MYLAB ACCOUNTING WITH PEARSON ETEXT --
7th Edition
ISBN: 2819120053883
Author: MILLER-NOBLES
Publisher: PEARSON
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Chapter 2, Problem 2.30AP
(1)
To determine
To prepare:
Introduction: The financial statements of a company include the
(2)
To determine
To prepare: The T-accounts for each item.
Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
(3)
To determine
To record: The journal entries to T-accounts.
Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
(4)
To determine
To prepare: The
Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
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You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows:
Journal Entries, 20Y4
PAGE 15
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
Jan. 1
Cash
1,008,960.00
↑
2
Premium on Bonds Payable
58,960.00
↑
3
Bonds Payable
950,000.00
↑
4
Jun. 30
Interest Expense
18,427.00
↓
5
Premium on Bonds Payable
2,948.00
↓
6
Cash
21,375.00
↓
7
Jul. 1
Cash
1,729,164.00
↑
8
Discount on Bonds Payable
70,836.00
↓
9…
Task: create a journal entry and T accounts with the following transaction
MAB cleaning services is owned and established by Marc Anthony Barez. As initial capital. Barez gave 590,000 worth of cash and 900,100 worth of equipments. As initial transaction for the month of january1. purchased office furniture 84,750 on account under CBA furniture2. bought supplies worth 12,220 in cash3. render a service to a client on account 8,5204. pays employee's salary 16,5005. render services to a client 23,0006. received payment for the services rendered on jan 37. pays utilities for the month 2,3008. washed clothes for mr. alvin 13,5009. pays rent expense 2,50010. mr. barez withdrawals 21,50011. renders service for ms. fontanilla on account 17,50012. bought new equipment worth 78,250 on accounts
Check my
The following transactions took place at the Cook Employment Agency during November 20X1.
DATE
TRANSACTIONS
5 Performed services for Job Search, Inc., for $40,000; received $19,000 in cash and the client promised to pay the balance
in 60 days.
18 Purchased a graphing calculator for $425 and some supplies for $575 from office Supply; issued Check 1008 for the total.
23 Received Invoice 1602 for $2,100 from Automotive Technicians Repair for repairs to the firm's automobile; issued Check 1009
for half the amount and arranged, to pay the other half in 30 days.
Nov.
Prepare journal entries for the above transactions.
View transaction list
Chapter 2 Solutions
MYLAB ACCOUNTING WITH PEARSON ETEXT --
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 - Prob. 2.5SECh. 2 - Prob. 2.6SECh. 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 - Prob. 2.17ECh. 2 - Prob. 2.18ECh. 2 - Analyzing transactions from T-accounts The first...Ch. 2 - Prob. 2.21ECh. 2 - Prob. 2.22ECh. 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 - Prob. 2.29APCh. 2 - Prob. 2.30APCh. 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. 2.41CPCh. 2 - Prob. 2.42PSCh. 2 - Prob. 2.1CTDCCh. 2 - Prob. 2.1CTEICh. 2 - Prob. 2.1CTFCCh. 2 - Prob. 2.1CTCA
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