Principles of Accounting
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 9EA
After recording the transactions in E6A, prepare a
- a. Collin Ferdinand opened Ferdinand Repair Service by investing $8,600 in cash and $3,200 in repair equipment.
- b. Paid $800 for the current month’s rent.
- c. Purchased repair supplies on credit, $1,000.
- d. Purchased additional repair equipment for cash, $600.
- e. Paid salary to an employee, $900.
- f. Paid $400 of amount purchased on credit in c.
- g. Accepted cash for repairs completed, $3,720.
- h. Withdrew $1,200 in cash.
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Prepare journal entries to record the following transactions.
a. Purchased $380 of supplies on credit.
b. Completed $580 of work for a client on credit.
c. Paid $380 cash towards the amount owed from transaction a.
d. Completed work for a client and immediately received $880 cash.
e. Collected $580 cash for the work previously performed in transaction b.
f. Received $1,080 cash in advance from a client for services to be performed next period
View transaction list
Journal entry worksheet
<
1
2
3 4 5 6
Purchased $380 of supplies on credit.
Note: Enter debits before credits.
Date
a.
General Journal
Debit
Credit
Directions: Do the task listed below using the transactions of Matapang Company
for December 2019. Write your answers on a separate sheet of paper.
1. Prepare the journal entries.
2. Post each transaction to its ledger account.
3. Prepare the trial balance.
4. Use the provided account numbers.
Ralph Matapang established Happy Repair Business. The following are the
transactions for the month of December 2019.
Dec.
1
He invested P150,000 in the firm.
He paid P8,000 for monthly rent.
He bought supplies on account amounting to P7,200.
He purchased office equipment amounting to P75,000, paid
P37,000 and the balance on account.
2.
2.
3.
He paid accounts payable for supplies purchased worth P7,200.
He paid P6,000 for the salary of an employee.
8.
14.
20.
He received P20,000 for services rendered.
28.
He billed clients P48,000 for services on account.
31.
Matapang withdrew P12,000 for his personal use.
101 Cash
302 Matapang, Drawings
102 Accounts Receivable
401 Service Revenue
501 Salaries…
You are to enter up the necessary accounts for the month of June from the following information relating to a small printing firm. Then balance off the accounts and extract a trial balance as at 30 June 2020.
June 1 Started in business with capital in cash of $800 and $2200 in the bank.
June 2 Bought goods on credit from the following persons: J Ward $610; P Green $214; M Taylor $174; Gemmill $345; P Tone $542
June 4 Sold goods on credit to: J Sharpe $340; G Boycott $720; F Titmus $1,152
June 6 Paid rent by cash $180
June 9 J Sharpe paid us his account by cheque $340.
June 10 F Titmus paid us $1000 by cheque
June 12 we paid the following by cheque: M Taylor $174; J Ward $610
June 15 Paid carriage by cash $38
June 18 Bought goods on credit from P Green $291; S Gemmill $940
June 21 Sold goods on credit to G Boycott $810
June 30 Paid rent by cheque $230
Chapter 2 Solutions
Principles of Accounting
Ch. 2 - A company incurs a cost for a part that is needed...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - How are assets and expenses related, and why are...Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Tell whether each of the following accounts is an...Ch. 2 - Prob. 2SE
Ch. 2 - Prob. 3SECh. 2 - Prob. 4SECh. 2 - Prob. 5SECh. 2 - Prob. 6SECh. 2 - Prob. 7SECh. 2 - Prepare a general journal form like the one in...Ch. 2 - Prepare three ledger account forms like the one in...Ch. 2 - Prob. 10SECh. 2 - Prob. 11SECh. 2 - Prob. 12SECh. 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. 4EACh. 2 - The accounts that follow are applicable to Harolds...Ch. 2 - Prob. 6EACh. 2 - Prob. 7EACh. 2 - Prob. 8EACh. 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. 12EACh. 2 - Record the transactions in E6A in the general...Ch. 2 - Prob. 14EACh. 2 - Prob. 15EACh. 2 - Prob. 16EACh. 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. 6APCh. 2 - The following accounts are applicable to Raymonds...Ch. 2 - Prob. 8APCh. 2 - David Roberts began an upholstery cleaning...Ch. 2 - Prob. 10APCh. 2 - Prob. 1CCh. 2 - Prob. 2CCh. 2 - Prob. 3CCh. 2 - Prob. 4CCh. 2 - Prob. 5CCh. 2 - Prob. 6CCh. 2 - Prob. 7C
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