Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 2, Problem 10AP
1, 2 and 4
To determine
Prepare the ledger accounts and enter the account balance from the
3
To determine
Prepare the general journal.
5.
To determine
Prepare the trail balance for February 28, 2014.
6.
To determine
Calculate the total revenues and the cash received from revenues and explain the business issues that arise from the differences.
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Selected transactions for Concord’s Dog Care are as follows during the month of March.
March 1
Paid monthly rent of $1,320.
3
Performed services for $150 on account.
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Performed services for cash of $85.
8
Purchased equipment for $660. The company paid cash of $90 and the balance was on account.
12
Received cash from customers billed on March 3.
14
Paid wages to employees of $580.
22
Paid utilities of $80.
24
Borrowed $1,650 from Grafton State Bank by signing a note.
27
Paid $240 to repair service for plumbing repairs.
28
Paid balance amount owed from equipment purchase on March 8.
30
Paid $1,980 for six months of insurance.
Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Sage Learning Centers was established on July 20 to provide educational services.The services provided during the remainder of the month are as follows:July 21. Issued Invoice No. 1 to J. Dunlop for $115 on account.22. Issued Invoice No. 2 to K. Tisdale for $350 on account.24. Issued Invoice No. 3 to T. Quinn for $85 on account.25. Provided educational services, $300, to K. Tisdale in exchange for educationalsupplies.27. Issued Invoice No. 4 to F. Mintz for $225 on account.30. Issued Invoice No. 5 to D. Chase for $170 on account.30. Issued Invoice No. 6 to K. Tisdale for $120 on account.31. Issued Invoice No. 7 to T. Quinn for $105 on account.Instructions1. Journalize the transactions for July, using a single-column revenue journal and atwo-column general journal. Post to the following customer accounts in the accountsreceivable ledger and insert the balance immediately after recording each entry:D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale.2. Post the revenue journal and the…
Below are four scenarios for a local Midas Muffler shop for the month of December.Scenario 1: On December 1, the balance of maintenance supplies totals $400. On December 15, the shop purchases an additional $200 of maintenance supplies with cash. By the end of December, only $100 of maintenance supplies remain.Scenario 2: On December 4, Midas receives $6,000 cash from a local moving company inan agreement to provide truck maintenance of $1,000 each month for the next six months, beginning in December.Scenario 3: Mechanics have worked the final four days in December, earning $600, but have not yet been paid. Midas plans to pay its mechanics on January 2.Scenario 4: Customers receiving $250 of maintenance services from Midas on December 29 have not been billed as of the end of the month. These customers will be billed on January 3 and are expected to pay the full amount owed on January 6.Required:For each of the scenarios:1. Indicate the type of adjusting entry needed.2. Record the…
Chapter 2 Solutions
Principles of Accounting
Ch. 2 - A company incurs a cost for a part that is needed...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - How are assets and expenses related, and why are...Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Tell whether each of the following accounts is an...Ch. 2 - Prob. 2SE
Ch. 2 - Prob. 3SECh. 2 - Prob. 4SECh. 2 - Prob. 5SECh. 2 - Prob. 6SECh. 2 - Prob. 7SECh. 2 - Prepare a general journal form like the one in...Ch. 2 - Prepare three ledger account forms like the one in...Ch. 2 - Prob. 10SECh. 2 - Prob. 11SECh. 2 - Prob. 12SECh. 2 - Which of the following events would be recognized...Ch. 2 - You are given the following list of accounts with...Ch. 2 - The following ledger accounts are for Afocentric...Ch. 2 - Prob. 4EACh. 2 - The accounts that follow are applicable to Harolds...Ch. 2 - Prob. 6EACh. 2 - Prob. 7EACh. 2 - Prob. 8EACh. 2 - After recording the transactions in E6A, prepare a...Ch. 2 - The list that follows presents Shah Companys...Ch. 2 - Which of the following errors would cause a trial...Ch. 2 - Prob. 12EACh. 2 - Record the transactions in E6A in the general...Ch. 2 - Prob. 14EACh. 2 - Prob. 15EACh. 2 - Prob. 16EACh. 2 - Highland Design Company creates radio and...Ch. 2 - The following accounts are applicable to Georges...Ch. 2 - Jennifer Lopez opened a school for administrative...Ch. 2 - Sid Patel bid for and won a concession to rent...Ch. 2 - Nordtown Company is a marketing firm. The companys...Ch. 2 - Prob. 6APCh. 2 - The following accounts are applicable to Raymonds...Ch. 2 - Prob. 8APCh. 2 - David Roberts began an upholstery cleaning...Ch. 2 - Prob. 10APCh. 2 - Prob. 1CCh. 2 - Prob. 2CCh. 2 - Prob. 3CCh. 2 - Prob. 4CCh. 2 - Prob. 5CCh. 2 - Prob. 6CCh. 2 - Prob. 7C
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