Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Chapter B, Problem 2E
a.
To determine
Record these transactions in general journal form for 2018.
b.
To determine
c.
To determine
Determine the amount of total assets at the end of 2018.
d.
To determine
Determine the amount of net income for 2018.
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The details of the accounts receivable of AA Corporation as December 31, 2022
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90,000
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Given the ledger accounts of Devrij Company as of January 31, 2020:
Cash
$26,400
Accounts Payable
$9,000
Supplies
Share Capital-Ordinary 15,600
6,600
Rent Expense
16,800
Accounts Receivable 13,200
Notes Payable
7,200
Service Revenue
31,200
Required:
1.
Compute the total of the debit side of the trial balance. (show your computation).
2.
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Required Information
On January 1, 2024, the general ledger of TNT Fireworks includes the following account balances:
Accounts
Cash
Accounts Receivable
Debit
$ 58,800
25,200
Credit
Allowance for Uncollectible Accounts
$ 2,300
Inventory
36,400
Notes Receivable (5%, due in 2 years)
13,200
Land
156,000
Accounts Payable
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14,900
221,000
51,400
$ 289,600 $ 289,608
Retained Earnings
Totals
During January 2024, the following transactions occur.
January 1 Purchase equipment for $19,680. The company estimates a residual value of $1,600 and a six-year service
life.
January 4 Pay cash on accounts payable, $9,600.
January 8 Purchase additional inventory on account, $83,980.
January 15 Receive cash on accounts receivable, $22,100.
January 19 Pay cash for salaries, $29,980.
January 28 Pay cash for January utilities, $16,500.
January 38 Firework sales for January total $221,008. All of these sales are on account. The cost of the units sold is
$115,580.
Information for adjusting entries:
a.…
Chapter B Solutions
Survey Of Accounting
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