Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Question
Chapter B, Problem 48PB
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, 2011.
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Students have asked these similar questions
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.
Natalie opened Natalie Washing co. on July 1, 2022. During July, the following transactions were
completed.
July 1 Owner invests $12,000 cash to start the business.
July 3 Purchased used truck for $8,000, paying $2,000 cash and signing a 1-year, 10% note for the
remainder.
July 5 Purchased clening supplies for $900 on account.
July10 Paid $1800 cash on a 1-year insurnace policy effective July 1
July 12 Billed customers $3700 fore cleaning services performed.
July 15 Paid $500 on amount owed on cleaning supplies.
July 16 Received $2500 for serviced to be performed evenly from July 16 through September 15.
July 22 Paid $2000 for employee salaries.
July 29
July 30
July 31
Collected $1600 cash from customers billed on July 12.
Paid $290 for maintenance of the truck during month.
Owner withdrew $600 from the business for personal expenses.
Requirements:
1) Make a tabular analysis of the transactions on accounting equation. Use the following column
headings: cash, Supplies, accounts…
The following transactions relate to the business of Jacob’s Coffee Shop for the month of February 2022:
01/02/22: Owner deposited N$10,000 as capital contribution.
02/02/22: Bought a coffee machine paid by EFT – N$2,500.
04/02/22: Cash purchases paid by cheque – N$1,500.
10/02/22: Credit sales to Mrs. Hamutenya N$1,500.
15/02/22: Rendered catering services at EN Dorado for N$2,000. Received payment via EFT.
25/02/22: Purchased sugar and tea from Sweeteners cc on Credit N$500.
How much is the balance transferred to the profit and loss from the Purchases Ledger account?
a.
N$2,000
b.
N$6,500
c.
N$4,500
d.
N$1,500
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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