College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 2, Problem 1E
To determine
Record the fundamental
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Analyze each of the following transactions in terms of their effects on the accounting equation of Osgood Delivery Service. Enter the correct amounts in the columns of the spreadsheet
Accounting systems are designed to show the increases and decreases in each accounting equation element as a separate record. This record is called a/an ________.
Group of answer choices
chart of accounts
balance sheet
trial balance
account
Posting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.
Chapter 2 Solutions
College Accounting (Book Only): A Career Approach
Ch. 2 - Determine the balance of the following T account:
...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 3QYCh. 2 - R. Nelson invests his personal computer, with a...Ch. 2 - When preparing a trial balance, which of the...Ch. 2 - What would be the net income for Floress Catering?...Ch. 2 - On which financial statement(s) would R. Flores,...Ch. 2 - What is the amount of ending capital shown on the...Ch. 2 - Floress Catering purchased equipment that cost...Ch. 2 - Prob. 1DQ
Ch. 2 - Explain why the term debit doesnt always mean...Ch. 2 - Prob. 3DQCh. 2 - How are the three financial statements shown in...Ch. 2 - Prob. 5DQCh. 2 - List two reasons why the debits and credits in the...Ch. 2 - Prob. 7DQCh. 2 - What do we mean when we say that capital, drawing,...Ch. 2 - Prob. 1ECh. 2 - List the classification of each of the following...Ch. 2 - R. Dalberg operates Dalbergs Tours. The company...Ch. 2 - During the first month of operation, Graham...Ch. 2 - Speedy Sewing Services, owned by T. Nguyen, hired...Ch. 2 - During the first month of operations, Landish...Ch. 2 - The following errors were made in journalizing...Ch. 2 - Would the following errors cause the trial balance...Ch. 2 - During December of this year, G. Elden established...Ch. 2 - B. Kelso established Computer Wizards during...Ch. 2 - S. Myers, a speech therapist, opened a clinic in...Ch. 2 - On May 1, B. Bangle opened Self-Wash Laundry. His...Ch. 2 - The financial statements for Daniels Custom...Ch. 2 - During February of this year, H. Rose established...Ch. 2 - J. Carrie established Carries Photo Tours during...Ch. 2 - D. Johnston, a physical therapist, opened...Ch. 2 - On July 1, K. Resser opened Ressers Business...Ch. 2 - The financial statements for Baker Custom Catering...Ch. 2 - Prob. 1ACh. 2 - What Would You Say? A fellow accounting student...Ch. 2 - Prob. 3A
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- On a sheet of paper, draw the fundamental accounting equation with T accounts under each of the account classifications, with plus and minus signs and debit and credit on the appropriate side of each account. Under each of the classifications, draw T accounts, again with the correct plus and minus signs and debit and credit, for each of the following accounts of Davie Engine Repair.arrow_forwardClassify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.arrow_forwardClassify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.arrow_forward
- Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Event External event Internal event Transaction Source document Account Chart of accounts General ledger Debit Credit Double-entry system Journal Posting Journalizing General journal Trial balance A numerical list of all accounts used by a company. A list of each account and its balance; used to prove equality of debits and credits. A happening of consequence to an entity. An entry on the right side of an account. An event occurring entirely within an entity. A piece of paper that is used as evidence to record a transaction. The act of recording journal entries. An entry on the left side of an account. The process of transferring amounts from a journal to the ledger accounts. An event involving interaction between an entity and its environment. A record used to accumulate amounts for each individual asset, liability, revenue, expense, and component of stockholders equity. A book, a file, a hard drive, or another device containing all of the accounts. A chronological record of transactions. Any event that is recognized in a set of financial statements. The journal used in place of a specialized journal. A system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance.arrow_forwardRecord each of the following transactions or recognitions in T-account format, label the accounts used, and indicate for each account whether it is an asset (A), liability (L), revenue (R), expense (E), or ownersâ equity (OE) account. Make only those entries required to record an event or transaction; do not include balances that may exist in the account as a result of earlier entries. Make sure that the sum of your debit entries equals the sum of your credit entries. Â a. Company Q sells $4,000 of merchandise to a customer; this merchandise is valued in inventory at $3,200. Â b. Company Q purchases, on credit, merchandise normally valued at $8,000; because of the size of the order, Qâs vendor provides a 5 percent quantity discount. Â c. Company Q pays $600 of accrued interest payable on its bank loan. Â d. Company Q receives $300 due in rent for this month from a tenant who rents an office suite in Qâs headquarters building. Â e. Company Q borrows an additional $10,000 from the bank.âĤarrow_forwardJensen Cleaning Service uses the listed accounts. Prepare two T accounts for each transaction. On each T account, select the account title of one of the accounts affected by the transaction. Enter the debit or credit amount in each T account to show the transactionâs effect.arrow_forward
- Analyze each separate transaction by showing its effects on the accounting equation- specifically, identify the accounts and amounts for each transaction. (Enter all amounts as positive values.)arrow_forwardBelow are the steps in the measurement process of external transactions. Arrange them from first (1) to last (6).__________ a. Post the transaction to the T-accounts in the general ledger.__________ b. Assess whether the impact of the transaction results in a debit or credit to account balances.__________ c. Use source documents to identify accounts affected by an external transaction.__________ d. Analyze the impact of the transaction on the accounting equation.__________ e. Prepare a trial balance.__________ f. Record the transaction using debits and credits.arrow_forwardIn the columns Below insert the entry that would be made for each transaction under each accounting basis use an appropriate debit and credit account titlesarrow_forward
- Match each of the five items listed below with one of the followingâ locations: 1. Located on the Income Statement debit column of the worksheet 2. Located on the Income Statement credit column of the worksheet 3. Located on the Balance Sheet debit column of the worksheet 4. Located on the Balance Sheet credit column of the worksheet                                               a. Sales Returns and Allowances                                               b. Accrued Salaries Payable                                               c. Sales                                               d. Merchandise Inventory                                               e. Accounts Receivable  a. Sales Returns and Allowance   1. Located on the Income Statement debit column of the worksheet  2. Located on the Income Statement credit column of the worksheet  3. Located on the Balance Sheet debit column of the worksheet  4. Located on the Balance Sheet credit column of theâĤarrow_forwardThe following information pertains to Crossroads Consulting, Inc. Match each of the following parts of Crossroads accounting information system in the left-hand column with the appropriate item(s) from the right-hand column. You may use items in the right-hand column more than once or not at all. There may be several answers for each item in the left-hand column. You may choose items in the right-hand column more than once.arrow_forwardIndicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet Debit, Balance Sheet Credit) in which the balances of the following accounts should appear: a. S. Moon, Drawing b. Utilities Expense c. Merchandise Inventory (ending) d. Purchases Discounts e. Unearned Rent f. Sales Returns and Allowances g. Accumulated Depreciation, Equipment h. Income Summary i. Service Income j. Prepaid Insurancearrow_forward
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