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
Concept explainers
Textbook Question
Chapter 2, Problem 2.9E
Identify transactions (LO2–4)
Below are recorded transactions of Yellow Jacket Corporation for August.
Debit | Credit | |
1. Equipment ............................................................................ | 8,800 | |
Cash .......................................................................................... | 8,800 | |
2. Accounts Receivable ............................................................. | 3,200 | |
Service Revenue ........................................................................ | 3,200 | |
3. Salaries Expense .................................................................... | 1,900 | |
Cash .......................................................................................... | 1,900 | |
4. Cash ....................................................................................... | 1,500 | |
Deferred Revenue ..................................................................... | 1,500 | |
5. Dividends ............................................................................... | 900 | |
Cash ........................................................................................... | 900 |
Required:
Provide an explanation for each transaction.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Consider the recorded transactions below. Debit Credit 1. Accounts Receivable..................................... 8,400 Service Revenue....................................... 8,4002. Supplies......................................................... 2,300 Accounts Payable .................................... 2,3003. Cash............................................................. 10,200 Accounts Receivable................................ 10,2004. Advertising Expense...................................... 1,000 Cash.............................................................. 1,0005. Accounts Payable........................................... 3,700 Cash.............................................................. 3,7006.…
1. Prepare a November 30 balance sheet in proper form for Green Bay Delivery Service from the following alphabetical list of the accounts at November 30: Accounts receivable.......................$10,000Accounts payable................................18,000Building..............................................28,000Cash..................................................8,000Notes payable.....................................45,000Office equipment...................................12,000R. Perkins, Capital................................?Trucks...............................................55,000
1.
disclosed the following information:
Accounts payable, after deducting debit balance in
Suppliers’ accounts amounting to P 100,000…………P 4,000,000
Accrued expenses………………………………………….. 1,500,000
Credit balances of customers’ accounts………………… 500,000
Share dividends distributable……………………………. 1,000,000
Claims for increase in wages and allowances by
employees of the entity covered in a pending
lawsuit…………………………………………………….. 400,000
Estimated expenses in redeeming prize coupons…….. 600,000
What amount should be reported as total current liabilities?
2,
provided you the following information on December 31, 2021:
Accounts payable amounted to P 500,000 and accrued expenses totalled P 300,000 on December 31, 2021.
On December 31, 2021, the entity declared a cash dividend of P 7.00 per share on 100,000 outstanding shares payable on…
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
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Fill in the blaknks: A debit entry of 150 to .................. blank........... and a credit entry to .........blank............... A debit entry of ................. blank.......... to ................. blank.......... and a credit entry to suppl The adjusting entries would include:A ................. blank..........entry of 400 to ................. blank.......... and a ................. blank.......... entry of 400 to b................. blank.......... The closing entries would involve a debit entry of ................. blank.......... to service revenue and a debit entry of 3600 to ................. blank..........arrow_forwardUse the following items taken from the financial statements of the Postal Service for the year ending December 31, 2018 to answer questions: Accounts payable ..............................................................$10,000 Accounts receivable ............................................................11,000 Accumulated depreciation – equipment ..........................28,000 Advertising expense ............................................................21,000 Cash ......................................................................................14,000 Owner’s capital (1/1/18) ...................................................105,000 Owner’s drawings ...............................................................14,000 Depreciation expense ........................................................12,000 Insurance expense ...............................................................3,000 Note payable, due 6/30/19…arrow_forwardACCOUNT NAME NORMAL BALANCE Cash in Bank ............................................$46,540 Accounts Receivable.............................................20,340 Inventory ...............................................................23,785 Prepaid Expenses...................................................6,300 Equipment-ALL....................................................38,000 Accum Depreciation –Equipment...........................3,600 Accounts Payable..................................................16,385 HST on Sales..........................................................4,180 HSTon Purchases..................................................2,670 Long Term LoanPayable..................................29,500 Capital, Your ACTUAL name..................................????? Capital Additional Investments..................................0 Drawings, Your ACTUAL name.............................12,000 SalesRevenue....................................................109,800…arrow_forward
- Prepare a November 30 balance sheet in proper form for Green Bay Delivery Service from the following alphabetical list of the accounts at November 30: Accounts receivable....................... $10,000Accounts payable................................ 18,000Building.............................................. 28,000Cash.................................................. 8,000Notes payable..................................... 45,000Office equipment................................... 12,000R. Perkins, Capital................................ 50,000Trucks............................................... 55,000[Hint: Please follow the balance sheet format. You need to re-organize the order of the account. Remember to include the heading (name of company...etc)]arrow_forwardIndy Furniture CompanyTrial BalanceNovember 30, 2011 Cash . ............................................. $21,800Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,200Finished Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,900Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,400Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000Accumulated Depreciation—Building . .............. $3,000Machinery and Equipment ......................... 88,000Accumulated Depreciation—Mach. and Equip. . ..... 2,200Accounts Payable . ................................. 8,900Payroll . . .......................................... —Capital Stock . . . ................................... 422,550Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…arrow_forwardart A Sammy accounts for VAT on an invoice basis. The following details have been extracted from the business records kept for the January/February 2020 VAT period Invoices issued VAT inclusive............................................. €145,684 Credit notes issued VAT inclusive ..................................... €363 Money collected from debtors ............................................ €200,618 If the VAT rate applicable to sales is 23%, the VAT due on sales for the January/February 2020 VAT period amounts to?arrow_forward
- Q#1 - The accrued interest is $ ……………………………………. . Q#2 - The total invoice price is $ …………………………………… .arrow_forwardPrepare the suitable accounts and find out the missing figure if any.Opening balance of debtors ..14,00,000Opening balance of bills receivable.................. 7,00,000Closing balance of bills receivable............... 3,50,000Cheque dishonoured....... 27,000Cash received from debtors............................ 10,75,000Cheque received and deposited in the bank............ 8,25,000Discount allowed............. 37,500Irrecoverable amount......... 17,500Returns inwards....... 28,000Bills receivable received from customers........ 1,05,000Bills receivable matured....... 2,80,000Bills discounted.......... 65,000Bills endorsed to creditors...... 70,000arrow_forwardThe marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): 3rd Quarter 14,500 2nd Quarter 4th Quarter 1st Quarter 11,500 Budgeted unit sales 12,500 13,500 The selling price of the company's product is $14 per unit. Management expects to collect 75% of sales in the quarter in which the sales are made, 20% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, is $71,200. The company expects to start the first quarter with 1,725 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quarter is 1,925 units. Required: 1. Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. 2.…arrow_forward
- 5.On May 1, Soriano Co. reported the following account balances along with their estimated fair values: Receivables........................ Inventory........................... Copyrights ......................... Carrying Amount $ 90,000 75,000 125,000 825,000 $1,115,000 $ 160,000 645,000 100,000 210,000 $1,115,000 Fair Value $ 90,000 75,000 480,000 700,000 $1,345,000 $ 160,000 635,000 Patented technology Total assets . . . . . . . . ................ ................ Current liabilities . . . .Long-term liabilities. .Common stock . . . . .Retained earnings. . .Total liabilities and equities. . . . . . . . . . . ................ ................ ................ ................ LO 2-4, 2-5, 2-6b, 2-7 On that day, Zambrano paid cash to acquire all of the assets and liabilities of Soriano, which will cease to exist as a separate entity. To facilitate the merger, Zambrano also paid $100,000 to an investment banking firm.The following information was also…arrow_forwardTrouble Company has provided the following data: Sales........................................................... $5,000,000 Interest expense......................................... $30,000 Total assets, beginning of year .................. $185,000 Total assets, end of year ............................ $215,000 Tax rate ...................................................... 30% Return on total assets ................................. 15.5% Tribble Company's net income was: A) $1,000 C) $22,000 B) $31,000 D) $10,000arrow_forwardAn inexperienced accountant for Morgan Company made the following incorrect entries. 1.Notes Receivable.......................................21,600 Accounts Receivable.......................................20,000 Interest Revenue..........................................1,600 Facts: Accepted a $20,000, 1 year, 8% note from Joe Wood Company for balance due on account. 2.Accounts Receivable....................................20,000 Sales Revenue ...........................................20,000 Facts: Accepted Visa credit card for $20,000; the service fee is 2%. 3.Allowance for Doubtful Accounts...........................12,300 Notes Receivable..........................................12,000 Interest Revenue..........................................300 Facts:M. Adler dishonored a $12,000, 10%, 3-month note because of bankruptcy. Adler is expected to pay. No interest had been accrued on the note. Instructions Prepare entries to correct Morgan Company's books…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
ACCOUNTING BASICS: Debits and Credits Explained; Author: Accounting Stuff;https://www.youtube.com/watch?v=VhwZ9t2b3Zk;License: Standard Youtube License