HORNGREN'S M&F ACCT LL/W TCC CODE >IC<
6th Edition
ISBN: 9781323791950
Author: MILLER-NOBLES
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 2, Problem 2.11E
Creating a chart of accounts
Raymond Autobody Shop has the following accounts:
Accounts Payable
Cash
Utilities Expense
Automotive Supplies
Dividends
Service Revenue
Equipment
Common Stock
Advertising Expense
Unearned Revenue
Create a chart of accounts for Raymond Autobody Shop using the standard numbering system. Each account is separated by a factor of 10. For example, the first asset account will be 100 and the next asset account will 110.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Raymond Autobody Shop has the following accounts:
A (Click the icon to view the accounts.)
Create a chart of accounts for Raymond Autobody Shop using the standard numbering system. Each account is separated by a factor of 10. For example, the first asset account will be 100 and the next asset account will 110.
(Use the first available line under each section, Asset, Liabilities, etc., when selecting the accounts. If a box is not used, leave the box empty; do not select any labels.)
Balance Sheet Accounts
- X
More info
Assets
Liabilities
Equity
Accounts Payable
Service Revenue
Cash
Equipment
Utilities Expense
Common Stock
Automotive Supplies
Advertising Expense
Income Statement Accounts
Dividends
Unearned Revenue
(Part of Equity)
Retained Earnings
Revenues
Expenses
Print
Done
Creating a chart of accounts
Raymond Autobody Shop has the following accounts: Accounts Payable Service Revenue
Create a chart of accounts for Raymond Autobody Shop using the standard numbering system. Each account is separated by a factor of 10. For example, the first asset account will be 100 and the next asset account will 110.
Your company uses account numbers as well as account names in their chart of accounts. They also utilize sub-accounts on the profit and loss accounts. Parent accounts typically end with a "0," and sub-accounts end with digits "1" through "9". For example, 510 would be the parent account, and all accounts 511-519 would be sub-accounts of account 510. Looking at the screenshot below from your company's chart of accounts, please explain the issue and how it should be corrected.
Chapter 2 Solutions
HORNGREN'S M&F ACCT LL/W TCC CODE >IC<
Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability? a....Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 5QCCh. 2 - Prob. 6QCCh. 2 - Posting a 2,500 purchase of office supplies on...Ch. 2 - Prob. 8QCCh. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathville Laundry reported assets of 800 and...
Ch. 2 - Identify the three categories of the accounting...Ch. 2 - What is the purpose of the chart of accounts?...Ch. 2 - What does a ledger show? Whats the difference...Ch. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - When are credits increases? When are credits...Ch. 2 - Prob. 8RQCh. 2 - What are source documents? Provide examples of...Ch. 2 - Prob. 10RQCh. 2 - Explain the five steps in journalizing and posting...Ch. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - What is the purpose of the trial balance?Ch. 2 - Prob. 15RQCh. 2 - If total debits equal total credits on the trial...Ch. 2 - What is the calculation for the debt ratio?...Ch. 2 - Identifying accounts Consider the following...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying normal balances For each account,...Ch. 2 - Prob. 2.4SECh. 2 - S2-5 Journalizing transactions
John Daniel opened...Ch. 2 - S2-6 Journalizing transactions
Harper Sales...Ch. 2 - Prob. 2.7SECh. 2 - Prob. 2.8SECh. 2 - Prob. 2.9SECh. 2 - Using accounting vocabulary March the accounting...Ch. 2 - Creating a chart of accounts Raymond Autobody Shop...Ch. 2 - Identifying accounts, increases in accounts, and...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying source documents For each transaction,...Ch. 2 - Analyzing and journalizing transactions As the...Ch. 2 - Use the following information to answer Exercises...Ch. 2 - Prob. 2.17ECh. 2 - Use the following information to answer Exercises...Ch. 2 - Use the following information to answer Exercises...Ch. 2 - Analyzing transactions from T-accounts The first...Ch. 2 - Prob. 2.21ECh. 2 - E2-22 Preparing a trial balance
The accounts of...Ch. 2 - Prob. 2.23ECh. 2 - Prob. 2.24ECh. 2 - Prob. 2.25ECh. 2 - Prob. 2.26ECh. 2 - Prob. 2.27ECh. 2 - Prob. 2.28ECh. 2 - P2-29A Journalizing transactions, posting journal...Ch. 2 - P2-30A Journalizing transactions, posting journal...Ch. 2 - Prob. 2.31APCh. 2 - Prob. 2.32APCh. 2 - Prob. 2.33APCh. 2 - Prob. 2.34APCh. 2 - Prob. 2.35BPCh. 2 - Prob. 2.36BPCh. 2 - Prob. 2.37BPCh. 2 - Prob. 2.38BPCh. 2 - Prob. 2.39BPCh. 2 - Prob. 2.40BPCh. 2 - Prob. 2.42CPCh. 2 - Prob. 2.43PSCh. 2 - Prob. 2.1TICh. 2 - Your friend, Dean McChesney, requested that you...Ch. 2 - Prob. 2.1EICh. 2 - Roy Akins was the accounting manager at Zelco, a...Ch. 2 - Prob. 2.1FSCCh. 2 - In 35 words or fewer, explain the difference...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 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_forwardThe first step in posting the sales journal to the general ledger is to total and verify the equality of the amount columns. enter the date in the Date column of the ledger account. enter the new balance in the Balance columns of the ledger account. enter the ledger account number below the column totals in the journal.arrow_forwardAssign the appropriate 3-digit account number to each account and place them under the correct headings. Initially the number the accounts by 10. Answer: 2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer:arrow_forward
- Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. SALES JOURNAL Page: 79 Date Account InvoiceNo. Ref. DR Accts.ReceivableCR Sales DR COGSCR MerchandiseInventory 2019 Feb. 4 Evert Company 17433 E123 2,000.00 Feb. 8 King Inc. 17434 K331 775.30 Feb. 14 Martina Inc. 17435 M132 2,301.99 Feb. 16 Shriver Company 17436 S101 700.00 Total fill in the blank 1 CASH RECEIPTS JOURNAL Page: 102 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, or OtherAccounts CR 2019 Feb. 1 Cash Sales 475.00 475.00 Feb. 5 Payment from Evert Co. 17433 1,960.00 40.00 2,000.00 Feb. 15 Bank loan 230 1,500.00 1,500.00 Feb. 21 Payment from…arrow_forwardFill in each of the following T-accounts for Belle Co.’s seven transactions listed here. The T-accounts represent Belle Co.’s general ledger. Code each entry with transaction number 1 through 7 (in order) for reference.arrow_forwardSelect the letter of the item below that best matches the definitions that follow. a. Balance Sheet Standard report. b. To date c. Summary Balance Sheet report d. QuickZoom e. Transactions by Account report f. % of Column g. Memorizing a report h. Divided by 1000 1. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to add a column representing the percentage of each item compared to total assets. 2. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to round amounts to the nearest whole dollar. 3. ________ The start of the reporting period. 4. ________ A financial statement reporting in detail the assets, liabilities, and equities of a business as of a certain date. 5. ________ A process by which modified reports are saved for later use. 6. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to report amounts in thousands. 7. ________ The end…arrow_forward
- Match each of the five items listed below with one of the following 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 the…arrow_forward2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer: Type answer here. 3. Prepare a T account for each transaction. Label the account title for each account affected. Use the chart for accounts you created in question 1. Write the debit and credit amounts for each T account to show how the accounts are affected. The first one is done. c. Received cash from owner, Roger Fisher, as an investment, $10,000.00 d. Paid cash for insurance, $ 2, 400.00 e. Bought supplies on a account to Salmon Slayers, $600.00 Paid cash for fuel, $500.00 Paid cash to owner, Roger Fisher, for personal use, $1,250.00arrow_forwardWorking with T-accounts Draw a T-account and label the following: 1. Account title, use Cash 2. Debit side 3. Credit side Next, post the following amounts to the Cash T-account: a. $4,500, debit b. $3,000 credit c. $900 debit d. $450 credit Then, find and insert the ending balance of the T-account.arrow_forward
- Prepare the following journal entries. a. sales on account are $ 8,200. b.customer returns $ 1,200.arrow_forwardDirections: Classify each account according to its category. Put a check (/) on the right column where each item belongs. Write your answers on a separate sheet of paper. Account Assets Liabilities Title Owner's Revenue Equity Non- Non- Expenses Current Current Current Curreni Asseta Liahilities Assets Liabilities 1. Cash 2. Accounts Payable 3. Building 4. Mortgage Payable 5. Service Revenues 6. Accounts Reccivable 7. Salaries Expense 8. Inventory 9. Rent Expense 10. Unearned Service Revenuearrow_forwardUsing the following revenue journal for Zeta Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts:arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubCollege Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage LearningCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeFinancial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
ACCOUNTING BASICS: Debits and Credits Explained; Author: Accounting Stuff;https://www.youtube.com/watch?v=VhwZ9t2b3Zk;License: Standard Youtube License