FIN ACCT W/CONNECT >CI<
3rd Edition
ISBN: 9781259397547
Author: SPICELAND
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 2.4AP
To determine
Journal
Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.
To record: The transactions of Company JL for the month of July.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
34 Zeema's financial year ends on 30 September. She sublets part of her premises to Faith at an
annual rent of $6600.
On 1 October 20-3, Faith owed one month's rent. During the year ended 30 September 20-4,
Faith paid rent of $8250.
Write up Zeema's rent receivable account for the year ended 30 September 20-4. Balance the
account and show the amount transferred to the income statement.
a
b Prepare a relevant extract from Zeema's income statement for the year ended
30 September 20–4.
5 Mandeep's financial year ends on 30 June.
On 1 January 20-4, Mandeep sublet part of his premises to Mahender at an annual rent of $2600,
payable quarterly in advance. Mandeep received bank transfers from Mahender representing
three month's rent on 1 January, 1 April and 30 June 20-4.
Chris Nuts has a car repair business, Nuts and Bolts, that he started on 1 July 2020 afterhe lost his job during lockdown. The following are some of the transactions for the monthof May 2021
Transaction Number
Transactions
example
Paid rent of R2 450 for the month of May 2021.
1
Bought consumables during the month for R9 600 on credit. Allconsumables are purchased for immediate use.
2
Took a loan of R50 000 from his uncle Spanner Hardman. The loan bearsinterest at 9% per year payable monthly. The loan capital is payable in twoequal annual instalments, the first of which is payable on 31 May 2022.
3
Chris purchased electronic diagnostic equipment that had a marked price ofR40 000 with a 10% cash discount offered. Chris paid cash for theequipment which he put to use immediately.
4
Services fees for the month were as follows:- Cash deposited into the bank account R32 400.- On credit to businesses given 30 day accounts: R17 300.
5
Paid monthly interest on the loan taken…
Chuck recently purchased brand new equipment for his sign making business. He received an
invoice for $3.625 dated March 22 with terms 4/10, 2/20, n/60 Chuck paid $1,225 on April 1 and
$480 on April 11. What balance was still owed after April 112
Your Answer:
Answer
Chapter 2 Solutions
FIN ACCT W/CONNECT >CI<
Ch. 2 - Prob. 1RQCh. 2 - 2.List the steps we use to measure external...Ch. 2 - 3.Each external transaction will have a dual...Ch. 2 - 4.Describe the impact of each of these external...Ch. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 9RQCh. 2 - 10.Suzanne knows that an increase to an expense...
Ch. 2 - 11.What is a journal? What is a journal entry?Ch. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - Prob. 14RQCh. 2 - 15.Describe the events that correspond to the...Ch. 2 - 16.What does a T-account represent? What is the...Ch. 2 - Prob. 17RQCh. 2 - Prob. 18RQCh. 2 - Prob. 19RQCh. 2 - 20.If total debits equal total credits in the...Ch. 2 - List steps in the measurement process (LO21) Below...Ch. 2 - Balance the accounting equation (LO22) Using the...Ch. 2 - Suppose a local company has the following balance...Ch. 2 - Analyze the Impact of transactions on the...Ch. 2 - Understand the effect of debits and credits on...Ch. 2 - Prob. 2.6BECh. 2 - Record transactions (LO24) The following...Ch. 2 - Prob. 2.8BECh. 2 - Analyze T-accounts (LO25) Consider the following...Ch. 2 - Prob. 2.10BECh. 2 - Prob. 2.11BECh. 2 - Correct a trial balance (LO26) Your study partner...Ch. 2 - Listed below are several terms and phrases...Ch. 2 - Prob. 2.2ECh. 2 - Analyze the Impact of transactions on the...Ch. 2 - Analyze the Impact of transactions on the...Ch. 2 - Understand the components of retained earnings...Ch. 2 - Indicate the debit or credit balance of accounts...Ch. 2 - Associate debits and credits with external...Ch. 2 - Prob. 2.8ECh. 2 - Identify transactions (LO24) Below are recorded...Ch. 2 - Prob. 2.10ECh. 2 - Record transactions (LO24) Bearcat Construction...Ch. 2 - Correct recorded transactions (LO24) Below are...Ch. 2 - Correct recorded transactions (LO24) Below are...Ch. 2 - Prob. 2.14ECh. 2 - Post transactions to T-accounts (LO25) Consider...Ch. 2 - Identify transaction (LO25) Below are T-accounts....Ch. 2 - Prob. 2.17ECh. 2 - Prepare o trial balance (LO26) Below is the...Ch. 2 - Prob. 2.19ECh. 2 - Prob. 2.20ECh. 2 - Below is a list of activities for Jayhawk...Ch. 2 - Prob. 2.2APCh. 2 - Prob. 2.3APCh. 2 - Prob. 2.4APCh. 2 - Refer to the transactions described in P24A. Keep...Ch. 2 - Prob. 2.6APCh. 2 - Prob. 2.7APCh. 2 - Prob. 2.8APCh. 2 - Prob. 2.9APCh. 2 - Analyze the impact of transactions on the...Ch. 2 - Prob. 2.2BPCh. 2 - Prob. 2.3BPCh. 2 - Record transactions (LO24) Flip Side of P25B Eli...Ch. 2 - Prob. 2.5BPCh. 2 - Prob. 2.6BPCh. 2 - Prob. 2.7BPCh. 2 - Prob. 2.8BPCh. 2 - Prob. 2.9BPCh. 2 - Prob. 2.1APCPCh. 2 - Prob. 2.2APFACh. 2 - Prob. 2.3APFACh. 2 - Prob. 2.4APCACh. 2 - Prob. 2.5APECh. 2 - Prob. 2.6APIRCh. 2 - Prob. 2.7APWC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Collection of Amounts Previously Written Off Hannah purchased a laptop computer from Perry Corp. for $1,500. Hannah's receivable has been outstanding for over 180 days, and Perry determines that the total amount is uncollectible and writes off all of Hannah’s debt. Hannah later receives a windfall and pays the amount of her balance to Perry Corp. Make the appropriate journal entries (if any) to record the receipt of $450 by Perry Corp. If an amount box does not require an entry, leave it blank. Reverse portion write offarrow_forward1.1 Chris Nuts has a car repair business, Nuts and Bolts, that he started on 1 July 2020 after he lost his job during lockdown. The following are some of the transactions for the month of May 2021:TransactionnumberTransactionsexamplePaid rent of R2 450 for the month of May 2021.1Bought consumables during the month for R9 600 on credit. All consumables are purchased for immediate use.2Took a loan of R50 000 from his uncle Spanner Hardman. The loan bears interest at 9% per year payable monthly. The loan capital is payable in two equal annual instalments, the first of which is payable on 31 May 2022.3Chris purchased electronic diagnostic equipment that had a marked price of R40 000 with a 10% cash discount offered. Chris paid cash for the equipment which he put to use immediately.4Services fees for the month were as follows:- Cash deposited into the bank account R32 400.- On credit to businesses given 30 day accounts: R17 300.5Paid monthly interest on the loan taken from Spanner Hardman.…arrow_forwardOn June 7, 2022 your mother visits Jewel to purchase purchase shampoo, paper towels, toothpaste, and laundry detergent. She finds all of the items on her list and pays the cashier $40 in cash (including taxes) for her purchases. Your mother returns home to find you studying for Acc. 350 and you comment that she had a contract with Jewel. She states that she paid in cash ... no legal document was signed. Eplain why a contract existed between your mother and Jewel on June 7, 2022?arrow_forward
- 4. Two partners Mr. Abdullah and Mr. Yahya running their business. The business avails an overdraft limit of RO 50,000 with the Bank. Mr. Abdullah signed two cheques for payment dated 17-03-2020. The business communicated the bank that Mr. Abdullah passed away in a road accident on 15-03-2020. The customers present these two cheques for payment on 17-03-2020. What is the solution for this situation? ( my country Oman)arrow_forwardQuestion 2 of 40. Arlene lives in a 700-square-foot studio apartment. Her rent is $1,300 monthly. She runs her own catering business and cooks client meals in her kitchen. Arlene's kitchen is 300 square feet. She also cooks her personal meals in the kitchen. What percentage of her rent may Arlene deduct as a business-use-of-home expense? O 0% 43% 57% 100% Mark for follow uparrow_forward46. PR.03-17 Problem 3-17 Business Gifts (LO 3.9) Sam owns an insurance agency and makes the following business gifts during the year. Calculate Sam's deduction for business gifts. If an amount is zero, enter "0". Amount Amount Allowed Donee $35, plus $4 shipping $ 1. Ms. Sears (a client) 2. Mr. Williams (a tennis partner, 55 not a business prospect or client) 3. Mr. Sample (a client) and 22 Mrs. Sample (nonclient wife of Mr. Sample) 20 4. Various customers (calendars 300 costing $3 each with the company name on them) 5. Mr. Shiver (an employee gift, 175 a watch, for 25 years of continuous service) Total business gift deduction %24 %24 %24 %24 %24arrow_forward
- On march 4 she spent $20 on a lottery ticket, on mrach 7 she won $ 265000 in the lottery. on march 10 she deposited $80000 in a business chequing account, on march 14 she made a down payment of $150000 from her personal funds plus a home mortgage of $240000. on march 15 she signed a rental agreement for her office for $2000 per month starting march 15, she paid 1st month rent and rest on 15th of every month. on march 19, she hired a receptionist for $725 a week starting march 24, she bought office equipement for $8000. on march 21, she purchased $225 of supplies on account. on march 24 she purchased $6700 of equipment for $3000 plus a $3700 note payable due in 6 months. On march 31 she performed $3700 of legal services on account . On march 31 she received $2500 cash for legal services to be provided in april. On march 31 she paid her receptionist $725 for the week , On march 31 she paid $225 for the supplies purchased on march 21. prepare a tabular analysis of the effects of above…arrow_forwardRequired information (The following information applies to the guestions displayed below.] Eli owns an insurance office, while Olivia operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred. Olivia decides that she will need insurance for a one-day special event at the end of the month and Мay pays Eli $150 in advance. May 5 olivia provides maintenance services to Eli's insurance offices on account, $350. 7 Eli borrows $350 from Olivia by 'signing a note. May May 14 Olivia purchases maintenance supplies from Spot Corporation, paying cash of $125. May 19 Eli pays $350 to olivia for maintenance services provided on May 5. May, 25 Eli pays the utility bill for the month of May, $120. Olivia receives insurance services from Eli equaling the amount paid on May 2.. Мay May 31 Eli pays $350 to Olivia for money borrowed on May 7. 2. Using the format shown below, enter the impact of each transaction on the accounting…arrow_forwardRecord transactions for Long- a tax advisor Date 10-Apr 11-Apr 12-Apr Transaction: Long provided tax service to customer Martin and got paid $500. A new customer Tom paid Long $700 to book Long for tax service to be performed in July 10. Long provided $2,000 tax service to customer Chris on account. Chris promised to pay by Jun 30.arrow_forward
- 12. John moved out of his parents' home and into a one-bedroom apartment four months ago. He recorded his expenses over this period. Jan. 01-first and last months' rent - $1500 Jan. 07- activate cable - $75 Jan. 14-top up cellular telephone time - $25 Feb. 01-rent-$750 Feb. 15 - natural gas bill - $109 Feb. 24 - electricity bill - $56 Mar. 01-rent-$750 Mar. 10-cable bill -$62.58 Mar. 17- natural gas bill-$98 Mar. 30 -top up cellular telephone time - $40 Apr. 01- rent- $750 Apr. 19 - natural gas bill - $75 Apr. 25 - electricity bill - $55 a) Calculate John's expenses by type for the four months. b) Which expense is most likely to decrease over the next few months? a. a) rent- $3750 cable - $137.58 telephone - $65 natural gas - $282 electricity -$111 b) natural gas b. a) rent- $3000 cable - $137.58 telephone - $65 natural gas - $282 electricity - $111 b) electricity c. a) rent - $3750 cable - $137.58 telephone - $65 natural gas - $282 electricity - $101 b) cable d. a) rent - $3000 cable…arrow_forwardTwo partners Mr. Abdullah and Mr. Yahya running their business. The business avails an overdraft limit of RO 50,000 with the Bank. Mr. Abdullah signed two cheques for payment dated 17-03-2020. The business communicated the bank that Mr. Abdullah passed away in a road accident on 15-03-2020. The customers present these two cheques for payment on 17-03-2020. What is the solution for this situation?arrow_forwardMay 1 B.D. invests $4,350 cash in exchange for common stock to start his welding business, Sheridan Company. 3 Buys equipment on account for $1,055. 13 Pays $394 to landlord for May rent. 21 Bills Noble Corp. $530 for welding work done. (Use Service Revenue account.)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- PFIN (with PFIN Online, 1 term (6 months) Printed...FinanceISBN:9781337117005Author:Randall Billingsley, Lawrence J. Gitman, Michael D. JoehnkPublisher:Cengage LearningCornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
PFIN (with PFIN Online, 1 term (6 months) Printed...
Finance
ISBN:9781337117005
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Operating Loss Carryback and Carryforward; Author: SuperfastCPA;https://www.youtube.com/watch?v=XiYhgzSGDAk;License: Standard Youtube License