College Accounting: A Career Approach (with Quickbooks Accountant 2015 Cd-rom)
12th Edition
ISBN: 9781305863385
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 3, Problem 5PA
Following is the chart of accounts of Sanchez Realty Company:
Sanchez completed the following transactions during April (the first month of business):
Required
- 1. Journalize the transactions for April in the general journal.
- 2.
Post the entries to the general ledger accounts. (Skip this step if you are using CLGL.) - 3. Prepare a
trial balance as of April 30, 20–. - 4. Prepare an income statement for the month ended April 30, 20–.
- 5. Prepare a statement of owner’s equity for the month ended April 30, 20–.
- 6. Prepare a
balance sheet as of April 30, 20–.
*If you we using CLGL, use the year 2020 when preparing all reports.
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Prepare the journal entries for the following transactions provided by MPM as at January 31, 2011 and post them to their respective general ledger accounts. a. Depreciation $100 b. Prepaid rent expired $400 c. Interest expense accrued $900 d. Employee salaries owed for Monday to Thursday for a five day workweek: weekly payroll $14,000
e. Unearned service revenue $800
Prepare journal entries for each transaction listed. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
a. At the end of June, bad debt expense is estimated to be $14,600.
b. In July, customer balances are written off in the amount of $8,300.
1. 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…
Chapter 3 Solutions
College Accounting: A Career Approach (with Quickbooks Accountant 2015 Cd-rom)
Ch. 3 - A __________ is a book in which business...Ch. 3 - Transferring information from the journal to the...Ch. 3 - For a journal entry to be complete, it must...Ch. 3 - The __________ is used to determine where the...Ch. 3 - Prob. 5QYCh. 3 - A 250 payment for salaries expense was incorrectly...Ch. 3 - Prob. 1DQCh. 3 - How does the journal differ from the ledger?Ch. 3 - What is the purpose of providing a ledger account...Ch. 3 - List by account classification the order of the...
Ch. 3 - Arrange the following steps in the posting process...Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - In the following two-column journal, the capital...Ch. 3 - Decor Services completed the following...Ch. 3 - Montoya Tutoring Service completed the following...Ch. 3 - Prob. 4ECh. 3 - Arrange the following steps in the posting process...Ch. 3 - The bookkeeper for Nevado Company has prepared the...Ch. 3 - Determine the effect of the following errors on a...Ch. 3 - Journalize correcting entries for each of the...Ch. 3 - The chart of accounts of the Barnes School is...Ch. 3 - Laras Landscaping Service has the following chart...Ch. 3 - Following is the chart of accounts of Sanchez...Ch. 3 - The chart of accounts of Ethan Academy is shown...Ch. 3 - Leanders Landscaping Service maintains the...Ch. 3 - Following is the chart of accounts of Smith...Ch. 3 - Why Does It Matter? ECOTOUR EXPEDITIONS, INC.,...Ch. 3 - What Would You Say? You are the new bookkeeper for...Ch. 3 - What Do You Think? You work as an accounting...Ch. 3 - What Would You Do?
You are responsible for...Ch. 3 - Prob. 1CP
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