ACC 201/202 MYACCLAB E-TEXT ONLY >I<
16th Edition
ISBN: 9781323118047
Author: Pearson
Publisher: PEARSON C
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Chapter 2, Problem 2.42PS
Journalizing transactions, posting to T-accounts, and preparing a
Consider the following transactional data for the first month of operations for Crystal Clear Cleaning.
| Nov. 1 | Stockholders contributed $35,000 and a truck, with a market value of $7,000, to the business in exchange for common stock. |
| 2 | The business paid $2,000 to Pleasant Properties for November through February rent. (Debit Prepaid Rent) |
| 3 | Paid $1,800 for a business insurance policy for the term November 1, 2017 through October 31, 2018. (Debit Prepaid Insurance) |
| 4 | Purchased cleaning supplies on account, $220. |
| 5 | Purchased on account an industrial vacuum cleaner costing $2,000. The invoice is payable November 25. |
| 7 | Paid $1,200 for a computer and printer. |
| 9 | Performed cleaning services on account in the amount of $3,800. |
| 10 | Received $300 for services rendered on November 9. |
| 15 | Paid employees, $350. |
| 16 | Received $12,000 for a 1-year contract beginning November 16 for cleaning services to be provided. Contract begins November 16, 2017, and ends November 15, 2018. (Credit Unearned Revenue) |
| 17 | Provided cleaning services and received $1,000 cash. |
| 18 | Received a utility bill for $250 with a due date of December 4, 2017. (Use Accounts Payable) |
| 20 | Borrowed $96,000 from bank with interest rate of 9% per year. |
| 21 | Received $900 on account for services performed on November 9. |
| 25 | Paid $1,000 on account for vacuum cleaner purchased on November 5. |
| 29 | Paid $500 for advertising. |
| 30 | Cash dividends of $200 were paid to stockholders. |
Requirements
1. Journalize the transactions, using the following accounts: Cash;
2. Open a T-account for each account.
3.
4. Prepare a trial balance as of November 30, 2017.
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Chapter 2 Solutions
ACC 201/202 MYACCLAB E-TEXT ONLY >I<
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 - Journalizing transactions Arkansas Sales...Ch. 2 - Prob. 2.6SECh. 2 - Prob. 2.7SECh. 2 - Preparing a trial balance Henderson Floor...Ch. 2 - Calculating debt ratio Vacuum Magic Carpet Care...Ch. 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 - Use the following information to answer Exercises...Ch. 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 - Journalizing transactions from T-accounts In...Ch. 2 - Preparing a trial balance The accounts of Aker...Ch. 2 - Preparing a trial balance from T-accounts The...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Prob. 2.25ECh. 2 - Prob. 2.26ECh. 2 - Correcting errors in a trial balance The following...Ch. 2 - Prob. 2.28ECh. 2 - Problems Group A Journalizing transactions,...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Correcting errors in a trial balance The trial...Ch. 2 - Preparing financial statements from the trial...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Prob. 2.38BPCh. 2 - Prob. 2.39BPCh. 2 - Prob. 2.40BPCh. 2 - Journalizing transactions, posting to T-accounts,...Ch. 2 - Journalizing transactions, posting to T-accounts,...Ch. 2 - Your friend, Dean McChesney, requested that you...Ch. 2 - Prob. 2.1CTEICh. 2 - Roy Akins was the accounting manager at Zelco, a...Ch. 2 - Prob. 2.1CTFSCCh. 2 - In 35 words or fewer, explain the difference...
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In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.arrow_forward
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