EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 2, Problem 6E
a.
To determine
Introduction: Journal is a book of original entries in which the transactions (expressed in monetary terms) are recorded in a chronological sequence considering the accounts principles and after taking into account the rules of the double entry book-keeping system.
To determine: The debit and credit analysis for each transaction for the period.
b.
To determine
Introduction: Journal is a book of original entry in which the transactions (expressed in monetary terms) are recorded in a chronological sequence considering the accounts principles and after taking in to account the rules of the double entry book-keeping system.
To prepare: The
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Pina Colada Corp. had the following transactions.
1.
Borrowed $5,065 from the bank by signing a note.
2.
Paid $2,533 cash for a computer.
3.
Purchased $456 of supplies on account.
(a)
Indicate what accounts are increased and decreased by each transaction.
Debit Analysis
Account Names
Credit Analysis
Account Names
1.
select an effect on a basic account type
enter a debit account title to record the first transaction
select an effect on a basic account type
enter a credit account title to record the first transaction
2.
select an effect on a basic account type
enter a debit account title to record the second transaction
select an effect on a basic account type…
Windsor, Inc. had the following transactions.
1.
Borrowed $ 6,184 from the bank by signing a note.
2.
Paid $ 3,092 cash for a computer.
3.
Purchased $ 557 of supplies on account.
(a)
Indicate what accounts are increased and decreased by each transaction.
Debit Analysis
Account Names
Credit Analysis
Account Names
1.
select an effect on a basic account type
enter a debit account title to record the first transaction
select an effect on a basic account type
enter a credit account title to record the first transaction
2.
select an effect on a basic account type
enter a debit account title to record the second transaction
select an effect on a basic account type
enter a credit account title to record the second transaction
3.
select an effect on a basic account type
enter a debit account title to record the third transaction
select an effect on a basic…
Pina Colada Corp. had the following transactions.
1.
Borrowed $5,065 from the bank by signing a note.
2.
Paid $2,533 cash for a computer.
3.
Purchased $456 of supplies on account.
Journalize each transaction. (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.)
No.
Account Titles and Explanation
Debit
Credit
1.
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
2.
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
3.
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
Chapter 2 Solutions
EBK ACCOUNTING PRINCIPLES
Ch. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - Prob. 5QCh. 2 - 6. What is the normal balance for each of the...Ch. 2 - Prob. 7QCh. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10QCh. 2 - Prob. 11QCh. 2 - Prob. 12Q
Ch. 2 - Prob. 13QCh. 2 - Prob. 14QCh. 2 - Prob. 15QCh. 2 - Prob. 17QCh. 2 - Prob. 18QCh. 2 - Prob. 19QCh. 2 - Prob. 21QCh. 2 - Prob. 1BECh. 2 - Prob. 3BECh. 2 - Prob. 4BECh. 2 - Prob. 6BECh. 2 - BE2-7 Selected transactions for the Brook Wang...Ch. 2 - Prob. 1DIECh. 2 - Prob. 3DIECh. 2 - E2-1 Kim Yi has prepared the following list of...Ch. 2 - Prob. 3ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 17ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 1ECCh. 2 - Prob. 1EYCTCh. 2 - Prob. 2EYCTCh. 2 - Prob. 3EYCTCh. 2 - Prob. 5EYCTCh. 2 - Prob. 1IFRP
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.Similar questions
- The business collected $1,800 cash from Client B on account. The journal entry to record this transaction should include: A. Debiting Cash for $1,800 and Crediting Service revenue for $1,800 B. Debiting Accounts payable for $1,800 and Crediting Cash for $1,800 C. Debiting Cash for $1,800 and Crediting Accounts receivable for $1,800. D. Debiting Accounts receivable for $1,800 and Crediting Cash for $1,800arrow_forwardA company had the following transactions: 1. Paid $220 for office supplies using a debit card. 2. Purchased office equipment costing $750 using a credit card. 3. Paid utilities bill of $480 by issuing a check. Record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Req field.) View transaction list ..... X: .... Record $220 purchase of office supplies using a debit card. 2 Record purchase of office equipment costing $750 using a credit card. 3 Record payment of $480 utilities bill by issuing a check. Credit Note: = journal entry has been enteredarrow_forwardJournalize the entries for the following transactions. Refer to the Chart of Accounts for the exact wording of account titles. (Note: The company uses a clearinghouse to take care of all banks as well as non-bank credit cards used by its customers.) A. Sold merchandise for cash, $25,000. The cost of the goods sold was $17,500. B. Sold merchandise on account, $98,000. The cost of the goods sold was $58,800. C. Sold merchandise to customers who used MasterCard and VISA, $475,000. The cost of the goods sold was $280,000. D. Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was $39,000. E. Received an invoice from National Clearing House Credit Co. for $13,450, representing a service fee paid for processing MasterCard, VISA, and American Express sales. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140…arrow_forward
- The following journal entry was found in the records of Ross Company: Debit Cash P 200; Credit Accounts Receivable P 200. Which of the following statements best describes the above transaction? A. A customer paid P 200 on account B. Cash services of P 200 were provided C. Ross Company paid a supplier P 200 D. Ross Company corrected an error in a customer’s accountarrow_forwardSkysong, Inc. had the following transactions. 1. Borrowed $7,490 from the bank by signing a note.2. Paid $3,745 cash for a computer.3. Purchased $674 of supplies on account. (a) Under the Debit Analysis and Credit Analysis columns, indicate what Accounts are increased and decreased by each transaction. Debit Analysis Credit Analysis 1. 2. 3.arrow_forwardSplish Brothers Inc. had the following transactions. 1. Borrowed $6,385 from the bank by signing a note. Paid $3,192 cash for a computer. Purchased $575 of supplies on account. 2. 3. (a) Indicate what accounts are increased and decreased by each transaction. 1. 2. Debit Analysis Account Names Credit Analysis Account Namesarrow_forward
- Identify the accounts and the debit/credit entries to be made in the ledger to record each of the following transactions.Debit CreditExample: Sold goods on credit to Sally Debit Sally, Credit Sales a. Bought office equipment on credit from Bakar.b. Received a cheque from Sally.c. Cash sales.d. Paid wages to workers by cheque.e. Bank loan from RHB.f. Paid personal computer with the company cheque.g. Returned goods to Ali.arrow_forwardIndicate the journal in which each of the following transactions should be recorded. Assume a three-column purchases journal. Paid a creditor on account. Bought merchandise on account. Sold merchandise for cash. Adjusted for insurance expired. Received payment on account from a charge customer. Received a credit memo for merchandise returned. Bought equipment on credit. Sold merchandise on account. Recorded a customer's NSF check. Invested personal noncash assets in the business. Withdrew cash for personal use. options: Cash Payments Cash Receipts General Journal Purchases Salesarrow_forwardDonner's customer, Blitzen, paid off an $8,300 balance on its account receivable. Blitzen should record the transaction as credit to Accounts Payable-Donner and a debit to Cash. O True O Falsearrow_forward
- In order to produce a set of accounts for a business, the total sales and purchases must be known. A business can often provide details of cash sales and purchases. In order to find the total credit sales and credit purchases, control accounts can be used. Elizabeth Berry provided the following information: At the beginning of the financial year debtors were £5,610. During the year receipts from debtors amounted to £69,630. At the end of the year debtors owed her £7,710. We can find the total credit sales by constructing a control account.arrow_forwardRecord the following transactions. 1. Pay employee salaries of $600 by issuing checks. 2. Purchase computer equipment of $1,000 using a credit card. 3. Pay for maintenance of $400 for a company vehicle using a debit card.arrow_forwardFor each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction.1. Paid utility bill2. Sold inventory on account3. Received but did not pay phone bill4. Bought inventory on account5. Borrowed money from a bank6. Sold old office furniture for cash7. Recorded depreciation8. Accrued payroll at the end of the accounting period9. Sold inventory for cash10. Paid interest on bank loanarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY