Fundamental Accounting Principles
25th Edition
ISBN: 9781260780222
Author: Wild, John
Publisher: MCGRAW-HILL HIGHER EDUCATION
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 21E
To determine
Introduction: The financial statements of a company include a
To compute: The value of the equipment.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
From the adjusting entries below, prepare the reversing entry(ies) that would be needed for January 1.
GENERAL JOURNALPage 1
DateDescriptionPostRef.
DebitCreditAdjusting EntriesDec.31Work in Process Inventory17,333.00Factory Overhead17,333.0031Interest Receivable2,367.00Interest Revenue2,367.0031Office Supplies Expense6,319.00Office Supplies6,319.0031Factory Overhead15,841.00Factory Supplies15,841.0031Bad Debt Expense4,320.00Allowance for Bad Debts4,320.0031Factory Overhead1,927.00Prepaid Insurance1,927.0031Factory Overhead6,210.00Accumulated Depreciation—FactoryBuilding6,210.0031Factory Overhead14,253.00Accumulated Depreciation—FactoryEquipment14,253.00
Select 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…
ssignments x
signment/assignmentOverview.do?filterMode=all&studentCourseSelector=199635
9 Cookie
Graces
Sady Teels
Final
Which of the following has the steps of the accounting cycle in the proper sequence? (Some
Score
steps may be missing.)
Attempt
a. analyze and record transactions, post transaction to the ledger prepare a trial balance, prepare
financial statements, journalize closing entries, analyze adjustment data and prepare adjusting
Score
entries
b. prepare financial statements, journalize closing entries and post to the ledger, analyze and record
transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data,
prepare adjusting entries
C. prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial
statements, journalize closing entries and post to the ledger analyze and record transactions, post
transactions to the ledger
Commen
d. analyze and record transactions, post transactions to the ledger, prepare a…
Chapter 2 Solutions
Fundamental Accounting Principles
Ch. 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 - 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 21 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Exercise 2-3 Identifying a ledger and chart of...Ch. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Exercise 2-10 Preparing a trial balance P2 After...Ch. 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 - Prob. 22ECh. 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 - Prob. 2PSACh. 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 - Problem 2-5B Computing net income from equity...Ch. 2 - Prob. 6PSBCh. 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. 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. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
Knowledge Booster
Similar questions
- The following transactions occurred for Luminary Engineering: View the transactions. View the journal entries. Read the requirements. Requirements 1 and 2. Post the journal entries (including dates) to the T-accounts. Compute the July 31 balance for each account. Use a "Bal." posting reference on the proper side of each account to show the ending balances of the accounts. (For accounts with a $0 balance, make sure to enter "0" in the appropriate input field on the normal side of the account.) Accounts Payable Cash Accounts Receivable Supplies Equipment Notes Payable Common Stock Dividends Service Revenue Utilities Expense Transactions Jul. 2 Jul. 4 Jul. 5 Jul. 10 Jul. 12 Jul. 19 Jul. 21 Jul. 27 Requirements Received $9,000 contribution from Bob Luminary in exchange for common stock. Paid utilities expense of $420. Purchased equipment on account, $2,400. Performed services for a client on account, $2,900. Borrowed $7,600 cash, signing a notes payable. Paid cash dividends of $500 to…arrow_forwardRequirements:a. Give all the necessary entries to correct the account on December 31, 2006. b. Using a T-Account, show the corrected balance of the delivery equipment by posting youradjusting entries.arrow_forwardProblem No. 4 On December 31, 2019, the bookkeeper of SNS Studio prepared its Trial Balance as follows: Account Titles Debit Credit Notes Receivable Supplies Accounts Payable Land SNS, Capital Cash Interest Revenue Notes Payable Operating Expenses Interest Expense Other Assets Service Revenue P6,000 P300 600 14,000 22,000 5,045 300 4,000 21,000 600 9,538 29,583 Total 56,483 56,483arrow_forward
- CengageNO X Cengage Di X M McGraw Hill x CengageNO X G Perimeter Re X SNarrative Sp X /takeAssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator%3D&inprogress=false Rederly Solve Statistical me... Cengage Sign In M McGraw Hill - Login Adjusting éntries for accrued salaries Instructions. Charz of Accounts Journal Instructions Perimeter Realty Co. pays weekly'salaries of $14,800 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Wednesday and (b) on Thursday. Refer to.the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.arrow_forwardA trial balance: lists only revenue and expense accounts; lists all accounts and their balances. will help detect omitted journal entries. detects all errors that could be made during the journalizing or posting steps of the accounting cycle.arrow_forwardCORRECTING ERRORS Assuming that all entries have been posted, prepare correcting entries for each of the following errors. The following entry was made to record the purchase of 400 in equipment on account: The following entry was made to record the payment of 200 for advertising: The following entry was made to record a 600 payment to a supplier on account:arrow_forward
- ________ takes all transactions from the journal during a period and moves the information to a general ledger (ledger). A. Hitching B. Posting C. Vetting D. Laxingarrow_forwardSelect the best answer for the question 12. One of the primary purposes of preparing a trial balance is to O A. rearrange the accounts in alphabetical order OB. determine that the total dollar amount of the debits equals the total dollar ambam of the credits OC. ensure that the number of accounts with debit balances is equal to the number of accounts with credit balances OD. prepare the accounts for posting to the ledger # Mark for review (Will be highlighted on the review page) << Previous Question Type here to search Next Questio Oarrow_forwardAdditional Activities Directions: Do the task listed bélow using the transacions of Matapang Company for Deccmber 2019. Writc your answers on a separate sheet of paper. 1. Prepare the journal entries. 2. Post each transaction to its ledger account. 3. Prepare the trial balance. 4. Use the provided account numbers. Ralph Matapang cstablishcd Happy Repair Busincss. The following are the transactions for the montb of Decembocr 2019. Dec. He invested P150,000 in the firm. He paid P8,000 for monthly rent. He bought supplies on account amounting to P7,200. He purchascd office equipment amounting to P75,000. paid P37,000 and the balance on account. 2. 2. 3. He paid accounts payable for supplies purchased worth P7,200. He paid P6,000 for the salary of an employec. He received P20,000 for services rendered. He billed clients P48,000 for services on account. 8. 14. 20. 28. 31. Matapang withdrew P12,000 for his personal use. 302 Matapang, Drawings 401 Service Revenue 101 Cash 102 Accounts…arrow_forward
- The following table lists the components needed to assemble an end Item, lead times (In weeks), and quantitles on hand. Amount on Hand Item Lead Time Direct Components End L(2), C(1), K(3) B(2), (3) G(2), B(2) H(4), B(2) 6. C. K. 4. 13 4' 18 33 4 26 4. H. Click here for the Excel Data Fle 6. If 43 units of the end Item are to be assembled, how many additional units of B are needed? (Hint You don't need to develop an MRP plan.) Additional unitsarrow_forwardOS x G is land an Xx Products, Services,... Transactions and T Accounts keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false 9k+ Dashboard Nutshell USAA / Welcome to... C Concur Solutions (1) Cengagel X (2) (3) (4) 1 The following selected transactions were completed during October of the current year: 1. Billed customers for fees earned, $48,020. 2. Purchased supplies on account, $2,060. 3. Received cash from customers on account, $45,140. 4. Paid creditors on account, $1,250. b Home | b x Account Fees Earned O E USAA Debit a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank. Transaction The Yale Credit Check My Work 2 more Check My Work uses remaining. X 48,020 000000 Week 2 A X All work saved. S Week 2 A X G What is X Office 365 SharePoi... 0 b. Post the entries prepared in (a) to…arrow_forwardTB 03-104 Which of the following is an example of an e... Which of the following is an example of an error that would not cause the trial balance to be out of balance? Multiple Choice A journal entry was posted as a debit to Cash and a credit to Sales Revenue when the company received a customer payment on account. A journal entry was posted as a debit to Wages Expense and a debit to Wages Payable. A journal entry was posted as a debit to Cash for $525 and credited to Accounts Receivable for $552. All of the choices errors would cause the trial balance to be out of balance.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeExcel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage LearningPkg Acc Infor Systems MS VISIO CDFinanceISBN:9781133935940Author:Ulric J. GelinasPublisher:CENGAGE L
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:9781133935940
Author:Ulric J. Gelinas
Publisher:CENGAGE L