 2 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 2 - The order in which assets were listed and...Ch. 2 - Prob. 2DQCh. 2 - How is revenue related to retained earnings?Ch. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Distinguish between journalizing and posting.Ch. 2 - True or false: If the trial balance is in balance,...Ch. 2 - When it is time to prepare the financial...
Ch. 2 - Which sequence of actions correctly summarizes the...Ch. 2 - Prob. 2SCCh. 2 - Prob. 3SCCh. 2 - Prob. 4SCCh. 2 - Prob. 5SCCh. 2 - Which journal entry records obtaining a bank loan...Ch. 2 - RV Wholesale, Inc., paid 1,200 for supplies and...Ch. 2 - Prob. 8SCCh. 2 - Prob. 9SCCh. 2 - Prob. 10SCCh. 2 - Prob. 11SCCh. 2 - Prob. 12SCCh. 2 - Prob. 1SECh. 2 - Prob. 2SECh. 2 - Prob. 3SECh. 2 - Prob. 4SECh. 2 - Accounting terminology (Learning Objectives 2, 3, ...Ch. 2 - Effects of debits and credits on accounts...Ch. 2 - Balancing accounts and normal balances (Learning...Ch. 2 - Types of accounts and effects of debits and...Ch. 2 - Re-creating journal entries from T-account...Ch. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 11SECh. 2 - Prob. 12SECh. 2 - Prob. 13SECh. 2 - Accounting terminology (Learning Objectives 1, 2,...Ch. 2 - Prob. 15AECh. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 17AECh. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Prob. 19AECh. 2 - Prob. 20AECh. 2 - Prob. 21AECh. 2 - Prob. 22AECh. 2 - Prob. 23BECh. 2 - Prob. 24BECh. 2 - Prob. 25BECh. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Recording transactions and preparing a trial...Ch. 2 - Prob. 28BECh. 2 - Prob. 29BECh. 2 - Prob. 30BECh. 2 - Prob. 31APCh. 2 - Prob. 32APCh. 2 - Journalizing, posting, and preparing a trial...Ch. 2 - Prob. 34APCh. 2 - Preparing a trial balance, income statement,...Ch. 2 - Prob. 36APCh. 2 - Prob. 37BPCh. 2 - Prob. 38BPCh. 2 - Prob. 39BPCh. 2 - Prob. 40BPCh. 2 - Prob. 41BPCh. 2 - Prob. 42BPCh. 2 - Prob. 1CECh. 2 - Prob. 1CPCh. 2 - Prob. 1CFSAPCh. 2 - Prob. 1EIACh. 2 - Prob. 2EIACh. 2 - Prob. 1FACh. 2 - Prob. 1IACh. 2 - Prob. 1SBACh. 2 - Prob. 1WC
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