College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 3, Problem 9SEA
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Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal
balances (Nix'lt uses the perpetual inventory system).
Merchandise inventory
Retained earnings
Dividends
Sales
$ 37,800
Sales returns and allowances
Cost of goods sold
Depreciation expense
Salaries expense
Miscellaneous expenses
$ 6,500
105,000
10,300
32,500
5,000
ped
115,300
7,e00
160, 200
4,700
Sales discounts
pok
int
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is
$35,900.
rint
rences
Prepare journal entries to close the balances in temporary revenue and expense accoints. Remember to consider the entry for
shrinkage from QS 4-9. (The solution from QS 4-9 is required to complete this question.)
In
Fn
Lock
F10
F11
F12
F4
EZ
F7
F8
F9
28
F5
F6
Journalize the transactions of Roland Foster optical Dispensary. Include an explanation with each journal entry. (Record first, then credits.
Select the explanation on the last line of the journal entry table.)
Mar. 15
"Accounts & Explanation"
Line 1.
Accounts payable
-or-
Accounts receivable
-or-
Cash
-or-
Office expenses
-or-
Office supplies
Line 2.
Accounts payable
-or-
Accounts receivable
-or-
Cash
-or-
Office expenses
-or-
Office supplies
Line 3.
Accounts payable
-or-
Accounts receivable
-or-
Cash
-or-
Office expenses
-or-
Office supplies
Line 4.
Accounts payable
-or-
Accounts receivable
-or-
Cash
-or-
Office expenses
-or-
Office supplies
Line 5.
Paid cash on account
-or-
Performed service for customers on account
-or-
Purchased office supplies on account
-or-
Received cash on account from customers
The debits and credits from two transactions are presented in the following customer account:
NAME
Mobility Products Inc.
ADDRESS
46 W. Main St.
Date
Item
Post. Ref.
Debit
Credit
Balance
Aug. 1
Balance
✔
540
Aug. 10
Invoice No. 59
CR24
103
437
Aug. 17
Invoice No. 64
R35
129
566
Select the choice that describes each transaction and the source of each posting.
Date
Action
Invoice No.
Posted From
Journal page
Aug. 10
fill in the blank 2
fill in the blank 4
Aug. 17
fill in the blank 6
fill in the blank 8
Chapter 3 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 3 - LO3 To debit an account is to enter an amount on...Ch. 3 - Liability accounts normally have debit balances.Ch. 3 - LO3 Increases in owners equity are entered as...Ch. 3 - Prob. 4TFCh. 3 - LO3 To credit an account is to enter an amount on...Ch. 3 - LO3 A debit to an asset account will decrease it.Ch. 3 - A common example of an asset is (a) Professional...Ch. 3 - The accounting equation may be expressed as (a)...Ch. 3 - LO3 Liability, owners equity, and revenue accounts...Ch. 3 - LO4 To record the payment of rent expense, an...
Ch. 3 - Prob. 5MCCh. 3 - Foot and balance the accounts receivable T account...Ch. 3 - LO3 Complete the following questions using either...Ch. 3 - Analyze the following transaction using the T...Ch. 3 - The following accounts have normal balances....Ch. 3 - What are the three major parts of a T account?Ch. 3 - Prob. 2RQCh. 3 - What is a footing?Ch. 3 - What is the relationship between the revenue and...Ch. 3 - What is the function of the trial balance?Ch. 3 - Prob. 1SEACh. 3 - DEBIT AND CREDIT ANALYSIS Complete the following...Ch. 3 - ANALYSIS OF T ACCOUNTS Richard Gibbs began a...Ch. 3 - NORMAL BALANCE OF ACCOUNT Indicate the normal...Ch. 3 - TRANSACTION ANALYSIS Linda Kipp started a business...Ch. 3 - TRANSACTION ANALYSIS Linda Kipp starred a business...Ch. 3 - ANALYSIS OF TRANSACTIONS Charles Chadwick opened a...Ch. 3 - ANALYSIS OF TRANSACTIONS Charles Chadwick opened a...Ch. 3 - TRIAL BALANCE The following accounts have normal...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - T ACCOUNTS AND TRIAL BALANCE Wilhelm Kohl started...Ch. 3 - NET INCOME AND CHANGE IN OWNERS EQUITY Refer to...Ch. 3 - FINANCIAL STATEMENTS Refer to the trial balance in...Ch. 3 - FOOT AND BALANCE A T ACCOUNT Foot and balance the...Ch. 3 - DEBIT AND CREDIT ANALYSIS Complete the following...Ch. 3 - ANALYSIS OF T ACCOUNTS Roberto Alvarez began a...Ch. 3 - NORMAL BALANCE OF ACCOUNT Indicate the normal...Ch. 3 - TRANSACTION ANALYSIS George Atlas started a...Ch. 3 - TRANSACTION ANALYSIS George Atlas started a...Ch. 3 - ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a...Ch. 3 - ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a...Ch. 3 - TRIAL BALANCE The following accounts have normal...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - T ACCOUNTS AND TRIAL BALANCE Sue Jantz started a...Ch. 3 - NET INCOME AND CHANGE IN OWNERS EQUITY Refer to...Ch. 3 - FINANCIAL STATEMENTS Refer to the trial balance in...Ch. 3 - Craig Fisher started a lawn service called Craigs...Ch. 3 - Your friend Chris Stevick started a part-time...
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