COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 4, Problem 2E
To determine
Prepare necessary
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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
Instructions:
Use the following account titles: Cash, Accounts Receivable, Notes Receivable, Medical Supplies, Office
Equipment, Furniture and Fixtures, Accounts Payable, Notes Payable, Salaries Payable, Mateo, Capital,
Mateo Drawing, Service Revenue, Rent Expense, Salaries Expense, Taxes and Licenses Expense, Supplies
Expense, Advertising Expense, and Utilities Expense
a. Journalize the transactions below.
b. Posting the transactions to their corresponding t-accounts.
c. Prepare the unadjusted trial balance
Arianne Mateo established a business called ASM Medical Clinic on September 1, 2018. The following
are the transactions occurred during the month of September 2018.
1
Ms. Mateoo deposited cash amounting to P350,000 under the name of the company.
1
Tables and chairs were purchased from JohnD Furniture at a total cost of P300,000, 40% on cash
and balance by issuing a promissory payable after thirty (30) days.
Registered the business name with DTI and paid P5,000.
9
Hired 2 clinic…
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 4 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 4 - The part of the journal entry to be recorded first...Ch. 4 - A general journal is like a(n): a. address book....Ch. 4 - Why are check and invoice numbers included in the...Ch. 4 - Prob. 1.4SRQCh. 4 - Prob. 1.5SRQCh. 4 - Prob. 1.6SRACh. 4 - Prob. 2.1SRQCh. 4 - Prob. 2.2SRQCh. 4 - What is entered in the Posting Reference column of...Ch. 4 - Prob. 2.4SRE
Ch. 4 - Prob. 2.5SRECh. 4 - Prob. 2.6SRACh. 4 - What is recorded in the Posting Reference column...Ch. 4 - Prob. 2CSRCh. 4 - Prob. 3CSRCh. 4 - Prob. 4CSRCh. 4 - Prob. 5CSRCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - What is a ledger?Ch. 4 - What is posting?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - What is a compound journal entry?Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - Prob. 11DQCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Prob. 3ECh. 4 - Compound journal entries. The following...Ch. 4 - Prob. 5ECh. 4 - Recording a correcting entry. On August 22, 2019,...Ch. 4 - Prob. 1PACh. 4 - On October 1, 2019, Helen Kennedy opened an...Ch. 4 - The following journal entries were prepared by an...Ch. 4 - Prob. 4PACh. 4 - Prob. 1PBCh. 4 - Prob. 2PBCh. 4 - Prob. 3PBCh. 4 - Prob. 4PBCh. 4 - Prob. 1CTPCh. 4 - Prob. 2CTPCh. 4 - Prob. 1MFCh. 4 - Prob. 2MFCh. 4 - Prob. 3MFCh. 4 - Prob. 4MFCh. 4 - Prob. 1ED
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- Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalarrow_forwardSales and notes receivable transactionsThe following were selected from among the transactions completed byCaldemeyer Co. during the current year. Caldemeyer Co. sells andinstalls home and business security systems. (attached) InstructionsJournalize the entries to record the transactions.arrow_forwardNOTES RECEIVABLE ENTRIES M. L. DiMaurizio had the following notes receivable transactions: REQUIRED Record the transactions in a general journal.arrow_forward
- For each of the following, indicate if the statement reflects an input component, output component, or storage component of an accounting information system. A. A credit card scanner at a grocery store. B. A purchase order for 1,000 bottles of windshield washing fluid to be used as inventory by an auto parts store. C. A report of patients who missed appointments at a doctors office. D. A list of the days cash and credit sales. E. Electronic files containing a list of current customers.arrow_forwardNOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: REQUIRED Record the transactions in a general journal.arrow_forwardWhy are transactions recorded in the journal? Group of answer choices To ensure that total debit equal total credits To help prepare the financial statements To ensure that all transactions are posted to the ledger To have a chronological record of all transactionsarrow_forward
- Which of the following will be the Correct source document assuming that your business received invoices from various suppliers each day? a. Credit note b. Purchase invoice c. Sales invoice d. Receiptarrow_forwardThe debits and credits from two transactions are presented in the following customer account: NAME ADDRESS Horizon Entertainment 125 Wycoff Ave. Post. Date Item Ref. Debit Credit Balance Balance Feb. 1 280 Invoice No. 422 CR106 22 120 160 27 Invoice No. 445 R92 170 330 Describe each transaction and the source of each posting.arrow_forwardTransactions are first journalized and then posted to ledger accounts. In this exercise, however,your understanding of the relationship between the journal and the ledger is tested by asking you tostudy some ledger accounts and determine the journal entries that probably were made to producethese ledger entries. The following accounts show the first six transactions of Avenson InsuranceCompany. Prepare a journal entry (including a written explanation) for each transaction. Cash VehiclesNov. 1 120,000 Nov. 8 33,600 Nov. 30 9,400Nov. 25 12,000Nov. 30 1,400Land Notes PayableNov. 8 70,000 Nov. 25 12,000 Nov. 8 95,000Nov. 30 8,000Building Accounts PayableNov. 8 58,600 Nov. 21 480 Nov. 15 3,200Office Equipment Capital StockNov. 15 3,200 Nov. 21 480 Nov. 1 120,000arrow_forward
- Transactions are first journalized and then posted to ledger accounts. In this exercise, however, your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the journal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company. Prepare a journal entry (including a written explanation) for each transaction. Cash Vehicles 144,000 Nov. 8 40,320 Nov. 30 11,280 Nov. 1 Nov. 25 14,400 Nov. 30 1,680 Land Notes Payable Nov. 8 84,000 Nov. 25 14,400 Nov. 8 114,000 Nov. 30 9,600 Building Accounts Payable Nov. 8 70,320 Nov. 21 576 Nov. 15 3,840 Office Equipment Capital Stock Nov. 15 3,840 Nov. 21 576 Nov. 1 144,000 Using the information in the ledger accounts presented in Exercise 3.3, prepare a trial balance for Avenson Insurance Company dated November 30.arrow_forwardInstructions: Prepare T accounts for each account. Analyze transactions into debit and credit parts. Write the amounts in the proper T account to show how each transaction changes account balances. Write the date of the transaction in parentheses before each amount Cash Joan Weber, Drawing Accounts Receivable-Central Properties Sales Accounts Receivable-Clifton Care Center Advertising Expense Miscellaneous Expense Rent Expense Supplies Prepaid Insurance Accounts Payable-Davis Office Supplies Accounts Payable-Huff Supplies Repair Expense Utilities Expense Joan Weber, Capital June 1: Joan Weber invested $8,000.00 cash in the business. 2: Bought supplies and paid $120.00 cash. 3: Paid cash for rent, $400.00 4: Sold services for cash, $800.00 5: Had mower repaired for $50.00 cash. 8: Performed $500.00 of services for Central Properties on account. 9: Bought supplies from Huff Supplies for $1,000.00 on account. 10. Paid insurance bill, $200.00 cash. 11. Joan Weber invested an additional…arrow_forwardComplete this question by entering your answers in the tabs below. Analyze General Joumal T accounts Post the entry using T-accounts to represent ledger accounts. (TIP: For right side T-account entries you must use a right side date selection. For left side T- account entries you must use a left side date selection.) Cash 101 Office Supplies 124 Date Amount Date Amount Date Amount Date Amount End. bal. End. bal. Equipment 167 Accounts Payable 201 Date Amount Date Amount Date Amount Date Amount End. bal. End. bal. Unearned Landscaping Revenue 236 Common Stock 307 Date Amount Date Amount Date Amount Date Amount End. bal. End. bal. Landscaping Revenue 403 Date Amount Date Amount End. bal. Caneral lournal reountsarrow_forward
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