Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter B, Problem 17SEB
To determine
Identify the account which will be affected and identify whether the affected account will increase or decrease and debited or credited for each transactions.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Harris, Inc. incurred the following transactions during the month of February. Record the appropriate ones in the cash payments journal. Include posting references.
a. On February 3, the company purchased $650 worth of supplies on account. The supplies account number is 15.
b. On February 5, Harris, Inc. made a payment on account to Sanders Industries in the amount of $1,215 (Check No. 2214).
c. On February 14, Harris, Inc. bought a one-year insurance policy for $1,500. The prepaid insurance account number is 14 (Check No. 2215).
d. On February 22, Harris, Inc. paid monthly rent of $2,000. The rent expense account number is 63 (Check No. 2216).
e. On February 26, Harris, Inc. purchased equipment making a down payment of $3,000 (Check No. 2217) and agreeing to pay the $4,000 balance in 30 days. The
equipment account number is 18.
If an amount box does not require an entry, leave it blank.
Page:
OTHER
ACCOUNT
DEBITED
CK. NO.
POST.
ACCOUNTS
CASH
REF.
ACCOUNTS DR. PAYABLE DR.
CR.
DATE
1.
3
During October, Alameda Company had $102,500 of cash receipts and $103,150 of cash disbursements. The October 31 Cash balance was $18,600. Determine how much cash the company had at the close of business on September 30.
question: use the information to calculate the unknown amount
identify either
Cash disbursements
Cash receipts
Payments on account
Purchases on account
Sales on account
Begining balance
Chicken Wings Company is engaged in buying and selling of office equipment which caters both cash and on account sales to customers. The following are the transactions that affect accounts receivable during 2021:Sales (cash and on account), P715,171; Cash received from cash customers, P243,297; Cash received from credit customers (340,373 was received from customers who took advantage of the discount feature of the company’s credit term 3/10, n/30, P368,760; Accounts written of as worthless, P5,996; Credit memoranda issued to credit customers for sales returns and allowances, P29,250; Cash refunds given to cash customers for sales returns and allowances, P20,536; Recoveries on accounts written off as uncollectible in prior periods (not included in cash collections stated above), P8,004An aging of the receivables indicates that P20,933 of the accounts receivable balance are deemed uncollectible.The following balances were taken from the December 31, 2020 statement of financial…
Chapter B Solutions
Financial Accounting
Ch. B - Indicate whether each of the following accounts...Ch. B - Prob. 2YTCh. B - Prob. 1QCh. B - Prob. 2QCh. B - Prob. 3QCh. B - Prob. 4QCh. B - Prob. 5QCh. B - Prob. 6QCh. B - Prob. 7QCh. B - Prob. 8Q
Ch. B - Prob. 9QCh. B - Prob. 1MCQCh. B - Prob. 2MCQCh. B - Prob. 3MCQCh. B - Prob. 4MCQCh. B - Prob. 5MCQCh. B - Prob. 6MCQCh. B - Prob. 7MCQCh. B - Prob. 8MCQCh. B - Prob. 9MCQCh. B - Prob. 10MCQCh. B - Prob. 1SEACh. B - Prob. 2SEACh. B - Prob. 3SEACh. B - Prob. 4SEACh. B - Prob. 5SEACh. B - Prob. 6SEACh. B - Prob. 7SEACh. B - Prob. 8SEACh. B - Prob. 9SEACh. B - Prob. 10SEBCh. B - Prob. 11SEBCh. B - Prob. 12SEBCh. B - Prob. 13SEBCh. B - Prob. 14SEBCh. B - Prob. 15SEBCh. B - Prob. 16SEBCh. B - Prob. 17SEBCh. B - Prob. 18SEBCh. B - Prob. 19EACh. B - Prob. 20EACh. B - Record transactions to T-accounts and prepare an...Ch. B - Prob. 22EACh. B - Prob. 23EACh. B - Record closing entries and compute net income. (LO...Ch. B - Record journal entries, record adjusting entries,...Ch. B - Record journal entries, post to T-accounts, and...Ch. B - Prob. 27EBCh. B - Prob. 28EBCh. B - Prob. 29EBCh. B - Prob. 30EBCh. B - Prob. 31EBCh. B - Prob. 32EBCh. B - Prob. 33EBCh. B - Prob. 34EBCh. B - Prepare a trial balance and financial statements....Ch. B - Record journal entries, post to T-accounts, and...Ch. B - Prepare closing entries and financial statements....Ch. B - Record adjusting journal entries, post to...Ch. B - Prob. 39PACh. B - Prob. 40PACh. B - Prob. 41PACh. B - Prob. 42PACh. B - Prob. 43PBCh. B - Prob. 44PBCh. B - Prob. 45PBCh. B - Prob. 46PBCh. B - Prob. 47PBCh. B - Prob. 48PBCh. B - Prob. 49PBCh. B - Prob. 50PBCh. B - Prob. 51FSACh. B - Prob. 52CTP
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
- The transactions completed by Revere Courier Company during December 2016, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of December 1: 2. Journalize the transactions for December 2016, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single-column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.arrow_forwardChicken Wings Company is engaged in buying and selling of office equipment which caters both cash and on account sales to customers. The following are the transactions that affect accounts receivable during 2021:Sales (cash and on account), P591,050Cash received from cash customers, P205,175Cash received from credit customers (281,300 was received from customers who took advantage of the discount feature of the company’s credit term 3/10, n/30, P320,800Accounts written of as worthless, P4,955Credit memoranda issued to credit customers for sales returns and allowances, P26,275Cash refunds given to cash customers for sales returns and allowances, P16,972Recoveries on accounts written off as uncollectible in prior periods (not included in cash collections stated above), P6,615An aging of the receivables indicates that P17,300 of the accounts receivable balance are deemed uncollectible.The following balances were taken from the December 31, 2020 statement of financial position:Accounts…arrow_forwardHelp Save A company's Cash account shows a balance of $3,410 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($60), an NSF check from a customer ($330), a customer's note receivable collected by the bank $(1,500), and interest earned $(190). Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list А Record the entries that increase cash. Record the entries that decrease cash. Credit Note : = journal entry has been entered %3D Record entry Clear entry View general journal EX:arrow_forward
- 2) The T-account of cash of Cherry Company shows the following transactions for the month of January, 2020: Account Name: CASH Account Code: 1000 DEBIT CREDIT January 1, 2020 1/3 sales 255,250 1/2 purchase supplies 7,500 56,000 1/2 payment to suppliers 1/10 utility bills 1/15 salaries of employees 1/16 acquisition of computers 1/20 rent payments 123,150 1/5 collection of receivables 32,100 11,200 1/6 sales 88,560 93,500 1/8 collection of receivables 35,000 66,000 1/15 sales 43,220 30,000 1/17 contribution from owner 25,000 1/22 payment to suppliers 1/25 loan payment 1/31 interest payment 95,500 1/21 proceed from bank borrowing 1/25 collection of receivables 150,000 23,000 55,000 7,500 1/30 collection of receivables 19,000 1/31 owner's drawing 5,000 462,350 759,130 296,780 total debits total credits January 31, 2020 Required: Prepare Cash Flow Statement for the month ended January, 2020 using DIRECT METHOD.arrow_forwardSolve the Problem below. * Oypsy Co. had the following cash related transaction for the fist month of operation, March 2018. the owner invested P 100, 000 to start her business Bought P 50, 200 worth of merchandize inventory Sold goods for P 80, 500 on account Collected P 50, 800 from accounts receivable March 6. 15 17 Sold goods for cash P 75, 300 Paid employees salaries amounting to P 36, 900 paid electricity and water bills amounting to P 23, 600 the owner withdraw P 15, 500 for personal expenses 19 25 29 30 Required: Determine the T-account. Gaining Mastery: Summarize the effect of all the transaction above problem and the balance at the end of the period, consider the table below. Normal Debit Credit Balance Date Assets Liability capital Date cash Account Inventory Account Gypsy Receivable payable Capital March I 尹b) 000 e I00,000) 9 P 50 200 250,200 is 17 19 25 29 30arrow_forwardIn order to produce a set of accounts for a business, the total sales and purchases must be known. A business can often provide details of cash sales and purchases. In order to find the total credit sales and credit purchases, control accounts can be used. Elizabeth Berry provided the following information: At the beginning of the financial year debtors were £5,610. During the year receipts from debtors amounted to £69,630. At the end of the year debtors owed her £7,710. We can find the total credit sales by constructing a control account.arrow_forward
- The following were extracted from the books of NJOKA as at 30 September 2016. SH Cash in Hand Cash in Bank Inventory, 1 September 2016 Receivables Payables Returns Inwards Sales Purchases Capital Salaries Water and Electricity Postage Drawings Inventory, 30 September 2016 Furniture & Fittings Motor Van Loan (ADB Bank) Rent Received Office Rent 12,000 110,000 210,000 80,000 100,000 5,000 560,000 205,000 149,000 40,000 6,000 2,000 9,000 135,000 75,000 350,000 300,000 12,000 17,000 REQUIRED: 1) Prepare a Trial Balance from the above balances. 2) Prepare the statement of Comprehensive income for the month of September. 3) Prepare the statement of Financial Position for as at 30 September 2016.arrow_forwardAt September 1, 2010, Kern Enterprises reported a cash balance of $45,000. During the month, Kern collected cash of $15,000 and made disbursements of $25,000. At September 31, 2010, what is the cash balance? A. $25,000 credit B. $35,000 credit C. $60,000 debit D. $35,000 debitarrow_forwardRecord all transactions in appropriate T-accounts (costs by nature), close all accounts and prepare an Income Statement.a) The company recorded an invoice for rubbish disposal in the current month; value 400.b) The company recorded bank fees; value 50.c) The company sold goods worth 2 000 for 3 500 on deferred payment.d) Goods were delivered to a customer – transport cost 500 and additional insurance cost of 200, both paid by bank money transfer..arrow_forward
- [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. 1 Sanyu Sony transferred $65,300 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. 2 The company paid $1,800 cash for the December rent. 3 The company purchased $14,200 of electrical equipment by paying $6,000 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased supplies by paying $1,000 cash. 6 The company completed electrical work and immediately collected $1,800 cash for these services. 8 The company purchased $2,820 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $5,500. 18 The company purchased $450 of supplies on credit. 20 The company paid $2,820 cash for the office equipment purchased on December 8. 24 The company billed a client $900 for electrical work completed; the balance is…arrow_forwardAAA Consulting Services collected $6,000 cash for services to be provided in the future. Which of the following shows how recognizing the cash receipt will affect the company’s ledger accountsarrow_forwardAmazon.com, Inc., headquartered in Seattle, WA, started its electronic commerce business in 1995 and expanded rapidly. The following transactions occurred during a recent year (dollars in millions): a. Issued stock for $623 cash (example). b. Purchased equipment costing $6,320, paying $4,893 in cash and charging the rest on account. c. Paid $5,000 in principal and $300 in interest expense on long-term debt. d. Earned $177,866 in sales revenue; collected $123,949 in cash with the customers owing the rest on their Amazon credit card account. e. Incurred $25,249 in shipping expenses, all on credit. f. Paid $118,241 cash on accounts owed to suppliers. g. Incurred $10,069 in marketing expenses; paid cash. h. Collected $38,200 in cash from customers paying on their Amazon credit card account. i. Borrowed $16,231 in cash as long-term debt. j. Used inventory costing $111,934 when sold to customers. k. Paid $830 in income tax recorded as an expense in the prior year. Required: For each of the…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
ACCOUNTING BASICS: Debits and Credits Explained; Author: Accounting Stuff;https://www.youtube.com/watch?v=VhwZ9t2b3Zk;License: Standard Youtube License