Bundle: Corporate Financial Accounting, Loose-leaf Version, 14th + CengageNOWv2, 1 term Printed Access Card
14th Edition
ISBN: 9781337130691
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 2, Problem 2.9EX
Transactions and T accounts
The following selected transactions were completed during March of the current year:
- 1. Billed customers for fees earned, $54,100.
- 2. Purchased supplies on account, $1,250.
- 3. Received cash from customers on account, $43,800.
- 4. Paid creditors on account, $600.
- A. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions.
Journal entry explanations may be omitted. - B.
Post the entries prepared in (A) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, place the appropriate number to identify the transaction. - C. Assume that the unadjusted
trial balance on March 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred?
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Journalize the transactions for Williams Market during December of the current year. Use page 12 of a general journal. Journalize the January transaction on page 16 of a cash payments journal. Source documents are abbreviated as follows: memorandum, M; debit memorandum, DM; credit memorandum, CM; sales invoice, S. No C is required in the Ck. No. column.
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Required information
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[The following information applies to the questions displayed below.]
Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal
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int
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$35,900.
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rences
Prepare journal entries to close the balances in temporary revenue and expense accoints. Remember to consider the entry for
shrinkage from QS 4-9. (The solution from QS 4-9 is required to complete this question.)
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F10
F11
F12
F4
EZ
F7
F8
F9
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F5
F6
On December 1, 2022, Blossom Company had the following account balances.
Cash
Notes Receivable
Accounts Receivable
Inventory
Prepaid Insurance
Equipment
Dec. 7
1.
12
2.
17
During December, the company completed the following transactions.
19
22
26
31
Debit
Adjustment data:
$18,800 Accumulated Depreciation-Equipment
2,400
Accounts Payable
Common Stock
Retained Earnings
7,000
15,500
1,700
29,000
$74,400
Credit
Received $3,600 cash from customers in payment of account (no discount allowed).
Purchased merchandise on account from Vance Co. $12,400, terms 1/10, n/30.
Sold merchandise on account $16,400, terms 2/10, n/30. The cost of the merchandise sold was $9,600.
$2,900
6,200
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Received collections in full, less discounts, from customers billed on December 17.
Received $2,800 cash from customers in payment of account (no discount allowed).
Depreciation was $200 per month.
Insurance of $400 expired in December.
Chapter 2 Solutions
Bundle: Corporate Financial Accounting, Loose-leaf Version, 14th + CengageNOWv2, 1 term Printed Access Card
Ch. 2 - What is the difference between an account and a...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - eCatalog Services Company performed services in...Ch. 2 - If the two totals of a trial balance are equal,...Ch. 2 - Assume that a trial balance is prepared with an...Ch. 2 - Assume that when a purchase of supplies of 2,650...Ch. 2 - Assume that Muscular Consulting erroneously...Ch. 2 - Assume that Sunshine Realty Co. borrowed 300,000...Ch. 2 - Checking accounts are one of the most common forms...
Ch. 2 - Rules of debit and credit and normal balances...Ch. 2 - Prob. 2.2BECh. 2 - Journal entry for fees earned Prepare a journal...Ch. 2 - Journal entry for dividends Prepare a journal...Ch. 2 - Missing amount from an account On August 1, the...Ch. 2 - Trial balance errors For each of the following...Ch. 2 - Correcting entries The following errors took place...Ch. 2 - Prob. 2.1EXCh. 2 - Chart of accounts Innerscape Interiors is owned...Ch. 2 - Chart of accounts LeadCo School is a newly...Ch. 2 - Rules of debit and credit The following table...Ch. 2 - Normal entries for accounts During the month,...Ch. 2 - Normal balances of accounts Identify each of the...Ch. 2 - Transactions Zenith Consulting Co. has the...Ch. 2 - Journalizing and posting On October 3, 2018, Regal...Ch. 2 - Transactions and T accounts The following selected...Ch. 2 - Cash account balance During the month, Warwick Co....Ch. 2 - Account balances A. During February, 186,500 was...Ch. 2 - Retained earnings account balance As of January 1,...Ch. 2 - Identifying transactions Napa Tours Co. is a...Ch. 2 - Journal entries Based upon the T accounts in...Ch. 2 - Trial balance Based upon the data presented in...Ch. 2 - Trial balance The accounts in the ledger of...Ch. 2 - Effect of errors on trial balance Indicate which...Ch. 2 - Total of Credit column: 525,000 Error in triad...Ch. 2 - Effect of errors on trial balance The following...Ch. 2 - Errors in trial balance Identify the errors in the...Ch. 2 - Entries to correct errors The following errors...Ch. 2 - Prob. 2.22EXCh. 2 - Entries into T accounts and trial balance Marjorie...Ch. 2 - Journal entries and trial balance On October 1,...Ch. 2 - Journal entries and trial balance On November 1,...Ch. 2 - Journal entries and trial balance Elite Realty...Ch. 2 - Corrected trial balance The Lexington Group has...Ch. 2 - Entries into T accounts and trial balance Ken...Ch. 2 - Journal entries and trial balance On August 1,...Ch. 2 - Journal entries and trial balance On October 1,...Ch. 2 - Journal entries and trial balance Valley Realty...Ch. 2 - Corrected trial balance Tech Support Services has...Ch. 2 - The transactions completed by PS Music during June...Ch. 2 - Continuing Company AnalysisAmazon: Horizontal...Ch. 2 - Chipotle: Horizontal analysis Chipotle Mexican...Ch. 2 - Prob. 2.3ADMCh. 2 - Prob. 2.4ADMCh. 2 - Prob. 2.1TIF
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