EP FINANCIAL ACCOUNTING-MYACCOUNTINGLAB
5th Edition
ISBN: 9780134728858
Author: Kemp
Publisher: PEARSON CO
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Textbook Question
Chapter 2, Problem 35AP
Preparing a
The accounts of Hernandez Computer Repair, Inc., and their normal balances at March 31, 2018. follow. The accounts are listed in no particular order.
Account | Balance |
Common Stock | $15,000 |
Insurance Expense | 150 |
Accounts Payable | 925 |
Service Revenue | 13,200 |
Land | 20,000 |
Supplies Expense | 360 |
Cash | 4,600 |
Salaries Expense | 3,650 |
Building | 110,000 |
Rent Expense | 1,500 |
Dividends | 2,000 |
Utilities Expense | 675 |
Retained Earnings | 17,010 |
Accounts Receivable | 850 |
Notes Payable | 98,000 |
Supplies | 350 |
Requirements
- 1. Prepare the company s trial balance at March 31, 2018, listing accounts in the proper order List the largest expense first, the second largest expense next, and so on.
- 2. Prepare the month-end financial statements income statement, statement of retained earnings, and balance sheet. The Retained Earnings balance of $17,010 is the beginning balance for the month; it has not been updated for the current month’s income or loss.
- 3. Was March a profitable month for Hernandez Computer Repair, Inc.? Why or why not?
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Most Essential Learning Competencies
1. Identify the elements of the SFP and describe each of them.
2. Prepare an SFP using the report form and the account form with proper classification of
items as current and noncurrent.
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Chapter 2 Solutions
EP FINANCIAL ACCOUNTING-MYACCOUNTINGLAB
Ch. 2 - The order in which assets were listed and...Ch. 2 - Prob. 2DQCh. 2 - How is revenue related to retained earnings?Ch. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Distinguish between journalizing and posting.Ch. 2 - True or false: If the trial balance is in balance,...Ch. 2 - When it is time to prepare the financial...
Ch. 2 - Which sequence of actions correctly summarizes the...Ch. 2 - Prob. 2SCCh. 2 - Prob. 3SCCh. 2 - Prob. 4SCCh. 2 - Prob. 5SCCh. 2 - Which journal entry records obtaining a bank loan...Ch. 2 - RV Wholesale, Inc., paid 1,200 for supplies and...Ch. 2 - Prob. 8SCCh. 2 - Prob. 9SCCh. 2 - Prob. 10SCCh. 2 - Prob. 11SCCh. 2 - Prob. 12SCCh. 2 - Prob. 1SECh. 2 - Prob. 2SECh. 2 - Prob. 3SECh. 2 - Prob. 4SECh. 2 - Accounting terminology (Learning Objectives 2, 3, ...Ch. 2 - Effects of debits and credits on accounts...Ch. 2 - Balancing accounts and normal balances (Learning...Ch. 2 - Types of accounts and effects of debits and...Ch. 2 - Re-creating journal entries from T-account...Ch. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 11SECh. 2 - Prob. 12SECh. 2 - Prob. 13SECh. 2 - Accounting terminology (Learning Objectives 1, 2,...Ch. 2 - Prob. 15AECh. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 17AECh. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Prob. 19AECh. 2 - Prob. 20AECh. 2 - Prob. 21AECh. 2 - Prob. 22AECh. 2 - Prob. 23BECh. 2 - Prob. 24BECh. 2 - Prob. 25BECh. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Recording transactions and preparing a trial...Ch. 2 - Prob. 28BECh. 2 - Prob. 29BECh. 2 - Prob. 30BECh. 2 - Prob. 31APCh. 2 - Prob. 32APCh. 2 - Journalizing, posting, and preparing a trial...Ch. 2 - Prob. 34APCh. 2 - Preparing a trial balance, income statement,...Ch. 2 - Prob. 36APCh. 2 - Prob. 37BPCh. 2 - Prob. 38BPCh. 2 - Prob. 39BPCh. 2 - Prob. 40BPCh. 2 - Prob. 41BPCh. 2 - Prob. 42BPCh. 2 - Prob. 1CECh. 2 - Prob. 1CPCh. 2 - Prob. 1CFSAPCh. 2 - Prob. 1EIACh. 2 - Prob. 2EIACh. 2 - Prob. 1FACh. 2 - Prob. 1IACh. 2 - Prob. 1SBACh. 2 - Prob. 1WC
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