FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 3, Problem 47P
a, b(3) and d(3).
To determine
Prepare T-account.
b (1)
To determine
Record the transactions using financial statements template.
b (2)
To determine
Record the using transactions using
c.
To determine
Prepare unadjusted
d (1)
To determine
Record the transactions using financial statements template.
d (2)
To determine
Record the using transactions using journal entry format.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
s
The transactions completed by the MJW Company during January, its first month of operations, are listed below. Assume that MJW Company uses the following journals: Cash Receipts (CR), Cash Payments (CP), Revenue (R), Purchases (P), and General (G). Assume that it uses an Accounts Receivable and an Accounts Payable Subsidiary Ledgers as well as a General Ledger. Indicate by letters which journal would be used to record each transaction (a journal may be used multiple times). Also, indicate with a “Yes” (in the “Posting” column) if recording the entry requires a posting to a subsidiary ledger (note: there are only 5 of the 10 that require a posting to the subsidiary ledger).
Journal
Posting
_____
____
(1)
Purchased equipment on account.
_____
____
(2)
Issued an invoice to a customer.
_____
____
(3)
Received a check from a customer for payment on account.
_____
____
(4)
Issued check for advertising expense.
_____
____…
The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems.
Required: Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Assume this is a year in which February has 28 days.
Chapter 3 Solutions
FINANCIAL ACCOUNTING
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
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
- Review the select information for Liquor Plaza and Beer Buddies (industry competitors) and complete the following. A. Compute the accounts receivable turnover ratios for each company for 2018 and 2019. B. Compute the number of days sales in receivables ratios for each company for 2018 and 2019. C. Determine which company is the better investment and why. Round answers to two decimal places.arrow_forwardReview the select information for Bean Superstore and Legumes Plus (industry competitors), and then complete the following. A. Compute the accounts receivable turnover ratios for each company for 2018 and 2019. B. Compute the number of days sales in receivables ratios for each company for 2018 and 2019. C. Determine which company is the better investment and why. Round answers to two decimal places.arrow_forwardAn “Accounts Receivable Customer Balances” report shows revenues by customer for a specified date range customer balances owed as of a specific date cash payments to creditors for a specific date range sales by customer as of a specific datearrow_forward
- ACCOUNTING PROCEDURES, POLICIES, AND INSTRUCTIONS I. Maja’s Consultancy reports its operations monthly. II. Maja’s Consultancy uses voucher system for every cash disbursement. III. Prepaid expenses are recorded using asset method. IV. Instructions: a) Journalize each transaction using the source documents provided. b) Post the journalized transactions to its corresponding general ledger. c) Prepare trial balance. d) Determine the balances in each account and prepare the unadjusted trial balance in the worksheet. e) Answer the data for adjustments. f) Journalize the adjusting entries and prepare it in the worksheet. g) Complete the worksheet. h) Prepare the financial statements. i) Post the adjusting entries j) Journalize and post the closing entries. k) Prepare the post-closing trial balance. V. Data for adjusting entries: a) Per count, the office supplies on hand amounted to P2,000. b) Received the September billing from PLDT, P1,500. c) 1% of accounts receivable is uncollectible.…arrow_forwardThe transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash payments (CP), purchases (P), and general (G). Assume that it uses accounts receivable and accounts payable subsidiary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether or not the entry requires a posting to a subsidiary ledger. Clear All P, subsidiary posting G, no subsidiary posting CP, no subsidiary posting CP, subsidiary posting Purchased supplies on account Purchased a computer for cash Recorded the adjustment for supplies used during the month Paid for the equipment purchased on accountarrow_forwardNeed asaparrow_forward
- The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Required: Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Assume this is a year in which February has 28 days.arrow_forward1. When should you select settings and customizations for your company file? A. At the time you create the company file B. As work related to the settings comes up C. Before the end of the business's first fiscal year D. In the second quarter 2. What is the Chart of Accounts? A. The list of accounts for each transaction in the accounting system or general ledger B. The menu of products and services that the company offers its customers C. The full list of account numbers associated with the company's customers and vendors D. The balance of each account as of the start date of the business 3. Which of these would be an appropriate start date for a business? A. December 31 of the current year B. The first day of a period, month, quarter, or year C. The day of your first expense D. The day of your first sale 4. What is an historical transaction? A. A transaction that occurred before the start date of the company B. A transaction that appears in the company file by default in QuickBooks…arrow_forwardA company delivers inventory to a customer who will pay for it next month. In which of the following Balance Sheet accounts should the company record the amount it is owed by the customer?arrow_forward
- Juice World Jamaica Limited, a leading juice manufacturing company has recently hired you as an Accounting Officer. As per job description, you are required to assist in the preparation of the financial statements. The Accounts Manager has extracted a list of balances as at December 2021 for you to review. Revenue 7 600 010 Administrative Expenses 2 300 000 Distribution Costs 980 231 Interest paid on loan Purchases 125 000 4 500 330 1 018 900 Inventories at 1 January 2021 Trade receivables 630 340 Provision for doubtful debts at Jan 2021 19 634 Bad debts 70 110 Non- current Investment 300 900 Additional notes i. Provide for Administrative Expenses of $500 000 paid in advance at 31 December 2021 and Distribution Costs of $50 528 owing at 31 December 2021 Provision for Doubtful Debts is to be maintained at 10% of receivables ii. iii. Inventories at 31 December 2021 were valued at $1 000 000 iv. Provide for corporation tax of S80 000 which is payable on October 1, 2022 Loan interest…arrow_forwardUsing the following select financial statement information from Black Water Industries, compute the accounts receivable turnover ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Black Water Industries?arrow_forwardTransactions related to revenue and cash receipts completed by Sycamore Inc. during the month of December 2016 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
College Accounting, Chapters 1-27 (New in Account...AccountingISBN:9781305666160Author:James A. Heintz, Robert W. ParryPublisher:Cengage Learning
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
College Accounting, Chapters 1-27 (New in Account...
Accounting
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:Cengage Learning
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License