College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 2, Problem 4QY
R. Nelson invests his personal computer, with a fair market value of $2,500, in the business. How would this transaction be recorded?
- a. A debit to R. Nelson, Capital, $2,500.
- b. A credit to Cash, $2,500.
- c. A credit to Professional Fees, $2,500
- d. A debit to Computer, $2,500.
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Students have asked these similar questions
PROBLEM:
Alex Sun had the following transactions. Use the accounting equation
show their effect on his Assets, Liabilities, and Capital.
A. Invested P65,000.
B. Purchased securities for cash P8,500.
C. Purchased a home for P15,000: giving P 5,000 in cash and the balance
through loan account.
D. Sold securities costing P 1,000 for P 1,500.
E. Purchase an old car for P 2,800.
F. Received cash as salary P 3,600.
G Paid cash P 600 for loan and P 200 for interest.
H. Paid cash for expense P 400.
1. Received cash for dividend on securities P 300.
22. MC.03.027
Summit Company paid Hacienda Products, a creditor, on account. The transaction would involve a
a. credit to Cash.
b. debit to Expenses.
c. credit to Accounts Payable.
d. debit to Cash.
23. MC.03.028
J. Forest deposited $60,000 in the bank in the name of the business. The transaction would involve a
a. debit to J. Forest, Capital.
b. credit to Cash.
c. debit to Cash.
d. credit to J. Forest, Drawing.
24. MC.03.029
G. Wilson invested her personal computer, which had a fair market value of $5,000, in her business. The transaction would involve a:
a. debit to Equipment.
b. debit to Accounts Receivable.
c. debit to Cash.
d. debit to G. Wilson, Capital.
25. MC.03.030
Red Baron Company purchased supplies for cash, $1,950. The transaction would involve a
a. debit to Supplies.
b. credit to Accounts Payable.
c. credit to Supplies Expense.
d. debit to Cash.
If a business owner invests $5,000 in cash into the business, which side of the T for the cash account would the $5,000 be recorded?
Debit Credit Net income It would not be recorded because the cash comes from the owner.
Chapter 2 Solutions
College Accounting (Book Only): A Career Approach
Ch. 2 - Determine the balance of the following T account:
...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 3QYCh. 2 - R. Nelson invests his personal computer, with a...Ch. 2 - When preparing a trial balance, which of the...Ch. 2 - What would be the net income for Floress Catering?...Ch. 2 - On which financial statement(s) would R. Flores,...Ch. 2 - What is the amount of ending capital shown on the...Ch. 2 - Floress Catering purchased equipment that cost...Ch. 2 - Prob. 1DQ
Ch. 2 - Explain why the term debit doesnt always mean...Ch. 2 - Prob. 3DQCh. 2 - How are the three financial statements shown in...Ch. 2 - Prob. 5DQCh. 2 - List two reasons why the debits and credits in the...Ch. 2 - Prob. 7DQCh. 2 - What do we mean when we say that capital, drawing,...Ch. 2 - Prob. 1ECh. 2 - List the classification of each of the following...Ch. 2 - R. Dalberg operates Dalbergs Tours. The company...Ch. 2 - During the first month of operation, Graham...Ch. 2 - Speedy Sewing Services, owned by T. Nguyen, hired...Ch. 2 - During the first month of operations, Landish...Ch. 2 - The following errors were made in journalizing...Ch. 2 - Would the following errors cause the trial balance...Ch. 2 - During December of this year, G. Elden established...Ch. 2 - B. Kelso established Computer Wizards during...Ch. 2 - S. Myers, a speech therapist, opened a clinic in...Ch. 2 - On May 1, B. Bangle opened Self-Wash Laundry. His...Ch. 2 - The financial statements for Daniels Custom...Ch. 2 - During February of this year, H. Rose established...Ch. 2 - J. Carrie established Carries Photo Tours during...Ch. 2 - D. Johnston, a physical therapist, opened...Ch. 2 - On July 1, K. Resser opened Ressers Business...Ch. 2 - The financial statements for Baker Custom Catering...Ch. 2 - Prob. 1ACh. 2 - What Would You Say? A fellow accounting student...Ch. 2 - Prob. 3A
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