FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 2, Problem 4PSA
1
To determine
Introduction: A journal is used to record financial transactions.It shows the debits and credits of each transaction.The process of recording transactions is called journalizing.After journalizing, the transactions are
The
1
Expert Solution
Explanation of Solution
- Journal entries to record the transactions in September
| S.no | Account title and Explanation | PR | Debit | Credit |
| a | Cash | 101 | $60,000 | |
| Office equipment | 163 | $25,000 | ||
| H.V Capital | 301 | $85,000 | ||
| Owners investment in business | ||||
| b | Land | 172 | $40,000 | |
| Building | 170 | $160,000 | ||
| Cash | 101 | $30,000 | ||
| Notes payable | 250 | $170,000 | ||
| Record purchase of land and building for cash and note payable | ||||
| c. | Office supplies | 108 | $2,000 | |
| Accounts payable | 201 | $2,000 | ||
| Purchase office supplies on credit | ||||
| d. | Automobiles | 164 | $16,500 | |
| HV Capital | 301 | $16,500 | ||
| Record transfer of automobile to business | ||||
| e. | Office equipment | 163 | $5,600 | |
| Accounts payable | 201 | $5,600 | ||
| Record purchase of office equipment on credit | ||||
| f. | Salary expense | 601 | $1,800 | |
| Cash | 101 | $1,800 | ||
| Paid cash towards the salary expense | ||||
| g. | Cash | 101 | $8,000 | |
| Fee earned | 402 | $8,000 | ||
| Received cash on service provided | ||||
| h. | Utility Expense | 602 | $635 | |
| Cash | 101 | $635 | ||
| Record cash payment for utility expenses | ||||
| i. | Accounts payable | 201 | $2,000 | |
| Cash | 101 | $2,000 | ||
| Record payment of cash to settle payable | ||||
| j. | Office equipment | 163 | $20,300 | |
| Cash | 101 | $20,300 | ||
| Record purchase of office equipment for cash | ||||
| k. | Accounts receivable | 106 | $6,250 | |
| Fees earned | 402 | $6,250 | ||
| Record of fees earned on service provided | ||||
| l. | Salary expense | 601 | $1,800 | |
| Cash | 101 | $1,800 | ||
| Record payment of salary to assistant | ||||
| m. | Cash | 101 | $4,000 | |
| Accounts receivable | 106 | $4,000 | ||
| Received cash on partial settlement of receivables | ||||
| n. | HV withdrawals | 302 | $2,800 | |
| Cash | 101 | $2,800 | ||
| Record withdrawal of cash by owner for personal use |
2
To determine
Introduction: A journal is used to record financial transactions. It shows the debits and credits of each transaction. The process of recording transactions is called journalizing. After journalizing, the transactions are posted into ledgers.
The given ledger accounts.
2
Expert Solution
Explanation of Solution
Posting of journal entries in ledgers
Cash Account no 101
| Date | PR | Account title | Debit | Credit | Balance |
| a. | HV Capital | $60,000 | $60,000 | ||
| b. | Building | $30,000 | $30,000 | ||
| f. | Salary expense | $1,800 | $28,200 | ||
| g. | Fees earned | $8,000 | $36,200 | ||
| h. | Utility expense | $635 | $35,565 | ||
| i. | Accounts payable | $2,000 | $33,565 | ||
| j. | Office equipment | $20,300 | $13,265 | ||
| l. | Salary expense | $1,800 | $11,465 | ||
| m. | Accounts receivable | $4,000 | $15,465 | ||
| n. | HV withdrawals | $2,800 | $12,665 |
Accounts receivable Account no 106
| Date | PR | Account title | Debit | Credit | Balance |
| k. | Fee earned | $6,250 | $6,250 | ||
| m. | Cash | $4,000 | $2,250 |
Office supplies Account no 124
| Date | PR | Account title | Debit | Credit | Balance |
| c. | Accounts payable | $2,000 | $2,000 |
Automobiles Account no 164
| Date | PR | Account title | Debit | Credit | Balance |
| d. | HV Capital | $16,500 | $16,500 |
Building Account no 170
| Date | PR | Account title | Debit | Credit | Balance |
| b. | $160,000 | $160,000 |
Land Account no 172
| Date | PR | Account title | Debit | Credit | Balance |
| b. | $40,000 | $40,000 |
Office equipment Account no 163
| Date | PR | Account title | Debit | Credit | Balance |
| a. | HV Capital | $25,000 | $25,000 | ||
| e. | Accounts payable | $5,600 | $30,600 | ||
| j. | Cash | $20,300 | $50,900 |
Accounts Payable Account no 201
| Date | PR | Account title | Debit | Credit | Balance |
| c. | Office supplies | $2,000 | $2,000 | ||
| e. | Office equipment | $5,600 | $7,600 | ||
| i. | Cash | $2,000 | $5,600 |
Notes payable Account no 250
| Date | PR | Account title | Debit | Credit | Balance |
| b. | $170,000 | $170,000 |
HV Capital Account no 301
| Date | PR | Account title | Debit | Credit | Balance |
| a. | Cash | $60,000 | $60,000 | ||
| Office equipment | $25,000 | $85,000 | |||
| d. | Automobiles | $16,500 | $101,500 |
A.N Withdrawals Account no 302
| Date | PR | Account title | Debit | Credit | Balance |
| n | Cash | $2,800 | $2,800 |
Fees earned Account no 402
| Date | PR | Account title | Debit | Credit | Balance |
| g. | Cash | $8,000 | $8,000 | ||
| k. | Accounts receivable | $6,250 | $14,250 |
Salary expense Account no 601
| Date | PR | Account title | Debit | Credit | Balance |
| f. | Cash | $1,800 | $1,800 | ||
| l. | Cash | $1,800 | $3,600 |
Utility expenses Account no 602
| Date | PR | Account title | Debit | Credit | Balance |
| h. | Cash | $635 | $635 |
3
To determine
Introduction: A journal is used to record financial transactions. It shows the debits and credits of each transaction. The process of recording transactions is called journalizing. After journalizing, the transactions are posted into ledgers.
The
3
Expert Solution
Answer to Problem 4PSA
Trial balance total is $291,350.
Explanation of Solution
HV Consulting
Trial balance
For the month ended September
| Account title | Debit | Credit |
| Cash | $12,665 | |
| Accounts receivable | $2,250 | |
| Office equipment | $50,900 | |
| Office supplies | $2,000 | |
| Building | $160,000 | |
| Automobiles | $16,500 | |
| Land | $40,000 | |
| Accounts payable | $5,600 | |
| Note payable | $170,000 | |
| HV Capital | $101,500 | |
| HV Withdrawals | $2,800 | |
| Fees earned | $14,250 | |
| Salary expense | $3,600 | |
| Utility expenses | $635 | |
| Total | $291,350 | $291,350 |
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Chapter 2 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
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