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Pearson eText Horngren's Financial & Managerial Accounting: The Financial Chapters -- Instant Access (Pearson+)
7th Edition
ISBN: 9780136714194
Author: Tracie Miller-Nobles, Brenda Mattison
Publisher: PEARSON+
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INMACULATA TRUCKING., INC.
On April 1, 2020, Marie France organized a business called Inmaculata Trucking. Inc. During
April, the company entered into the following transactions:
Apr 1
Marie France deposited Php 500,000 cash in a bank account in the name of the business.
Purchased for Phr 250,000 a transportation equipmentto be used in the business.
Marie France paid 50% as down payment while the balance will be paid on May 15, 2020
Apr 1
Apr 1
Paid rental forthe month of April, Php 5,000
Apr 5
Earned and collected trucking income from Eva, Php 8,000
Apr 8
Earned trucking income from Julia, Php 30,000 on account and Julia will pay on May 8, 2020
Apr 10
Paid salaries of drivers, Php 10,000
Rented the vehicle to Joshua for Php 35,000, Joshua paid Php 20,000 on that date and
the balance on April 20
Apr 15
Apr 18
Paid electric bills for the month, Php 2,000
Apr 20
Collected from Joshua the balance of his April 15 account
Apr 25
Purchased office supplies, Php 2,300
Apr 29
Earned and…
Prepare the general ledger by using statement format (column) and then record in trial balance as on 30 September 2020.
Required :1. Record Journal Entries2. Post them into the ledger accounts3. Prepare the Trial Balance as on 31.12.2020
Chapter 2 Solutions
Pearson eText Horngren's Financial & Managerial Accounting: The Financial Chapters -- Instant Access (Pearson+)
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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Similar questions
- Enter the december 1 balances in the ledger t-accountsarrow_forwardRequired: Prepare general journal entries for the balance day adjustmentsarrow_forward1. Record the April 1, 20Y3, balance of each account in the appropriate balance column of a four-column account, type Balance in the item section, and select a check mark in the Posting Reference column. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. Post in chronological order. For transactions occurring on the same day, post in the order presented in the instructions. Insert the appropriate posting references in both the journal and the ledger as each item is posted. How does grading work?  LEDGER Score: 28/510  Account: Cash11Account No.    DATE ITEM POST. REF. DEBIT CREDIT BALANCE DEBIT CREDIT 1        2     ✔   3        4        5        6        7    ✔    8        9…arrow_forward
- 1. Record Journal Entries 2. Post them into ledger accounts 3. Prepare the Trial Balance as on 31.12.2020arrow_forwardComplete the ledger T-accounts, find december 1 balances and post the December transactions.arrow_forward- Record the transactions in a journal using the account titles below - Post the transaction to its individual ledger accounts -Prepare the unjusted trial balance as of december 31 2020arrow_forward
- (a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12(b) On March 1, journalize the entry to record the write-off, assuming that the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12arrow_forwardJournalize the adjusting entries using the letter and December 31 date in a data column, using debits and creditsarrow_forwardUse the following account T-balances (assume normal balances) and correct balance information to make the December 31 adjusting journal entries.arrow_forward
- Requirement: 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 9). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 10-12). 3. Review the adjusted 'Trial Balance' as of December 31, 2021. 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15).  For General Journal, Prepare the journal entries for transactions. General Ledger, Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Trial Balance: The ending balance values from the…arrow_forwardME15 Accounts are listed on the trial balance in: a) Chronological order b) The order that they appear in the ledger c) Alphabetical order d) The order in which they are postedarrow_forwardPlease verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021 trial balance before posting. There are two tabs in the Excel spreadsheet: Income Statement Accounts and Balance Sheet Accounts. You will need both tabs to post to all the accounts. Use the given information from the General Journal below to fill in the Ledger for the balance sheet and income statement account sheets through the month of June. General Journal Date Description Post Ref. Debit Credit June 3 Inventory 116 50,400   Accounts Payable 210  50,400 June 6 Accounts Receivable 111 17,400   Sales 410  17,400  Costs Of Goods Sold 510 12,000   Inventory 116  12,000 June 8 Notes Receivable 114 500   Bad Debt Expense 522  500 June 10 Cash 104 40,000   Salaries Payable 211  40,000  Cash 104 26,000   Office Salaries Expense…arrow_forward
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