12th Edition

ISBN: 9781133626985

Author: Belverd E. Needles, Marian Powers, Susan V. Crosson

Publisher: Cengage Learning

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Textbook Question

Chapter 2, Problem 5P

Nordtown Company is a marketing firm. The company’s trial balance on August 31, 2014, follows.

Chapter 2, Problem 5P, Nordtown Company is a marketing firm. The companys trial balance on August 31, 2014, follows. During

During the month of September, the company completed the following transactions:

Sept. 2 Paid rent for September, $650.

3 Received cash from customers on account, $2,300.

7 Ordered supplies, $380.

10 Billed customers for services provided, $2,800.

12 Made a payment on accounts payable, $1,300.

14 Received the supplies ordered on September 7 and agreed to pay for them in 30 days, $380.

17 Discovered some of the supplies were not as ordered and returned them for full credit, $80.

19 Received cash from a customer for services provided, $4,800.

24 Paid the utility bill for September, $250.

26 Received a bill, to be paid in October, for advertisements placed in the local newspaper during the month of September to promote Nordstrom Company, $700.

29 Billed a customer for services provided, $2,700.

30 Paid salaries for September, $3,800.

30 Made a cash withdrawal of $1,200.

Required

1. Open accounts in the ledger for the accounts in the trial balance plus the following accounts: D. Guetta, Withdrawals (313); Marketing Fees (411); Salaries Expense (511); Utilities Expense (512); Rent Expense (514); and Advertising Expense (516).
2. Enter the August 31, 2014, account balances from the trial balance.
3. Enter the September transactions in the general journal (page 22).
4. Post the journal entries to the ledger accounts. Be sure to make the appropriate posting references in the journal and ledger as you post.
5. Prepare a trial balance as of September 30, 2014.
6. Business Application ▶ Examine the transactions for September 3, 10, 19, and 29. What were the revenues, and how much cash was received from the revenues? What business issues might you see arising from the differences in these numbers?

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Chapter 2, Problem 4P

Chapter 2, Problem 6AP

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Chapter 2 Solutions

Principles of Accounting

Ch. 2 - A company incurs a cost for a part that is needed...Ch. 2 - Prob. 2DQ Ch. 2 - Prob. 3DQ Ch. 2 - Prob. 4DQ Ch. 2 - How are assets and expenses related, and why are...Ch. 2 - Prob. 6DQ Ch. 2 - Prob. 7DQ Ch. 2 - Prob. 8DQ Ch. 2 - Tell whether each of the following accounts is an...Ch. 2 - Prob. 2SE

Ch. 2 - Prob. 3SE Ch. 2 - Prob. 4SE Ch. 2 - Prob. 5SE Ch. 2 - Prob. 6SE Ch. 2 - Prob. 7SE Ch. 2 - Prepare a general journal form like the one in...Ch. 2 - Prepare three ledger account forms like the one in...Ch. 2 - Prob. 10SE Ch. 2 - Prob. 11SE Ch. 2 - Prob. 12SE Ch. 2 - Which of the following events would be recognized...Ch. 2 - You are given the following list of accounts with...Ch. 2 - The following ledger accounts are for Afocentric...Ch. 2 - Prob. 4EA Ch. 2 - The accounts that follow are applicable to Harolds...Ch. 2 - Prob. 6EA Ch. 2 - Prob. 7EA Ch. 2 - Prob. 8EA Ch. 2 - After recording the transactions in E6A, prepare a...Ch. 2 - The list that follows presents Shah Companys...Ch. 2 - Which of the following errors would cause a trial...Ch. 2 - Prob. 12EA Ch. 2 - Record the transactions in E6A in the general...Ch. 2 - Prob. 14EA Ch. 2 - Prob. 15EA Ch. 2 - Prob. 16EA Ch. 2 - Highland Design Company creates radio and...Ch. 2 - The following accounts are applicable to Georges...Ch. 2 - Jennifer Lopez opened a school for administrative...Ch. 2 - Sid Patel bid for and won a concession to rent...Ch. 2 - Nordtown Company is a marketing firm. The companys...Ch. 2 - Prob. 6AP Ch. 2 - The following accounts are applicable to Raymonds...Ch. 2 - Prob. 8AP Ch. 2 - David Roberts began an upholstery cleaning...Ch. 2 - Prob. 10AP Ch. 2 - Prob. 1C Ch. 2 - Prob. 2C Ch. 2 - Prob. 3C Ch. 2 - Prob. 4C Ch. 2 - Prob. 5C Ch. 2 - Prob. 6C Ch. 2 - Prob. 7C

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