FINANCIAL+MANAGERIAL ACCOUNTING
9th Edition
ISBN: 9781264560295
Author: Wild
Publisher: MCG
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Question
Chapter 2, Problem 11QS
a.
To determine
Concept Introduction:
Journalizing transactions: The process of recording transactions into journals is called journalizing. A journal is a complete record of each transaction, it also shows debit and credits for each transaction. Some transactions require more than one debit or credit, this kind of transaction where a
The compound journal entry for each of the given transactions.
b.
To determine
Concept Introduction:
Journalizing transactions: The process of recording transactions into journals is called journalizing. A journal is a complete record of each transaction, it also shows debit and credits for each transaction. Some transactions require more than one debit or credit, this kind of transaction where a journal entry has more than one debit or credit is called a compound entry.
The compound journal entry.
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Enter all the stuff in the general journal
Groro Co. Bills a client $62,000 for services provided and agrees to accept the following 3 items as full payment $10,000 cash, equipment worth $80,000 and to assume responsibility for a $28,000 note payable related to the equipment.
question: record the transaction in journal entry form.
date
general journal
debit
credit
general journals are either cash,equipment revenue, supplies, accounts payable, note payable, common stock or revenue
An entity purchases office equipment for 525,000 on account. Select the appropriate journal entry to record this transaction.
A. Office expense= 525,000
Accounts payable= 525,000
B. Office equipment= 525,000
Accounts payable= 525,000
C. Accounts Payable = 525,000
Office expense= 525,000
D. Accounts payable= 525,000
Office equipment = 525,000
Chapter 2 Solutions
FINANCIAL+MANAGERIAL ACCOUNTING
Ch. 2 - Prob. 1QSCh. 2 - Prob. 2QSCh. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QS
Ch. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 16QSCh. 2 - Prob. 17QSCh. 2 - Prob. 18QSCh. 2 - Prob. 19QSCh. 2 - Exercise 2-1 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Exercise 2-20 Identifying effects of posting...Ch. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 25ECh. 2 - Prob. 26ECh. 2 - Prob. 27ECh. 2 - Prob. 28ECh. 2 - Prob. 29ECh. 2 - Prob. 1PSACh. 2 - Problem 2-2A Preparing and posting journal...Ch. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 7PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Prob. 1.1AACh. 2 - Prob. 1.2AACh. 2 - Prob. 1.3AACh. 2 - Prob. 1.4AACh. 2 - Prob. 2.1AACh. 2 - Prob. 2.2AACh. 2 - Prob. 2.3AACh. 2 - Prob. 3.1AACh. 2 - Prob. 3.2AACh. 2 - Prob. 3.3AACh. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
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Similar questions
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- H1. Accountarrow_forwardDirections: Post each journal entry to its corresponding ledger. Write your answers on a separate sheet of paper. 1. The owner purchased supplies worth P10,000. GENERAL JOURNAL Page 1 Date Account Titles and Explanation P.R. Debit Credit 2019 Jul- 02 Supplies 103 P 10,000 Cash 101 P 10,000 To record purchase of supplies Account Name: Account No. Date Account Titles and J.R. Debit Credit Balance Explanations Account Name: Account No. Account Titles and Explanations Date J.R. Debit Credit Balance 2. The business received P8,000 for services rendered. GENERAL JOURNAL Page 2 Date Account Titles and Explanation P.R. Debit Credit 2019 Jul- 16 Cash 101 P 8,000 Service Revenue 401 P 8,000 To record cash received for services renderedarrow_forwardJournalize the following business transactions in general journal form. Identify each transaction by number. 1. The company issues stock in exchange for $40,000 cash. 2. Purchased $400 of supplies on credit. 3. Purchased equipment for $8,000, paying $2,000 in cash and signed a 30-day, $6,000, note payable. 4. Real estate commissions billed to clients amount to $4,000. Paid $700 in cash for the current month's rent. 6. Paid $200 cash on account for supplies purchased in transaction 2. 7. Received a bill for $600 for advertising for the current month. 8. Paid $2,200 cash for office salaries and wages. 9. The company paid dividends of $1,500. 10. Received a check for $3,000 from a client in payment on account for commissions billed in transaction 4. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "Ne for the account titles and enter O for the amounts.) 5.arrow_forward
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