Comprehensive Problem 2: Accounting Cycle with Subsidiary Ledgers, Part 1 During the second half of December 20-1, TJ’s Specialty Shop engaged in the following transactions: CengageNowv2 provides “Show Me How” videos for selected exercises and problems. Additional resources, such as Excel templates for completing selected exercises and problems, are available for download from the companion website at Cengage.com. Dec. 16 Received payment from Lucy Greene on account, $1,960. 16 Sold merchandise on account to Kim Fields, $160, plus sales tax of $8. Sale No. 640. 17 Returned merchandise to Evans Essentials for credit, $150. 18 Issued Check No. 813 to Evans Essentials in payment of December 1 balance of $1,250, less the credit received on December 17. 19 Sold merchandise on account to Lucy Greene, $620, plus tax of $31. Sale No. 641. 22 Received payment from John Dempsey on account, $1,560. 23 Issued Check No. 814 for the purchase of supplies, $120. (Debit Supplies) 24 Purchased merchandise on account from West Wholesalers, $1,200. Invoice No. 465, dated December 24, terms n/30. 26 Purchased merchandise on account from Nathen Co., $800. Invoice No. 817, dated December 26, terms 2/10, n/30. 27 Issued Check No. 815 to KC Power & Light (Utilities Expense) for the month of December, $630. 27 Sold merchandise on account to John Dempsey, $2,020, plus tax of $101. Sale No. 642. 29 Received payment from Martha Boyle on account, $2,473. 29 Issued Check No. 816 in payment of wages (Wages Expense) for the two-week period ending December 28, $1,100. 30 Issued Check No. 817 to Meyers Trophy Shop for a cash purchase of merchandise, $200. As of December 16, TJ’s account balances were as follows: TJ’s also had the following subsidiary ledger balances as of December 16: 6. Journalize and post adjusting entries.

BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter
Section
Chapter 15, Problem 1.6COP
Textbook Problem

Comprehensive Problem 2:

Accounting Cycle with Subsidiary Ledgers, Part 1

During the second half of December 20-1, TJ’s Specialty Shop engaged in the following transactions:

CengageNowv2 provides “Show Me How” videos for selected exercises and problems. Additional resources, such as Excel templates for completing selected exercises and problems, are available for download from the companion website at Cengage.com.

Dec. 16 Received payment from Lucy Greene on account, $1,960.

16 Sold merchandise on account to Kim Fields, $160, plus sales tax of $8. Sale No. 640.

17 Returned merchandise to Evans Essentials for credit, $150.

18 Issued Check No. 813 to Evans Essentials in payment of December 1 balance of $1,250, less the credit received on December 17.

19 Sold merchandise on account to Lucy Greene, $620, plus tax of $31. Sale No. 641.

22 Received payment from John Dempsey on account, $1,560.

23 Issued Check No. 814 for the purchase of supplies, $120. (Debit Supplies)

24 Purchased merchandise on account from West Wholesalers, $1,200.

Invoice No. 465, dated December 24, terms n/30.

26 Purchased merchandise on account from Nathen Co., $800.

Invoice No. 817, dated December 26, terms 2/10, n/30.

27 Issued Check No. 815 to KC Power & Light (Utilities Expense) for the month of December, $630.

27 Sold merchandise on account to John Dempsey, $2,020, plus tax of $101. Sale No. 642.

29 Received payment from Martha Boyle on account, $2,473.

29 Issued Check No. 816 in payment of wages (Wages Expense) for the two-week period ending December 28, $1,100.

30 Issued Check No. 817 to Meyers Trophy Shop for a cash purchase of merchandise, $200.

As of December 16, TJ’s account balances were as follows:

Chapter 15, Problem 1.6COP, Comprehensive Problem 2: Accounting Cycle with Subsidiary Ledgers, Part 1 During the second half of , example  1

Chapter 15, Problem 1.6COP, Comprehensive Problem 2: Accounting Cycle with Subsidiary Ledgers, Part 1 During the second half of , example  2

TJ’s also had the following subsidiary ledger balances as of December 16:

Chapter 15, Problem 1.6COP, Comprehensive Problem 2: Accounting Cycle with Subsidiary Ledgers, Part 1 During the second half of , example  3

Chapter 15, Problem 1.6COP, Comprehensive Problem 2: Accounting Cycle with Subsidiary Ledgers, Part 1 During the second half of , example  4

6. Journalize and post adjusting entries.

Expert Solution

Want to see the full answer?

Check out a sample textbook solution.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 15 Solutions

College Accounting, Chapters 1-27
Ch. 15 - Use the following spreadsheet for Yoders Cool...Ch. 15 - Use the following spreadsheet for Yoders Cool...Ch. 15 - Use the following spreadsheet for Yoders Cool...Ch. 15 - Using the financial statements for Hermans Parts...Ch. 15 - Using the spreadsheet provided on page 594 for...Ch. 15 - LO6 Pinto Company made the following adjusting...Ch. 15 - Describe the nature of the two forms of an income...Ch. 15 - Name and describe the calculation of two measures...Ch. 15 - Describe how to calculate the following ratios (a)...Ch. 15 - Where is the information obtained that is needed...Ch. 15 - Explain the function of each of the four closing...Ch. 15 - What is the purpose of a post-closing trial...Ch. 15 - What is the primary purpose of reversing entries?Ch. 15 - What is the customary date for reversing entries?Ch. 15 - What adjusting entries should be reversed?Ch. 15 - REVENUE SECTION. MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial statements...Ch. 15 - CLOSING ENTRIES Using the spreadsheet and...Ch. 15 - REVERSING ENTRIES From the spreadsheet used in...Ch. 15 - ADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare...Ch. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the spreadsheet and financial...Ch. 15 - END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND...Ch. 15 - REVENUE SECTION, MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial...Ch. 15 - CLOSING ENTRIES Using the spreadsheet and...Ch. 15 - REVERSING ENTRIES From the spreadsheet in Exercise...Ch. 15 - ADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare...Ch. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND...Ch. 15 - A friend of yours has the opportunity to invest in...Ch. 15 - Dominique Fouque owns and operates Dominiques Doll...Ch. 15 - John Byers owns and operates Byers Building...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...