12th Edition

ISBN: 9780134486444

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

Concept explainers

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…

Videos

Textbook Question

Chapter 2, Problem 5QC

Your business purchased office supplies of $2,500 on account. The journal entry to record this transaction is as follows:
Learnmg Objective 3

Date	Accounts and Explanation	Debit	Credit
a.	Office Supplies	2,500
	Accounts Receivable		2,500
b.	Office Supplies	2,500
	Accounts Payable		2,500
c.	Accounts Payable	2,500
	Office Supplies		2,500
d.	Cash	2,500
	Accounts Payable		2,500

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 2, Problem 4QC

Chapter 2, Problem 6QC

Students have asked these similar questions

Posting the following journal entries to the T- accounts and balance each of the accounts. T- accounts are included in the in the Exam 1 format document. Make sure you use proper alpha reference and balance technique. GENERAL JOURNAL Page Date Debit Credit Description Post ref Cash Common Stock 10,000 1. 10,000 2 Equipment Accounts Payable 10,000 10,000/5 Accounts Receivable Fees Earned 4,000 4.000 8 d. 5.000 10 Accounts Payable Cash 10 11 12 5,000/11 12 13 2.500 Rent Lxpense Cash 13 2,500/14 / 15 14 15

ADDITIONAL PRACTICE PROBELM: TRANSACTION JOURNAL ENTRIES Do you know your Left from your Right? Debits and Credits as you shop Instructions: Below are some examples of transactions that college students might engage in. For each transaction record the proper journal entry. Transaction Journal entry 1. You buy a computer for $1,500.00 on credit DR: $1,500.00 CR: $1,500.00 | 2. You purchase for cash ($2.00) and consume a DR: $2.00 St. Pauli Girl at the local pub. CR: $2.00 3. You purchase for future consumption a case DR: $35.00 of St. Pauli Girl for $35.00 cash CR: $35.00 4. You work a part-time job and receive $500 in DR: $500.00 monthly compensation CR: $500.00 5. You pay $1,000 toward the computer purchased DR: $1.000.00 in (1) above. CR: $1,000.00

okmarks Window Help A v2.cengagenow.com Tech. B Learning Module 8 - ACCT1105: Financial Acc. X CengageNOWw2 | Ontine teaching and learnin Cengage Learning еВook Show Me How Accounts Receivable Analysis A company reports the following: Sales $1,460,000 Average accounts receivable (net) 100,000 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days Previous Next Check My Work Save and Exit Submit Assignment for Grading All work saved. tv 16 MacBook Air DII DD F9 80 F8 F7 F5 F6 F4 F3 * & 2# $ 7 8 4 Y [ E T J K ....

Chapter 2 Solutions

Horngren's Accounting (12th Edition)

Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability?...Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct?...Ch. 2 - Your business purchased office supplies of $2,500...Ch. 2 - Sedlor Properties puchased office supplies on...Ch. 2 - Posting a $2,500 purchase of office supplies on...Ch. 2 - Pixel Copies recorded a cash collection on account...Ch. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathvile Laundry reported assets of $800 and...

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.