Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 4, Problem 2QS
To determine
The code for the financial statement column.
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Which item will appear on the credit side of the ledger account?
a.
Salary
b.
Drawings
c.
Service revenue
d.
Accounts receivable
Listed below are the transactions of Joseph Moore, D.D.S., for the month of September.
Sept. 1
2
4
4
5
8
10
14
18
19
20
25
30
30
Moore begins practice as a dentist, invests $20,030 cash and issues 2,003 shares of $10 par stock.
Purchases dental equipment on account from Green Jacket Co. for $17,820.
Pays rent for office space, $690 for the month.
Employs a receptionist, Michael Bradley.
Purchases dental supplies for cash, $900.
Receives cash of $1,770 from patients for services performed.
Pays miscellaneous office expenses, $420.
Bills patients $5,950 for services performed.
Pays Green Jacket Co. on account, $3,760.
Pays a dividend of $3,090 cash.
Receives $1,060 from patients on account.
Bills patients $1,980 for services performed.
Pays the following expenses in cash: Salaries and wages $1,700; miscellaneous office expenses $83.
Dental supplies used during September, $320.
Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value.
Three different lease transactions are presented below for Sandhill Enterprises. Assume that all lease transactions start on January 1,
2024. Sandhill does not receive title to the properties, either during the lease term or at the end of it. The yearly rental for each of the
leases is paid at the beginning of each year. Sandhill Enterprises prepares its financial statements using ASPE.
Lease term
Estimated economic life
Yearly rental payment
Fair market value of leased asset
Present value of lease rental payments
Interest rate
Manufacturing
Equipment
5 years
15 years
$18,000
$126,000
$81,270
3.5%
Vehicles
6 years
7 years
$19,260
$109,200
$100,962
4%
Office
Equipment
3 years
5 years
$5,010
$22,500
$12,912
8%
Ass me that Sandhill Enterprises has purchased the vehicle for $109,200 instead of leasing it and that the amount borrowed was
$109,200 at 8% interest, with interest payable at the end of each year. Prepare the entries for 2024. (List all debit entries before credit
entries. Credit…
Chapter 4 Solutions
Principles of Financial Accounting.
Ch. 4 - G. Venda, owner of Venda Services, withdrew 25,000...Ch. 4 - The following information is available for the R....Ch. 4 - Which of the following errors would cause the...Ch. 4 - The temporary account used only in the closing...Ch. 4 - Prob. 5MCQCh. 4 - Prob. 1DQCh. 4 - What accounts are affected by closing entries?...Ch. 4 - What two purposes are accomplished by recording...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - What are the characteristics of plant assets?Ch. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - The ledger of Claudell Company includes the...Ch. 4 - Choose from the following list of terms/phrases to...Ch. 4 - The ledger of Mai Company includes the following...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - These 16 accounts are from the Adjusted Trial...Ch. 4 - The Adjusted Trial Balance columns of a 10-column...Ch. 4 - Use the following information from the Adjustments...Ch. 4 - The following data are taken from the unadjusted...Ch. 4 - Capri Company began the current period with a...Ch. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Use the May 31 fiscal year-end information from...Ch. 4 - Prob. 9ECh. 4 - The adjusted trial balance for Salon Marketing Co....Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Use the following adjusted year-end trial balance...Ch. 4 - Following are Nintendos revenue and expense...Ch. 4 - Prob. 15ECh. 4 - Hawk Company records prepaid assets and unearned...Ch. 4 - The following two events occurred for Trey Co. on...Ch. 4 - On April 1, Jiro Nozomi created a new travel...Ch. 4 - The following unadjusted trial balance is for Ace...Ch. 4 - Prob. 3APCh. 4 - The adjusted trial balance for Tybalt Construction...Ch. 4 - The adjusted trial balance of Karise Repairs on...Ch. 4 - The following six-column table for Hawkeye Ranges...Ch. 4 - On July 1, Lula Plume created a new self-storage...Ch. 4 - Prob. 2BPCh. 4 - Prob. 3BPCh. 4 - The adjusted trial balance for Anara Co. as of...Ch. 4 - Santo Companys adjusted trial balance on December...Ch. 4 - The following six-column table for Solutions Co....Ch. 4 - This serial problem began in Chapter 1 and...Ch. 4 - Accounting Analysis Refer to Apples financial...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - One of your classmates states that a companys...Ch. 4 - Review this chapters opening feature involving...
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- Indicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet Debit, Balance Sheet Credit) in which the balances of the following accounts should appear: a. S. Moon, Drawing b. Utilities Expense c. Merchandise Inventory (ending) d. Purchases Discounts e. Unearned Rent f. Sales Returns and Allowances g. Accumulated Depreciation, Equipment h. Income Summary i. Service Income j. Prepaid Insurancearrow_forwardClassify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.arrow_forwardIdentify whether the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Indicate the normal balance of the account. Table 3.20arrow_forward
- NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following accounts: 1. Cash 2. Rent Expense 3. Notes Payable 4. Owners Drawing 5. Accounts Receivable 6. Owners Capital 7. Toolsarrow_forwardOn the work sheet, assets are recorded in which of the following columns? a. Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Adjusted Trial Balance, Creditarrow_forwardGENERAL LEDGER ACCOUNTS Set up T accounts for each of the general ledger accounts needed for Exercise 4-2A and post debits and credits to the accounts. Foot the accounts and enter the balances. Prove that total debits equal total credits.arrow_forward
- A summarized statement of transactions relating to a particular person, item expense or income. a. invoice O b. voucher chart of accounts Cd. accountsarrow_forwardInstructions: 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…arrow_forwardDirections: Classify each account according to its category. Put a check (/) on the right column where each item belongs. Write your answers on a separate sheet of paper. Account Assets Liabilities Title Owner's Revenue Equity Non- Non- Expenses Current Current Current Curreni Asseta Liahilities Assets Liabilities 1. Cash 2. Accounts Payable 3. Building 4. Mortgage Payable 5. Service Revenues 6. Accounts Reccivable 7. Salaries Expense 8. Inventory 9. Rent Expense 10. Unearned Service Revenuearrow_forward
- The journal entry to record a payment on account willa. debit Accounts Payable and credit Retained Earnings.b. debit Expenses and credit Cash.c. debit Cash and credit Expenses.d. debit Accounts Payable and credit Cash.arrow_forwardThe journal entry to record fees earned on account would be posted to which of the following accounts in the ledger? O a. Cash and Accounts Payable O b. Accounts Receivable and Fees Earned O c. Cash and Accounts Receivable O d. Accounts Payable and Fees Earnedarrow_forwardDirections: Write (+) if there is an increase, (-) if there is a decrease, or NE if there is no effect on the assets, liabilities and equity accounts. Write your answers on a separate sheet of paper. Liability Owner's Equity Transactions Asset 1. Invested cash in the business 2. Purchased equipmnent on a cash basis 3. Billed a customer for a spa service 4. Paid employee's salary 5. Purchased supplies on account 6. Paid an advertisement for the company's new product 7. Paid the rent in advance 8. Received cash from customers 9. Withdrew cash for some personal use 10. Invested a vehicle on the companyarrow_forward
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