FUND. ACCOUNTING PRINCIPLES >CUSTOM<
24th Edition
ISBN: 9781307417692
Author: Wild
Publisher: MCG/CREATE
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Textbook Question
Chapter 2, Problem 10E
Exercise 2-10 Preparing a
After recording the transactions of Exercise 2-9 in T-accounts and calculating the balance of each account, prepare a trial balance. Use May 31 as its report date.
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Page 3
Requirements
a) Extract a trial balance on August 31st.
b) Prepare an Income Statement for the month ended August 31st, the owner’s equity statement and a Balance Sheet as at that date
Instructions :
Q. 1 Journalize the transactions shown above.
Q. 2 Post to the ledger and display the balance in each account after all the transactions have been
posted.
Q. 3 Prepare unadjusted trial balance, for the month of August 31, 2016.
Q. 4 Determine the following:
a. Amount of total revenue recorded in the ledger.
b. Amount of total expenses recorded in the ledger.
Q#6 As of December 31, the end of the current year, the account for Asad Company prepared a trial balance and an adjusted trial balance. The two trial balances are as follows:
Trial Balance
Adjusted Trial Balance
Name of Accounts
Debit
Credit
Debit
Credit
Cash
19,750
19,750
Account Receivable
10,400
10,400
Supplies
9,880
3,460
Prepaid Insurance
2,700
700
Land
47,500
47,500
Building
107,480
107,480
Accumulated Depreciation-Building
79,600
84,400
Truck
72,000
72,000
Accumulated Depreciation-Truck
32,800
50,900
Account Payable
8,920
9,520
Salaries Payable
-
1,450
Unearned Service Fees
7,500
920
Asad, Capital
93,890
93,890
Asad, Drawing
24,000
24,000
Service Fees Earned
170,680
177,260
Salary Expense
81,200
82,650
Depreciation Expense-Truck
-
18,100
Rent Expense…
Chapter 2 Solutions
FUND. ACCOUNTING PRINCIPLES >CUSTOM<
Ch. 2 - Prob. 1DQCh. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - What kinds of transactions can be recorded in a...Ch. 2 - Are debits or credits typically listed first in...Ch. 2 - Should a transaction be recorded first in a...Ch. 2 - If assets are valuable resources asset accounts...Ch. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Identify the four financial statements of a...
Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Identifying source documents C1 Identify the items...Ch. 2 - Identifying financial statement accounts C2...Ch. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Identifying normal balance C4 Identify the normal...Ch. 2 - QS 2–5
Linking debit or credit with normal...Ch. 2 - Prob. 6QSCh. 2 - Analyzing debit or credit by account A1 Identify...Ch. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Preparing journal entries P1 Prepare general...Ch. 2 - Preparing an income statement P3 Liu Zhang...Ch. 2 - Preparing a statement of owner's equity P3 Use the...Ch. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Exercise 21 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Exercise 2-3 Identifying a ledger and chart of...Ch. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Exercise 28 Preparing Taccounts (ledger) and a...Ch. 2 - Prob. 9ECh. 2 - Exercise 2-10 Preparing a trial balance P2 After...Ch. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Exercise 2-13 Entering transactions into...Ch. 2 - Exercise 2-14 Preparing general journal entries P1...Ch. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Exercise 2-22 Calculating and interpreting the...Ch. 2 - Exercise 2-23 Preparing journal entries P1 Prepare...Ch. 2 - Prob. 1APSACh. 2 - Prob. 2APSACh. 2 - Prob. 3APSACh. 2 - Prob. 4APSACh. 2 - Prob. 6APSACh. 2 - Prob. 7APSACh. 2 - Prob. 1BPSBCh. 2 - Prob. 2BPSBCh. 2 - Prob. 3BPSBCh. 2 - Prob. 4BPSBCh. 2 - Problem 2-5B Computing net income from equity...Ch. 2 - Prob. 6BPSBCh. 2 - Problem 2-7B Preparing an income statement,...Ch. 2 - SP 2 On October 1, 2019, Santana Rey launched a...Ch. 2 - Using transactions from the following assignments...Ch. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Refer to Apple's financial statements in Appendix...Ch. 2 - Prob. 2AACh. 2 - Key comparative figures for Apple, Google, and...Ch. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTN
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- Accounting cycle From the following list of steps in the accounting cycle, identify what two steps are missing: A. Transactions are analyzed and recorded in the journal. B. Transactions are posted to the ledger. C. An unadjusted trial balance is prepared. D. An optional end-of-period spreadsheet is prepared. E. Adjusting entries are journalized and posted to the ledger. F. An adjusted trial balance is prepared. G. Financial statements are prepared. H. A post-closing trial balance is prepared.arrow_forwardBrief Exercise 2-33 Posting Journal Entries Listed below are selected T-accounts and their beginning balances for Galle Inc. Required: Post the journal entries from Brief Exercise 2-32 to these accounts and compute the ending balance for each account.arrow_forwardExercise 2-46 Normal Balances and Financial Statements The following accounts are available for Haubstadt Shoe Works: Required; Using a table like the one below, indicate whether each account normally has a debit or credit balance and indicate on which of the financial statements (income statement. retained earnings statement. or balance sheet) each account appears.arrow_forward
- Cornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. a. Accounts Payable e. Equipment b. Accounts Receivable f. Common Stock c. Retained Earnings g. Salary Expense d. Sales h. Repair Expense Required: For each of the acmums1 complete the following table by entering the normal balance of the account (debit or credit) and the word increase or decrease in the debit and credit columns.arrow_forwardCornerstone Exercise 2-26 Preparing a Trial Balance Listed below are the ledger accounts for Borges Inc. at December 31, 2019. All accounts have normal balances. Required: Prepare a trial balance for Borges at December 31. 2019.arrow_forwardAppendix Completing an end-of-period spreadsheet Alert Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet for Alert Security Services Co.: Appendix Financial statements from an end-of-period spreadsheet Based on the data in Exercise 4-25, prepare an income statement, statement of owners equity, and balance sheet for Alert Security Services Co.arrow_forward
- Sample #2 - Using the attached general journal entries: Post the transactions to the general ledger and balance off each account Extract a trial balance on August 31st. Prepare an Income Statement for the month ended August 31st, the owner’s equity statement and a Balance Sheet as at that datearrow_forwardExercise 3-7: Each account has a normal balance. Classify each of the following items found on Vail Resorts’ 2014 financial statements included in the Form 10-K for the year ended July 31, 2014, according to (1) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders’ equity (SE) item and (2) whether it has a normal balance of a debit (D) or a credit (C). Item: Classified as Normal Balance Trade receivables, net of allowances Segment operating expenses--lodging Common stock Income taxes payable Net revenue--mountain Interest expense, net Property, plant and equipment, net Accounts payable and accrued liabilities Retained earnings Long-term debtarrow_forwardRequirements: 1.Journal2.Posting trial balance Financial statements3.(Income, balance, sheet, cash flow, statement of changes in owner's equity)4.Closing trial balancearrow_forward
- Balance sheet Using the following data for Sentinel Travel Service as well as the statement of owner's equity shown in Practice Exercise 15B, prepare a report form balance sheet as of August 31, 2019: Accounts payable 44,600 Accounts receivable 75,000 Cash 45,000 Land 310,000 supplies 4,700arrow_forwardExercise 2-53 Preparing a Trial Balance Preparation The fo1lowing accounts and account balances are available for Badger Auto Parts at December 31, 2019: Required: Prepare a trial balance. Assume that all accounts have normal balances.arrow_forward
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