FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Question
Chapter 2, Problem 57P
a.
To determine
Report the effects for each of the separate transactions and prove that assets equal liabilities plus equity and revenues less expenses equal net income.
b.
To determine
Prepare an income statement for the month of December.
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On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July:
a. Opened a business bank account with a deposit of $30,000 from personal funds.
b. Purchased office supplies on account, $3,010.
c. Paid creditor on account, $1,900.
d. Earned sales commissions, receiving cash, $30,690.
During 2018, its first year of operations as a delivery service, Carla Vista Corp. entered into the following transactions. The fiscal year end for Carla Vista is December 31.
1.
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Issued common shares to investors in exchange for $Â 90,000Â in cash.
2.
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Borrowed $Â 46,000Â cash from the bank, due 2020.
3.
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Purchased delivery vehicles for $Â 61,000Â cash.
4.
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Received $Â 24,000Â from customers for services provided.
5.
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Purchased supplies for $Â 3,700Â on account.
6.
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Paid rent of $Â 5,500.
7.
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Performed services on account for $Â 9,000.
8.
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Paid salaries of $Â 28,000.
9.
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Declared and paid a dividend of $Â 12,000Â to shareholders.
10.
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Paid income taxes of $Â 200Â for the month.
Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Sr No
Account Titles and…
Carlos Young started an engineering firm called Young Engineering. He began operations in March 2020 and completed seven
transactions, including his initial investment of $17,000 cash. After these transactions, the ledger included the following accounts with
their normal balances:
$ 26,660
Cash
Office Supplies
Prepaid Insurance
Office Equipment
Accounts Payable
Carlos Young, Capital
Carlos Young, Withdrawals
Engineering Revenue
Rent Expense
660
3, 200
16,500
16,500
17,000
3,740
24,000
6,740
Required:
Prepare a trial balance for the business.
YOUNG ENGINEERING
Trial Balance
March 31, 2020
Debit
Credit
Chapter 2 Solutions
FINANCIAL ACCOUNTING
Ch. 2 - Prob. 1MCCh. 2 - Prob. 2MCCh. 2 - Prob. 3MCCh. 2 - Prob. 4MCCh. 2 - Prob. 5MCCh. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - Prob. 3QCh. 2 - Prob. 4QCh. 2 - Prob. 5Q
Ch. 2 - Prob. 6QCh. 2 - Prob. 7QCh. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10QCh. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - Prob. 13QCh. 2 - Prob. 14MECh. 2 - Prob. 15MECh. 2 - Prob. 16MECh. 2 - Prob. 17MECh. 2 - Prob. 18MECh. 2 - Prob. 19MECh. 2 - Prob. 20MECh. 2 - Prob. 21MECh. 2 - Prob. 22MECh. 2 - Prob. 23MECh. 2 - Prob. 24MECh. 2 - Prob. 25MECh. 2 - Prob. 26MECh. 2 - Prob. 27MECh. 2 - Prob. 28MECh. 2 - Prob. 29MECh. 2 - Prob. 30MECh. 2 - Prob. 31MECh. 2 - Prob. 32MECh. 2 - Prob. 33MECh. 2 - Prob. 34ECh. 2 - Prob. 35ECh. 2 - Prob. 36ECh. 2 - Prob. 37ECh. 2 - Prob. 38ECh. 2 - Prob. 39ECh. 2 - Prob. 40ECh. 2 - Prob. 41ECh. 2 - Prob. 42ECh. 2 - Prob. 43ECh. 2 - Prob. 44ECh. 2 - Prob. 45ECh. 2 - Prob. 46ECh. 2 - Prob. 47ECh. 2 - Prob. 48ECh. 2 - Prob. 49PCh. 2 - Prob. 50PCh. 2 - Prob. 51PCh. 2 - Prob. 52PCh. 2 - Prob. 53PCh. 2 - Prob. 54PCh. 2 - Prob. 55PCh. 2 - Prob. 56PCh. 2 - Prob. 57PCh. 2 - Prob. 58PCh. 2 - Prob. 59PCh. 2 - Prob. 60PCh. 2 - Prob. 61PCh. 2 - Prob. 62PCh. 2 - Prob. 63PCh. 2 - Prob. 64PCh. 2 - Prob. 65PCh. 2 - Prob. 66PCh. 2 - Prob. 67PCh. 2 - Prob. 68PCh. 2 - Prob. 69PCh. 2 - Prob. 70PCh. 2 - Prob. 71CPCh. 2 - Prob. 72CP
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