Financial Accounting - Access
4th Edition
ISBN: 9781259958533
Author: SPICELAND
Publisher: MCG
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Chapter 2, Problem 2.7BE
Record transactions (LO2–4)
The following transactions occur for the Panther Detective Agency during the month of July:
a. Purchase a truck and sign a note payable, $15,000.
b. Purchase office supplies for cash, $600.
c. Pay $800 in rent for the current month.
Record the transactions. The company uses the following accounts: Cash, Supplies, Equipment (for the truck), Notes Payable, and Rent Expense.
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Kk113.
On 30 June 2005 the company A got an invoice from the company B for the use of office space in the future. The invoice was in amount of 200,000 related to the next two years. The invoice was paid at that day.
Required: Present the influence of that business events on the financial statements from the perspective of Company A and Company B. Particularly, list which accounts to debit and credit for Companies A and B respectively in the date of June 30th 2005 and later in the date of June 30th 2007 (2 years after the rent invoice).
On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month:
Oct.
1
Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000.
2
Paid rent on office and equipment for the month, $3,050.
3
Purchased supplies on account, $2,250.
4
Paid creditor on account, $880.
5
Earned sales commissions, receiving cash, $15,210.
6
Paid automobile expenses (including rental charge) for month, $1,600, and miscellaneous expenses, $510.
7
Paid office salaries, $2,300.
8
Determined that the cost of supplies used was $1,050.
9
Paid dividends, $2,900.
4.
Determine the following:
a. Amount of total revenue recorded in the ledger.
b. Amount of total expenses recorded in the ledger.
c. Amount of net income for October.
5.
Determine the increase or decrease in retained earnings for October.
On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month:
Oct.
1
Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000.
2
Paid rent on office and equipment for the month, $3,050.
3
Purchased supplies on account, $2,250.
4
Paid creditor on account, $880.
5
Earned sales commissions, receiving cash, $15,210.
6
Paid automobile expenses (including rental charge) for month, $1,600, and miscellaneous expenses, $510.
7
Paid office salaries, $2,300.
8
Determined that the cost of supplies used was $1,050.
9
Paid dividends, $2,900.
1.
Journalize entries for transactions Oct. 1 through 9.
2.
Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing…
Chapter 2 Solutions
Financial Accounting - Access
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 - Prepare a trial balance (LO26) Below are the...Ch. 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 - The Buckle, Inc. Financial Analysis Financial...Ch. 2 - Prob. 2.4APCACh. 2 - Prob. 2.5APECh. 2 - Prob. 2.6APIRCh. 2 - Prob. 2.7APWC
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