Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Chapter B, Problem 40PA
1.
To determine
Prepare journal and
2.
To determine
Post the entries to T-accounts and prepare the adjusted
3.
To determine
Prepare closing entries and post-closing trial balance at December 31, 2010.
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December 2011, Jillian Powell organized a corporation to provide package delivery services. The company, called Tone Deliveries, Inc., began operations immediately. Transactions during the month of December were as follows:
Dec. 2 The Corporation issued 400,000 shares of capital stock to Jillian Powell in exchange for 800,000 cash.
Dec. 4 purchased a truck for 450,000. Made a 150,000 cash down payment and issued a note payable for the remaining balance.
Dec. 5 Paid Sloan Properties 25,000 to rent office space for the month.
Dec. 9 Billed customers 11,300 for services for the first half of December.
Dec. 15 paid 7,100 in salaries earned by employees during the first half of December.
Dec. 19 Paid Bill’s Auto 9000 for maintenance and repair services on the company truck.
Dec. 20 Collected 3800 of the amounts billed to customers on December 9.
Dec. 28 Billed customers 14,400 for services performed during the second half of the month.
Dec. 30…
December 2011, Jillian Powell organized a corporation to provide package delivery services. The company, called Tone Deliveries, Inc., began operations immediately. Transactions during the month of December were as follows: Dec. 2 The Corporation issued 400,000 shares of capital stock to Jillian Powell in exchange for 800,000 cash. Dec. 4 purchased a truck for 450,000. Made a 150,000 cash down payment and issued a note payable for the remaining balance. Dec. 5 Paid Sloan Properties 25,000 to rent office space for the month. Dec. 9 Billed customers 11,300 for services for the first half of December. Dec. 15 paid 7,100 in salaries earned by employees during the first half of December. Dec. 19 Paid Bill’s Auto 9000 for maintenance and repair services on the company truck. Dec. 20 Collected 3800 of the amounts billed to customers on December 9. Dec. 28 Billed customers 14,400 for services performed during the second half of the month. Dec. 30 Paid 7,500 in salaries earned by employees…
On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing
$91,772 cash. The new company, Blossom Sales and Service, has the following transactions during January.
1.
2.
3.
4.
5.
Pays $9,000 in advance for 3 months' rent of office, showroom, and repair space.
Purchases 43 personal computers at a cost of $1,688 each, 9 graphics computers at a cost of $2,688 each, and 28 printers at a
cost of $488 each, paying cash upon delivery.
Sales, repair, and office employees earn $14,372 in salaries and wages during January, of which $4,772 was still payable at the
end of January.
Sells 33 personal computers at $2,738 each, 7 graphics computers for $3,788 each, and 18 printers for $688 each; $76,772 is
received in cash in January, and $52,482 is sold on a deferred payment basis.
Other operating expenses of $10,172 are incurred and paid for during January; $3,772 of incurred expenses are payable at
January 31.
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
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