Gen Combo Looseleaf Intermediate Accounting; Connect Access Card
10th Edition
ISBN: 9781260696325
Author: David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 2, Problem 2.2E
• LO2–2
Prepare journal entries to record each of the transactions listed in E 2–1.
E 2–1
Transaction analysis
• LO2–1
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.
1. Issued 30,000 shares of common stock in exchange for $300,000 in cash.
2. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable was signed for the balance owed.
3. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system.
4. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000.
5. Paid $5,000 in rent on the warehouse building for the month of March.
6. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2018.
7. Paid $70,000 on account for the merchandise purchased in 3.
8. Collected $55,000 from customers on account.
9. Recorded
Required:
Analyze each transaction and show the effect of each on the
Example:
1. Assets + 300,000(cash) = Liabilities + Paid-In Capital +
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Required:
A…
Problem 5-3A Record transactions related to accounts receivable (LO5-3, 5-4, 5-5)
[The following information applies to the questions displayed below.]The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations.
June
12,
2021
Provide services to customers on account for $41,000.
September
17,
2021
Receive $25,000 from customers on account.
December
31,
2021
Estimate that 45% of accounts receivable at the end of the year will not be received.
March
4,
2022
Provide services to customers on account for $56,000.
May
20,
2022
Receive $10,000 from customers for services provided in 2021.
July
2,
2022
Write off the remaining amounts owed from services provided in 2021.
October
19,
2022
Receive $45,000 from customers for services provided in 2022.
December
31,
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Estimate that 45% of accounts receivable at the end of the year will not be received.
Problem 5-3A…
Chapter 5 Exercises i
Saved
49
Required information
Part 4 of 7
(The following information applies to the questions displayed below.)
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:
Accounts
Debit
Credit
1
$ 26,100
14,700
Cash
points
Accounts Receivable
Allowance for Uncollectible Accounts
$ 3,000
Supplies
Notes Receivable (6, due in 2 years)
Land
Skipped
3,600
15,000
80,000
Accounts Payable
Conmon Stock
Retained Earnings
7,900
95,000
33,500
eBook
Totals
$139,400
$139,400
Print
During January 2021, the following transactions occur:
2 Provide services to customers for cash, $46,100.
6 Provide services to customers on account, $83,400.
January
January
January 15 write off accounts receivable as uncollectible, $2,500.
January 20 Pay cash for salaries, $32, 500.
January 22 Receive cash on accounts receivable, $81,000.
January 25 Pay cash on accounts payable, $6,600.
January 30 Pay cash for utilities during January, $14,800.
References…
Chapter 2 Solutions
Gen Combo Looseleaf Intermediate Accounting; Connect Access Card
Ch. 2 - Explain the difference between external events and...Ch. 2 - Each economic event or transaction will have a...Ch. 2 - What is the purpose of a journal? What is the...Ch. 2 - Explain the difference between permanent accounts...Ch. 2 - Describe how debits and credits affect assets,...Ch. 2 - Describe how debits and credits affect temporary...Ch. 2 - What is the first step in the accounting...Ch. 2 - Prob. 2.8QCh. 2 - Prob. 2.9QCh. 2 - Prob. 2.10Q
Ch. 2 - What is an unadjusted trial balance? An adjusted...Ch. 2 - Define adjusting entries and discuss their...Ch. 2 - Define closing entries and their purpose.Ch. 2 - Define prepaid expenses and provide at least two...Ch. 2 - Deferred revenues represent liabilities recorded...Ch. 2 - Define accrued liabilities. What adjusting journal...Ch. 2 - Prob. 2.17QCh. 2 - [Based on Appendix A] What is the purpose of a...Ch. 2 - [Based on Appendix B] Define reversing entries and...Ch. 2 - [Based on Appendix C] What is the purpose of...Ch. 2 - Prob. 2.21QCh. 2 - Transaction analysis LO21 The Marchetti Soup...Ch. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Prob. 2.3BECh. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries; income determination LO24,...Ch. 2 - Prob. 2.12BECh. 2 - Journal entries LO22 Prepare journal entries to...Ch. 2 - T-accounts and trial balance LO23 Post the...Ch. 2 - Prob. 2.5ECh. 2 - Debits and credits LO22 Indicate whether a debit...Ch. 2 - Prob. 2.7ECh. 2 - Prob. 2.8ECh. 2 - Reversing entries Appendix 2B The employees of...Ch. 2 - Special journals Appendix 2C The White Companys...Ch. 2 - Prob. 2.24ECh. 2 - Prob. 2.3PCh. 2 - Prob. 2.4PCh. 2 - Prob. 2.8PCh. 2 - Prob. 2.12PCh. 2 - Judgment Case 21 Cash versus accrual accounting;...Ch. 2 - Communication Case 23 Adjusting entries LO24 I...Ch. 2 - Prob. 2.1DA
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