ACNT 1371 PRINT UPGRADE
10th Edition
ISBN: 9781260906554
Author: SPICELAND
Publisher: MCGRAW-HILL HIGHER 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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Pass Journal entries of attached picture
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,
2022
Estimate that 45% of accounts receivable at the end of the year will not be received.
Problem 5-3A…
ACB10103 BUSINESS ACCOUNTING 2021/22
QUESTION 2
31
Paid saiary amou
2. Below are transactions for April 20X3 for Mr Lam, a sole trader
Apr. 1
2 Bought goods worth RM1,000 on credit from Shaf
Paid rent amounting to RM200 in cash.
4 Deposited RM11,000 of the business cash into the bank accou
6 Sold goods worth RM600 on credit to Tan.
7 Bought stationery worth RM50 by cheque.
11 Made cash sales of RM100.
14 Returned goods worth RM150 to Shan.
15 Sold goods worth RM1,200 on credit to Ting.
18 Goods worth RM45 returned by Tan.
23 Paid RM850 to Shah by cheque.
25 Purchased goods worth RM250 by cash.
28 Received a cheque for RM500 from Ting.
31 Received RM100 commission in cash.
Started business with RM12,000 çash.
3.
Required:
(a) Record the above transactions in the relevant accounts.
(b) Balance off the accounts.
(c) Prepare a trial balance for Mr Lam as at 30 April 20X3.
TB 14150
%3D
Chapter 2 Solutions
ACNT 1371 PRINT UPGRADE
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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